Document:

EX-4.42

 Exhibit 4.42 

EXECUTION VERSION 

FACILITY AGREEMENT 

R334 000 000 TERM LOAN FACILITY 

provided by 
 RUSTENBURG
PLATINUM MINES LIMITED 
 as Lender 

and 
 PLATEAU RESOURCES
PROPRIETARY LIMITED 
 as Borrower 
  

 
 

 

 CONTENTS 
  

							
	 Clause
	  	 	  	Page	 
			
	1.	  	INTERPRETATION	  	 	3	  
	2.	  	FACILITY	  	 	12	  
	3.	  	CONDITIONS TO UTILISATION	  	 	13	  
	4.	  	UTILISATION	  	 	14	  
	5.	  	REPAYMENT	  	 	15	  
	6.	  	PREPAYMENT AND CANCELLATION	  	 	16	  
	7.	  	INTEREST	  	 	17	  
	8.	  	TAX GROSS-UP AND INDEMNITY	  	 	18	  
	9.	  	INCREASED COSTS	  	 	18	  
	10.	  	OTHER INDEMNITIES	  	 	18	  
	11.	  	MITIGATION BY THE LENDER	  	 	18	  
	12.	  	COSTS AND EXPENSES	  	 	18	  
	13.	  	CONDUCT OF BUSINESS BY THE LENDER	  	 	18	  
	14.	  	REPRESENTATIONS AND WARRANTIES	  	 	19	  
	15.	  	INFORMATION UNDERTAKINGS	  	 	19	  
	16.	  	GENERAL UNDERTAKINGS	  	 	19	  
	17.	  	DEFAULT	  	 	21	  
	18.	  	PAYMENTS	  	 	25	  
	19.	  	SET-OFF	  	 	27	  
	20.	  	CHANGES TO THE PARTIES	  	 	27	  
	21.	  	MISCELLANEOUS	  	 	27	  

							
			
	Schedule 1	  	CONDITIONS TO UTILISATIONS	  	 	29	  
	Schedule 2	  	FORM OF UTILISATION REQUEST	  	 	32	  
			
	Signature Page	  		  	 	34	  

 THIS AGREEMENT is made between: 
  

	(1)	PLATEAU RESOURCES PROPRIETARY LIMITED, a private company incorporated under the laws of South Africa with registration number 1996/013879/07, as borrower (the Borrower); and 

 

	(2)	RUSTENBURG PLATINUM MINES LIMITED, a public company incorporated under the laws of South Africa with registration number 1931/003380/06, as lender (RPM or the Lender). 

IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

 

	1.1.1	Affiliate means, in relation to any person, a Subsidiary or a Holding Company of that person or any other Subsidiary of that Holding Company. 

 

	1.1.2	Atlatsa Group has the meaning given to this term in the Amended and Restated Senior Facilities Agreement. 

  

	1.1.3	Amended and Restated Senior Facilities Agreement means the Senior Facilities Agreement as amended and as may be amended and/or restated from time to time. 

 

	1.1.4	Amendment and Restatement Agreement to the Working Capital Facility Agreement means an amendment and restatement agreement which amends and restates the provisions of the Working Capital Facility Agreement,
entered into on 16 February 2015 between, amongst others, RPM and the Borrower. 

  

	1.1.5	Applicable Mine Plan means the Bokoni restructure plan presented to the Opco steering committee on 21 August 2015, which plan, subject to amendments agreed to by the Lender in writing and following the
requisite approvals, is anticipated to be adopted as the budget for the period 1 August 2015 to 31 December 2018. 

  

	1.1.6	Available Facility means in relation to this Facility, the aggregate for the time being of the available Commitment in respect of this Facility. 

 

	1.1.7	 Availability Period means in relation to the Facility, the period from and including the date on which the Lender provides written notice to
the Borrower 

	 	
that it has received all of the documents and other evidence listed in Schedule 1 (Conditions to Utilisation) in form and substance satisfactory to the Lender, as contemplated in
clause 3.1 to and including the date of repayment as set out in clause 5 below (Repayment). 

  

	1.1.8	Borrower Group means N1C Resources, N2C Resources, the Borrower, Holdco, Opco and each of their respective direct or indirect Subsidiaries for the time being. 

 

	1.1.9	Business Day means a day (other than a Saturday, a Sunday or an official public holiday) on which banks are open for general business in Johannesburg. 

 

	1.1.10	Change of Control has the meaning given to this term in the Amended and Restated Senior Facilities Agreement. 

  

	1.1.11	Commitment means an amount of ZAR334,000,000 (Three Hundred and Thirty Four Million Rand), to the extent not cancelled or reduced under this Agreement. 

 

	1.1.12	Companies Act means the Companies Act 2008, including all regulations promulgated under that act. 

  

	1.1.13	CPI means the consumer price index for all expenditure groups: Metropolitan and other urban areas [B2008=100] as published from time to time by Statistics South Africa, in Statistical Release P0141, or such index
for CPI as determined by Statistics South Africa and as may replace or supersede the same, provided that if, after the Signature Date: 

  

	1.1.13.1	such index shall cease to be published; or 

  

	1.1.13.2	either the Lender or the Borrower should notify the other on reasonable grounds that, due to a change in circumstances, the index is no longer representative, then, in any such circumstances, the Lender and the Borrower
will use such other official information or index calculating the rate of inflation as may be available and acceptable to them, or failing such acceptance, then, for the purposes of this Agreement, an alternative index (which reasonably approximates
what CPI measured before the index ceased to be published or was no longer representative) shall be determined by the chief economist of the Standard Bank of South Africa Limited which determination shall be binding upon the Parties.

  

	1.1.14	Default means: 

	1.1.14.1	an Event of Default; or 

  

	1.1.14.2	an event or circumstance which, with the expiry of a grace period, the giving of notice or the making of any determination under this Agreement or any combination of them, would be an Event of Default.

  

	1.1.15	Disruption Event has the meaning given to this term in the Amended and Restated Senior Facilities Agreement. 

  

	1.1.16	Event of Default means an event specified as such in clause 17 (Default). 

  

	1.1.17	Facility means the term loan facility made available to the Borrower under this Agreement. 

  

	1.1.18	Final Maturity Date means 31 December 2018 or such other date as may be agreed in writing by the Parties. 

  

	1.1.19	Finance Document has the meaning given to this term in the Amended and Restated Senior Facilities Agreement. 

  

	1.1.20	Financial Indebtedness has the meaning given to this term in the Amended and Restated Senior Facilities Agreement. 

  

	1.1.21	Holdco means Bokoni Platinum Holdings Proprietary Limited (Registration No. 2007/016711/07), a private company incorporated under the laws of South Africa. 

 

	1.1.22	Holdco Group means Holdco, Opco and each of their respective direct or indirect Subsidiaries for the time being. 

  

	1.1.23	Holdco Shareholders Agreement means the shareholders’ agreement, dated 27 March 2013, between the Borrower, RPM and Holdco, to govern the relationship between the Borrower and RPM as shareholders of
Holdco and the Holdco Group, (including any amendments to such agreement). 

  

	1.1.24	Holdco Shareholding means the Lender’s shareholding in Holdco and/or any related interests in such shareholding. 

  

	1.1.25	Holding Company of any other person, means a company in respect of which that other person is a Subsidiary. 

	1.1.26	Indexed means, in relation to any sum, that sum adjusted annually to take account of year-on-year changes in the CPI since 30 June 2012. 

 

	1.1.27	Loan means a loan (denominated in Rands) made or to be made under the Facility or the principal amount outstanding for the time being of that loan (which principal amount outstanding shall include capitalised
interest in accordance with the provisions of clause 7.2 below). 

  

	1.1.28	Material Adverse Effect means an effect which, in the opinion of the Lender, is or is reasonably likely to be materially adverse to: 

 

	1.1.28.1	the business, operations, property, condition (financial or otherwise) or of prospects the Parent, the Atlatsa Group taken as a whole, the Borrower or the Borrower Group taken as a whole; 

 

	1.1.28.2	the ability of the Borrower to perform its obligations under this Agreement; 

  

	1.1.28.3	the validity or enforceability of this Agreement; or 

  

	1.1.28.4	any material right or remedy of Lender in respect of this Agreement. 

  

	1.1.29	Maximum Permitted Outstanding Amount means, at any time an amount of ZAR334,000,000 (Three Hundred and Thirty Four Million Rand). 

 

	1.1.30	N1C Resources means N1C Resources Inc. (Registration No. CR-94610) a limited liability company incorporated under the laws of the Cayman Islands. 

 

	1.1.31	N2C Resources means N2C Resources Inc. (Registration No. CR-94611), a limited liability company incorporated under the laws of the Cayman Islands. 

 

	1.1.32	Opco means Bokoni Platinum Mines Proprietary Limited (Registration No. 2007/016001/07), a private company incorporated under the laws of South Africa. 

 

	1.1.33	Opco Account means a Rand denominated bank account held in the name of Opco in South Africa. 

  

	1.1.34	Parent means Atlatsa Resources Corporation (previously known as Anooraq Resources Corporation) (Registration No. 10022-2033), a public company incorporated under the laws of the Province of British Columbia,
Canada. 

  

	1.1.35	Party means a party to this Agreement. 

	1.1.36	Prime Rate, at any relevant time, means the publicly quoted prime overdraft rate of a Reference Bank at that time, being the nominal rate of interest per annum at which such Reference Bank lends money on
unsecured overdraft to corporate borrowers, expressed as a nominal annual rate compounded monthly in arrears (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, in the absence of clerical or manifest error, will be prima facie proof of the that rate). 

  

	1.1.37	Project Company has the meaning given to this term in the Amended and Restated Senior Facilities Agreement. 

  

	1.1.38	Proposed Transaction has the meaning ascribed to this term in clause 16.2. 

  

	1.1.39	Rand, ZAR or R means the lawful currency, from time to time, of South Africa. 

  

	1.1.40	Reference Bank means the principal Johannesburg offices of Absa Bank Limited, FirstRand Bank Limited, Nedbank Limited, The Standard Bank of South Africa Limited and any other bank or financial institution
designated as such by the Lender in consultation with the Borrower. 

  

	1.1.41	Repeating Representations means, at any time, and having regard to the provisions of clause 14 below, the representations and warranties which are made or deemed to be repeated under clause 19.31 of the Amended
and Restated Senior Facilities Agreement (Times for making representations and warranties). 

  

	1.1.42	RPM means Rustenburg Platinum Mines Limited (Registration No. 1931/003380/06), a public company incorporated under the laws of South Africa. 

 

	1.1.43	Senior Facilities Agreement means the written agreement entitled “Senior Term Loan Facilities Agreement” concluded between, amongst others, RPM and the Borrower dated 27 March 2013.

  

	1.1.44	Signature Date means the date of signature by the Party last signing this Agreement. 

  

	1.1.45	South Africa means the Republic of South Africa. 

  

	1.1.46	Subsidiary means a subsidiary within the meaning of section 1 of the Companies Act. 

	1.1.47	Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any related penalty or interest payable in connection with any failure to pay or any delay in paying any of the
same). 

  

	1.1.48	Total Facility Outstandings means, at any time, and in relation to the Facility, the aggregate of all amounts of principal and all and any other amounts due and payable to the Lender by the Borrower under this
Agreement including, without limitation, any bona fide claim for direct damages or restitution and any claim as a result of any recovery by the Borrower of a payment or discharge on the grounds of preference, and any amounts which would be included
in any of the above but for any discharge, non-provability or unenforceability of those amounts in any insolvency or other proceedings. 

  

	1.1.49	Utilisation Date means any of the dates on which the Facility is utilised. 

  

	1.1.50	Utilisation Request means the request for a Loan, substantially in the form of Schedule 2 (Form of Utilisation Request). 

 

	1.1.51	Working Capital Facility Agreement means the working capital facility agreement in the agreed form, between RPM (as original lender) and the Borrower (as borrower) dated 27 March 2013. 

 

	1.2	CONSTRUCTION 

  

	1.2.1	Unless a contrary indication appears, a reference in this Agreement to: 

  

	1.2.1.1	the Borrower, any Finance Party, any Lender, any Obligor, any Party, or any other person shall be construed so as to include its successors in title, permitted assigns and permitted
transferees; 

  

	1.2.1.2	a Finance Document or a Transaction Document or any other agreement or instrument is a reference to that Finance Document or Transaction Document or other agreement or instrument as amended, novated,
supplemented, extended or restated (however fundamentally); 

  

	1.2.1.3	a reference to this Agreement is a reference to this Agreement as amended, novated, supplemented, extended or restated (however fundamentally); 

	1.2.1.4	a document in agreed form is a document which is previously agreed in writing by or on behalf of the Borrower and the Lender or, if not so agreed, is in the form acceptable to the Lender; 

 

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

  

	1.2.1.6	assets includes present and future properties, revenues and rights of every description; 

  

	1.2.1.7	determines or determined means, unless otherwise specified, a determination made in the absolute discretion of the person making the determination; 

 

	1.2.1.8	the use of the word “including” followed by specific examples will not be construed as limiting the meaning of the general wording preceding it, and the euisdem generis rule must not be applied
in the interpretation of such general wording or such specific examples; 

  

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

 

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

 

	1.2.1.11	 a law shall be construed as any law (including statutory, common or customary law), statute, constitution, decree, judgment, treaty,
regulation, directive, by-law, order, other legislative measure, directive or requirement (having the force of law) of any government, supranational, local 

	 	
government, statutory or regulatory or similar governmental body or authority or court and the common law, as amended, replaced, re-enacted, restated or reinterpreted from time to time;

  

	1.2.1.12	a person includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate legal
personality); 

  

	1.2.1.13	a regulation includes any regulation, rule, official directive, request or guideline (in each case whether or not having the force of law, but if not having the force of law, being of a type with which
any person to which it applies is accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

	1.2.1.13.1	a provision of law is a reference to that provision as amended or re-enacted; and 

  

	1.2.1.13.2	a time of day is a reference to Johannesburg time. 

  

	1.2.2	Section, Clause and Schedule headings are for ease of reference only. 

  

	1.2.3	A Default is continuing if it has not been remedied in accordance with the provisions of this Agreement or waived. 

  

	1.2.4	Unless inconsistent with the context or save where the contrary is expressly indicated in this Agreement: 

  

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

  

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

  

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

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

  

	1.2.4.5	except as expressly provided for in this Agreement, no provision of this Agreement constitutes a stipulation for the benefit of any person who is not a Party to this Agreement; 

 

	1.2.4.6	reference to day/s, calendar month/s or year/s shall be construed as Gregorian calendar day/s, calendar month/s or year/s; 

  

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

  

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

  

	1.2.6	Unless consistent with the context, an expression in this Agreement which denotes: 

  

	1.2.6.1	any one gender includes the other genders; 

  

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

  

	1.2.6.3	the singular includes the plural and vice versa. 

  

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

  

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

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

  

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

  

	1.2.11	This Agreement shall to the extent permitted by applicable law be binding on and enforceable by the administrators, trustees, business rescue practitioners, permitted assigns or liquidators of the Parties as fully and
effectually as if they have signed this Agreement in the first instance and reference to any Party shall be deemed to include such Party’s administrators, trustees, business rescue practitioners, permitted assigns or liquidators, as the case
may be. 

  

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

  

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

 

	1.2.14	To the extent that there is any conflict between the provisions of the Amended and Restated Senior Facilities Agreement and the provisions of this Agreement, the provisions of this Agreement shall prevail.

  

	1.2.15	Terms and expressions defined in the Amended and Restated Senior Facilities Agreement have, unless expressly defined in this Agreement, the same meaning in this Agreement. 

 

	2.	FACILITY 

  

	2.1	FACILITY 

 Subject to the terms of this Agreement, the Lender makes available to the
Borrower a term loan facility in an aggregate amount equal to the Commitment. 

	2.2	PURPOSE 

 The proceeds of a Loan made under the Facility may be used only to fund the
obligations of the Borrower to advance shareholder loans or any other amounts payable to Holdco under and in accordance with the provisions of the Holdco Shareholders Agreement and for the sole purpose of enabling Opco: 

 

	2.2.1	in the case of the Loan made pursuant to the first Utilisation Request, to fund any accrued operating expenses, working capital expenditure and capital expenditure costs which are due and payable on the proposed
Utilisation Date and any operating expenses and capital expenditure costs which will become due and payable in the 30 day period following the first Utilisation Date; and 

 

	2.2.2	in the case of each Loan made pursuant to a subsequent Utilisation Request, to fund any operating expenses, working capital expenditure and capital expenditure costs which will become due and payable in the 30 day
period following the corresponding Utilisation Date, 

 in all circumstances, in accordance with the Applicable Mine
Plan and where the Borrower is unable to fund such operating expenses, working capital expenditure and capital expenditure costs from internal resources and for no other purposes whatsoever. 

 

	2.3	NO OBLIGATION TO MONITOR 

 The Lender is not bound to monitor or verify the application
of any amount borrowed under this Agreement. 
  

	3.	CONDITIONS TO UTILISATION 

  

	3.1	DOCUMENTARY CONDITIONS TO UTILISATION 

 No Utilisation Request may be given (and the
Lender shall have no obligation to advance any Loan or provide any other form of credit or financial accommodation under this Agreement) unless the Lender has received all of the documents and other evidence listed in Schedule 1 (Conditions to
Utilisation) in form and substance satisfactory to the Lender. The Lender shall notify the Borrower promptly upon being so satisfied. 

	3.2	FURTHER CONDITIONS TO UTILISATION 

 Subject to the terms of this Agreement, the Lender
will only be obliged to make the Loan if on both the date of the Utilisation Request and the proposed Utilisation Date for the Loan, in the reasonable opinion of the Lender: 
  

	3.2.1	the Repeating Representations are correct in all material respects; 

  

	3.2.2	no Default is continuing or would result from the Loan being made; and 

  

	3.2.3	the proceeds of the Loan will be immediately applied for the purpose referred to in clause 2.2 above. 

  

	3.3	MAXIMUM AMOUNTS 

 The Borrower may not deliver a Utilisation Request if: 

 

	3.3.1	at the date of the Utilisation Request the Total Facility Outstandings exceed the Maximum Permitted Outstanding Amount; or 

  

	3.3.2	the Total Facility Outstandings will exceed the Maximum Permitted Outstanding Amount as a result of the advance of the Loan on the proposed Utilisation Date. 

 

	4.	UTILISATION 

  

	4.1	DELIVERY OF A UTILISATION REQUEST 

  

	4.1.1	The Borrower may utilise the Facility by delivering to the Lender a duly completed Utilisation Request. 

  

	4.1.2	Unless the Lender otherwise agrees, the latest time for receipt of a Utilisation Request is 11h00, three Business Days before the proposed Utilisation Date. 

 

	4.1.3	A Utilisation Request, once given, will be irrevocable. 

  

	4.2	COMPLETION OF UTILISATION REQUESTS 

 A Utilisation Request will not be regarded as having
been duly completed unless: 
  

	4.2.1	the proposed Utilisation Date is a Business Day falling within the Availability Period; 

	4.2.2	the Loan requested is in Rands and the amount of the Loan requested is not more than the Available Facility and which is a minimum amount of R1 000 000 and an integral multiple of R1 000 000 or, if less, the
Available Facility; 

  

	4.2.3	it complies with the provisions of clause 3.3 (Maximum Amounts); and 

  

	4.2.4	it identifies the Opco Account as the bank account into which the Lender is to disburse the proceeds of the Loan. 

Only one Loan may be requested in a Utilisation Request. 
  

	4.3	DISBURSEMENT OF THE LOAN 

  

	4.3.1	The Lender is not obliged to advance a Loan if, as a result the outstanding Loan would exceed the Commitment or all the Loans in aggregate would contravene the provisions of clause 3.3 (Maximum Amounts).

  

	4.3.2	If the conditions for utilisation set out in this Agreement have been met, the Lender must make the Loan available to the Borrower on the Utilisation Date, by payment into the Opco Account. 

 

	4.3.3	Disbursement of a Loan into the Opco Account shall be a disbursement on behalf of the Borrower and shall discharge the Lender’s obligation to advance that Loan to the Borrower. 

 

	5.	REPAYMENT 

  

	5.1	The Borrower shall repay the Loans by the earlier of: 

  

	5.1.1	the date upon which a written notice is received by the Borrower in accordance with the provisions of clause 17.11 (Acceleration); or 

 

	5.1.2	the Final Maturity Date. 

  

	5.2	Without derogating from the general application of clause 5.1, upon a disposal by the Lender of the Holdco Shareholding together with a restructuring of all or part of the Borrower’s indebtedness to the Lender, the
Loans will be immediately due and payable by the Borrower and the Facility will be cancelled. 

  

	5.3	No amount of any Loans repaid under this Agreement may be re-borrowed. 

	6.	PREPAYMENT AND CANCELLATION 

  

	6.1	MANDATORY PREPAYMENT - ILLEGALITY 

 If it becomes unlawful for the Lender to perform any
of its obligations under this Agreement, to maintain the Commitment or to fund or maintain a Loan: 
  

	6.1.1	the Lender must notify the Borrower promptly upon becoming aware of that illegality; 

  

	6.1.2	upon that notification to the Borrower, the Commitment of the Lender will be immediately cancelled; and 

  

	6.1.3	the Borrower must repay or prepay the Total Facility Outstandings on the date specified by the Lender in the notification under clause 6.1.1 above. 

 

	6.2	MANDATORY PREPAYMENT - CHANGE OF CONTROL 

  

	6.2.1	Upon the occurrence of: 

  

	6.2.1.1	a Change of Control; or 

  

	6.2.1.2	the sale of all or substantially all of the assets of Opco whether in a single transaction or a series of related transactions, 

then: 
  

	6.2.1.2.1	the Borrower shall promptly notify the Lender upon becoming aware of that event; and 

  

	6.2.1.2.2	the Lender may (whether or not the Borrower complied with clause 6.2.1.2.1), promptly cancel the Facility and declare the Loans, together with accrued interest and all other amounts accrued under this Agreement,
immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable. 

  

	6.3	VOLUNTARY PREPAYMENT 

 The Borrower may, by not less than 20 Business Days’ prior
notice to the Lender, prepay the Loans at any time in whole or in part (but, if in part, being an amount that reduces the Loans by a minimum amount of ZAR2,000,000). 

	6.4	AUTOMATIC CANCELLATION 

 The Commitment of the Lender (or relevant part thereof) in
respect of the Availability Period will be automatically cancelled at the close of business on the last day of the Availability Period, to the extent undrawn at that date. 
  

	6.5	RE-BORROWING AND REINSTATEMENT 

  

	6.5.1	Any Loans prepaid under this Agreement may not be re-borrowed. 

  

	6.5.2	No amount of the Commitment cancelled under this Agreement may be reinstated. 

  

	6.6	OTHER REQUIREMENTS 

  

	6.6.1	The Borrower may not repay or prepay all or any part of the Loans or cancel all or any part of the Commitment, except at the times and in the manner expressly provided for in this Agreement. 

 

	6.6.2	A notice of prepayment under this Agreement is irrevocable and must specify the relevant date or dates on which the proposed prepayment is to be made and the amount of the proposed prepayment. 

 

	6.6.3	Any prepayment under this Agreement shall be made together with other amounts in relation to such prepayment which are due and payable under this Agreement. 

 

	7.	INTEREST 

  

	7.1	Subject to clause 7.2 below, a Loan shall not bear any interest. 

  

	7.2	If the Borrower fails to pay any amount of the Loans which is due and payable in accordance with the provisions of this Agreement on its due date (the Unpaid Amount), then such Unpaid Amount shall accrue interest at the
Prime Rate plus two percent (2%) from the due date to the actual date of payment of such Unpaid Amount. 

  

	7.3	Any interest payable in accordance with clause 7.2 above shall accrue daily on such Unpaid Amount. 

  

	7.4	Any interest on any Unpaid Amount payable in accordance with clause 7.2 above (if unpaid) will be compounded with that Unpaid Amount monthly, but will remain immediately due and payable. 

	8.	TAX GROSS-UP AND INDEMNITY 

 The provisions of clause 13 of the Amended and Restated
Senior Facilities Agreement (Tax Gross-up and Indemnities) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as the “Senior Finance Party”, the Borrower as the
“Obligor” and this Agreement as a “Finance Document”. 
  

	9.	INCREASED COSTS 

 The provisions of clause 14 of the Amended and Restated Senior
Facilities Agreement (Increased Costs) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as the “Senior Finance Party”, the Borrower as the “Obligor” and this
Agreement as a “Finance Document”. 
  

	10.	OTHER INDEMNITIES 

 The provisions of clauses 15.1 and 15.2 of the Amended and Restated
Senior Facilities Agreement (Other Indemnities) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as the “Senior Finance Party”, the Borrower as the “Obligor” and
this Agreement as a “Finance Document”. 
  

	11.	MITIGATION BY THE LENDER 

 The provisions of clause 16 of the Amended and Restated Senior
Facilities Agreement (Mitigation by the Lenders) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as the “Senior Finance Party”, the Borrower as the “Obligor” and
this Agreement as a “Finance Document”. 
  

	12.	COSTS AND EXPENSES 

 The provisions of clauses 17.1, 17.2 and 17.4 of the Amended and
Restated Senior Facilities Agreement (Costs and Expenses) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as the “Finance Party”, the Borrower as the “Obligor” and
this Agreement as a “Finance Document”. 
  

	13.	CONDUCT OF BUSINESS BY THE LENDER 

 No provision of this Agreement will: 

 

	13.1	affect the right of the Lender to arrange its affairs (Tax or otherwise) in whatever manner, in its sole discretion, it thinks fit; 

	13.2	oblige the Lender to investigate, claim or utilise any credit, relief, remission or repayment available to it in respect of Tax or investigate the extent, order and manner of any claim; or 

 

	13.3	oblige the Lender to disclose any information relating to its affairs (Tax or otherwise) or any computations in respect of Tax. 

  

	14.	REPRESENTATIONS AND WARRANTIES 

 The provisions of clause 19 of the Amended and Restated
Senior Facilities Agreement (Representations) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as the “Senior Finance Party”, the Borrower as the “Obligor” and this
Agreement as a “Finance Document”. The Lender enters into this Agreement on the strength of and relying on such representations and warranties, each of which is a separate representation and warranty, given without prejudice to any other
representation or warranty and is deemed to be a material representation or warranty (as applicable) inducing the Lender to enter into this Agreement. 
  

	15.	INFORMATION UNDERTAKINGS 

 The provisions of clause 20 of the Amended and Restated Senior
Facilities Agreement (Information Undertakings) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as the “Senior Finance Party”, the Borrower as the “Obligor” and
this Agreement as a “Finance Document”. The Borrower must supply to the Lender, simultaneously with delivery under the Amended and Restated Senior Facilities Agreement, all the documents, notices and other information which the Borrower or
any other person is required to deliver to the Senior Finance Party in accordance with clause 20 of the Amended and Restated Senior Facilities Agreement; provided that for so long as all the Lenders under this Agreement are the same parties as all
the lenders under the Amended and Restated Senior Facilities Agreement, the Borrower is not required to duplicate the provision of any document, notice or other information which it has already provided to the lenders in compliance with its
obligations under the Amended and Restated Senior Facilities Agreement. 
  

	16.	GENERAL UNDERTAKINGS 

  

	16.1	 The provisions of clause 22 of the Amended and Restated Senior Facilities Agreement (General Undertakings) is incorporated by reference into
this Agreement, mutatis mutandis, including construing the Lender as the “Senior Finance Party”, the Borrower as the “Obligor” and this Agreement as a “Finance Document”. The Borrower

	 	
undertakes to comply with each undertaking which it is obliged to comply with under clause 22 of the Amended and Restated Senior Facilities Agreement, on the terms set out in the Amended and
Restated Senior Facilities Agreement. 

  

	16.2	The Borrower shall co-operate with the Lender and any of its Affiliates and provide to the satisfaction of the Lender, and in its sole discretion, any and all actions required by the Lender or any of its Affiliates in
relation to: 

  

	16.2.1	RPM’s acquisition of: (i) the prospecting rights held by Kwanda; and (ii) the mining rights in respect of Central Block held by the Borrower; and 

 

	16.2.2	the disposal of all or any part of the Holdco Shareholding, 

 (collectively, the
“Proposed Transaction”). 
  

	16.3	Without detracting from the general application of clause 16.2 above, in order to give effect to the Borrower’s obligations in relation to the Proposed Transaction under clause 16.2, the Borrower undertakes
to, amongst other things: 

  

	16.3.1	at the request of the Lender, in its sole discretion, actively participate in and make the necessary resources available (at the times requested) for all meetings, conference calls and associated correspondences, that
may arise in the course of engagement with stakeholders, financiers, interested parties and their respective employees, representatives, consultants and/or advisers; 

 

	16.3.2	provide input into the preparation of appropriate reports, including technical reports and marketing materials; 

  

	16.3.3	provide all documents and/or information that may be required by or on behalf of the Lender, in its sole discretion, in the setting up of a virtual data room to be made available to stakeholders, financiers and/or
interested parties; and 

  

	16.3.4	generally, at the request of the Lender, in its sole discretion, to promptly do all such things, perform all such acts and take all such steps, and to procure the doing of all such things and the performance of all such
acts, within its power and control, as may be necessary for and incidental to the execution of definitive agreements to give effect to the Proposed Transaction. 

  

	16.4	 The Borrower shall not implement any material aspect of the project plan relating to retrenchments referred to in paragraph 3.10 of Schedule 1
(Conditions to utilisation) 

	 	
(including legal, tactical and funding) of such plan, prior to the Human Resources Department of the Lender providing its written approval of such plan. 

 

	16.5	For as long as there are any Total Facility Outstandings, the Borrower shall not, and shall procure that its directors, employees, officers, agents and/or advisers shall not, issue or make any public announcements
or statements, whether orally or in writing, regarding the operations of Opco and/or the Proposed Transaction except with the prior written approval of the Lender save for any public announcement or statement required in accordance with an order of
a court of competent jurisdiction or in order for the Borrower to comply with any applicable law or governmental regulations by which it is bound or in order to comply with the applicable rules of any relevant securities exchange. 

 

	16.6	Without derogating from the Borrower’s obligations under clause 16.5, where the Borrower makes a public announcement or statement pursuant to: i) an order of court; or ii) any applicable law or governmental
regulations; or iii) the applicable rules of any relevant securities exchange, as contemplated in clause 16.5, so far as it is lawful and practical to do so prior to such disclosure, the Borrower shall promptly notify the Lender of such
requirement with a view to providing the opportunity for the Lender to contest such disclosure or otherwise to agree the timing and content of such disclosure. In the event that the Borrower makes any disclosure pursuant to clause 16.5, it
shall only furnish that portion of information which it is legally required to make available. 

  

	17.	DEFAULT 

 Each of the events or circumstances set out in this clause 17 (other than those
in clause 17.11.1) is an Event of Default. 
  

	17.1	NON-PAYMENT 

 The Borrower does not pay on the due date any amount payable by it under
this Agreement in the manner required under this Agreement, unless: 
  

	17.1.1	that failure to pay is caused by technical or administrative error or a Disruption Event; and 

  

	17.1.2	payment is made in full within 2 (two) Business Days of the due date. 

	17.2	BREACH OF OTHER OBLIGATIONS 

 The Borrower does not comply with any other term of this
Agreement to which it is a party, other than any term referred to in clause 17.1 (Non-payment) or clause 17.4 (Cross default), unless that non-compliance: 
  

	17.2.1	is capable of remedy; and 

  

	17.2.2	is remedied in terms of this Agreement within any originally applicable grace period or, if longer, within 7 (seven) Business Days of the earlier of the Lender giving notice of the breach to the Borrower and the
Borrower becoming aware of the non-compliance. 

  

	17.3	MISREPRESENTATION 

 A representation or warranty made or repeated by the Borrower in this
Agreement or in any document delivered by or on behalf of the Borrower under this Agreement is materially incorrect or misleading when made or deemed to be repeated. 
  

	17.4	CROSS DEFAULT 

  

	17.4.1	An “Event of Default” as defined in the Amended and Restated Senior Facilities Agreement occurs and is continuing in accordance with the provisions of the Amended and Restated Senior Facilities Agreement.

  

	17.4.2	The provisions of clause 23 of the Amended and Restated Senior Facilities Agreement (Events of Default) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender
as the “Senior Finance Party”, the Borrower as the “Obligor” and this Agreement as a “Finance Document”. 

  

	17.5	INSOLVENCY 

  

	17.5.1	The Borrower or a member of the Borrower Group, other than a Project Company, is unable or admits inability to pay its debts as they fall due or is deemed to or declared to be unable to pay its debts under applicable
law, suspends or threatens to suspend making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness.

  

	17.5.2	 The value of the assets of the Borrower or any member of the Borrower Group, other than a Project Company, is less than its liabilities (taking
into account contingent and prospective liabilities, but excluding Financial Indebtedness 

	 	
which qualifies as Equity under paragraph (c) of the definition of “Equity” in the Amended and Restated Senior Facilities Agreement). 

 

	17.5.3	A moratorium is declared in respect of any indebtedness of the Borrower or any member of the Borrower Group, other than a Project Company. If a moratorium occurs, the ending of the moratorium will not remedy any Event
of Default caused by that moratorium. 

  

	17.6	INSOLVENCY AND BUSINESS RESCUE PROCEEDINGS 

  

	17.6.1	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	17.6.1.1	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, business rescue, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the
Borrower or any member of the Borrower Group, other than a Project Company; 

  

	17.6.1.2	a composition, compromise, assignment or arrangement with any creditor of the Borrower or any member of the Borrower Group, other than a Project Company; 

 

	17.6.1.3	the appointment of a liquidator, receiver, administrator, administrative receiver, business rescue practitioner, compulsory manager or other similar officer in respect of the Borrower or any member of the Borrower
Group, other than a Project Company, or any of its assets; or 

  

	17.6.1.4	enforcement of any Security over any assets of the Borrower or any member of the Borrower Group, other than a Project Company, where the claim giving rise to such enforcement is for an amount of more than ZAR5,000,000
(Indexed), 

 or any analogous procedure or step is taken in any jurisdiction. 

 

	17.6.2	Clause 17.6.1 shall not apply to: 

  

	17.6.2.1	 any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed either (a) within 10 (ten) days of commencement or, if
earlier, the date on which it is advertised or (b) within such other period as agreed to in writing by the Lender on or before the lapse of the 10 (ten) 

	 	
day period referred to in (a) provided, for the avoidance of doubt, the Lender is not obliged to agree to any such extended period; 

 

	17.6.2.2	any step or procedure contemplated by paragraph (b) of the definition of Permitted Transaction in the Amended and Restated Senior Facilities Agreement; or 

 

	17.6.2.3	any enforcement of any Security over any assets of the Borrower or any member of the Borrower Group as contemplated by clause 17.6.1.4 above, if the Obligor or any member of the Borrower Group, as applicable, takes
steps to oppose such legal proceedings within the time frames allowed by the Rules of Court and before any final order is granted and provides evidence to the reasonable satisfaction of the Lender that its opposition of such enforcement
proceedings has merit. 

  

	17.7	CREDITORS’ PROCESS 

  

	17.7.1	Any expropriation, attachment, implementation of any business rescue plan, distress or execution or any analogous process in any jurisdiction affects any asset or assets of the Borrower or any member of the Borrower
Group, other than a Project Company, and is not discharged either (a) within 10 (ten) days or (b) within such other period as agreed to in writing by the Lender on or before the lapse of the 10 (ten) day period referred to in (a), provided, for the
avoidance of doubt, the Lender is not obliged to agree to any such extended period. 

  

	17.7.2	Clause 17.7.1 shall not apply if the fair value of the relevant asset or assets is, in relation to Opco, ZAR5,000,000 (Indexed) or less, or in relation to Holdco or the Borrower, ZAR1,000,000 (Indexed) or less.

  

	17.8	CESSATION OF BUSINESS 

 A member of the Borrower Group suspends, ceases, or threatens to
suspend or cease, to carry on all or a substantial part of its business or to change the nature of its business from that undertaken at the Signature Date. 
  

	17.9	FINANCE DOCUMENTS 

  

	17.9.1	It is or becomes unlawful for the Borrower to perform any of its obligations under this Agreement. 

	17.9.2	This Agreement is not effective in accordance with its terms or is alleged by the Borrower or any member of the Borrower Group to be ineffective in accordance with its terms for any reason. 

 

	17.9.3	The Borrower repudiates this Agreement or evidences an intention to repudiate this Agreement. 

  

	17.10	MATERIAL ADVERSE CHANGE 

 Any event or series of events (whether related or not) occurs
which, in the opinion of the Lender (acting reasonably), has or is reasonably likely to have a Material Adverse Effect. 
  

	17.11	ACCELERATION 

  

	17.11.1	Without limiting the rights of the Lender under Clause 5.1, upon the occurrence of an Event of Default which is continuing, the Lender may, by notice to the Borrower: 

 

	17.11.1.1	cancel the Commitment, or any part thereof at which time such Commitment shall immediately be cancelled; 

  

	17.11.1.2	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under this Agreement be immediately due and payable, at which time they shall become immediately due
and payable; 

  

	17.11.1.3	claim and recover any and all amounts representing the cost to the Lender of unwinding any funding arrangements which are to be unwound pursuant to the Loans becoming immediately due and payable; and 

 

	17.11.1.4	declare that all or part of the Total Facility Outstandings be payable on demand, at which time they shall immediately become payable on demand by the Lender. 

 

	18.	PAYMENTS 

  

	18.1	PLACE 

 Unless this Agreement specifies that payments under this Agreement document are
to be made in another manner, all payments by a Party under this Agreement must be made to the relevant Party to its account at such office or bank in South Africa as it 

 
may notify to the other Party for this purpose by not less than five Business Days’ prior notice. 
  

	18.2	CURRENCY OF ACCOUNT 

 Each amount payable under this Agreement is payable in Rand. 

 

	18.3	FUNDS 

 Payments under this Agreement to the Lender must be made for value on the due
date in immediately available and freely transferable funds, or at such times and in such funds as the Lender may specify to the Borrower as being customary at the time for the settlement of transactions in Rand in the place for payment. 

 

	18.4	NO SET-OFF BY THE BORROWER 

 All payments made by the Borrower under this Agreement must
be calculated and made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	18.5	PARTIAL PAYMENTS 

 If the Lender receives a payment which is insufficient to discharge
all the amounts then due and payable by the Borrower under this Agreement, the Lender must apply that payment towards the obligations of the Borrower under this Agreement in the order set out in clause 29.5 of the Amended and Restated Senior
Facilities Agreement (Partial Payments), including construing the Lender as the “Senior Finance Party”, the Borrower as the “Obligor” and this Agreement as a “Finance Document” in such clause. 

 

	18.6	BUSINESS DAYS 

  

	18.6.1	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	18.6.2	During any extension of the due date for payment of any principal or other outstanding amount under this Agreement interest is payable on the principal or such other outstanding amount at the rate payable on the
original due date. 

	19.	SET-OFF 

 The Lender may, set off any matured obligation due from the Borrower under this
Agreement (to the extent beneficially owned by the Lender) against any matured obligation owed by the Lender to the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different
currencies, the Lender may convert either obligation at a market rate of exchange reasonably determined by it for the purpose of the set-off. 
  

	20.	CHANGES TO THE PARTIES 

  

	20.1	The Borrower may not cede any of its rights or delegate any of its obligations under this Agreement without the prior consent of the Lender. 

 

	20.2	The Lender may cede and/or delegate its rights and/or obligations under this Agreement in accordance with the provisions of clause 24 of the Amended and Restated Senior Facilities Agreement (Changes to the
Lenders), mutatis mutandis. 

  

	21.	MISCELLANEOUS 

 The provisions of clauses 31 (Notices) to 36.6 (Waiver of
Immunity) of the Amended and Restated Senior Facilities Agreement are incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as the “Senior Finance Party”, the Borrower as the
“Obligor” and this Agreement as a “Finance Document”. 
  

	21.1	SEVERABILITY 

 Each term of this Agreement, whether forming an entire clause or only part
of a clause, is divisible and severable from all the other terms (regardless of the manner in which they may be linked together or grouped grammatically). If a term of this Agreement is or becomes illegal, invalid or unenforceable in any respect in
any jurisdiction, that will not affect or impair in any manner the legality, validity or enforceability in that jurisdiction of any other term of this Agreement, or the legality, validity or enforceability in other jurisdictions of that and all the
other terms of this Agreement. 
  

	21.2	THIRD PARTY RIGHTS 

 Unless expressly provided to the contrary in this Agreement, no
provision of this Agreement constitutes a stipulation for the benefit of any person (stipulatio alteri) who is not a party to this Agreement. Notwithstanding any term of this Agreement, no consent

 
of any third party is required for any amendment (including any release or compromise of any liability) or termination of this Agreement. 

 

	21.3	GOVERNING LAW 

 The entire provisions of this Agreement shall be covered by and construed
in accordance with the laws of South Africa. 
  

	21.4	JURISDICTION 

  

	21.4.1	The Borrower hereby irrevocably and unconditionally consents to the non-exclusive jurisdiction of the High Court of South Africa (Gauteng Local Division, Johannesburg) (or any successor to that division) in regard to
all matters arising from this Agreement. 

  

	21.4.2	Clause 21.4.1 is for the benefit of the Lender only. As a result, the Lender shall not be prevented from taking proceedings relating to any matter arising from this Agreement in any other courts with
jurisdiction. To the extent allowed by law, the Lender may take concurrent proceedings in any number of jurisdictions. 

  

	21.5	FURTHER ASSURANCES 

 Each Party must perform, or procure the performance, of all further
things, and execute and deliver (or procure the execution and delivery of) all further documents, as may be required by any applicable law or as may be necessary or desirable to implement or give effect to this Agreement and the transactions
contemplated therein. 
  

	21.6	COUNTERPARTS 

 This Agreement may be executed in any number of counterparts. This has the
same effect as if the signatures on the counterparts were on a single copy of this Agreement. 

 Schedule 1 

CONDITIONS TO UTILISATIONS 
  

	1.	Constitutional Documents and Certificate 

  

	1.1	A copy of a resolution of the board of directors of the Borrower: 

  

	1.1.1	approving the terms of, and the transactions contemplated by, this Agreement and resolving that it execute, deliver and perform its obligations under this Agreement; 

 

	1.1.2	authorising a specified person or persons to execute this Agreement on its behalf; and 

  

	1.1.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection
with this Agreement. 

  

	1.2	A certificate of the Borrower (signed by a director) confirming that borrowing or guaranteeing or securing, as appropriate, the Commitments would not cause any borrowing, guarantee, security or similar limit binding on
it to be exceeded. 

  

	2.	Finance Documents 

 A copy of this Agreement, duly executed by the parties thereto. 

 

	3.	Other documents and evidence 

  

	3.1	The Applicable Mine Plan, and the Lender being satisfied that Opco is implementing the Applicable Mine Plan in accordance with its terms. 

 

	3.2	The Lender is satisfied that Opco is optimising its operations to minimise the funding required from shareholders and that Opco is identifying and implementing opportunities to optimise revenue, operating costs and
capital expenditure (where appropriate). 

  

	3.3	 Evidence that all intercompany advances made by RPM to Opco (primarily arising from the supply chain between such parties) are paid up to date in
accordance with the applicable due date for payment as set out in the terms for payment (as set by 

	 	
RPM) for such transactions (which date shall be no later than the end of the month following the month in which the delivery of goods or services occurred). 

 

	3.4	A consent letter provided by the Parent, the Borrower, Holdco and Opco to RPM, consenting to the disclosure by RPM of certain Confidential Information (as defined in the Holdco Shareholders Agreement) in relation to the
sale process to facilitate the transfer of the funding arrangements between the Lender and Borrower and the disposal of the Holdco Shareholding as contemplated in the Proposed Transaction. 

 

	3.5	The Borrower co-operating with the Lender and at the Lender’s request, doing all such things, performing all such acts and taking all such steps, and to procure the doing of all such things, within its power and
control, as may be necessary for and incidental to the Parties finding a long term sustainable solution to fund Opco including in relation to the implementation of the Proposed Transaction. 

 

	3.6	A signed addendum to the management services agreement entered into amongst the Borrower, the Parent, Anglo American Platinum Limited, Holdco and Opco on or about 19 June 2009, to facilitate a reduction in the
monthly management fee payable by Opco to the Parent from approximately ZAR5,000,000 to an amount which is no greater than ZAR4,000,000. 

  

	3.7	The aggregate monthly operating costs of the Parent and the Borrower have reduced by at least ZAR1,000,000 per month on a sustainable basis (measured relative to the average operating costs incurred for the 6 months to
November 2015). 

  

	3.8	The Borrower implementing appropriate initiatives with immediate effect, to reduce: (i) the operating cash losses; and (ii) to the extent possible, the maintenance or ‘stay-in-business’ capital (excluding
project capital expenditure), at Opco so that Opco does not incur an operating loss (known as “Cost 4” at the measurement level). 

  

	3.9	An operational action plan indicating how the tonnage production build-up of Brakfontein and Middelpunt Hill will meet the level set out in the Applicable Mine Plan by 1 January 2016. 

 

	3.10	A project plan on the retrenchment process applicable to Opco and evidence that the Opco steering committee and the Holdco board of directors have evaluated and approved such retrenchment process. 

 

	3.11	 Written confirmation from the Borrower that it will: (i) consult with the Lender during the process of recruiting a new General Manager and a new
Finance Manager of Opco, 

	 	
each in a permanent capacity; and (ii) obtain the Lender’s prior written approval in respect of the persons to be appointed to such positions.

 Schedule 2 

FORM OF UTILISATION REQUEST 
  

					
	To:	  	[THE LENDER]
			
		  	[●]	  	
			
		  	[●]	  	
			
		  	By fax:	  	[●]
			
		  	Attention:	  	[●]
		
	From:	  	 [THE BORROWER] 

 [DATE] 

Dear Sirs, 
 [BORROWER] -
R[    ] Credit Agreement, dated [    ] (the Agreement) 
  

	1.	WE REFER TO THE AGREEMENT. THIS IS A UTILISATION REQUEST. 

  

	2.	We wish to borrow a Loan on the following terms: 

  

					
	2.1	  	Amount:	  	R[●];
			
	2.2	  	Utilisation Date:	  	[●], 201[●].

  

	3.	We request and authorise you to disburse the Loan by direct Electronic Funds Transfer into the following bank account(s), in each case for the amount specified below [INSERT DETAILS OF OPCO ACCOUNT]:

  

			
	Bank:	  	[●]
		
	Branch:	  	[●]
		
	Branch code:	  	[●]
		
	Branch number:	  	[●]
		
	Account number:	  	[●]

			
	Account beneficiary:	  	[[●]

  

	4.	We confirm that: 

  

	4.1	each condition to utilisation under the Agreement which must be satisfied on the date of this Utilisation Request is so satisfied; 

  

	4.2	the Repeating Representations are correct in all material respects; 

  

	4.3	no Default is continuing or would result from the proposed Loan. 

  

	5.	This Utilisation Request is irrevocable. 

  

	
	[THE BORROWER]
	
	By:

 SIGNATURE PAGE 

THE BORROWER 
 SIGNED at Sandton on this the 9 day
of December 2015. 
  

			
	 /s/ Harold Motaung

	 For and on behalf of:

	
	Plateau Resources Proprietary Limited
		
	Name:	 	 Harold Motaung

		
	Office:	 	 Director

		 	(who warrants his authority)

 SIGNATURE PAGE 

THE LENDER 
 SIGNED at Johannesburg on this the
9th day of December 2015. 
  

			
	 /s/ Ian Botha

	For and on behalf of:
	
	 Rustenburg Platinum Mines Limited

		
	Name:	 	 Ian Botha

		
	Office:	 	 Finance Director

		 	(who warrants his authority)EX-4.43

 Exhibit 4.43 

FIRST AMENDMENT AND RESTATEMENT AGREEMENT TO THE WORKING CAPITAL 

FACILITY AGREEMENT 
 between

 RUSTENBURG PLATINUM MINES LIMITED 

(as lender) 
 and 

PLATEAU RESOURCES PROPRIETARY LIMITED 

(as borrower) 
 and 

N2C RESOURCES INC. 
 and

 BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED 

and 
 BOKONI PLATINUM MINES
PROPRIETARY LIMITED 
 and 

ATLATSA RESOURCES CORPORATION 

and 
 countersigned by
RUSTENBURG PLATINUM MINES LIMITED (in its capacity as Senior Agent (as 
 defined under the Senior Facilities Agreement)) (the
Senior Agent) 
 relating to the Original Working Capital Facility Agreement (as defined below) 

 
  
 

 

 CONTENTS 
  

							
	 Clause
	  	Page	 
			
	 1.
	  	 Interpretation
	  	 	3	  
	 2.
	  	 Amendments
	  	 	4	  
	 3.
	  	 Representations and Warranties
	  	 	4	  
	 4.
	  	 Guarantees
	  	 	5	  
	 5.
	  	 Miscellaneous
	  	 	6	  
	 6.
	  	 Governing Law
	  	 	6	  
	 7.
	  	 Counterparts
	  	 	6	  
	 Signature Page
	  	 	10	  

  

 THIS AGREEMENT is made between: 
  

	(1)	PLATEAU RESOURCES PROPRIETARY LIMITED, a private limited liability company incorporated under the laws of South Africa with registration no. 1996/013879/07, as borrower (the Borrower); 

 

	(2)	RUSTENBURG PLATINUM MINES LIMITED, a public company incorporated under the laws of South Africa with registration number 1931/003380/06, as lender (the Lender); 

 

	(3)	N2C RESOURCES INC., a limited liability company incorporated under the laws of the Cayman Islands with registration no. CR-94611, as a guarantor; 

 

	(4)	BOKONI PLATINUM HOLDINGS PROPRIETARY LIMITED, a private limited liability company incorporated under the laws of South Africa with registration no. 2007/016711/07, as a guarantor; 

 

	(5)	BOKONI PLATINUM MINES PROPRIETARY LIMITED, a private limited liability company incorporated under the laws of South Africa with registration no. 2007/016001/07, as a guarantor; and 

 

	(6)	ATLATSA RESOURCES CORPORATION, a limited liability company incorporated under the laws of the Province of British Columbia, Canada with registration no. 10022-2033, as the parent. 

This Agreement is also countersigned by the Senior Agent for the purpose of providing its consent as referred to in clause 2.3 below
(Consents). 
 BACKGROUND: 
  

	(A)	This Agreement is supplemental to, and amends (but does not novate) the Original Working Capital Facility Agreement (as defined below). 

 

	(B)	The Parties have consented to the amendments to the Original Working Capital Facility Agreement (as defined below) contemplated by this Agreement. 

IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

 

	1.1.1	Amended & Restated Working Capital Facility Agreement means the Original Working Capital Facility Agreement, as amended and restated pursuant to this Agreement; 

 

	1.1.2	First Amendment Effective Date means the date on which the last of the Conditions Precedent in Schedule 2 (Conditions Precedent) of this Agreement have been fulfilled or waived to the satisfaction of the
Lender; 

  

	1.1.3	Original Working Capital Facility Agreement means the written R90,000,000 facility agreement entitled “Working Capital Facility Agreement”, dated 27 March, 2013, between, the Borrower (as
borrower) and the Lender (as lender); and 

  

	1.1.4	Party means a party to this Agreement. 

 Unless expressly otherwise defined in this
Agreement, terms and expressions defined 

  
 3 

 
in the Amended and Restated Working Capital Facility Agreement have the same meaning in this Agreement. 
  

	1.2	Construction 

 The provisions of Clause 1 (Interpretation), Clause 22 (Changes to the
Parties), Clause 23 (Miscellaneous), Clause 24 (Governing Law) and Clause 25 (Jurisdiction) of the Amended & Restated Facility Agreement apply to this Agreement as though they were set out in full in this Agreement, except that references
to the Amended & Restated Facility Agreement are to be construed as references to this Agreement. 
  

	2.	AMENDMENTS 

  

	2.1	Amendment of Original Working Capital Facility Agreement 

 Subject to the terms of this
Agreement, on and with effect from the First Amendment Effective Date, the Original Working Capital Facility Agreement will be amended so that it reads as if it were restated in the form set out in Schedule 1 (Amended & Restated Working
Capital Facility Agreement). 
  

	2.2	Finance Documents 

 On and with effect from the First Amendment Effective Date, any
reference in a Finance Document to the “Working Capital Facility Agreement” shall be a reference to that agreement as amended and restated pursuant to this Agreement. 

 

	2.3	Consents 

  

	2.3.1	By their respective signatures to this Agreement, each of the Senior Agent and the Borrower hereby provide their consent as required under clause 35.1.1 read with 35.1.2 of the Senior Facilities Agreement, to the
amendments to the Original Working Capital Facility Agreement in the form set out in Schedule 1 (Amended & Restated Working Capital Facility Agreement). 

  

	2.3.2	Each Guarantor and the Parent hereby provide their consent as required under clause 35.1.3 of the Senior Facilities Agreement, to the amendments to the Original Working Capital Facility Agreement in the form set out in
Schedule 1 (Amended & Restated Working Capital Facility Agreement). 

  

	3.	REPRESENTATIONS AND WARRANTIES 

 The Borrower, each Guarantor and the Parent makes the
representations and warranties set out in this Clause to the Lender on the date of this Agreement. References in this Clause to it or its include, unless the context otherwise requires, the Borrower, each Guarantor and the Parent. 

 

	3.1	Status 

  

	3.1.1	It is a limited liability company, duly incorporated and validly existing under the laws of its jurisdiction of incorporation. 

  

	3.1.2	It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

  

	3.2	Powers and authority 

 It has the power to enter into and perform, and has taken all
necessary action to authorise the entry into and performance of, this Agreement and the transactions contemplated by this Agreement. 

	3.3	Legal validity 

  

	3.3.1	This Agreement constitutes its legally binding, valid and enforceable obligations. 

  

	3.3.2	This Agreement is in the proper form for its enforcement in the jurisdiction of its incorporation. 

  

	3.4	Non-conflict 

 The entry into and performance by it of, and the transactions contemplated
by, this Agreement do not and will not conflict with: 
  

	3.4.1	any law or regulation applicable to it; or 

  

	3.4.2	its constitutional documents; or 

  

	3.4.3	any document which is binding on it or any of its assets. 

  

	3.5	Authorisations 

 All authorisations required by it in connection with the entry into,
performance, validity and enforceability of, and the transactions contemplated by, this Agreement have been obtained or effected (as appropriate) and are in full force and effect. 

 

	3.6	Repeating Representations 

 The Repeating Representations: 

 

	3.6.1	are true; and 

  

	3.6.2	would also be true if references to the Original Working Capital Facility Agreement were construed as references to the Original Working Capital Facility Agreement as amended by this Agreement. 

In each case, each Repeating Representation is made by reference to the circumstances existing as at the date of this Agreement. 

 

	4.	GUARANTEES 

  

	4.1	On the First Amendment Effective Date, the Borrower: 

  

	4.1.1	confirms its acceptance of the Amended & Restated Working Capital Facility Agreement; and 

  

	4.1.2	agrees that it is bound as Borrower, by the terms of the Amended & Restated Working Capital Facility Agreement. 

  

	4.2	On the First Amendment Effective Date, each Guarantor (as defined under the Senior Facilities Agreement) confirms that its guarantee under clause 18 (Guarantee and Indemnity) of the Senior Facilities Agreement:

  

	4.2.1	continues in full force and effect on the terms of the Senior Facilities Agreement; and 

  

	4.2.2	extends to the obligations of the Borrower under the Finance Documents (including the Amended & Restated Working Capital Facility Agreement). 

	5.	MISCELLANEOUS 

  

	5.1	This Agreement is a Finance Document. 

  

	5.2	The Original Working Capital Facility Agreement and this Agreement will, from the First Amendment Effective Date, be read and construed as one document. 

 

	5.3	Except as otherwise provided in this Agreement, the Finance Documents remain in full force and effect without any amendment whatsoever. 

 

	5.4	No waiver is given by this Agreement and the Lenders expressly reserve all their rights and remedies in respect of any breach of, or other Default under, the Finance Documents. 

 

	6.	GOVERNING LAW 

 This Agreement is governed by the laws of South Africa. 

 

	7.	COUNTERPARTS 

 This Agreement may be executed in any number of counterparts. This has the
same effect as if the signatures on the counterparts were on a single copy of this Agreement. 

 SCHEDULE 1 

AMENDED & RESTATED FACILITY AGREEMENT 

 WORKING CAPITAL FACILITY AGREEMENT 

ORIGINALLY DATED 27 MARCH, 2013 AS AMENDED AND RESTATED ON OR 

ABOUT [●], 2015 

R122 000 000 TERM LOAN FACILITY 
 provided by 

RUSTENBURG PLATINUM MINES LIMITED 
 as Lender 

to 
 PLATEAU RESOURCES PROPRIETARY LIMITED 

as Borrower 
  

 
 

 

 CONTENTS 
  

					
	 Clause
	  	 	  	Page
			
	1.	  	Interpretation	  	3
			
	2.	  	Facility	  	13
			
	3.	  	Conditions to Utilisation	  	13
			
	4.	  	Utilisation	  	14
			
	5.	  	Repayment	  	15
			
	6.	  	Prepayment and cancellation	  	15
			
	7.	  	Interest	  	17
			
	8.	  	Interest Periods	  	18
			
	9.	  	Changes To The Calculation Of Interest	  	18
			
	10.	  	Tax gross-up and Indemnity	  	19
			
	11.	  	Increased Costs	  	19
			
	12.	  	Other Indemnities	  	19
			
	13.	  	Mitigation by the Lender	  	19
			
	14.	  	Costs and expenses	  	19
			
	15.	  	Conduct of business by the Lender	  	19
			
	16.	  	Representations and Warranties	  	20
			
	17.	  	Information Undertakings	  	20
			
	18.	  	General Undertakings	  	20
			
	19.	  	Default	  	20
			
	20.	  	Payments	  	24
			
	21.	  	Set-off	  	25
			
	22.	  	Changes to the Parties	  	25
			
	23.	  	Miscellaneous	  	25
			
	24.	  	Governing Law	  	26
			
	25.	  	Jurisdiction	  	26
		
	 Signature Page
	  	27
		
	 Schedule 1 - Conditions to Utilisation
	  	29
		
	 Schedule 2 - Form of Utilisation Request
	  	30

  
 2 

 THIS AGREEMENT is made between: 
  

	(1)	PLATEAU RESOURCES PROPRIETARY LIMITED, a private limited liability company incorporated under the laws of South Africa with registration no. 1996/013879/07, as borrower (the Borrower); and

  

	(2)	RUSTENBURG PLATINUM MINES LIMITED a public company incorporated under the laws of South Africa with registration number 1931/003380/06, as lender (the Lender). 

IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	DEFINITIONS 

 In this Agreement: 

 

	1.1.1	Affiliate means, in relation to any person, a Subsidiary or a Holding Company of that person or any other Subsidiary of that Holding Company. 

 

	1.1.2	Atlatsa Group has the meaning given to this term in the Senior Facilities Agreement. 

  

	1.1.3	Availability Period means: 

  

	 	(a)	in relation to Tranche 1 Amount: the period commencing on the Closing Date and terminating on (but excluding) the date of the first anniversary of the Closing Date (First Anniversary); 

 

	 	(b)	in relation to Tranche 2 Amount: the period commencing on the Closing Date and terminating on (but excluding) the relevant Final Maturity Date; 

 

	 	(c)	in relation to Tranche 3 Amount: the period commencing on the First Amendment Effective Date and terminating on (but excluding) the relevant Final Maturity Date; and 

 

	 	(d)	in relation to Tranche 4 Amount: the period commencing on the First Amendment Effective Date and terminating on (but excluding) the relevant Final Maturity Date. 

 

	1.1.4	Boikgantsho means Boikgantsho Platinum Mine Proprietary Limited (Registration No. 2003/012394/07), a private company duly incorporated according to the company laws of South Africa, and a wholly owned subsidiary
of Holdco. 

  

	1.1.5	Borrower Group means N1C Resources, N2C Resources, the Borrower, Holdco, Opco and each of their respective direct or indirect Subsidiaries for the time being. 

  
 3 

	1.1.6	Borrower WCF Account has the meaning given to this term in the Senior Facilities Agreement. 

  

	1.1.7	Business Day means a day (other than a Saturday, a Sunday or an official public holiday) on which banks are open for general business in Johannesburg. 

 

	1.1.8	Change of Control has the meaning given to this term in the Senior Facilities Agreement. 

  

	1.1.9	Closing Date has the meaning to this term in the Senior Facilities Agreement. 

  

	1.1.10	Commitment means: 

  

	 	(a)	For the period commencing on the Signature Date and terminating on (but excluding) the date of the First Anniversary: the Tranche 1 Amount; 

 

	 	(b)	for the period commencing on the Closing Date and terminating on (but excluding) the relevant Final Maturity Date: the Tranche 2 Amount; 

 

	 	(c)	for the period commencing on the First Amendment Effective Date and terminating on (but excluding) the relevant Final Maturity Date: the Tranche 3 Amount; 

 

	 	(d)	for the period commencing on the First Amendment Effective Date and terminating on (but excluding) the relevant Final Maturity Date: the Tranche 4 Amount, 

to the extent not cancelled or reduced under this Agreement. 
  

	1.1.11	Companies Act means the Companies Act 2008, including all regulations promulgated under that act. 

  

	1.1.12	CPI means the consumer price index for all expenditure groups: Metropolitan and other urban areas [B2008=100] as published from time to time by Statistics South Africa, in Statistical Release P0141, or such
index for CPI as determined by Statistics South Africa and as may replace or supersede the same, provided that if, after the Signature Date: 

  

	 	(a)	such index shall cease to be published; or 

  

	 	(b)	 either the Lender or the Borrower should notify the other on reasonable grounds that, due to a change in circumstances, the index is no longer
representative, then, in any such circumstances, the Lender and the Borrower will use such other official information or index calculating the rate of inflation as may be available and acceptable to them, or failing such acceptance, then, for the
purposes of the Finance Documents, an alternative index (which reasonably approximates what CPI measured before the index ceased to be published or was no longer representative) shall be determined by the chief economist of the Standard Bank of
South 

  
 4 

	 	
Africa Limited which determination shall be binding upon the Parties. 

  

	1.1.13	Default means: 

  

	 	(a)	an Event of Default; or 

  

	 	(b)	an event or circumstance which, with the expiry of a grace period, the giving of notice or the making of any determination under the Finance Documents or any combination of them, would be an Event of Default.

  

	1.1.14	Disruption Event has the meaning given to this term in the Senior Facilities Agreement. 

  

	1.1.15	Event of Default means an event specified as such in clause 19 (Default). 

  

	1.1.16	Excess Cash Payment Date has the meaning given to this term in the Senior Facilities Agreement. 

  

	1.1.17	Facility means the credit facility made available to the Borrower under this Agreement. 

  

	1.1.18	Final Maturity Date means: 

  

	 	(a)	in relation to the Tranche 1 Amount, Tranche 2 Amount and Tranche 3 Amount, 31 December 2018; and 

  

	 	(b)	in relation to the Tranche 4 Amount, 31 December 2019. 

  

	1.1.19	Finance Document means: 

  

	 	(a)	this Agreement; 

  

	 	(b)	the First Amendment and Restatement Agreement; 

  

	 	(c)	the Transaction Security Documents; 

  

	 	(d)	each other “Finance Document” as this term is defined in the Senior Facilities Agreement; 

  

	 	(e)	each Utilisation Request, 

 and any other document designated as such by the Lender and the
Borrower. 
  

	1.1.20	Financial Indebtedness has the meaning given to this term in the Senior Facilities Agreement. 

  

	1.1.21	First Amendment and Restatement Agreement means the amendment and restatement agreement dated on or about [●], 2014 between, amongst others, the Parties. 

 

	1.1.22	First Amendment Effective Date shall have the meaning assigned to such term in the First Amendment and Restatement Agreement. 

  
 5 

	1.1.23	Global Intercreditor Agreement means the global intercreditor agreement in the agreed form, dated on or about the date of this Agreement, between the Senior Agent, the Security Agent, the Borrower, RPM, Holdco,
Opco, the Parent, N1C Resources, N2C Resources, the Opco Security SPV and the Plateau Security SPV. 

  

	1.1.24	Holdco means Bokoni Platinum Holdings Proprietary Limited (Registration No. 2007/016711/07), a private company duly incorporated according to the company laws of South Africa. 

 

	1.1.25	Holding Company of any other person, means a company in respect of which that other person is a Subsidiary. 

  

	1.1.26	Indexed means, in relation to any sum, that sum adjusted annually to take account of year-on-year changes in the CPI since 30 June 2012. 

 

	1.1.27	Interest Period means each period determined under this Agreement by reference to which interest on a Loan or an overdue amount is calculated. 

 

	1.1.28	JIBAR means, for any Loan or overdue amount: 

  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	if no Screen Rate is available, the arithmetic mean of the rates for a three month period (rounded upward to four decimal places) as supplied to the Lender at its request, quoted by the Reference Banks to leading banks
in the Johannesburg interbank market, 

 as of 11h00 on the Quotation Day for the offering of deposits in Rand for a three
month period. 
  

	1.1.29	Loan means a loan (denominated in Rands) made or to be made under the Facility or the principal amount outstanding for the time being of that loan (which principal amount outstanding shall include capitalised
interest). 

  

	1.1.30	Major Event of Default means any of the Events of Default set out in clauses 19.1 (Non-payment), 19.4 (Cross default), 19.5 (Insolvency), 19.6 (Insolvency and Business Rescue). 

 

	1.1.31	Margin means 4 per cent. per annum. 

  

	1.1.32	Material Adverse Effect means an effect which, in the opinion of the Lender, is or is reasonably likely to be materially adverse to: 

 

	 	(a)	the business, operations, property, condition (financial or otherwise) or of prospects the Parent, the Atlatsa Group taken as a whole, the Borrower or the Borrower Group taken as a whole; 

 

	 	(b)	the ability of the Borrower to perform its obligations under any Finance Document; 

  

	 	(c)	the validity or enforceability of any Finance Document; or 

  

	 	(d)	 any material right or remedy of Lender in respect of a Finance 

  
 6 

	 	
Document. 

  

	1.1.33	Maximum Permitted Outstanding Amount means, at any time: 

  

	 	(a)	prior to, and including, the Specified Payment Date (as defined in clause 5.2 below) an amount of R122 000 000; and 

  

	 	(b)	following the Specified Payment Date, an amount of R92 997 875. 

  

	1.1.34	N1C Resources means N1C Resources Inc. (Registration No. CR-94610) a limited liability company incorporated under the laws of the Cayman Islands. 

 

	1.1.35	N2C Resources means N2C Resources Inc. (Registration No. CR-94611), a limited liability company incorporated under the laws of the Cayman Islands. 

 

	1.1.36	Opco means Bokoni Platinum Mines Proprietary Limited (Registration No. 2007/016001/07), a private company duly incorporated according to the company laws of South Africa. 

 

	1.1.37	Opco Security SPV means Micawber 603 Proprietary Limited (Registration No. 2007/019599/07), a private limited liability company incorporated under the laws of South Africa. 

 

	1.1.38	Parent means Atlatsa Resources Corporation, (previously known as Anooraq Resources Corporation) (Registration No. 10022-2033), a public company incorporated under the laws of the Province of British Columbia,
Canada. 

  

	1.1.39	Party means a party to this Agreement. 

  

	1.1.40	Plateau Security SPV means Micawber 634 Proprietary Limited (Registration no. 2007/025445/07), a private limited liability company incorporated under the laws of South Africa. 

 

	1.1.41	Project Company has the meaning given to this term in the Senior Facilities Agreement. 

  

	1.1.42	Project Finance Borrowings has the meaning given to this term in the Senior Facilities Agreement. 

  

	1.1.43	Quarterly Interest Reset Date means the first Business Day of January, April, July and October of each year. 

  

	1.1.44	Quotation Day means, the first Utilisation Date under this Agreement and each Quarterly Interest Reset Date thereafter, or such other day as the Lender determines is generally treated as the Quotation Day by
market practice in the Johannesburg interbank market. 

  

	1.1.45	Rand, ZAR or R means the lawful currency, from time to time, of South Africa. 

  

	1.1.46	 Reference Bank means the principal Johannesburg offices of Absa Bank Limited, FirstRand Bank Limited, Nedbank Limited, The Standard Bank
of South Africa Limited and any other bank or financial institution 

  
 7 

	 	
designated as such by the Lender in consultation with the Borrower. 

  

	1.1.47	Repeating Representations means, at any time, the representations and warranties which are made or deemed to be repeated under clause 19.30 of the Senior Facilities Agreement (Times for making representations
and warranties). 

  

	1.1.48	RPM means Rustenburg Platinum Mines Limited, a public limited liability company incorporated under the laws of South Africa with registration no. 1931/003380/06. 

 

	1.1.49	Sale of Assets Agreement means the sale of assets agreement entered into on 27 March 2013 between RPM (as purchaser) and Boikgantsho (as seller). 

 

	1.1.50	Screen Rate means in relation to JIBAR, the percentage per annum mid-market rate for deposits in Rand for a three month period displayed on the Reuters Screen SAFEY Page alongside the caption
“Yield”. If the agreed page is replaced or service ceases to be available, the Lender may specify another page or service displaying the appropriate rate after consultation with the Borrower. 

 

	1.1.51	Security Agent has the meaning given to it in the Global Intercreditor Agreement. 

  

	1.1.52	Security Interest means any mortgage bond, notarial bond, pledge, security cession, lien, charge, hypothecation, assignment, deposit by way of security or any other agreement or arrangement having a similar
effect (including set-off and title retention) but excluding statutory preferences. 

  

	1.1.53	Senior Agent has the meaning given to it in the Global Intercreditor Agreement. 

  

	1.1.54	Senior Facilities Agreement means the written agreement entitled “Senior Term Loan Facilities Agreement” concluded or to be concluded between inter alia, RPM, the Borrower, the Opco
Security SPV and the Plateau Security SPV on or about the Signature Date. 

  

	1.1.55	Signature Date means the date of signature by the Party last signing this Agreement. 

  

	1.1.56	South Africa means the Republic of South Africa. 

  

	1.1.57	Subsidiary means a subsidiary within the meaning of section 1 of the Companies Act. 

  

	1.1.58	Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any related penalty or interest payable in connection with any failure to pay or any delay in paying any
of the same). 

  

	1.1.59	 Total Facility Outstandings means, at any time, and in relation to the Facility, the aggregate of all amounts of principal (including
capitalised interest), accrued and unpaid interest and all and any other amounts due 

  
 8 

	 	
and payable to the Lender by the Borrower under the Finance Documents including, without limitation, any bona fide claim for direct damages or restitution and any claim as a result of any
recovery by the Borrower of a payment or discharge on the grounds of preference, and any amounts which would be included in any of the above but for any discharge, non-provability or unenforceability of those amounts in any insolvency or other
proceedings. 

  

	1.1.60	Tranche 1 Amount means the first tranche of the Facility made available under this Agreement in an amount of R30 000 000. 

 

	1.1.61	Tranche 2 Amount means the second tranche of the Facility made available under this Agreement in an amount of R30 000 000. 

 

	1.1.62	Tranche 3 Amount means the third tranche of the Facility made available under this Agreement in an amount of R30 000 000. 

 

	1.1.63	Tranche 4 Amount means the fourth tranche of the Facility made available under this Agreement in an amount of R29 000 000. 

 

	1.1.64	Transaction Security Document has the meaning given to this term in the Senior Facilities Agreement. 

  

	1.1.65	Utilisation Date means the date on which the Facility is utilised. 

  

	1.1.66	Utilisation Request means the request for a Loan, substantially in the form of Schedule 2 (Form of Utilisation Request). 

  

	1.2	CONSTRUCTION 

  

	1.2.1	Unless a contrary indication appears, a reference in this Agreement to: 

  

	 	(a)	the Borrower, any Finance Party, any Lender, any Obligor, any Party, or any other person shall be construed so as to include its successors in title, permitted assigns and permitted
transferees; 

  

	 	(b)	a Finance Document or a Transaction Document or any other agreement or instrument is a reference to that Finance Document or Transaction Document or other agreement or instrument as amended, novated,
supplemented, extended or restated (however fundamentally); 

  

	 	(c)	a document in agreed form is a document which is previously agreed in writing by or on behalf of the Borrower and the Lender or, if not so agreed, is in the form acceptable to the Lender; 

 

	 	(d)	 arm’s length means terms that are fair and reasonable to the counterparty of a transaction and no more or less favourable to the other
party to the relevant transaction as could reasonably be expected to be obtained in a comparable arm’s length transaction with a person that is not the ultimate holding company of such counterparty or an entity of which such counterparty or its
ultimate holding company has direct or 

  
 9 

	 	
indirect control, or owns directly or indirectly more than 20% (twenty percent) of the share capital or similar rights of ownership. 

 

	 	(e)	assets includes present and future properties, revenues and rights of every description; 

  

	 	(f)	determines or determined means, unless otherwise specified, a determination made in the absolute discretion of the person making the determination; 

 

	 	(g)	the use of the word “including” followed by specific examples will not be construed as limiting the meaning of the general wording preceding it, and the euisdem generis rule must not be applied
in the interpretation of such general wording or such specific examples; 

  

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

 

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

 

	 	(j)	a law shall be construed as any law (including statutory, common or customary law), statute, constitution, decree, judgment, treaty, regulation, directive, by-law, order, other legislative measure, directive or
requirement (having the force of law) of any government, supranational, local government, statutory or regulatory or similar governmental body or authority or court and the common law, as amended, replaced, re-enacted, restated or reinterpreted from
time to time; 

  

	 	(k)	a person includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate legal
personality); 

  

	 	(i)	a regulation includes any regulation, rule, official directive, request or guideline (in each case whether or not having the force of law, but if not having the force of law, being of a type with which any person
to which it applies is accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

	 	(ii)	a provision of law is a reference to that provision as amended or re-enacted; and 

  

	 	(iii)	a time of day is a reference to Johannesburg time. 

  
 10 

	1.2.2	Section, Clause and Schedule headings are for ease of reference only. 

  

	1.2.3	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this
Agreement. 

  

	1.2.4	A Default is continuing if it has not been remedied in accordance with the provisions of this Agreement or waived. 

  

	1.2.5	Unless inconsistent with the context or save where the contrary is expressly indicated in any Finance Document: 

  

	 	(a)	if any provision in a definition is a substantive provision conferring rights or imposing obligations on any Party, notwithstanding that it appears only in an interpretation clause, effect shall be given to it as if it
were a substantive provision of the relevant Finance Document; 

  

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

  

	 	(c)	any reference in any Finance Document to an enactment is to that enactment as at the Signature Date and as amended or re-enacted from time to time; 

 

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

  

	 	(e)	except as expressly provided for in any Finance Document, no provision of any Finance Document constitutes a stipulation for the benefit of any person who is not a Party to this Agreement; 

 

	 	(f)	reference to day/s, calendar month/s or year/s shall be construed as Gregorian calendar day/s, calendar month/s or year/s; 

  

	 	(g)	a reference to a Party includes that Party’s lawful successors-in-title and permitted assigns; 

  

	1.2.6	The headings to the clauses and schedules of any Finance Document are for reference purposes only and shall in no way govern or affect the interpretation of nor modify nor amplify the terms of any Finance Document nor
any clause or schedule thereof. 

  

	1.2.7	Unless consistent with the context, an expression in any Finance Document which denotes: 

  

	 	(a)	any one gender includes the other genders; 

  
 11 

	 	(b)	a natural person includes an artificial person and vice versa; and 

  

	 	(c)	the singular includes the plural and vice versa. 

  

	1.2.8	The Schedules to any Finance Document form an integral part thereof and words and expressions defined in any Finance Document shall bear, unless the context otherwise requires, the same meaning in such
Schedules. To the extent that there is any conflict between the Schedules to any Finance Document and the provisions of the relevant Finance Document, the provisions of the relevant Finance Document shall prevail. 

 

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

 

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

  

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

  

	1.2.12	The Finance Documents shall to the extent permitted by applicable law be binding on and enforceable by the administrators, trustees, business rescue practitioners, permitted assigns or liquidators of the Parties as
fully and effectually as if they have signed the Finance Documents in the first instance and reference to any Party shall be deemed to include such Party’s administrators, trustees, business rescue practitioners, permitted assigns or
liquidators, as the case may be. 

  

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

  

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

 

	1.2.15	Terms and expressions defined in the Senior Facilities Agreement have, unless expressly defined in this Agreement, the same meaning in this Agreement. 

  
 12 

	2.	FACILITY 

  

	2.1	FACILITY 

 Subject to the terms of this Agreement, the Lender makes available to
the Borrower a term loan facility in an aggregate amount equal to the Commitment. 
  

	2.2	PURPOSE 

 The proceeds of a Loan made under the Facility may be used only: 

 

	2.2.1	in respect of the Tranche 1 Amount, Tranche 2 Amount and Tranche 3 Amount, to: 

  

	 	(a)	fund the Borrower’s working capital and operational requirements; and 

  

	 	(b)	fund an aggregate amount of R30 000 000 (and limited to an amount of R10 000 000 in any Financial Year) which are payable by the Borrower in relation to the Atlatsa Management Incentive Scheme to the
participants in such scheme; and 

  

	2.2.2	in respect of the Tranche 4 Amount, to fund the Borrower’s obligations to provide funding in relation to the working capital and operational requirements of Holdco, 

and for no other purpose whatsoever. 
  

	2.3	NO OBLIGATION TO MONITOR 

 The Lender is not bound to monitor or verify the application
of any amount borrowed under this Agreement. 
  

	3.	CONDITIONS TO UTILISATION 

  

	3.1	DOCUMENTARY CONDITIONS TO UTILISATION 

 No Utilisation Request may be given (and the
Lender shall have no obligation to advance any Loan or provide any other form of credit or financial accommodation under the Finance Documents) unless the Senior Agent has delivered the notification to the Borrower referred to in clause 4.1 (Initial
conditions precedent) of the Senior Facilities Agreement. 
  

	3.2	FURTHER CONDITIONS TO UTILISATION 

 Subject to the terms of this Agreement, the Lender
will only be obliged to make the Loan if on both the date of the Utilisation Request and the proposed Utilisation Date for the Loan, in the reasonable opinion of the Lender: 
  

	3.2.1	the Repeating Representations are correct in all material respects; and 

  

	3.2.2	no Default is continuing or would result from the Loan being made. 

  
 13 

	3.3	NUMBER OF UTILISATIONS AND MAXIMUM AMOUNTS 

 The Borrower may only deliver one
Utilisation Request in any one month period and may not deliver a Utilisation Request if: 
  

	3.3.1	at the date of the Request the Total Facility Outstandings exceed the Maximum Permitted Outstanding Amount; or 

  

	3.3.2	the Total Facility Outstandings will exceed the Maximum Permitted Outstanding Amount as a result of the advance of the Loan on the proposed Utilisation Date. 

 

	4.	UTILISATION 

  

	4.1	DELIVERY OF A UTILISATION REQUEST 

  

	4.1.1	The Borrower may utilise the Facility by delivering to the Lender a duly completed Utilisation Request. 

  

	4.1.2	Unless the Lender otherwise agrees, the latest time for receipt of a Utilisation Request is 11h00, three Business Days before the proposed Utilisation Date. 

 

	4.1.3	A Utilisation Request, once given, will be irrevocable. 

  

	4.2	COMPLETION OF UTILISATION REQUESTS 

 A Utilisation Request will not be regarded as having
been duly completed unless: 
  

	4.2.1	the proposed Utilisation Date is a Business Day falling within the Availability Period; 

  

	4.2.2	the Loan requested is in Rands and the amount of the Loan requested is not more than the Available Facility and which is a minimum amount of R1 000 000 and an integral multiple of R1 000 000 or,
if less, the Available Facility; 

  

	4.2.3	it complies with the provisions of clause 3.3 (Number of Utilisations and Maximum Amounts); and 

  

	4.2.4	it identifies the Borrower WCF Account as the bank account into which the Lender is to disburse the proceeds of the Loan. 

Only one Loan may be requested in a Utilisation Request. 
  

	4.3	DISBURSEMENT OF THE LOAN 

  

	4.3.1	The Lender is not obliged to advance a Loan if, as a result the outstanding Loan would exceed the Commitment in relation to a particular period or all the Loans in aggregate would contravene the provisions of clause 3.3
(Number of Utilisations and Maximum Amounts). 

  

	4.3.2	 If the conditions for utilisation set out in this Agreement have been met, the Lender must make the Loan available to the Borrower on the

  
 14 

 
Utilisation Date, by payment into the bank account identified in the relevant Utilisation Request. 
  

	5.	REPAYMENT 

  

	5.1	Subject to Clause 5.2 below, the Borrower shall repay the Loans by no later than the relevant Final Maturity Date. 

  

	5.2	The Borrower shall repay the Tranche 4 Amount by the earlier of: 

  

	5.2.1	5 Business Days from the date upon which RPM pays the sum of R29 002 125 to Boikgantsho, being the purchase price payable in consideration for the Project Information (as defined in the Sale of
Assets Agreement), in accordance with the Sale of Assets Agreement (the Specified Payment Date). In this regard, RPM undertakes to use its reasonable commercial endeavours to achieve the Specified Payment Date; and 

 

	5.2.2	the relevant Final Maturity Date. 

  

	5.3	No amount of any Loan repaid under this Agreement may be re-borrowed. 

  

	6.	PREPAYMENT AND CANCELLATION 

  

	6.1	MANDATORY PREPAYMENT - ILLEGALITY 

 If it becomes unlawful for the Lender to perform any
of its obligations under a Finance Document, to maintain the Commitment or to fund or maintain a Loan: 
  

	6.1.1	the Lender must notify the Borrower promptly upon becoming aware of that illegality; 

  

	6.1.2	upon that notification to the Borrower, the Commitment of the Lender will be immediately cancelled; and 

  

	6.1.3	the Borrower must repay or prepay the Total Facility Outstandings on the date specified by the Lender in the notification under clause 6.1.1 above (which must not be earlier than the last day of any applicable grace
period permitted by law). 

  

	6.2	MANDATORY PREPAYMENT – EXCEEDING THE MAXIMUM PERMITTED OUTSTANDING AMOUNT 

If at any time the Total Facility Outstandings exceed the Maximum Permitted Outstanding Amount: 

 

	6.2.1	the Lender may notify the Borrower upon becoming aware of that fact; and 

  

	6.2.2	the Borrower must repay or prepay the Loan on the date specified by the Lender in the notification under clause 6.2.1 above and in such amount as may be required in order to reduce the Total Facility Outstandings to an
amount which does not exceed the Maximum Permitted Outstanding Amount. 

  
 15 

	6.3	MANDATORY PREPAYMENT - CHANGE OF CONTROL 

  

	6.3.1	Upon the occurrence of: 

  

	 	(a)	a Change of Control; or 

  

	 	(b)	the sale of all or substantially all of the assets of Opco whether in a single transaction or a series of related transactions, 

then: 
  

	 	(i)	the Borrower shall promptly notify the Lender upon becoming aware of that event; and 

  

	 	(ii)	the Lender may (whether or not the Borrower complied with paragraph (i) above), promptly cancel the Facility and declare the Loans, together with accrued interest and all other amounts accrued under the Finance
Documents, immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable. 

  

	6.4	VOLUNTARY PREPAYMENT 

 The Borrower may, by not less than 20 Business Days’ prior
notice to the Lender, prepay the Loan at any time in whole or in part (but, if in part, being an amount that reduces the Loan by a minimum amount of ZAR2,000,000). 
  

	6.5	AUTOMATIC CANCELLATION 

 The Commitment of the Lender (or relevant part thereof) in
respect of an Availability Period will be automatically cancelled at the close of business on the last day of the applicable Availability Period, to the extent undrawn at that date. 

 

	6.6	RE-BORROWING AND REINSTATEMENT 

  

	6.6.1	Any Loans prepaid under this Agreement may not be re-borrowed. 

  

	6.6.2	No amount of the Commitment cancelled under this Agreement may be reinstated. 

  

	6.7	OTHER REQUIREMENTS 

  

	6.7.1	The Borrower may not repay or prepay all or any part of the Loan or cancel all or any part of the Commitment, except at the times and in the manner expressly provided for in this Agreement. 

 

	6.7.2	A notice of prepayment under this Agreement is irrevocable and must specify the relevant date or dates on which the proposed prepayment is to be made and the amount of the proposed prepayment. 

 

	6.7.3	Any prepayment under this Agreement shall be made together with all accrued and unpaid interest and all other amounts in relation to such prepayment which are due and payable under the Finance Documents.

  
 16 

	7.	INTEREST 

  

	7.1	CALCULATION OF INTEREST 

 The rate of interest on each Loan for each Interest Period is
the percentage rate per annum equal to the aggregate of: 
  

	7.1.1	the applicable JIBAR (from time to time); and 

  

	7.1.2	the Margin, 

 expressed as a nominal annual compounded quarterly in arrears rate, which shall
accrue, in each case, on a day to day basis and shall be calculated, in arrears, and compounded at the end of each Interest Period. 
  

	7.2	PAYMENT OF INTEREST 

 Save as otherwise provided for in this Agreement, all accrued
interest on each Loan will be capitalised on each Quarterly Interest Reset Date and will, subject to the remaining provisions of this Agreement, including the mandatory prepayment obligations, be paid together with the remaining Total Facility
Outstandings on the relevant Final Maturity Date. 
  

	7.3	DEFAULT INTEREST 

  

	7.3.1	If a Major Event of Default occurs which is continuing, interest shall accrue on the Total Facility Outstandings from the date of occurrence of the Major Event of Default up to the date on which the Major Event of
Default is no longer occurring, (both before and after judgment, if applicable) at a rate which, subject to paragraph (b) below, is 2% per annum higher than the interest rate referred to in clause 7.1. Any interest accruing under this
clause 7.3 shall be immediately payable by the Obligor on demand by the Lender. 

  

	7.3.2	If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: 

 

	 	(a)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and 

 

	 	(b)	the rate of interest applying to the overdue amount during that first Interest Period shall be 2% per annum higher than the rate which would have applied if the overdue amount had not become due. 

 

	7.3.3	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

  

	7.4	NOTIFICATION OF RATES OF INTEREST 

 The Lender must notify the Borrower promptly of the
determination of a rate of interest under this Agreement. 

  
 17 

	8.	INTEREST PERIODS 

  

	8.1	DURATION 

 Each Loan has successive Interest Periods of no more than three months each:

  

	8.1.1	commencing on (and including) the Utilisation Date (in respect of the first Interest Period) or commencing on (and including) the next Quarterly Interest Reset Date; and 

 

	8.1.2	ending on (and including) the day immediately preceding the next Quarterly Interest Reset Date. 

  

	8.2	NO OVERRUNNING THE FINAL MATURITY DATE 

 If an Interest Period would otherwise extend
beyond the relevant Final Maturity Date, it will be shortened so that it ends on that Final Maturity Date. This clause does not apply to Interest Periods selected under clause 7.3 (Default interest) in respect of amounts which remain overdue on
the relevant Final Maturity Date. 
  

	8.3	CONSOLIDATION OF LOANS 

 All Loans will be consolidated into, and treated as, a single
Loan, on the last day of each Interest Period. 
  

	8.4	OTHER ADJUSTMENTS 

 The Lender and the Company may enter into such other arrangements as
they may agree for the adjustment of Interest Periods and the consolidation and/or splitting of Loans. 
  

	9.	CHANGES TO THE CALCULATION OF INTEREST 

  

	9.1	ABSENCE OF QUOTATIONS 

 Subject to clause 9.2 (Market disruption), if JIBAR is to be
determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11h00 on the Quotation Day, the applicable JIBAR shall be determined on the basis of the quotations of the remaining Reference Banks. 

 

	9.2	MARKET DISRUPTION 

  

	9.2.1	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on the Loan for the Interest Period shall be the percentage rate per annum which is the sum of:

  

	 	(a)	the Margin; and 

  

	 	(b)	the rate notified to the Borrower by the Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the
cost to the Lender of funding its participation in that Loan from whatever source it may reasonably select. 

  
 18 

	9.2.2	In this Agreement Market Disruption Event means at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available and none or only one of the Reference Banks supplies a rate
to the Lender to determine JIBAR for the relevant Interest Period. 

  

	9.3	ALTERNATIVE BASIS OF INTEREST OR FUNDING 

  

	9.3.1	If a Market Disruption Event occurs and the Lender or the Borrower so requires, the Lender and the Borrower shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute
basis for determining the rate of interest. 

  

	9.3.2	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of the Lender and the Borrower, be binding on all Parties. 

 

	10.	TAX GROSS-UP AND INDEMNITY 

 The provisions of clause 13 of the Senior Facilities
Agreement (Tax Gross-up and Indemnities) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as a “Finance Party” and the Borrower as an “Obligor”. 

 

	11.	INCREASED COSTS 

 The provisions of clause 14 of the Senior Facilities Agreement
(Increased Costs) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as a “Finance Party” and the Borrower as an “Obligor”. 

 

	12.	OTHER INDEMNITIES 

 The provisions of clauses 15.1 and 15.2 of the Senior
Facilities Agreement (Other Indemnities) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as a “Finance Party” and the Borrower as an “Obligor”. 

 

	13.	MITIGATION BY THE LENDER 

 The provisions of clause 16 of the Senior Facilities
Agreement (Mitigation by the Lenders) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as a “Finance Party” and the Borrower as an “Obligor”. 

 

	14.	COSTS AND EXPENSES 

 The provisions of clauses 17.1, 17.2 and 17.4 of the Senior
Facilities Agreement (Costs and Expenses) is incorporated by reference into this Agreement, mutatis mutandis, including construing the Lender as a “Finance Party” and the Borrower as an “Obligor”. 

 

	15.	CONDUCT OF BUSINESS BY THE LENDER 

 No provision of this Agreement will: 

 

	15.1	affect the right of the Lender to arrange its affairs (Tax or otherwise) in whatever manner, in its sole discretion, it thinks fit; 

  
 19 

	15.2	oblige the Lender to investigate, claim or utilise any credit, relief, remission or repayment available to it in respect of Tax or investigate the extent, order and manner of any claim; or 

 

	15.3	oblige the Lender to disclose any information relating to its affairs (Tax or otherwise) or any computations in respect of Tax. 

  

	16.	REPRESENTATIONS AND WARRANTIES 

 The Borrower and the Lender acknowledge the
representations and warranties given (and repeated) by the Borrower in favour of the Lender in clause 19 (Representations) of the Senior Facilities Agreement. The Lender enters into the Finance Documents on the strength of and relying on
such representations and warranties, each of which is a separate representation and warranty, given without prejudice to any other representation or warranty and is deemed to be a material representation or warranty (as applicable) inducing the
Lender to enter into the Finance Documents. 
  

	17.	INFORMATION UNDERTAKINGS 

 The Borrower must supply to the Lender, simultaneously
with delivery under the Senior Facilities Agreement, all the documents, notices and other information which the Borrower or any other person is required to deliver to any Senior Finance Party in accordance with clause 20 of the Senior
Facilities Agreement; provided that for so long as all the Lenders under this Agreement are the same parties as all the lenders under the Senior Facilities Agreement, the Borrower is not required to duplicate the provision of any document, notice or
other information which it has already provided to the lenders in compliance with its obligations under the Senior Facilities Agreement. 
  

	18.	GENERAL UNDERTAKINGS 

 The Borrower undertakes to comply with each undertaking which it
is obliged to comply with under clause 22 of the Senior Facilities Agreement, on the terms set out in the Senior Facilities Agreement. 
  

	19.	DEFAULT 

 Each of the events or circumstances set out in this clause 19 (other than those
in clause 19.11) is an Event of Default. 
  

	19.1	NON-PAYMENT 

 The Borrower does not pay on the due date any amount payable by it under
this Agreement in the manner required under the Finance Documents, unless: 
  

	19.1.1	that failure to pay is caused by technical or administrative error or a Disruption Event; and 

  

	19.1.2	payment is made in full within 2 (two) Business Days of the due date. 

  

	19.2	BREACH OF OTHER OBLIGATIONS 

 The Borrower does not comply with any other term of the
Finance Documents to which it is a party, other than any term referred to in clause 19.1 (Non-payment) or clause 19.4 (Cross default), unless that non-compliance: 

  
 20 

	19.2.1	is capable of remedy; and 

  

	19.2.2	is remedied in terms of the underlying Finance Document within any originally applicable grace period or, if longer, within 7 (seven) Business Days of the earlier of the Lender giving notice of the breach to the
Borrower and the Borrower becoming aware of the non-compliance. 

  

	19.3	MISREPRESENTATION 

 A representation or warranty made or repeated by the Borrower in any
Finance Document or in any document delivered by or on behalf of the Borrower under any Finance Document is materially incorrect or misleading when made or deemed to be repeated. 

 

	19.4	CROSS DEFAULT 

  

	19.4.1	Any Financial Indebtedness of the Borrower or any member of the Borrower Group is not paid when due or within any originally applicable grace period. 

 

	19.4.2	Any Financial Indebtedness of the Borrower or any member of the Borrower Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however
described). 

  

	19.4.3	Any commitment for any Financial Indebtedness of the Borrower or any member of the Borrower Group is cancelled or suspended by a creditor of the Borrower or any member of the Borrower Group as a result of an event of
default (however described). 

  

	19.4.4	Any creditor of the Borrower or any member of the Borrower Group becomes entitled to declare any Financial Indebtedness of the Borrower or any member of the Borrower Group due and payable prior to its specified maturity
as a result of an event of default (however described). 

  

	19.4.5	No Event of Default will occur under this clause 19.4 above if: 

  

	 	(a)	the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within clauses 19.4.1 to 19.4.4 above is, in relation to Opco, less than ZAR5,000,000 (Indexed) (or its
equivalent in any other currency or currencies) or, in relation to Holdco or the Borrower, is less than ZAR1,000,000 (Indexed); or 

  

	 	(b)	the Financial Indebtedness or commitment for Financial Indebtedness falling within clauses 19.4.1 or 19.4.2 above is in relation to Project Finance Borrowings of a Project Company (provided, for the avoidance of doubt,
that no creditor of a Project Company has any recourse to any member of the Borrower Group other than that Project Company in respect of such Project Finance Borrowings). 

 

	19.4.6	An “Event of Default” as defined in the Senior Facilities Agreement occurs and is continuing in accordance with the provisions of the Senior Facilities Agreement. 

  
 21 

	19.5	INSOLVENCY  

  

	19.5.1	The Borrower or a member of the Borrower Group, other than a Project Company, is unable or admits inability to pay its debts as they fall due or is deemed to or declared to be unable to pay its debts under applicable
law, suspends or threatens to suspend making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness.

  

	19.5.2	The value of the assets of the Borrower or any member of the Borrower Group, other than a Project Company, is less than its liabilities (taking into account contingent and prospective liabilities, but excluding
Financial Indebtedness which qualifies as Equity under paragraph (c) of the definition of “Equity” in the Senior Facilities Agreement). 

  

	19.5.3	A moratorium is declared in respect of any indebtedness of the Borrower or any member of the Borrower Group, other than a Project Company. If a moratorium occurs, the ending of the moratorium will not remedy any
Event of Default caused by that moratorium. 

  

	19.6	INSOLVENCY AND BUSINESS RESCUE PROCEEDINGS 

  

	19.6.1	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, business rescue, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the
Borrower or any member of the Borrower Group, other than a Project Company; 

  

	 	(b)	a composition, compromise, assignment or arrangement with any creditor of the Borrower or any member of the Borrower Group, other than a Project Company; 

 

	 	(c)	the appointment of a liquidator, receiver, administrator, administrative receiver, business rescue practitioner, compulsory manager or other similar officer in respect of the Borrower or any member of the Borrower
Group, other than a Project Company, or any of its assets; or 

  

	 	(d)	enforcement of any Security over any assets of the Borrower or any member of the Borrower Group, other than a Project Company, where the claim giving rise to such enforcement is for an amount of more than ZAR5,000,000
(Indexed), 

 or any analogous procedure or step is taken in any jurisdiction. 

 

	19.6.2	Clause 19.6.1 shall not apply to: 

  

	 	(a)	 any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed either (a) within 10 (ten) days of commencement or, if
earlier, the date on which it is advertised or (b) within such other period as agreed to in writing by the Lender 

  
 22 

	 	
on or before the lapse of the 10 (ten) day period referred to in (a) provided, for the avoidance of doubt, the Lender is not obliged to agree to any such extended period; 

 

	 	(b)	any step or procedure contemplated by paragraph (b) of the definition of Permitted Transaction in the Senior Facilities Agreement; or 

 

	 	(c)	any enforcement of any Security over any assets of the Borrower or any member of the Borrower Group as contemplated by clause 19.6.1(d) above, if the relevant Obligor or any member of the Borrower Group, as applicable,
takes steps to oppose such legal proceedings within the time frames allowed by the Rules of Court and before any final order is granted and provides evidence to the reasonable satisfaction of the Lender that its opposition of such enforcement
proceedings has merit. 

  

	19.7	CREDITORS’ PROCESS 

  

	19.7.1	Any expropriation, attachment, implementation of any business rescue plan, distress or execution or any analogous process in any jurisdiction affects any asset or assets of the Borrower or any member of the Borrower
Group, other than a Project Company, and is not discharged either (a) within 10 (ten) days or (b) within such other period as agreed to in writing by the Lender on or before the lapse of the 10 (ten) day period referred to in (a), provided, for the
avoidance of doubt, the Lender is not obliged to agree to any such extended period. 

  

	19.7.2	Clause 19.7.1 shall not apply if the fair value of the relevant asset or assets is, in relation to Opco, ZAR5,000,000 (Indexed) or less, or in relation to Holdco or the Borrower, ZAR1,000,000 (Indexed) or
less. 

  

	19.8	CESSATION OF BUSINESS 

 A member of the Borrower Group suspends, ceases, or threatens to
suspend or cease, to carry on all or a substantial part of its business or to change the nature of its business from that undertaken at the Signature Date. 
  

	19.9	FINANCE DOCUMENTS 

  

	19.9.1	It is or becomes unlawful for the Borrower or any member of the Borrower Group to perform any of its obligations under the Finance Documents. 

 

	19.9.2	Any Finance Document is not effective in accordance with its terms or is alleged by the Borrower or any member of the Borrower Group to be ineffective in accordance with its terms for any reason. 

 

	19.9.3	A Transaction Security Document does not create the Security Interests it purports to create. 

  

	19.9.4	The Borrower or another party to a Finance Document (other than the Lender) repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 

  
 23 

	19.10	MATERIAL ADVERSE CHANGE 

 Any event or series of events (whether related or not) occurs
which, in the opinion of the Lender (acting reasonably), has or is reasonably likely to have a Material Adverse Effect. 
  

	19.11	ACCELERATION 

  

	19.11.1	Upon the occurrence of an Event of Default which is continuing, the Lender may, by notice to the Borrower: 

  

	 	(a)	cancel the Commitment, or any part thereof at which time such Commitment shall immediately be cancelled; 

  

	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately
due and payable; 

  

	 	(c)	claim and recover any and all amounts representing the cost to the Lender of unwinding any funding arrangements which are to be unwound pursuant to the Loans becoming immediately due and payable; 

 

	 	(d)	declare that all or part of the Total Facility Outstandings be payable on demand, at which time they shall immediately become payable on demand by the Lender; and/or 

 

	 	(e)	subject to the provisions of the Global Intercreditor Agreement, exercise or direct the Security Agent and/or any Security SPV to exercise any or all of its rights, remedies, powers or discretions under the Finance
Documents (including any rights, remedies, powers or discretions it may have under or in connection with the Debt Guarantees and any Transaction Security Document). 

 

	20.	PAYMENTS 

  

	20.1	PLACE 

 Unless a Finance Document specifies that payments under that document are to be
made in another manner, all payments by a Party under a Finance Document must be made to the relevant Party to its account at such office or bank in South Africa as it may notify to the other Party for this purpose by not less than five Business
Days’ prior notice. 
  

	20.2	CURRENCY OF ACCOUNT 

 Each amount payable under a Finance Document is payable in Rand.

  

	20.3	FUNDS 

 Payments under the Finance Documents to the Lender must be made for value on the
due date in immediately available and freely transferable funds, or at such times and in such funds as the Lender may specify to the Borrower as being customary at the time for the settlement of transactions in Rand in the place for payment. 

  
 24 

	20.4	NO SET-OFF BY THE BORROWER 

 All payments made by the Borrower under the Finance
Documents must be calculated and made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	20.5	PARTIAL PAYMENTS 

 If the Lender receives a payment which is insufficient to discharge
all the amounts then due and payable by the Borrower under the Finance Documents, the Lender must apply that payment towards the obligations of the Borrower under the Finance Documents in the order set out in clause 29.5 of the Senior Facilities
Agreement (Partial Payments): 
  

	20.6	BUSINESS DAYS 

  

	20.6.1	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	20.6.2	During any extension of the due date for payment of any principal or other outstanding amount under this Agreement interest is payable on the principal or such other outstanding amount at the rate payable on the
original due date. 

  

	20.7	DUE DATE NOT ELSEWHERE SPECIFIED 

 If a Finance Document does not provide for when a
particular payment is due, that payment will be due within three Business Days of demand by the Lender. 
  

	21.	SET-OFF 

 The Lender may, subject to the provisions of the Global Intercreditor
Agreement, set off any matured obligation due from the Borrower under the Finance Documents (to the extent beneficially owned by the Lender) against any matured obligation owed by the Lender to the Borrower, regardless of the place of payment,
booking branch or currency of either obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange reasonably determined by it for the purpose of the set-off. 

 

	22.	CHANGES TO THE PARTIES 

  

	22.1	The Borrower may not cede any of its rights or delegate any of its obligations under the Finance Documents without the prior consent of the Lender. 

 

	22.2	The Lender may cede and/or delegate its rights and/or obligations under this Agreement in accordance with the provisions of clause 24 of the Senior Facilities Agreement (Changes to the Lenders), mutatis
mutandis. 

  

	23.	MISCELLANEOUS 

 The provisions of clauses 31 (Notices) to 36.6 (Waiver of
Immunity) of the Senior Facilities Agreement are incorporated by reference into this Agreement, mutatis mutandis. 

  
 25 

	23.1	SEVERABILITY 

 Each term of this Agreement, whether forming an entire clause or only part
of a clause, is divisible and severable from all the other terms (regardless of the manner in which they may be linked together or grouped grammatically). If a term of this Agreement is or becomes illegal, invalid or unenforceable in any
respect in any jurisdiction, that will not affect or impair in any manner the legality, validity or enforceability in that jurisdiction of any other term of this Agreement, or the legality, validity or enforceability in other jurisdictions of
that and all the other terms of this Agreement. 
  

	23.2	THIRD PARTY RIGHTS 

 Unless expressly provided to the contrary in a Finance Document, no
provision of a Finance Document constitutes a stipulation for the benefit of any person (stipulatio alteri) who is not a party to that Finance Document. Notwithstanding any term of any Finance Document, no consent of any third party is
required for any amendment (including any release or compromise of any liability) or termination of any Finance Document. 
  

	24.	GOVERNING LAW 

 The entire provisions of this Agreement shall be covered by and construed
in accordance with the laws of South Africa. 
  

	25.	JURISDICTION 

  

	25.1	The Borrower hereby irrevocably and unconditionally consents to the non-exclusive jurisdiction of the High Court of South Africa (Gauteng Local Division, Johannesburg) (or any successor to that division) in regard to
all matters arising from the Finance Documents. 

  

	25.2	Clause 25.1 is for the benefit of the Lender only. As a result, the Lender shall not be prevented from taking proceedings relating to any matter arising from the Finance Documents in any other courts with
jurisdiction. To the extent allowed by law, the Lender and any Finance Party (as defined in the Senior Facilities Agreement) may take concurrent proceedings in any number of jurisdictions. 

 

	25.3	FURTHER ASSURANCES 

 Each Party must perform, or procure the performance, of all further
things, and execute and deliver (or procure the execution and delivery) of all further documents, as may be required by any applicable law or as may be necessary or desirable to implement or give effect to the Finance Documents and the transactions
contemplated therein. 
  

	25.4	COUNTERPARTS 

 Each Finance Document may be executed in any number of
counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of that Finance Document. 

  
 26 

 SIGNATURE PAGE 

THE BORROWER 
 SIGNED at Sandton on this the 25 day
of March 2015. 
  

									
	 /s/ Harold Motaung
	 		 	 /s/ Tumelo Motsisi

	 For and on behalf of:
 PLATEAU
RESOURCES PROPRIETARY LIMITED
	 		 	 For and on behalf of:
 PLATEAU
RESOURCES PROPRIETARY LIMITED

					
	Name:	 	 Harold Motaung
	 		 	Name:	 	 Tumelo Motsisi

					
	Office:	 	 Director
	 		 	Office:	 	 Director

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 27 

 SIGNATURE PAGE 

THE LENDER 
 SIGNED at Johannesburg on this the 16
day of February 2015. 
  

									
	 /s/ B. Nqwababa
	 		 	  

	 For and on behalf of:
 RUSTENBURG
PLATINUM MINES LIMITED
	 		 	 For and on behalf of:
 RUSTENBURG
PLATINUM MINES LIMITED

					
	Name:	 	 B. Nqwababa
	 		 	Name:	 	  

					
	Office:	 	 Director
	 		 	Office:	 	  

		 	(who warrants his authority)	 		 		 	(who warrants his authority)

  
 28 

 SCHEDULE 1 

CONDITIONS TO UTILISATION 
 Each of the
Initial Conditions Precedent identified in Part1A of Schedule 2 to the Senior Facilities Agreement (Conditions Precedent). 

  
 29 

 SCHEDULE 2 

FORM OF UTILISATION REQUEST 
  

					
	To:	  	[THE LENDER]	  	
			
		  	[●]	  	
			
		  	[●]	  	
			
		  	By fax:	  	[●]
			
		  	Attention:	  	[●]
			
	From:	  	 [THE BORROWER]
	  	

 [DATE] 

Dear Sirs, 
 [BORROWER] -
R[●] Credit Agreement, dated [●] (the Agreement) 
  

	1.	We refer to the Agreement. This is a Utilisation Request. 

  

	2.	We wish to borrow a Loan on the following terms: 

  

			
	 2.1    Amount:
	  	R[●];
		
	 2.2    Utilisation Date:
	  	[●], 201[●].

  

	3.	We request and authorise you to disburse the Loan by direct Electronic Funds Transfer into the following bank account(s), in each case for the amount specified below [INSERT DETAILS OF BORROWER WCF ACCOUNT]:

  

			
	Bank:	  	[●]
		
	Branch:	  	[●]
		
	Branch code:	  	[●]
		
	Branch number:	  	[●]
		
	Account number:	  	[●]
		
	Account beneficiary:	  	[●]

  

	4.	We confirm that: 

  

	4.1	each condition to utilisation under the Agreement which must be satisfied on the date of this Utilisation Request is so satisfied; 

  

	4.2	the Repeating Representations are correct in all material respects; 

  

	4.3	no Default is continuing or would result from the proposed Loan. 

  

	5.	This Utilisation Request is irrevocable. 

  

	
	 [THE BORROWER]

	
	By:

  
 30 

 SCHEDULE 2 

 CONDITIONS PRECEDENT 

 

	1.	Constitutional Documents and Certificate 

  

	1.1	A copy of a resolution of the board of directors of each Obligor: 

  

	1.1.1	approving the terms of, and the transactions contemplated by, this Agreement and resolving that it execute, deliver and perform its obligations under this Agreement and, to the extent applicable, approving the provision
of the financial assistance contemplated by this Agreement; 

  

	1.1.2	authorising a specified person or persons to execute the this Agreement on its behalf; and 

  

	1.1.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection
with the Amended & Restated Working Capital Facility Agreement. 

  

	1.2	To the extent required by the Companies Act or other applicable law, and with reference to the constitutional documents of the Obligor, a copy of a resolution duly passed by the holders of the issued shares of such
Party, approving the terms of, and the transactions contemplated by this Agreement and, to the extent applicable, approving the provision of the financial assistance contemplated by this Agreement. 

 

	1.3	A certificate of each Obligor (signed by a director) confirming that borrowing or guaranteeing or securing, as appropriate, the Commitments would not cause any borrowing, guarantee, security or similar limit binding on
it to be exceeded. 

  

	2.	Finance Documents 

 This Agreement, duly executed by the Parties to it. 

 

	3.	Authorisations 

 A copy of the Authorisation of the Financial Surveillance Department of
the South African Reserve Bank approving (to the extent required) the amendments contemplated by this Agreement. 

 SIGNATURE PAGE 

THE BORROWER 
 SIGNED at
                     on this the      day of              2014. 

 

									
	  
	 		 	  

	 For and on behalf of:
 PLATEAU
RESOURCES PROPRIETARY LIMITED
	 		 	 For and on behalf of:
 PLATEAU
RESOURCES PROPRIETARY LIMITED

			
	Name: 	 		 	Name: 
			
	Office: 	 		 	Office: 
			
	(who warrants his authority)	 		 	(who warrants his authority)

 THE LENDER 
 SIGNED
at                      on this the      day of
             2014. 
  

									
	  
	 		 	  

	 For and on behalf of:
 RUSTENBURG
PLATINUM MINES LIMITED
	 		 	 For and on behalf of:
 RUSTENBURG
PLATINUM MINES LIMITED

			
	Name: 	 		 	Name:
			
	Office: 	 		 	Office:
			
	(who warrants his authority)	 		 	(who warrants his authority)

 THE GUARANTORS 

SIGNED at                      on this the
     day of              2014. 
  

									
	  
	 		 	  

	 For and on behalf of:
 N2C
RESOURCES INC.
	 		 	 For and on behalf of:
 N2C
RESOURCES INC.

			
	Name:	 		 	Name:
			
	Office:	 		 	Office:
			
	(who warrants his authority)	 		 	(who warrants his authority)

 SIGNED at
                     on this the      day of              2014. 

 

									
	  
	 		 	  

	 For and on behalf of:
 BOKONI
PLATNUM HOLDINGS PROPRIETARY LIMITED
	 		 	 For and on behalf of:
 BOKONI
PLATNUM HOLDINGS PROPRIETARY LIMITED

			
	Name:	 		 	Name:
			
	Office:	 		 	Office:
			
	(who warrants his authority)	 		 	(who warrants his authority)

 SIGNED at
                     on this the      day of              2014. 

 

									
	  
	 		 	  

	 For and on behalf of:
 BOKONI
PLATNUM MINES PROPRIETARY LIMITED
	 		 	 For and on behalf of:
 BOKONI
PLATNUM MINES PROPRIETARY LIMITED

			
	Name:	 		 	Name:
			
	Office:	 		 	Office:
			
	(who warrants his authority)	 		 	(who warrants his authority)

 THE PARENT 
 SIGNED
at                      on this the      day of             
2014. 
  

									
	  
	 		 	  

	 For and on behalf of:
 ATLATSA
RESOURCES CORPORATION
	 		 	 For and on behalf of:
 ATLATSA
RESOURCES CORPORATION

			
	Name:	 		 	Name:
			
	Office:	 		 	Office:
			
	(who warrants his authority)	 		 	(who warrants his authority)

 COUNTERSIGNED BY THE SENIOR AGENT 

SIGNED at                      on this the
     day of              2014. 
  

									
	  
	 		 	  

	 For and on behalf of:
 RUSTENBURG
PLATINUM MINES LIMITED ( as Senior Agent)
	 		 	 For and on behalf of:
 RUSTENBURG
PLATINUM MINES LIMITED (as Senior Agent)

			
	Name:	 		 	Name:
			
	Office:	 		 	Office:
			
	(who warrants his authority)	 		 	(who warrants his authority)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]