Document:

Filed by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4-19

Execution Version: 12 June 2009 (SH0WING POST EXECUTION
AMENDMENTS)

 

 

SENIOR TERM LOAN FACILITIES AGREEMENT 

of up to

ZAR750,000,000 (INCLUSIVE OF CAPITALISED INTEREST AND FUNDED NET
SWAP PAYMENTS) 

dated 12 JUNE 2009 

for

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

arranged by 

STANDARD CHARTERED BANK 
as Arranger and Bookrunner 

with

STANDARD CHARTERED BANK 
as Senior Agent 

STANDARD CHARTERED BANK 
as Security Agent 

and 

MICAWBER 634 (PROPRIETARY) LIMITED 
as Plateau Security SPV

                                                          

CONTENTS

	Clause 	 	Page 
	 	 	 
	1.
      	Definitions
      And Interpretation 	1
      
	 	 	 
	2.
      	The
      Facilities 	59
      
	 	 	 
	3.
      	Purpose
      	60
      
	 	 	 
	4.
      	Conditions
      Of Utilisation 	60
      
	 	 	 
	5.
      	Utilisation
      	61
      
	 	 	 
	6.
      	[INTENTIONALLY
      LEFT BLANK] 	62
      
	 	 	 
	7.
      	[INTENTIONALLY
      LEFT BLANK] 	62
      
	 	 	 
	8.
      	[INTENTIONALLY
      LEFT BLANK] 	62
      
	 	 	 
	9.
      	[INTENTIONALLY
      LEFT BLANK] 	62
      
	 	 	 
	10.
      	Repayment
      	63
      
	 	 	 
	11.
      	Illegality,
      Voluntary Prepayment And Cancellation 	66
      
	 	 	 
	12.
      	Mandatory
      Prepayments: 	67
      
	 	 	 
	13.
      	Restrictions
      	68
      
	 	 	 
	14.
      	Interest
      	70
      
	 	 	 
	15.
      	Interest
      Periods 	71
      
	 	 	 
	16.
      	Changes
      To The Calculation Of Interest 	72
      
	 	 	 
	17.
      	Fees
      	74
      
	 	 	 
	18.
      	Tax
      Gross Up And Indemnities 	75
      
	 	 	 
	19.
      	Increased
      Costs 	78
      
	 	 	 
	20.
      	Other
      Indemnities 	79
      
	 	 	 
	21.
      	Mitigation
      By The Lenders 	81
      
	 	 	 
	22.
      	Costs
      And Expenses 	81
      
	 	 	 
	23.
      	Guarantee
      And Indemnity 	83
      
	 	 	 
	24.
      	Representations
      	87
      
	 	 	 
	25.
      	Information
      Undertakings 	97
      
	 	 	 
	26.
      	Financial
      Covenants 	105
      
	 	 	 
	27.
      	General
      Undertakings 	111
      
	 	 	 
	28.
      	Events
      Of Default 	132
      
	 	 	 
	29.
      	Changes
      To The Lenders 	140
      
	 	 	 
	30.
      	Assignment
      and transfers by Obligors 	144
      
	 	 	 
	31.
      	Role
      Of The Senior Agent, The Arranger And Others 	145
      

	32.
      	Conduct
      Of Business By The Finance Parties 	152
      
	 	 	 
	33.
      	Sharing
      Among The Finance Parties 	152
      
	 	 	 
	34.
      	Payment
      Mechanics 	154
      
	 	 	 
	35.
      	Set-Off
      	157
      
	 	 	 
	36.
      	Notices
      	158
      
	 	 	 
	37.
      	Calculations
      And Certificates 	163
      
	 	 	 
	38.
      	Partial
      Invalidity 	163
      
	 	 	 
	39.
      	Remedies
      And Waivers 	163
      
	 	 	 
	40.
      	Amendments
      And Waivers 	164
      
	 	 	 
	41.
      	GENERAL
      	165
      
	 	 	 
	42.
      	Governing
      Law 	168
      
	 	 	 
	43.
      	JURISDICTION
      	168
      

	SCHEDULE
      1 THE ORIGINAL PARTIES 	169
      
	 	 
	           
       Part
      I I The Original Lenders 	170
      
	 	 
	SCHEDULE
      2 CONDITIONS PRECEDENT 	171
      
	 	 
	           
       Part
      IA Initial conditions precedent 	171
      
	 	 
	SCHEDULE
      3 REQUESTS 	181
      
	 	 
	           
       Utilisation
      Request Loans 	181
      
	 	 
	SCHEDULE
      4 EPCM AGREEMENTS 	182
      
	 	 
	SCHEDULE
      5 EXISTING OPERATIONAL GUARANTEES 	183
      
	 	 
	SCHEDULE
      6 FORM OF ASSIGNMENT AGREEMENT 	184
      
	 	 
	SCHEDULE
      7 [INTENTIONALLY LEFT BLANK] 	187
      
	 	 
	SCHEDULE
      8 [INTENTIONALLY LEFT BLANK] 	188
      
	 	 
	SCHEDULE
      9 FORM OF COMPLIANCE CERTIFICATE 	189
      
	 	 
	SCHEDULE
      10 LMA FORM OF CONFIDENTIALITY UNDERTAKING 	190
      
	 	 
	SCHEDULE
      11 TIMETABLES 	195
      
	 	 
	SCHEDULE
      12 [INTENTIONALLY LEFT BLANK] 	196
      
	 	 
	SCHEDULE
      13 TRANSACTION SECURITY DOCUMENTS 	197
      
	 	 
	SCHEDULE
      14 ""	203
      

THIS AGREEMENT is dated 12 June 2009 and made between:

	(1) 	
      ANOORAQ RESOURCES CORPORATION, a public company
      incorporated under the laws of the Province of British Columbia, Canada
      with registration no. 10022-2033 (the “Parent”);

	 	 
	(2) 	
      N1C RESOURCES INC., a limited liability company
      incorporated under the laws of the Cayman Islands with registration no.
      CR-94610 (“N1C Resources”);

	 	 
	(3) 	
      N2C RESOURCES INC., a limited liability company
      incorporated under the laws of the Cayman Islands with registration no.
      CR-94611 (“N2C Resources” or the “Original
    Guarantor”);

	 	 
	(4) 	
      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”);

	 	 
	(5) 	
      THE FINANCIAL INSTITUTIONS listed in Part II of
      Schedule 1 (The Original Parties) as senior lenders (the
      “Original Lenders”);

	 	 
	(6) 	
      STANDARD CHARTERED BANK as mandated lead arranger
      and bookrunner (the “Arranger”);

	 	 
	(7) 	
      STANDARD CHARTERED BANK as agent of the other
      Finance Parties (the “Senior Agent”);

	 	 
	(8) 	
      STANDARD CHARTERED BANK as security agent for the
      Secured Parties (the “Security Agent”); and

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

IT IS AGREED as follows: 

SECTION 1 

INTERPRETATION 

	1. 	
      DEFINITIONS AND INTERPRETATION

	 	 
	1.1 	
      Definitions

	 	 
		
      In this Agreement:

	 	 
		
      “Account Bank” means Standard Chartered Bank
      acting in its capacity as Account Bank or such other Account Bank that is
      an Acceptable Bank as shall be appointed pursuant to the Accounts
      Agreement and in either case, which is able to open and maintain bank
      accounts for the relevant members of the Borrower Group at a Johannesburg
      branch.

- 1 -

“Accounting Reference Date”
means 31 December of each year. 

“Accounts Agreement” means the
accounts agreement in the agreed form, dated on or about the date of this
Agreement, between the Account Bank, the Senior Agent, the Security Agent and
the Borrower. 

“Acceptable Bank” means: 

	 	(a) 	
      Standard Chartered Bank; or

	 	 	 
	 	(b) 	
      a South African bank or financial institution or the
      South African branch of a foreign bank or financial institution, in each
      case, which has a credit rating equivalent to the minimum of S & P or
      Fitch credit rating of AA-(zaf), or Moody’s credit rating of Aa3za, a
      long-term national scale rating of A or higher by Standard & Poor's
      Rating Services or Fitch Ratings Ltd or A2 or higher by Moody's Investor
      Services Limited or a comparable rating from an internationally recognised
      credit rating agency; or

	 	 	 
	 	(c) 	
      any other bank or financial institution approved by the
      Senior Agent in writing.

“Accounting Principles” means
IFRS or, in relation to the Original Financial Statements of the Parent only,
generally accepted accounting practice as applied in Canada (but only in
relation to the Original Financial Statements of the Parent). 

“Acquisition” means the
transaction pursuant to which the Parent will acquire an effective 51% interest
in Lebowa and an additional 1% interest in the Other Assets pursuant to the
acquisition by the Borrower of 51% of the shares in, and claims on shareholders
loan account against, Holdco, which will, upon implementation of the
transaction, own 100% issued share capital of Opco (which owns 100% of Lebowa),
LPM, Ga-Phasha, Boikgantsho and Kwanda, for an aggregate cash consideration of
ZAR2,600,000,000. 

“Acquisition Agreements” means
the Boikgantsho Sale of Rights Agreement, the Kwanda Sale of Rights Agreement,
the Plateau Sale of Boikgantsho Shares and Claims Agreement, the Plateau Sale of
Kwanda Shares Agreement, the Plateau Sale of Ga-Phasha Shares and Claims
Agreement, the Holdco Sale of Shares Agreement, the Holdco Shareholders
Agreement, the Phase 3 Implementation Agreement, each of the Acquisition
Amendment Agreements relating to any of the aforementioned agreements and any
other agreement designated as an “Acquisition Agreement” by the Senior
Agent and the Borrower, in each case relating to the Acquisition. 

“Acquisition Amendment
Agreements” means: 

	 	(a) 	
      the Amendment to the Boikgantsho Sale of Rights
      Agreement;

	 	 	 
	 	(b) 	
      the Amendment to the Kwanda Sale of Rights
    Agreement;

- 2 -

	 	(c) 	
      the Amendment to the Plateau Sale of Boikgantsho Shares
      and Claims Agreement;

	 	 	 
	 	(d) 	
      the Amendment to the Plateau Sale of Kwanda Shares
      Agreement;

	 	 	 
	 	(e) 	
      the Amendment to the Plateau Sale of Ga-Phasha Shares and
      Claims Agreement;

	 	 	 
	 	(f) 	
      the Amendment to the Holdco Sale of Shares
    Agreement;

	 	 	 
	 	(g) 	
      the Amendment to the Holdco Shareholders
  Agreement;

	 	 	 
	 	(h) 	
      the Amendment to the Phase 3 Implementation
    Agreement.

“Acquisition Conditions
Precedent” means the conditions precedent stipulated in clause 4.1 of the
Phase 3 Implementation Agreement. 

“Acquisition Costs” means all
fees, costs and expenses, stamp, registration and other Taxes incurred by the
Borrower or any other member of the Borrower Group in connection with the
Acquisition or the Transaction Documents. 

“Acquisition Documents” means
each Phase 1 Acquisition Document, each Phase 2 Acquisition Document, each Phase
3 Acquisition Document, the Phase 3 Implementation Agreement, the Disclosure
Letter, the Transaction Framework Agreement, the Services Agreement(s), and any
other document designated as an “Acquisition Document” by the Senior
Agent and the Borrower. 

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

“Amendment to the Boikgantsho Sale
of Rights Agreement” means the amendment to the Boikgantsho Sale of Rights
Agreement in order to give effect to the transaction steps contemplated by Step
3 (“Corporatisation of Boikgantsho and Kwanda Assets”) of the Structure
Memorandum. 

“Amendment to the Kwanda Sale of
Rights Agreement” means the amendment to the Kwanda Sale of Rights Agreement
in order to give effect to Step 3 (“Corporatisation of Boikgantsho and Kwando
Assets”) of the Structure Memorandum. 

“Amendment to the Plateau Sale of
Boikgantsho Shares and Claims Agreement” means the amendment to the Plateau
Sale of Boikgantsho Shares and Claims Agreement in order to give effect to Step
5 (“Sale of ARQ Interests in GP, BKG and KWD to LPM Holdco”) of the
Structure Memorandum. 

“Amendment to the Plateau Sale of
Kwanda Shares Agreement” means the amendment to the Plateau Sale of Kwanda
Shares Agreement in order to give effect to Step 5 (“Sale of ARQ Interests in
GP, BKG and KWD to LPM Holdco”) of the Structure Memorandum. 

- 3 -

“Amendment to the Plateau Sale of
Ga-Phasha Shares and Claims Agreement” means the amendment to the Plateau
Sale of Ga-Phasha Shares and Claims Agreement in order to give effect to Step 5
(“Sale of ARQ Interests in GP, BKG and KWD to LPM Holdco”) of the
Structure Memorandum. 

“Amendment to the Holdco Sale of
Shares Agreement” means the amendment to the Holdco Sale of Shares Agreement
in order to give effect to Step 6 (“RPM sells additional stake in LPM Holdco
to Plateau”) of the Structure Memorandum. 

“Amendment to the Holdco
Shareholders Agreement” means the amendment to the Holdco Shareholders
Agreement in order to give effect to Step 6 (“RPM sells additional stake in
LPM Holdco to Plateau”) of the Structure Memorandum. 

“Amendment to Phase 3 Implementation
Agreement” means the amendment to the Phase 3 Implementation Agreement in
order to give effect to the steps contemplated by the Structure Memorandum.

“Amendment to the RPM Sale of
Boikgantsho Shares and Claims Agreement” means the amendment to the RPM Sale
of Boikgantsho Shares and Claims Agreement in order to give effect to Step 4
(“Sale of RPM Interest in GP, BKG and KWD to LPM Holdco”) of the
Structure Memorandum. 

“Amendment to the RPM Sale of Kwanda
Shares Agreement” means the amendment to the RPM Sale Kwanda Shares
Agreement in order to give effect to Step 4 (“Sale of RPM Interest in GP, BKG
and KWD to LPM Holdco”) of the Structure Memorandum. 

“Amendment to the RPM Sale of
Ga-Phasha Shares and Claims Agreement” means the amendment to the RPM Sale
of Ga-Phasha Shares and Claims Agreement in order to give effect to Step 4
(“Sale of RPM Interest in GP, BKG and KWD to LPM Holdco”) of the
Structure Memorandum. 

“Anglo” means Anglo American
plc, a public company registered in England and Wales with registration no.
3564138. 

“Anglo Group” means Anglo and
each of its direct and indirect Subsidiaries for the time being. 

“Anglo Platinum” means Anglo
Platinum Limited, a public limited liability company incorporated under the laws
of South Africa with registration no. 1946/022452/06. 

“Annual Financial Statements”
means the financial statements for a Financial Year delivered pursuant to
paragraph (a) of Clause 25.1 (Financial statements). 

“Anooraq Common Shares” means
common shares, without par value, in the share capital of the Parent as such
shares are constituted on the date of this Agreement, as the same may be
reorganized, reclassified or otherwise changed pursuant to any Share Adjustment
Event. 

- 4 -

“Anooraq Community Participation
Trust” means the share ownership trust established for the benefit of the
communities interested in or affected by the Parent’s operations, governed by a
trust deed, dated 28 March 2008, between the Parent, Anglo Platinum, Simon
Tebele, as trustee and Mmakgolo Meta Maponya, as trustee. 

“Anooraq Group” means the
Parent, N1C Resources, N2C Resources, the Borrower, Holdco and Opco and each of
their respective direct and indirect Subsidiaries for the time being. 

“Anooraq Shareholder Loan” means
a loan in the principal sum of ZAR70,000,000 or the principal amount outstanding
for the time being of that loan. 

“Anooraq Shareholder Loan
Agreement” means the shareholder loan agreement in the agreed form, dated on
or about the date of this Agreement, between the Parent as lender and N1C
Resources as borrower pursuant to which the Parent agrees to lend the Anooraq
Shareholder Loan to N1C Resources to enable N1C Resources to fund the N1C
Resources Shareholder Loan. 

“Anooraq Shareholders Agreement”
means the shareholders agreement, dated on or about the date of this Agreement,
made between Pelawan Investments, the Parent, Pelawan Trust and the Borrower,
which will replace, amongst others the Share Exchange Agreement and the Existing
Anooraq Shareholders Agreement. 

“Applicable Mine Plan” means the
Mine Plan or, in the event the same is updated in accordance with the provisions
of Clause 25.5 (Mine Plan) and approved by the Senior Agent (acting on
the instructions of the Majority Lenders), the most recent such update so
approved in each case incorporating the then applicable Base Case Model. 

“Applicable Spot Rate of
Exchange” means the Account Bank’s or Standard Bank’s spot rate of exchange
quoted by the Account Bank or Standard Bank (as applicable) as a market related
rate for the purchase of the relevant currency with Rands in the Johannesburg
foreign exchange market at or about 11:00 a.m. Johannesburg time on a particular
day. 

“Assignment Agreement” means an
agreement substantially in the form set out in Schedule 6 (Form of Assignment
Agreement) or any other form agreed between the relevant assignor and
assignee. 

“Auditors” means one of
PricewaterhouseCoopers, Ernst & Young, KPMG or Deloitte & Touche or such
other firm approved in advance by the Majority Lenders (such approval not to be
unreasonably withheld or delayed).

“Authorisation” means any
authorisation, consent, approval, resolution, licence, exemption, filing,
agreement, certificate, notarisation, resolution, permit or registration or any
exemption from any of the aforesaid, by, with or from any authority which has
jurisdiction, control or authority over any party in connection with any
Transaction 

- 5 -

Document, any of the steps, exercise of
rights or performance of obligations under any Transaction Document or in
connection with any aspect of the business or operations of a party (including
without limitation, any approvals required from the Exchange Control Department
of the South African Reserve Bank in relation to any Transaction Document or any
transaction contemplated under any Transaction Document and all necessary Mining
Licenses). 

“Availability Period” means the
period from and including the date of this Agreement to and including the date
falling 30 (thirty) days after the date upon which the Senior Agent gives the
notification referred to in clause 4.1 (Initial Conditions Precedent)
provided that the Availability Period shall automatically expire on 30 September
2009. 

“Available Commitment” means, in
relation to the Facility, a Lender's Commitment under the Facility minus the
amount (denominated in Rands) made available by that Lender through the Agent to
the Borrower pursuant to a Utilisation Request. 

“Available Facility” means, in
relation to the Facility, the aggregate for the time being of each Lender's
Available Commitment in respect of the Facility. 

“B Preference Share Documents”
means collectively

	 	(a) 	
      the RPM Pelawan SPV B1 Preference Share Subscription
      Agreement;

	 	 	 
	 	(b) 	
      the Pelawan SPV Forward Sale Agreement;

	 	 	 
	 	(c) 	
      the Plateau Forward Sale Agreement;

	 	 	 
	 	(d) 	
      the Pelawan SPV Share for Share Agreement;

	 	 	 
	 	(e) 	
      the Conversion Implementation Agreement;

	 	 	 
	 	(f) 	
      the Pelawan SPV Plateau B2 Preference Share Subscription
      Agreement; and

	 	 	 
	 	(g) 	
      the Pelawan SPV Plateau B3 Preference Share Subscription
      Agreement.

“Base Case Model” means the
financial model entitled “LPM Opco Fin Model V4.2xls” , or such other
model as updated before the Closing Date, setting out inter alia the
projected production (if applicable), income, expenditure, actual and projected
cash flows, assets and liabilities of Opco, Holdco and the Borrower for the
period from 1 July 2009 to 30 June 2019 based on the Applicable Mine Plan and on
prudent assumptions (and including computations and methodology of calculating
ratios contained therein) in the agreed form prepared by the Borrower and
reviewed and approved by the Lenders’ Technical Advisor and the Lenders’ Model
Auditor as represented by material contained in or on the CD-ROM and any
printouts thereof endorsed by the Senior Agent as being the Base Case Model as
at the Closing Date as amended from time to time in accordance with the terms of
this Agreement so as to be consistent with the Applicable Mine Plan from time to
time. 

- 6 -

“BEE” means broad based black
economic empowerment, as envisaged pursuant to the MPRD Act and related
legislation and guidelines, being a strategy aimed at substantially increasing
participation by HDPs at all levels in the economy of South Africa. BEE is aimed
at redressing the imbalances of the past caused by the Apartheid system in South
Africa, by seeking to substantially and equitably increase the ownership and
management of South Africa’s resources by the majority of its citizens and so
ensure broader and more meaningful participation in the economy by HDPs. 

“Boikgantsho” means Boikgantsho
Platinum Mine (Proprietary) Limited, a private limited liability company
incorporated under the laws of South Africa with registration no.
2003/012394/07, which will, upon the closing of the Acquisition, be a
wholly-owned subsidiary of Holdco. 

“Boikgantsho Project” means the
Boikgantsho PGM project, a BEE Joint Venture located on the Eastern Limb of the
Bushveld Complex in South Africa, on the Drenthe and Witrivier farms, and the
northern portion of the Overysel farm. 

“Boikgantsho Sale of Rights
Agreement” means the sale of rights agreement, dated 28 March 2008, between
RPM, the Borrower and Boikgantsho, pursuant to which RPM and the Borrower will
each sell all of their respective interests in, and assets relating to, the
Boikgantsho Project, to Boikgantsho. 

“Bokoni Platinum Mine ESOP
Trust” means the share ownership trust established for the benefit of
employees of Opco, governed by a trust deed entered into between Anglo Platinum,
as founder, the Parent, Meroonisha Pillay, as trustee and Mmakgolo Meta Maponya,
as trustee, dated on or about 28 March 2008. 

“Borrower Business Account”
means the Rand denominated bank account[s] referred to in Clause 27.40
(b) (ii) (Accounts):

	 	(a) 	
      held in South Africa by the Borrower with Standard
      Bank;

	 	 	 
	 	(b) 	
      identified in a letter between the Borrower, the Senior
      Agent and Standard Bank as a Borrower Business Account;

	 	 	 
	 	(c) 	
      subject to Security in favour of the Plateau Security SPV
      which Security is in form and substance satisfactory to the Senior Agent;
      and

	 	 	 
	 	(d) 	
      from which no withdrawals may be made by the Borrower
      except as contemplated by this Agreement and the Intercreditor
      Agreements,

(as the same may be redesignated,
substituted or replaced from time to time). 

“Borrower Business Revenue”
means all income or revenue received by or paid to the Borrower of whatsoever
nature. 

“Borrower Cash Waterfall” has
the meaning given to it in the Global Intercreditor Agreement. 

- 7 -

“Borrower Certification” means a
certification by the Borrower (in a form acceptable to the Senior Agent)
delivered by the Borrower to the Senior Agent not less than 10 (ten) Business
Days prior to a Repayment Date, Interest Payment Date or the last day of an
Interest Period which is not itself an Interest Payment Date, as applicable and
which certifies any of the matters required to be certified as contemplated in
clauses 10.1 (Repayment of Loan and Rollup Interest Loan) and 14.2
(Payment of Interest) and which shall: (i) be based on management
accounts (ii) reflect provisions for the working capital requirements as
referred to in paragraph (e) of the definition of “Opco Cash Waterfall” in the
Global Intercreditor Agreement, and (iii) include calculations of the relevant
certified amounts referred to therein, which certification shall be binding on
the Parties in the absence of manifest error. 

“Borrower Group” means N1C
Resources, N2C Resources, the Borrower, Holdco, Opco and each of their
respective direct of indirect Subsidiaries for the time being (and which will
include with effect from the Closing Date the Holdco Group). 

“Borrower Proceeds Account”
means the Rand denominated bank account referred to in Clause 27.40(b)(i)
(Accounts):

	 	(a) 	
      held in South Africa by the Borrower with the Account
      Bank;

	 	 	 
	 	(b) 	
      identified in a letter between the Borrower, the Senior
      Agent and the Account Bank as the Borrower Proceeds Account;

	 	 	 
	 	(c) 	
      subject to Security in favour of the Plateau Security SPV
      which Security is in form and substance satisfactory to the Senior Agent;
      and

	 	 	 
	 	(d) 	
      from which no withdrawals may be made by the Borrower
      except as contemplated by this Agreement and the Intercreditor
      Agreements,

(as the same may be redesignated,
substituted or replaced from time to time). 

“Borrowings” has the meaning
given to that term in Clause 26.1 (Financial definitions). 

“Brakfontein Merensky Project”
means the 120Ktpm Brakfontein Merensky project at Lebowa, comprising a decline
shaft system and its associated infrastructure, including an expansion of the
existing Merensky concentrator plant. 

“Break Costs” means the amount
(if any) by which: 

	 	(a) 	
      the interest which a Lender should have received for the
      period from the date of receipt of all or any part of its participation in
      a Loan or Unpaid Sum to the last day of the current Interest Period in
      respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum
      received been paid on the last day of that Interest
  Period;

- 8 -

exceeds: 

	 	(b) 	
      the amount which that Lender would be able to obtain by
      placing an amount equal to the principal amount or Unpaid Sum received by
      it on deposit in the relevant currency with a leading bank in the
      Johannesburg interbank market for a period starting on the Business Day
      following receipt or recovery and ending on the last day of the current
      Interest Period.

“Break Gains” means the amount
(if any) by which the amount contemplated in paragraph (b) of the definition of
“Break Costs” exceeds the amount contemplated in paragraph (a) of the
definition of “Break Costs”. 

“Business Day” means a day
(other than a Saturday or Sunday) on which banks are open for general business
in Johannesburg and London. 

“Capital Expenditure” means any
expenditure or obligation in respect of expenditure which, in accordance with
the Accounting Principles, is treated as capital expenditure (and including the
capital element of any expenditure or obligation incurred in connection with a
Finance Lease) and, in the case of Opco, which is included in the Base Case
Model or otherwise approved by the Senior Agent (acting on the instructions of
the Majority Lenders). 

“Cash” means, at any time, cash
denominated in Rand or Dollars in hand or at bank and (in the latter case)
credited to an account in the name of the Borrower with an Acceptable Bank and
to which the Borrower is alone beneficially entitled and for so long as: 

	 	(a) 	
      that cash is repayable on demand;

	 	 	 
	 	(b) 	
      repayment of that cash is not contingent on the prior
      discharge of any other indebtedness of the Borrower or of any other person
      whatsoever or on the satisfaction of any other condition;

	 	 	 
	 	(c) 	
      there is no Security over that cash except for
      Transaction Security; and

	 	 	 
	 	(d) 	
      the cash is freely and immediately available to be
      applied in repayment or prepayment of the
Facilities.

“Cash Equivalent Investments”
means at any time: 

	 	(a) 	
      certificates of deposit maturing not later than the next
      succeeding Repayment Date after the date on which the investment is made
      and issued by an Acceptable Bank;

	 	 	 
	 	(b) 	
      any investment in marketable debt obligations issued or
      guaranteed by the government of the United States of America, the United
      Kingdom, South Africa, any member state of the European Economic Area or
      any Participating Member State or by an instrumentality or agency of any
      of them having an equivalent credit rating, maturing not later than the
      next succeeding

- 9 -

	 		
      Repayment Date after the date on which the investment is
      made and not convertible or exchangeable to any other security;

	 	 	 	 
	 	(c) 	
      commercial paper not convertible or exchangeable to any
      other security for which a recognised trading market exists;

	 	 	 	 
	 		(i) 	
      issued by an issuer incorporated in the United States of
      America, the United Kingdom, South Africa, any member state of the
      European Economic Area or any Participating Member State;

	 	 	 	 
	 		(ii) 	
      which matures not later than the next succeeding
      Repayment Date after the date on which the investment is made;
  and

	 	 	 	 
	 		(iii) 	
      which has a long-term national scale credit rating of
      either A-1 or higher by Standard & Poor's Rating Services or F1 or
      higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investor Services
      Limited, or, if no rating is available in respect of the commercial paper,
      the issuer of which has an equivalent long-term national scale
    rating;

	 	 	 	 
	 	(d) 	
      sterling bills of exchange eligible for rediscount at the
      Bank of England and accepted by an Acceptable Bank (or their
      dematerialised equivalent);

	 	 	 	 
	 	(e) 	
      any investment in money market funds which (i) have a
      long term national scale credit rating of either A-1 or higher by Standard
      & Poor's Rating Services or F1 or higher by Fitch Ratings Ltd or P-1
      or higher by Moody's Investor Services Limited, (ii) invest substantially
      all their assets in securities of the types described in paragraphs (a) to
      (d) above and (iii) can be turned into Cash by not later than the next
      succeeding Repayment Date after the date on which the investment is made;
      or

	 	 	 	 
	 	(f) 	
      any other debt security approved by the Majority
      Lenders,

in each case, denominated in Rand and
to which any of the Borrower, Holdco or Opco is alone (or together with any of
the other them) entitled at that time and which is not issued or guaranteed by
any member of the Borrower Group or the Anooraq Group or subject to any Security
(other than Security arising under the Transaction Security Documents) and the
proceeds of which are capable of being remitted to the Borrower, Holdco or Opco.

“Change of Control” means: 

	 	(a) 	
      HDPs cease to have direct or indirect legal and
      beneficial ownership of at least 51% of the issued equity share capital of
      Pelawan Investments;

	 	 	 
	 	(b) 	
      Pelawan Investments ceases to be the beneficiary of
      Pelawan Trust and/or Pelawan Dividend Trust (other than in circumstances
      where Pelawan Trust and Pelawan Dividend Trust are terminated and the
      Pelawan Anooraq Common Shares are distributed in specie to Pelawan
      Investments);

- 10 -

	 	(c) 	
      the Pelawan Group ceases to have direct or indirect legal
      and beneficial ownership of at least 51% of the issued equity share
      capital of the Anooraq Group;

	 	 	 
	 	(d) 	
      a “Change of Control” as defined in the Holdco
      Shareholders Agreement which is not remedied or cured in accordance with
      and within the applicable remedy or cure periods referred to in the Holdco
      Shareholders Agreement;

	 	 	 
	 	(e) 	
      the Parent ceases to have legal and beneficial ownership
      of 100% of the issued equity share capital of N1C Resources;

	 	 	 
	 	(f) 	
      N1C Resources ceases to have legal and beneficial
      ownership of 100% of the issued equity share capital of N2C
    Resources;

	 	 	 
	 	(g) 	
      N2C Resources ceases to have legal and beneficial
      ownership of 100% of the issued ordinary equity share capital of the
      Borrower except on a temporary intra-day basis pursuant to the steps
      required to convert the convertible preference shares as contemplated by
      the B Preference Share Documents;

	 	 	 
	 	(h) 	
      the Borrower ceases after the Closing Date to have legal
      and beneficial ownership of at least 51% of the issued equity share
      capital of Holdco;

	 	 	 
	 	(i) 	
      RPM ceases to have legal and beneficial ownership of at
      least 25.1% of the issued equity share capital of Holdco;

	 	 	 
	 	(j) 	
      Holdco ceases to have legal and beneficial ownership of
      100% of the issued equity share capital of Opco;

	 	 	 
	 	(k) 	
      any person or group of persons acting in concert gains
      direct or indirect control of the Parent;

	 	 	 
	 	(l) 	
      any person or group of persons acting in concert gains
      direct or indirect control of Pelawan Investments (other than pursuant to
      an “Excluded Change” (as defined in the Holdco Shareholders
      Agreement as at the date of this Agreement)).

For the purposes of this definition:

	 	(a) 	
      “control” in relation to a person means:

	 	 	 	 	 
	 		(i) 	
      the power (whether by way of ownership of shares, proxy,
      contract, agency or otherwise) to:

	 	 	 	 	 
	 			(A) 	
      cast, or control the casting of, more than 35%, of the
      maximum number of votes that might be cast at a general meeting of that
      person; or

	 	 	 	 	 
	 			(B) 	
      appoint or remove all, or the majority, of the directors
      or other equivalent officers of that person; or

- 11 -

	 	(C) 	
      give directions with respect to the operating and
      financial policies of that person, with which the directors or other
      equivalent officers of that person are obliged to comply;
  and/or

	 	(ii) 	
      the holding beneficially of more than 35% of the issued
      equity share capital of that person;

	 	(b) 	
      “acting in concert” means, a group of persons who,
      pursuant to an agreement or understanding (whether formal or informal),
      actively co-operate, through the acquisition directly or indirectly of
      shares in a person by any of them, either directly or indirectly, to
      obtain or consolidate control of that person;

	 	 	 
	 	(c) 	
      “equity share capital” in relation to a person,
      means that person’s issued share capital (excluding any part of that
      issued share capital that carries no right to participate beyond a
      specified amount in a distribution of either profits or
  capital).

“Closing Date” means the
“Closing Date” as defined in the Phase 3 Implementation Agreement. 

“Commitment” means: 

	 	(a) 	
      in relation to an Original Lender, the amount in Rands
      set opposite its name under the heading “Commitment” in Part II of
      Schedule 1 (The Original Parties) and the amount of any other
      Commitment transferred to it under this Agreement; and

	 	 	 
	 	(b) 	
      in relation to any other Lender, the amount of any
      Commitment transferred to it under this Agreement,

to the extent not cancelled, reduced or
transferred by it under this Agreement. 

“Community Trust Issue” means
the subscription by the Anooraq Community Trust for 9,799,505 Anooraq Common
Shares on or before the Closing Date for a purchase price of ZAR8,09 in
accordance with the Community Trust Documents, and the net proceeds of which
will be used to fund the Anooraq Shareholder Loan. 

“Community Trust Documents”
means the Community Trust Subscription Agreement and any other document which
relates to or is ancillary to the Community Trust Issue.

“Community Trust Subscription
Agreement” means the subscription agreement in the agreed form, dated on or
about the date of this Agreement, between the Parent and the Anooraq Community
Participation Trust relating to the Community Trust Issue.

“Companies Act” means the
Companies Act, 1973 of South Africa. 

- 12 -

“Completion” means the
completion of the Restructuring and the Acquisition in accordance with the terms
of each Acquisition Document and steps 1 (Asset and loan impairment) to 7
(Capital rebalance) of the Structure Memorandum. 

“Compliance Certificate” means a
certificate substantially in the form set out in Schedule 9 (Form of
Compliance Certificate) or otherwise in form and substance satisfactory to
the Senior Agent. 

“Confidentiality Undertaking”
means a confidentiality undertaking substantially in a recommended form of the
LMA as set out in Schedule 10 (LMA form of Confidentiality Undertaking)
or in any other form agreed between the Borrower and the Arranger. 

“Constitutional Documents” means
in respect of any person at any time, the then current and up-to-date
constitutional documents of such person at such time (including, without
limitation, such person’s memorandum and articles of association, certificate of
incorporation or commercial registration certificate). 

“Contractor Agreement” means the
contractor agreement, dated 21 December 2007, between LPM and Opco, pursuant to
which LPM appointed Opco as an independent contractor in terms of section 101 of
the MPRD Act to undertake Mining in the Lebowa Area. 

“Conversion Implementation
Agreement” means the Conversion Implementation Agreement as defined in the
RPM Funding Common Terms Agreement. 

“Counter Indemnity Agreements”
means collectively, the Opco Counter Indemnity Agreements and the Plateau
Counter Indemnity Agreement. 

“CPI” means the consumer price
index as published from time to time by Statistics South Africa, which is
referred to as “Consumer Price Index (CPI) for all urban areas” 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 Senior Agent acting on behalf of the Majority
      Lenders 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 Senior Agent 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 Standard Chartered Bank (Africa)
      which determination shall be binding upon the
Parties.

- 13 -

“Dangerous Substance” means any
radioactive emissions and any natural or artificial substance (whether in solid
or liquid form or in the form of a gas or vapour and whether alone or in
combination with any other substance) capable of causing harm to man or any
other living organism supported by the environment or damaging the environment
or public health or welfare including but not limited to any controlled,
special, hazardous, toxic, radioactive or dangerous waste. 

“Debt Guarantees” means
collectively, the Opco Debt Guarantees and the Plateau Debt Guarantees. 

“Default” means an Event of
Default or any event or circumstance specified in Clause 28 (Events of
Default) which would (with the expiry of a grace period, the giving of
notice, the making of any determination under the Finance Documents or any
combination of any of the foregoing) be an Event of Default. 

“Delegate” means any delegate,
agent, attorney or trustee appointed by the Plateau Security SPV or the Security
Agent. 

“Disbursement Account” means the
Rand denominated bank account referred to in Clause 27.40(a) (Accounts):

	 	(a) 	
      held in South Africa by the Borrower with the Account
      Bank;

	 	 	 
	 	(b) 	
      identified in a letter between the Borrower and the
      Senior Agent as the Disbursement Account; and

	 	 	 
	 	(c) 	
      subject to Security in favour of the Plateau Security SPV
      which Security is in form and substance satisfactory to the Senior
      Agent,

(as the same may be redesignated,
substituted or replaced from time to time). 

“Disclosure Letter” means the
disclosure letter in the agreed form furnished by RPM to the Borrower in
accordance with the terms of the Holdco Sale of Shares Agreement substantially
in the form of the draft annexed to the Holdco Sale of Shares Agreement as
Schedule 2. 

“Disclosure Schedule” means the
disclosure schedule delivered by the Borrower to the Senior Agent on the
Signature Date; 

“Disposal” means a sale, lease,
license, transfer, loan or other disposal by a person of any asset, undertaking
or business (whether by a voluntary or involuntary single transaction or series
of transactions). 

“Disruption Event” means either
or both of: 

	 	(a) 	
      a material disruption to those payment or communications
      systems or to those financial markets which are, in each case, required to
      operate in order for payments to be made in connection with the Facility
      (or otherwise in order for the transactions contemplated by the Finance
      Documents to be carried out)

- 14 -

	 		
      which disruption is not caused by, and is beyond the
      control of, any of the Parties; or

	 	 	 	 
	 	(b) 	
      the occurrence of any other event which results in a
      disruption (of a technical or systems-related nature) to the treasury or
      payments operations of a Party preventing that, or any other
  Party:

	 	 	 	 
	 		(i) 	
      from performing its payment obligations under the Finance
      Documents; or

	 	 	 	 
	 		(ii) 	
      from communicating with other Parties in accordance with
      the terms of the Finance Documents,

	 	 	 	 
	 		
      and which (in either such case) is not caused by, and is
      beyond the control of, the Party whose operations are
  disrupted.

“DM” means the Department of
Minerals and Energy of the Republic of South Africa and its successors. 

“Dormant Subsidiary” means a
member of the Anooraq Group, the Borrower Group or the Holdco Group which does
not trade (for itself or as agent for any person) and does not own, legally or
beneficially, assets (including, without limitation, indebtedness owed to it)
which in aggregate have a value of ZAR1,000 or more or its equivalent in other
currencies.

“Electricity Supply Agreement”
means the electricity supply agreement concluded or to be concluded between
Eskom Holdings Limited and Opco relating to the supply of electricity to Lebowa.

“Environmental Claim” means any
claim, proceeding, formal notice or investigation by any person in respect of
any Environmental Law. 

“Environmental Contamination”
means each of the following and their consequences: 

	 	(a) 	
      any release, emission, leakage or spillage of any
      Dangerous Substance into any part of the environment;

	 	 	 
	 	(b) 	
      any accident, fire, explosion or sudden event in relation
      to the Project which is directly or indirectly caused by or attributable
      to any Dangerous Substance; or

	 	 	 
	 	(c) 	
      any pollution of the environment.

“Environmental Law” means any
applicable law or regulation which relates to: 

	 	(a) 	
      the pollution or protection of the environment;

	 	 	 
	 	(b) 	
      harm to or the protection of human health;

	 	 	 
	 	(c) 	
      the conditions of the workplace;
or

- 15 -

	 	(d) 	
      any emission or substance capable of causing harm to any
      living organism or the environment,

including, without limitation, National
Environmental Management Act, 1998 of South Africa and the National Water Act,
1998 of South Africa. 

“Environmental Permits” means
any permit and other Authorisation and the filing of any notification, report or
assessment required under any Environmental Law for the operation of the
business of any member of the Borrower Group conducted on or from the properties
owned or used by any member of the Borrower Group. 

“Environmental Report” means the
environmental compliance report prepared by Coffey Mining (South Africa)
(Proprietary) Limited, trading as RSG Global and dated September 2008 relating
to compliance by Lebowa with the Equator Principles and addressed to, and/or
capable of being relied upon by, the Finance Parties. 

“EPCM Agreements” means the
engineering, procurement and construction management agreements and other
construction agreements all as specified in Schedule 4 (EPCM
Agreements).

“Equator Principles” means the
framework for the management of environmental and social issues in project
financing published at www.equator-principles.com. 

“ESOP Issue” means the
subscription by Bokoni Platinum Mine ESOP Trust for 4,497,062 Anooraq Common
Shares on or before the Closing Date for a purchase price of ZAR8,09 in
accordance with the ESOP Documents, and the net proceeds of which will be used
to fund the Anooraq Shareholder Loan. 

“ESOP Documents” means the ESOP
Subscription Agreement and any other document which relates to or is ancillary
to the ESOP Issue.

“ESOP Subscription Agreement”
means the subscription agreement in the agreed form, dated on or about the date
of this Agreement, between the Parent and Bokoni Platinum Mine ESOP Trust
relating to the ESOP Issue. 

“Event of Default” means any
event or circumstance specified as such in Clause 28 (Events of Default).

“Excluded Subsidiaries” means
Anooraq Minera Mexicana and its direct or indirect Subsidiaries. 

“Existing Anooraq Shareholders
Agreement” means the shareholders agreement, dated 19 September 2004, made
between the Parent, Pelawan Investments and Pelawan Trust. 

“Existing Operational Guarantee”
means a guarantee existing as at the Signature Date and disclosed in Schedule 5
(Existing Operational Guarantees). 

- 16 -

“Facility” means the term loan
facility made available under this Agreement as described in Clause 2.1 (The
Facilities).

“Facility Office” means: 

	 	(a) 	
      in respect of a Lender, the office or offices notified by
      that Lender to the Senior Agent in writing on or before the date it
      becomes a Lender (or, following that date, by not less than 5 (five)
      Business Days' written notice) as the office or offices through which it
      will perform its obligations under this Agreement; or

	 	 	 
	 	(b) 	
      in respect of any other Finance Party, the office in the
      jurisdiction in which it is resident for tax
purposes.

“Facility Period” means the
period starting on the date of this Agreement and ending on the date on which
all the obligations and liabilities (other than contingent liabilities) of the
Obligors under the Finance Documents are discharged in full and no Finance Party
has any Commitment under the Finance Documents. 

“Fee Letter” means any letter or
letters, dated on or before the Closing Date, between, as the case may be, (a)
the Arranger and the Borrower, (b) the Senior Agent and the Borrower, (c) the
Security Agent and the Borrower, (d) the Plateau Security SPV, GMG and the
Borrower, and (e) the Opco Security SPV, GMG and the Borrower, in each case
setting out any of the fees referred to in Clause 17 (Fees). 

“Finance Document” means: 

	 	(a) 	
      this Agreement;

	 	 	 
	 	(b) 	
      the Plateau Funding Loan Agreement;

	 	 	 
	 	(c) 	
      the Opco Funding Loan Agreement;

	 	 	 
	 	(d) 	
      the Accounts Agreement;

	 	 	 
	 	(e) 	
      the Mandate Letter;

	 	 	 
	 	(f) 	
      any Compliance Certificate;

	 	 	 
	 	(g) 	
      any Fee Letter;

	 	 	 
	 	(h) 	
      any Plateau Hedging Document;

	 	 	 
	 	(i) 	
      the Plateau Intercreditor Agreement;

	 	 	 
	 	(j) 	
      the Global Intercreditor Agreement;

	 	 	 
	 	(k) 	
      each Transaction Security Document;

	 	 	 
	 	(l) 	
      any Utilisation Request;

	 	 	 
	 	(m) 	
      any Reliance Letter;

- 17 -

	 	(n) 	
      the First Ranking Opco Debt Guarantee and the First
      Ranking Plateau Debt Guarantee;

	 	 	 
	 	(o) 	
      each Counter Indemnity Agreement, other than the Second
      Ranking Opco Counter Indemnity Agreement; and

	 	 	 
	 	(p) 	
      each Security SPV Document,

and any other document designated as a
“Finance Document” by the Senior Agent and the Borrower. 

“Finance Lease” has the meaning
given to it in Clause 26.1 (Financial Definitions).

“Finance Party” means the Senior
Agent, the Arranger, the Security Agent, a Lender, the Plateau Security SPV, the
Opco Security SPV and each Plateau Hedge Counterparty. 

“Financial Due Diligence Report”
means the report by PricewaterhouseCoopers Inc. dated on or before the Closing
Date relating to Opco and addressed to, and/or capable of being relied upon by,
the Finance Parties.

“Financial Half-Year” means the
period commencing on the day after one Semi-Annual Date and ending on the next
Semi-Annual Date. 

“Financial Indebtedness” means
any indebtedness for or in respect of: 

	 	(a) 	
      moneys borrowed and debit balances at banks or other
      financial institutions;

	 	 	 
	 	(b) 	
      any amount raised by acceptance under any acceptance
      credit or bill discounting facility (or dematerialised
  equivalent);

	 	 	 
	 	(c) 	
      any amount raised pursuant to any note purchase facility
      or the issue of bonds, notes, debentures, loan stock or any similar
      instrument;

	 	 	 
	 	(d) 	
      the amount of any liability in respect of Finance
      Leases;

	 	 	 
	 	(e) 	
      receivables sold or discounted (other than any
      receivables to the extent they are sold on a non-recourse basis and meet
      any requirement for de-recognition under the Accounting
  Principles);

	 	 	 
	 	(f) 	
      any Treasury Transaction (and, when calculating the value
      of that Treasury Transaction, only the marked to market value (or, if any
      actual amount is due as a result of the termination or close-out of that
      Treasury Transaction, that amount) shall be taken into account);

	 	 	 
	 	(g) 	
      any counter-indemnity obligation in respect of a
      guarantee, bond, standby or documentary letter of credit or any other
      instrument issued by a bank or financial
institution;

- 18 -

	 	(h) 	
      any amount raised by the issue of redeemable shares which
      are redeemable (other than at the option of the issuer) before the
      Termination Date or are otherwise classified as borrowings under the
      Accounting Principles);

	 	 	 
	 	(i) 	
      any amount of any liability under an advance or deferred
      purchase agreement if (i) one of the primary reasons behind entering into
      the agreement is to raise finance or to finance the acquisition or
      construction of the asset or service in question or (ii) the agreement is
      in respect of the supply of assets or services and payment is due more
      than 90 (ninety) days after the date of supply;

	 	 	 
	 	(j) 	
      any amount raised under any other transaction (including
      any forward sale or purchase, sale and sale back or sale and leaseback
      agreement) which would be classified as borrowings under the Accounting
      Principles; and

	 	 	 
	 	(k) 	
      the amount of any liability in respect of any guarantee
      for any of the items referred to in paragraphs (a) to (j)
  above.

“Financial Quarter” means the
period commencing on the day after one Quarter Date and ending on the next
Quarter Date. 

“Financial Year” means the
annual accounting period of the Anooraq Group, the Borrower Group and the Holdco
Group ending on the Accounting Reference Date. 

“First Ranking Opco Counter
Indemnity Agreement” means the counter indemnity agreement, dated on or
about the date of this Agreement, between Opco and the Opco Security SPV
pursuant to which Opco indemnifies and holds the Opco Security SPV harmless in
respect of claims made against the Opco Security SPV under the First Ranking
Opco Debt Guarantee. 

“First Ranking Opco Debt
Guarantee” means the debt guarantee in the agreed form, dated on or about
the date of this Agreement, issued by the Opco Security SPV in favour of Holdco
for the obligations of Opco owed to Holdco under the Opco Funding Loan
Agreement. 

“First Ranking Plateau Debt
Guarantee” means the debt guarantee in the agreed form, dated on or about
the date of this Agreement, issued by the Plateau Security SPV in favour of the
Finance Parties for the obligations of the Obligors owed to the Finance Parties
under the Finance Documents. 

“Force Majeure” means
circumstances or an event beyond the reasonable control of the Borrower which,
despite the exercise of diligent efforts, the Borrower was unable to prevent,
limit or minimise, including (without limitation) any act of God, any act or
omission of a competent authority, war, (whether declared or not), military
operations, insurrection or civil disorder, riot, strikes (except strikes by or
affecting employees of the Borrower as a result of any unlawful act or omission
of the Borrower), civil commotion, invasion, armed conflict, hostile act of
foreign enemy, act of terrorism, sabotage, radiation, plague or epidemic, a
continuing emergency situation, fire, lightning, explosion or any other such
cause. 

- 19 -

“Fourth Ranking Plateau Debt
Guarantee” means the debt guarantee in the agreed form, dated on or about
the date of this Agreement, issued by the Plateau Security SPV in favour of RPM
for the obligations of the Borrower owed to RPM under the RPM Plateau A
Preference Share Subscription Agreement. 

“Funding Loan Agreements” means
collectively, the Opco Funding Loan Agreement and the Holdco Funding Loan
Agreements. 

“Funds Flow Statement” means a
funds flow statement in the agreed form. 

“Ga-Phasha” means Ga-Phasha
Platinum Mine (Proprietary) Limited (formerly Micawber 277), a private limited
liability company incorporated under the laws of South Africa with registration
no. 2002/016481/07 which holds the mineral title in relation to the Ga-Phasha
Project. 

“Ga-Phasha Business” means the
business (together with all of its components, parts, assets and/or
liabilities), as a going concern, of Ga-Phasha as at the Closing Date. 

“Ga-Phasha Project” means the
Ga-Phasha PGM project, a BEE Joint Venture located on the Eastern Limb of the
Bushveld Complex in South Africa, on the Paschaskraal, Klipfontein, Avoca and De
Kamp farms. 

“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.

“GMG” means GMG Trust Company
(SA) (Proprietary) Limited, a private limited liability company incorporated
under the laws of South Africa with registration no. 2006/013631/07 (previously
Sentinel Corporate Fiduciary Services). 

“GP Loan” means the loan in the
principal amount of approximately ZAR93,260,853 owed by the Borrower to RPM as
at the date of this Agreement relating to the financing of the development of
the Ga-Phasha Project. 

“Group Structure Charts” means
the Anooraq Group and the Borrower Group structure charts in the agreed form.

“Guarantor” means the Original
Guarantor and any other person that accedes to this Agreement as a Guarantor.

“HDP” means: 

	 	(a) 	
      an Historically Disadvantaged Person as defined in the
      MPRD Act, provided that a trust that is an HDP by virtue of the provisions
      of paragraph (b) of this definition and a company that is an HDP by virtue
      of the provisions of paragraph (c) of this definition will (for purposes
      of both paragraphs (a) and (c) of the definition of Historically
      Disadvantaged Person in the MPRD Act) be

- 20 -

	 		
      regarded to be a person contemplated in paragraph (a) of
      the definition of Historically Disadvantaged Person in the MPRD Act;
    or

	 	 	 	 
	 	(b) 	
      a trust:

	 	 	 	 
	 		(i) 	
      the majority of the trustees of which are “Historically
      Disadvantaged Persons” as defined in the MPRD Act ; and

	 	 	 	 
	 		(ii) 	
      in which, the trust deed provides that, upon distribution
      of the assets and/or the income of the trust to the beneficiaries of the
      trust, more than 50% of the value of such assets and more than 50% of the
      trust income will be distributed to persons who are “Historically
      Disadvantaged Persons” as defined in the MPRD Act; or

	 	 	 	 
	 	(c) 	
      a company wholly owned by:

	 	 	 	 
	 		(i) 	
      natural person/s who are “Historically Disadvantaged
      Persons” as defined in the MPRD Act; and/or

	 	 	 	 
	 		(ii) 	
      a trust contemplated in (b) above; provided that the
      trust deed in respect of such trust provides that upon distribution of the
      assets and/or the income of such trust to the beneficiaries of such trust,
      100% of the value of such assets and 100% of the trust income will be
      distributed to persons who are “Historically Disadvantaged Persons” as
      defined in the MPRD Act.

“Holdco” means Richtrau No. 179
(Proprietary) Limited, a private limited liability company incorporated under
the laws of South Africa with registration no. 2007/106711/07, which will, upon
completion of the Acquisition, hold 100% of LPM, Opco, Ga-Phasha, Boikgantsho
and Kwanda and is to be renamed Bokoni Platinum Holdings (Proprietary) Limited
following completion of the Acquisition.

“Holdco Business Account” means
the Rand denominated bank account referred to in Clause 27.40(b)(ii)
(Accounts): 

	 	(a) 	
      held in South Africa by Holdco with Standard
  Bank;

	 	 	 
	 	(b) 	
      identified in a letter between the Borrower, the Senior
      Agent and the Account Bank as the Holdco Business Account;

	 	 	 
	 	(c) 	
      subject to Security in favour of the Borrower and RPM
      which Security is in form and substance satisfactory to the Senior Agent;
      and

	 	 	 
	 	(d) 	
      from which no withdrawals may be made by Holdco except as
      contemplated by this Agreement and the Intercreditor
  Agreements,

(as the same may be redesignated,
substituted or replaced from time to time).

- 21 -

“Holdco Cash Waterfall” has the
meaning given to it in the Global Intercreditor Agreement. 

“Holdco Funding Loan Agreements”
means collectively, the Plateau Funding Loan Agreement and the RPM Funding Loan
Agreement. 

“Holdco Group” means Holdco,
Opco, Boikgantsho, Ga-Phasha and Kwanda and each of their respective direct or
indirect Subsidiaries for the time being. 

“Holdco Guarantee” means the
written guarantee concluded or to be concluded between Holdco and RPM pursuant
to which Holdco guarantees the obligations of the Borrower under the RPM Plateau
A Preference Share Subscription Agreement. 

“Holdco Opco A Preference Share
Subscription Agreement” means the written preference share subscription
agreement concluded or to be concluded between Holdco and Opco on or about the
Signature Date and pursuant to which Holdco is to subscribe for certain
preference shares in Opco and includes the terms of issue. 

“Holdco Opco Ordinary Share
Subscription Agreement” means the written ordinary share subscription
agreement concluded or to be concluded between Holdco and Opco on or about the
Signature Date and pursuant to which Holdco is to subscribe for certain ordinary
shares in Opco. 

“Holdco Sale of Shares
Agreement” means the sale of shares agreement, dated 28 March 2008, between
the Borrower, RPM and Anglo Platinum, pursuant to which (taking into account the
Amendment to the Holdco Sale of Shares Agreement), the Borrower will purchase
and RPM will sell 11,93% of the issued share capital of, and 51% of RPM’s claims
on shareholders loan account against, Holdco for an aggregate cash consideration
of ZAR2,600,000,000. 

“Holdco Security Documents”
means each of the documents listed as being a Holdco Security Document in Part 2
of Schedule 13 (Transaction Security Documents) together with any other
document entered into by Holdco creating or expressed to create any Security
over all or any of its assets in respect of any of the obligations of Holdco
under the Holdco Funding Loan Agreements or under the Holdco Guarantee. 

“Holdco Shareholder Loan
Agreement” means the Holdco shareholder loan agreement, dated 19 March 2008,
between RPM as lender and Holdco as borrower.

“Holdco Shareholders Agreement”
means the shareholders’ agreement, dated 28 March 2008, between the Borrower,
RPM and Holdco, to govern the relationship between the Borrower and RPM as
shareholders of Holdco and the Holdco Group. 

“Holding Company” means, in
relation to a company or corporation, any other company or corporation in
respect of which it is a Subsidiary. 

“IFRS” means international
accounting standards within the meaning of IAS Regulation 1606/2002 to the
extent applicable to the relevant financial statements. 

- 22 -

“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 2009. 

“Information Memorandum” means
the document in the form approved by the Borrower to be prepared in relation to
this transaction, approved by the Borrower and distributed by the Arranger prior
to the Syndication Date in connection with the syndication of the Facilities as
amended or supplemented where such amendments or supplements are approved by the
Borrower. 

“Information Package” means the
Reports and the Base Case Model. 

“Insurance Report” means an
insurance report prepared by Alexander Forbes and dated on or before the Closing
Date and addressed to, and/or capable of being relied upon by, the Finance
Parties. 

“Insurances” means all contracts
and policies of insurance and re-insurance of any kind which are taken out or
effected by, or on behalf of, any member of the Borrower Group or (to the extent
of its interest) in which any member of the Borrower Group has an interest. 

“Intellectual Property” means:

	 	(a) 	
      any patents, trade marks, service marks, designs,
      business names, copyrights, design rights, moral rights, inventions,
      confidential information, knowhow and other intellectual property rights
      and interests, whether registered or unregistered; and

	 	 	 
	 	(b) 	
      the benefit of all applications and rights to use such
      assets of each member of the Borrower Group.

“Intercreditor Agreements” means
collectively, the Global Intercreditor Agreement and the Plateau Intercreditor
Agreement. 

“Interest Payment Date” means 31
July and 31 January in each calendar year and the Termination Date. 

“Interest Period” means, in
relation to a Loan, each period determined in accordance with Clause 15
(Interest Periods) and, in relation to an Unpaid Sum, each period
determined in accordance with Clause 14.3 (Default interest).

“Interim Skills Transfer
Agreement” means the interim skills transfer agreement, dated 28 March 2008,
between the Borrower and RPM pursuant to which RPM shall, during the period
commencing on 28 March 2008 and ending on the Closing Date, transfer certain
skills to specified Borrower representatives and/or employees. 

“JIBAR” means for any Interest
Period in relation to the Rand Loan: 

	 	(a) 	
      the applicable Screen Rate for JIBAR;
or

- 23 -

	 	(b) 	
      (if no Screen Rate is available for such Interest Period)
      the arithmetic mean of the rates (rounded upwards to four decimal places)
      as supplied to the Senior Agent at its request quoted by the Reference
      Banks to leading banks in the Johannesburg interbank
  market,

as of 11:00 a.m., Johannesburg time, on
the Quotation Day for the offering of deposits in Rand and for a period
comparable to the Interest Period of the relevant Loan. 

“Joint Venture” means any joint
venture entity, whether a company, unincorporated firm, undertaking,
association, joint venture or partnership or any other entity. 

“Key Management Positions” means
collectively, the chief executive officer of the Parent, the chief financial
officer of the Parent and the head of corporate and business development of the
Parent and “Key Management Position” means, as the context requires, any
one of them. 

“Kwanda” means Kwanda Platinum
Mine (Proprietary) Limited, a private limited liability company incorporated
under the laws of South Africa with registration no. 2008/003368/07, which will,
upon the closing of the Acquisition, be a wholly-owned subsidiary of Holdco.

“Kwanda Project” means the
Kwanda PGM Project, a BEE Joint Venture located on the Northern Limb of the
Bushveld Complex in South Africa, on 12 farms. 

“Kwanda Sale of Rights
Agreement” means the sale of rights agreement, dated 28 March 2008, between
RPM, the Borrower and Kwanda, pursuant to which each of RPM and The Borrower
will sell all of their respective interests in, and assets relating to, the
Kwanda Project, to Kwanda. 

“Land Rights” means all
contractual rights and other rights of Opco in respect of the use of immovable
property within the Lebowa Area acquired from LPM pursuant to the Sale of Lebowa
Business Agreement as listed in Annexure 3 to the Sale of Lebowa Business
Agreement. 

“Lebowa” means the Lebowa
Platinum Mine operations including, a PGM mine located on the Eastern Limb of
the Bushveld Complex in South Africa, on the Diamand, Wintersveld, Jagdlust,
Middelpunt, Umkoanesstad and Zeekoegat farms. 

“Lebowa Area” means the Lebowa
Area, as indicated on the map annexed as Schedule 3 to the Holdco Sale of Shares
Agreement and comprising the following properties: the farm Diamand 422 KS,
portion of the farm Zeekoegat 421 KS, the farm Middelpunt 420 KS, the farm
Umkoanesstad 419 KS, the farm Wintersveld 417 KS, the farm Brakfontein 464 KS
and the farm Jagdlust 418 KS (portion 1 and the remaining extent). 

“Lebowa Step 1 Sale of Shares
Agreement” means the Lebowa step 1 sale of shares agreement, dated 21
December 2007, between APL and RPM as amended by the first addendum to Lebowa
step 1 sale of shares agreement, dated 6 March 2008, between 

- 24 -

APL and RPM, pursuant to which APL sold
and RPM purchased the entire ordinary issued share capital of LPM. 

“Lebowa Step 2 Sale of Shares
Agreement” means the Lebowa step 2 sale of shares agreement, dated 21
December 2007, between RPM and HoldCo as amended by the first addendum to Lebowa
step 2 sale of shares agreement, dated 6 March 2008, between RPM and Holdco,
pursuant to which RPM sold and HoldCo purchased the entire ordinary issued share
capital of LPM. 

“Legal Due Diligence Report”
means the legal due diligence report entitled “Legal Due Diligence Report in
respect of Anooraq Resources Corporation and Lebowa Platinum Mines” prepared
by Cliffe Dekker relating to Lebowa, Ga-Phasha, the Kwanda Project and the
Boikgantsho Project and addressed to, and/or capable of being relied upon by,
the Finance Parties. 

“Legal Opinion” means any legal
opinion delivered to the Senior Agent under Clause 4.1 (Initial Conditions
Precedent). 

“Legal Reservations” means any
matters which are set out as qualifications or reservations as to matters of law
of general application in the Legal Opinions. 

“Lender” means: 

	 	(a) 	
      any Original Lender; and

	 	 	 
	 	(b) 	
      any bank, financial institution, trust, fund or other
      entity which has become a Party in accordance with Clause 29 (Changes
      to the Lenders),

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

“Lenders’ Model Auditor” means
KPMG Services (Proprietary) Limited. 

“Lenders’ Technical Advisor”
means Coffey Mining (South Africa) (Proprietary) Limited, trading as RSG Global.

“LMA” means the Loan Market
Association. 

“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 and, unless expressly otherwise
stated, includes the Rollup Interest Loan. 

“LPM” means Lebowa Platinum
Mines Limited, a public limited liability company incorporated under the laws of
South Africa with registration no. 1963/006144/06. 

“LPM Business” means the
business (together with all of its components, parts, assets and/or liabilities)
as a going concern, of LPM and/or Opco, as the case may be, including (for the
avoidance of doubt) the Rights to Mine held by LPM and/or Opco, as the case may
be. 

- 25 -

“Majority Lenders” at any time
means: 

	 	(a) 	
      if there are no Loans then outstanding, a Lender or
      Lenders whose Commitments aggregate at least 662/3% percent
      (sixty six and two thirds percent) of the Total Commitments (or, if the
      Total Commitments have been reduced to zero, aggregate at least
      662/3% percent (sixty six and two thirds percent) of the Total
      Commitments immediately prior to the reduction); or

	 	 	 
	 	(b) 	
      at any other time, a Lender or Lenders whose
      participations in the Loans then outstanding aggregate at least
      662/3% percent (sixty six and two thirds percent) of the Loans
    then outstanding.

“Mandate Letter” means the
letter dated 16 May 2008 between the Arranger, Anooraq and the Borrower as read
with the extension letter thereto dated on or about 27 April 2009. 

“Mandatory Cost” means the
highest of the percentage rates per annum notified to the Senior Agent by each
Lender on or before the Closing Date (and as close as possible to the first
Quotation Date), or, if a person only becomes a Lender after the Closing Date,
as soon as reasonably possible after the date on which such person becomes a
Lender, as the actual cost to that Lender of funding its participation in the
Loans calculated in accordance with its usual method for calculating such actual
costs and including an amount to compensate that Lender for the holding costs of
all liquid assets and other reserving costs incurred by that Lender under the
Banks Act, 1990 of South Africa and regulations thereunder attributable to the
Loan, which percentage rate shall, once notified by a Lender, remain fixed for
the duration of the Facility and shall not, for the avoidance of doubt, change
for each Interest Period, but without prejudice to any claims for “Increased
Costs“ arising under clause 19.1 (Increased Costs).

“Margin” means: 

	 	(a) 	
      in relation to any Loan, 4,50% per annum;

	 	 	 
	 	(b) 	
      in relation to any Unpaid Sum relating or referable to
      the Facility, the rate per annum specified above or below, as the case may
      be, for the Facility plus 2% per annum; and

	 	 	 
	 	(c) 	
      in relation to any other Unpaid Sum, the highest rate
      specified above.

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

	 	(a) 	
      the business, operations, property, condition (financial
      or otherwise) or prospects (taking into account the funding required to be
      provided by the Borrower and RPM under the Holdco Shareholders Agreement
      and under the RPM Operating Cash Flow Shortfall Facility Agreement (for so
      long as it is available)) of the Parent, the Anooraq Group taken as a
      whole, the Borrower or any other Obligor or the Borrower Group taken as a
      whole; or

- 26 -

	 	(b) 	
      the ability of an Obligor to perform its obligations
      under any of the Transaction Documents; or

	 	 	 
	 	(c) 	
      the ability of RPM to perform its obligations under the
      RPM Standby Facility Agreement or the RPM Operating Cash Flow Shortfall
      Facility Agreement; or

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

“Mine” shall bear the meaning
ascribed to that term in the MPRD Act and “Mining” and “Mined”
shall bear a corresponding meaning. 

“Mining Laws” means all laws
relating to Mining in South Africa including, without limitation, the MPRD Act,
the National Water Act, 1998 and the Mine Health and Safety Act, 1996. 

“Mining Licences” means all
licences, consents, permits, authorisations, rights and approvals under the
Mining Laws for the Mining operations conducted, or to be conducted, by members
of the Borrower Group.

“Mine Plan” means, in relation
to the period beginning on 1 July 2009 and ending on 30 June 2043, the business
development plan in relation to the Mining operations of Opco including the
upgrade and expansion of Lebowa describing the nature and extent of, and
prospects for, Lebowa and the construction timetable for the MPH UG2 Project in
agreed form and reviewed by the Lenders’ Technical Advisor to be delivered by
the Borrower to the Senior Agent pursuant to Clause 4.1 (Initial conditions
precedent). 

“Mining Rights” means mining
rights (as defined under the MPRD Act). 

“Month” means a period starting
on one day in a calendar month and ending on the numerically corresponding day
in the next calendar month, except that: 

	 	(a) 	
      (subject to paragraph (c) below) if the numerically
      corresponding day is not a Business Day, that period shall end on the next
      Business Day in that calendar month in which that period is to end if
      there is one, or if there is not, on the immediately preceding Business
      Day;

	 	 	 
	 	(b) 	
      if there is no numerically corresponding day in the
      calendar month in which that period is to end, that period shall end on
      the last Business Day in that calendar month; and

	 	 	 
	 	(c) 	
      if an Interest Period begins on the last Business Day of
      a calendar month, that Interest Period shall end on the last Business Day
      in the calendar month in which that Interest Period is to
  end.

The above rules will only apply to the
last Month of any period. “Monthly” shall be construed accordingly. 

- 27 -

“MPRD Act” means the Mineral and
Petroleum Resources Development Act, 2002 of South Africa. 

“N1C Resources Shareholder Loan”
means a loan in the principal sum of ZAR70,000,000 or the principal amount
outstanding for the time being of that loan. 

“N1C Resources Shareholder Loan
Agreement” means the shareholder loan agreement in the agreed form, dated on
or about the date of this Agreement, between N1C Resources as lender and N2C
Resources as borrower pursuant to which N1C Resources agrees to lend the N1C
Resources Shareholder Loan to N2C Resources to enable N2C Resources to fund the
N2C Resources Shareholder Loan. 

“N2C Resources Counter Indemnity
Agreement” means the counter indemnity agreement, dated on or about the date
of this Agreement, between N2C Resources and the Plateau Security SPV, pursuant
to which N2C Resources indemnifies and holds the Plateau Security SPV harmless
in respect of claims made against the Plateau Security SPV under the Second
Ranking Plateau Debt Guarantee, the Third Ranking Plateau Debt Guarantee and the
Fourth Ranking Plateau Debt Guarantee. 

“N2C Resources Security
Documents” means each of the documents listed as being a N2C Rescources
Security Document in Part 4 of Schedule 13 (Transaction Security
Documents) together with any other document entered into by N2C Resources
creating or expressed to create Security over all or any of its assets in
respect of any of the obligations of any member of the Borrower Group under any
of the Finance Documents. 

“N2C Resources Shareholder Loan”
means a loan in the principal sum of ZAR70,000,000 or the principal amount
outstanding for the time being of that loan. 

“N2C Resources Shareholder Loan
Agreement” means the direct shareholder loan agreement in the agreed form,
dated on or about the date of this Agreement, between N2C Resources as lender
and the Borrower as borrower pursuant to which N2C Resources agrees to lend the
N2C Resources Shareholder Loan to the Borrower to enable the Borrower to fund
the payment to RPM of a portion of the purchase price for 11,93% of the issued
share capital of Holdco under the Holdco Sale of Shares Agreement. 

“Net Swap Payments” means on the
last day of an Interest Period ending on or before the Rollup Period, the net
amount, if any, payable by the Borrower to the Plateau Hedge Counterparties in
respect of the Plateau Hedging Agreement.

“Net Swap Receipts” means on the
last day of an Interest Period ending on or before the Rollup Period, the net
amount, if any, payable to the Borrower by the Plateau Hedge Counterparties in
respect of the Plateau Hedging Agreement. 

“New Order Rights” means the Old
Order Rights which are converted into Mining Rights pursuant to the Transitional
Arrangements contemplated by Schedule II of the MPRD Act. 

- 28 -

“Obligor” means the Parent, N1C
Resources, each Guarantor and the Borrower. 

“Obligors' Agent” means the
Borrower, appointed to act on behalf of each Obligor and other member of the
Borrower Group party to the Finance Documents in relation to the Finance
Documents pursuant to Clause 2.3 (Obligors' Agent). 

“Old Order Rights” means the old
order rights (as defined in Schedule II of the MPRD Act) forming part of,
respectively, the LPM Business and the Ga-Phasha Business, as set out in the
list attached as Schedule 4 to the Holdco Sale of Shares Agreement.

“Opco” means Richtrau No. 177
(Proprietary) Limited, a private limited company incorporated under the laws of
South Africa with registration no. 2007/016001/07, which is to be renamed Bokoni
Platinum Mines (Proprietary) Limited following completion of the Acquisition.

“Opco Business Account” means
the Rand denominated bank account referred to in Clause 27.40(b)(iv)
(Accounts): 

	 	(a) 	
      held in South Africa by Opco with Standard
Bank;

	 	 	 
	 	(b) 	
      identified in a letter between the Borrower and the
      Senior Agent and Standard Bank as the Opco Business Account;

	 	 	 
	 	(c) 	
      subject to Security in favour of the Opco Security SPV
      which Security is in form and substance satisfactory to the Senior Agent;
      and

	 	 	 
	 	(d) 	
      from which no withdrawals may be made by Opco except as
      contemplated by this Agreement and the Intercreditor
  Agreements,

(as the same may be redesignated,
substituted or replaced from time to time). 

“Opco Business Revenue” means
all income or revenue received by or paid to Opco of whatsoever nature
(including, without limitation, all sums paid to Opco by RPM under the Sale of
Concentrate Agreement). 

“Opco Cash Waterfall” has the
meaning given to it in the Global Intercreditor Agreement. 

“Opco Counter Indemnity
Agreements” means collectively the First Ranking Opco Counter Indemnity
Agreement and the Second Ranking Opco Counter Indemnity Agreement. 

“Opco Debt Guarantees” means
collectively, the First Ranking Opco Debt Guarantee, the Second Ranking Opco
Debt Guarantee and the Third Ranking Opco Debt Guarantee. 

“Opco Funding Loan” means the
aggregate principal amount of the loan outstanding from time to time under the
Opco Funding Loan Agreement. 

- 29 -

“Opco Funding Loan Agreement”
means the funding loan agreement in the agreed form, dated on or about the date
of this Agreement, between Holdco as lender and Opco as borrower setting out the
terms of the loan claim of Holdco against Opco outstanding following the
implementation of the Acquisition and the steps contemplated in step 7
(Capital rebalance) of the Structure Memorandum in the amount of
ZAR980,392,157 and which replaces the terms of the Opco Shareholder Loan
Agreement. 

“Opco New Order Rights” means
the New Order Rights acquired by Opco pursuant to the Sale of Lebowa Business
Agreement. 

“Opco Security Documents” means
each of the documents listed as being an Opco Security Document in Part 1 of
Schedule 13 (Transaction Security Documents) together with any other
document entered into by Opco creating or expressed to create any Security over
all or any of its assets in respect of any of the obligations of any member of
the Borrower Group under any of the Finance Documents. 

“Opco Security SPV” means
Micawber 603 (Proprietary) Limited, a private limited liability company
incorporated under the laws of South Africa with registration no.
2007/019599/07. 

“Opco Security SPV Documents”
means collectively, the Opco Security SPV Management Documents and the Security
SPV Owner Trust Deed. 

“Opco Security SPV Management
Documents” means collectively, the Constitutional Documents of the Opco
Security SPV and the Security SPV Management Agreement. 

“Opco Shareholder Loan
Agreement” means the Opco shareholder loan agreement, dated 9 March 2008,
between Holdco as lender and Opco as borrower. 

“Operating Agreements” means
collectively: 

	 	(a) 	
      the Electricity Supply Agreement;

	 	 	 
	 	(b) 	
      the EPCM Agreements;

	 	 	 
	 	(c) 	
      the Sale of Concentrate Agreement and the Sale of
      Concentrate Lebowa Agreement;

	 	 	 
	 	(d) 	
      the Service(s) Agreements;

	 	 	 
	 	(e) 	
      the Umbrella Services Agreement; and

	 	 	 
	 	(f) 	
      the agreements in respect of the Land
  Rights,

and any other document designated as an
“Operating Agreement” by the Senior Agent and the Borrower. 

- 30 -

“Operating Budget” means, in
relation to Opco: 

	 	(a) 	
      in relation to the period beginning on 1 July 2009 and
      ending on 30 June 2012, an operating budget in the agreed form showing the
      forecast of production and cash flow for the Mining operations of the
      Holdco Group for that period to be delivered by the Borrower to the Senior
      Agent pursuant to Clause 4.1 (Initial conditions precedent);
    and

	 	 	 
	 	(b) 	
      in relation to any other period, any operating budget
      delivered by the Borrower to the Senior Agent pursuant to Clause 25.4
      (Operating Budget) showing the forecast of production and cash flow
      for the Mining operations of the Holdco Group for that
  period.

in each case broken down on a Month by
Month basis; 

“Original Financial Statements”
means:

	 	(a) 	
      in relation to LPM, the audited financial statements as
      at, and for the 12 (twelve) month period ended on, 31 December
  2008;

	 	 	 
	 	(b) 	
      in relation to the Parent, its consolidated audited
      financial statements for its Financial Year ended 31 December
  2008;

	 	 	 
	 	(c) 	
      in relation to N1C Resources, its consolidated audited
      financial statements for its Financial Year ended 31 December
  2008;

	 	 	 
	 	(d) 	
      in relation to N2C Resources, its consolidated audited
      financial statements for its Financial Year ended 31 December
  2008;

	 	 	 
	 	(e) 	
      in relation to the Borrower, its consolidated audited
      financial statements for its Financial Year ended 31 December 2008;
    and

“Original Lender” means an
Original Lender listed in Part II of Schedule 1 (The Original Parties) as
having a Commitment. 

“Other Assets” means the
Boikgantsho Project, the Ga-Phasha Project and the Kwanda Project. 

“Participating Member State”
means any member state of the European Communities that adopts or has adopted
the euro as its lawful currency in accordance with legislation of the European
Community relating to Economic and Monetary Union. 

“Party” means a party to this
Agreement. 

“Pelawan Anooraq Common Shares”
means the Anooraq Common Shares held by Pelawan Investments or Pelawan Trust (on
behalf of a beneficiary in accordance with the Pelawan Trust Deed). 

“Pelawan Dividend Trust” means
the Pelawan Dividend Trust, an inter vivos trust established under the
laws of South Africa with Master’s Reference No. IT8410/2004. 

- 31 -

“Pelawan Dividend Trust Deed”
means the trust deed, dated 2 September 2004, between Pelawan Investments (as
founder), Deneys Reitz Trustees (Proprietary) Limited, Tumelo Moathlodi Motsisi
and Asna Chris Harold Motaung (as trustees) and the Parent as amended by the
Pelawan Dividend Trust Deed Amendment Deed. 

“Pelawan Dividend Trust Deed
Amendment Deed” means the amendment deed, dated on or about the date of this
Agreement, and made between Pelawan Investments, the trustees for the time being
of Pelawan Dividend Trust and the Parent pursuant to which the Pelawan Dividend
Trust Deed is amended to inter alia permit Pelawan Dividend Trust to
enter into certain of the Transaction Documents. 

“Pelawan Group” means
collectively, Pelawan Investments, Pelawan Dividend Trust, Pelawan Trust and the
Pelawan SPV. 

“Pelawan Investments” means
Pelawan Investments (Proprietary) Limited, a private limited liability company
incorporated under the laws of South Africa with registration no.
2002/017920/07. 

“Pelawan SPV Share for Share
Agreement” means the Pelawan SPV Share for Share Agreement as defined in the
RPM Funding Common Terms Agreement. 

“Pelawan SPV” means Central
Plaza Investments 78 (Proprietary) Limited (to be renamed Pelawan Finance SPV
(Proprietary) Limited), a private limited liability company incorporated under
the laws of South Africa with registration no 2006/032879/07. 

“Pelawan SPV Forward Sale
Agreement” means Pelawan SPV Forward Sale Agreement as defined in the RPM
Funding Common Terms Agreement. 

“Pelawan SPV Plateau B2 Preference
Share Subscription Agreement” means Pelawan SPV Plateau B2 Preference Share
Subscription Agreement as defined in the RPM Funding Common Terms Agreement.

“Pelawan SPV Plateau B3 Preference
Share Subscription Agreement” means Pelawan SPV Plateau B3 Preference Share
Subscription Agreement as defined in the RPM Funding Common Terms Agreement.

“Pelawan Trust” means the
Pelawan Trust, an inter vivos trust established under the laws of South
Africa with Master’s Reference No. IT8411/2004. 

“Pelawan Trust Deed” means the
trust deed, dated 2 September 2004, between Pelawan Investments (as founder),
Deneys Reitz Trustees (Proprietary) Limited, Tumelo Moathlodi Motsisi and Asna
Chris Harold Motaung (as trustees) and the Parent as amended by the Pelawan
Trust Deed Amendment Deed. 

“Pelawan Trust Deed Amendment
Deed” means the amendment deed, dated on or about the date of this
Agreement, between Pelawan Investments, the trustees for the time being of
Pelawan Trust and the Parent pursuant to which the Pelawan Trust Deed is amended
to inter alia permit Pelawan Trust to enter into the transactions
relating to 

- 32 -

the funding of the Pelawan SPV as
contemplated by the RPM Finance Documents and the B Preference Share Documents.

“Permitted Acquisition” means:

	 	(a) 	
      the Acquisition;

	 	 	 
	 	(b) 	
      an acquisition of shares or securities pursuant to a
      Permitted Share Issue;

	 	 	 
	 	(c) 	
      an acquisition of securities which are Cash Equivalent
      Investments so long as those Cash Equivalent Investments become subject to
      the Transaction Security in form and substance satisfactory to the Senior
      Agent as soon as is reasonably practicable;

	 	 	 
	 	(d) 	
      an acquisition by a Project Company of the undertaking or
      business of another Project Company; and

	 	 	 
	 	(e) 	
      any other acquisition (which would otherwise be
      prohibited under clause 27.8 (Acquisitions)) in respect of which
      the Senior Agent has given its prior written
consent.

“Permitted Disposal” means any
sale, lease, licence, transfer or other disposal which is on arm’s length terms:

	 	(a) 	
      of trading stock or cash made by any member of the Holdco
      Group in the ordinary course of trading of the disposing entity;

	 	 	 
	 	(b) 	
      of assets (other than shares, businesses, Real Property
      or Intellectual Property) by a member of the Holdco Group in exchange for
      other assets comparable or superior as to type, value or
quality;

	 	 	 
	 	(c) 	
      of obsolete or redundant vehicles, plant and equipment
      for cash;

	 	 	 
	 	(d) 	
      of Cash Equivalent Investments for cash or in exchange
      for other Cash Equivalent Investments;

	 	 	 
	 	(e) 	
      of the assets of a Project Company or the shares in a
      Project Company if the proceeds of such disposal are utilised by Holdco to
      make a loan to Opco which loan proceeds Opco shall use to prepay the Opco
      Funding Loan to Holdco, which prepayment proceeds Holdco shall use to
      proportionately prepay the loans to RPM and the Borrower under the Holdco
      Funding Loan Agreements and which prepayment proceeds the Borrower shall
      use to make a mandatory prepayment of the Loan hereunder in accordance
      with clause 12 (Mandatory Prepayments);

	 	 	 
	 	(f) 	
      constituted by a licence of intellectual property rights
      permitted by Clause 27.29 (Intellectual Property);

	 	 	 
	 	(g) 	
      arising as a result of any Permitted
  Security;

- 33 -

	 	(h) 	
      made pursuant to the Acquisition Agreements or the
      Acquisition Documents;

	 	 	 
	 	(i) 	
      made between Project Companies;

	 	 	 
	 	(j) 	
      approved in advance, in writing, by the Senior
    Agent.

Permitted Distribution” means:

	 	(a) 	
      the payment of the special dividend that Holdco is
      required to pay to RPM within 60 (sixty) days after the Closing Date in
      accordance with, and limited to the amount set out in, clause 7 of the
      Phase 3 Implementation Agreement;

	 	 	 
	 	(b) 	
      the payment of the special dividend (if any) required to
      be paid by the Borrower to the Pelawan SPV in the circumstances
      contemplated by the Pelawan SPV Plateau B Preference Share Subscription
      Agreement, which payment is funded out of Permitted Financial Indebtedness
      qualifying as such under paragraph (l) of the definition of “Permitted
      Financial Indebtedness”;

	 	 	 
	 	(c) 	
      the payment of a dividend to Holdco by Opco that is
      permitted under the Global Intercreditor Agreement;

	 	 	 
	 	(d) 	
      the payment of a dividend to Holdco or to any direct or
      indirect Subsidiary of Holdco by any other member of the Holdco Group
      (other than Opco);

	 	 	 
	 	(e) 	
      the payment of a dividend to Opco or any of its direct or
      indirect Subsidiaries;

	 	 	 
	 	(f) 	
      the payment of a dividend to the Borrower and/or RPM by
      Holdco that is permitted under the Global Intercreditor
  Agreement;

	 	 	 
	 	(g) 	
      the payment of a dividend by the Borrower to N2C
      Resources that is permitted under the Global Intercreditor
    Agreement;

	 	 	 
	 	(h) 	
      the payment of a dividend by the Borrower to RPM in
      connection with the RPM Finance Documents that is permitted under the
      Global Intercreditor Agreement; and

	 	 	 
	 	(i) 	
      the payment by the Borrower of the redemption amount to
      RPM in respect of the preference shares issued by the Borrower under the
      RPM Plateau A Preference Share Subscription Agreement in an amount limited
      to the lesser of ZAR10,000,000 (Ten Million Rand) and the amount
      representing the unutilised subscription proceeds under the RPM Plateau A
      Preference Share Subscription Agreement which were not disbursed or
      required to be disbursed from the Disbursement Account following
      implementing of the cash flows set out in the Funds Flow
  Statement.

“Permitted Financial
Indebtedness” means Financial Indebtedness: 

	 	(a) 	
      arising under the Transaction Documents, in each case, as
      in force on the Closing Date and subject always to the terms of this
      Agreement, the Plateau Intercreditor Agreement and the Global
      Intercreditor Agreement;

- 34 -

	 	(b) 	
      under the Holdco Shareholder Loan Agreement but only
      until the Closing Date;

	 	 	 	 
	 	(c) 	
      under the Opco Shareholder Loan Agreement but only until
      the Closing Date;

	 	 	 	 
	 	(d) 	
      under the GP Loan, provided that the GP Loan is
      unconditionally and irrevocable discharged and repaid by the Borrower by
      no later than the Closing Date;

	 	 	 	 
	 	(e) 	
      arising under a Permitted Loan or as permitted by Clause
      27.33 (Treasury Transactions);

	 	 	 	 
	 	(f) 	
      incurred by a Project Company under any Project Finance
      Borrowings or pursuant to a Permitted Loan from Holdco;

	 	 	 	 
	 	(g) 	
      under finance or capital leases of vehicles, plant,
      equipment or computers, provided that the aggregate capital value
      of all such items so leased under outstanding leases by members of the
      Borrower Group does not exceed ZAR10,000,000 (Indexed) at any
  time;

	 	 	 	 
	 	(h) 	
      which was incurred by Opco or a Project Company prior to
      the Signature Date and which has been disclosed in the Original Financial
      Statements and provided the principal amount thereof is not increased and
      provided further that the maturity date of such Financial Indebtedness is
      not extended or brought forward;

	 	 	 	 
	 	(i) 	
      arising under a Permitted Guarantee or a Permitted Loan
      or arising under an Existing Operational Guarantee;

	 	 	 	 
	 	(j) 	
      for or in respect of any letters of credit, letters of
      guarantee, bonds or similar instruments issued by a bank or financial
      institution on behalf of Opco in connection with the requirements of Opco
      in the ordinary course of its business, provided that:

	 	 	 	 
	 		(i) 	
      the total aggregate amount of actual or contingent
      indebtedness thereunder does not, at any time exceed the Permitted Opco
      Guarantee Cap Amount; and

	 	 	 	 
	 		(ii) 	
      if the bank or financial institution has recourse to the
      Borrower or any of its shareholders in relation to amounts paid by it
      under such instrument, either RPM has contractually assumed a counter
      indemnity obligation towards such bank or financial institution for at
      least 49% of the actual or contingent indebtedness thereunder or
      contractual arrangements are in place as between RPM and the relevant
      member of the Borrower Group which has the actual or contingent
      indebtedness thereunder for such member of the Borrower Group to have
      recourse to RPM for at least 49% of any amount payable under such
      instrument;

- 35 -

	 	(k) 	
      for or in respect of any letters of credit, letters of
      guarantee, bonds or similar instruments issued by a bank or financial
      institution on behalf of a Project Company in connection with the
      requirements of that Project Company in the ordinary course of its
      business, provided that:

	 	 	 	 
	 		(i) 	
      the bank or financial institution issuing such instrument
      has no recourse to Opco;

	 	 	 	 
	 		(ii) 	
      to the extent the bank or financial institution issuing
      such instrument has any recourse to any member of the Borrower Group in
      relation to any payment under that instrument (other than the relevant
      Project Company) (the “Recourse Entity”), the recourse obligations
      of that Recourse Entity are fully cash collateralised on the basis that
      (x) an amount equivalent to the total amount of any recourse obligation is
      set aside by the Recourse Entity and (y) the amount referred to in (x) is
      funded out of the proceeds of an amount which would otherwise have been
      available to be made as a Permitted Distribution by Opco to Holdco, by
      Holdco to the Borrower and by the Borrower to N2C Resources or an amount
      which represents the proceeds of an equity subscription by N2C Resources
      in the Borrower or a shareholder loan by N2C Resources to the Borrower and
      in the case of a shareholder loan, on the basis that such shareholder loan
      is subordinated and subject to the same restrictions that apply to the N2C
      Resources Shareholder Loan under the Global Intercreditor Agreement;
      and

	 	 	 	 
	 		(iii) 	
      if the Recourse Entity is the Borrower or any of its
      shareholders, either RPM has contractually assumed a counter indemnity
      obligation towards such bank or financial institution for at least 49% of
      the actual or contingent indebtedness thereunder or contractual
      arrangements are in place as between RPM and the relevant member of the
      Borrower Group which has the actual or contingent indebtedness thereunder
      for such member of the Borrower Group to have recourse to RPM for at least
      49% of any amount payable under such instrument;

	 	 	 	 
	 	(l) 	
      for an amount required to be paid by the Borrower as a
      special dividend to Pelawan SPV as determined in accordance with the
      provisions of the Pelawan SPV Plateau B Preference Share Subscription
      Agreement provided that the proceeds of such Financial Indebtedness are
      not deposited into any Transaction Account and provided further that such
      proceeds are used by Pelawan SPV to subscribe for ordinary shares in the
      Borrower and the Borrower will utilise such subscription proceeds to repay
      the Financial Indebtedness incurred by it in this regard;

	 	 	 	 
	 	(m) 	
      not permitted by the preceding paragraphs or as a
      Permitted Transaction and the outstanding principal amount of which does
      not exceed ZAR50,000,000 (Indexed) in aggregate for the Borrower Group at
      any time;

- 36 -

	 	(n) 	
      any other Financial Indebtedness incurred with the prior
      written consent of the Senior Agent.

“Permitted Guarantee” means:

	 	(a) 	
      any guarantee arising under the Finance
  Documents;

	 	 	 	 
	 	(b) 	
      any guarantee or bond given by Opco in replacement of an
      Existing Operational Guarantee, provided that:

	 	 	 	 
	 		(i) 	
      the Borrower shall use its reasonable commercial
      endeavours to procure insurance coverage as an alternative to providing a
      guarantee and/or collateral in connection with such guarantee;

	 	 	 	 
	 		(ii) 	
      to the extent the Borrower is not able to procure
      insurance coverage, and Opco is required to provide collateral for such
      guarantee, the amounts available to the Borrower for this purpose under
      the RPM Operating Cash Flow Shortfall Facility Agreement (being a maximum
      amount of ZAR28,000,000) shall be utilised by the Borrower for this
      purpose and provided further that the Borrower is not obliged to
      collateralise more than its share (51% (fifty-one percent)) of the total
      exposure under such guarantee, with RPM collateralising the balance (49%
      (forty-nine percent)).

	 	 	 	 
	 	(c) 	
      any other guarantee or bond given by a member of the
      Borrower Group in favour of a third party for the obligations of Opco in
      connection with the requirements of Opco in the ordinary course of its
      business, provided that:

	 	 	 	 
	 		(i) 	
      the total aggregate amount of actual or contingent
      indebtedness thereunder does not, at any time, exceed the Permitted Opco
      Guarantee Cap Amount; and

	 	 	 	 
	 		(ii) 	
      if such instrument is issued by the Borrower or any of
      its shareholders, either RPM has contractually assumed a joint liability
      thereunder for at least 49% of the actual or contingent indebtedness
      thereunder or contractual arrangements are in place as between RPM and the
      relevant member of the Borrower Group which has the actual or contingent
      indebtedness thereunder for such member of the Borrower Group to have
      recourse to RPM for at least 49% of any amount payable by it under such
      instrument;

	 	 	 	 
	 	(d) 	
      any guarantee or bond given by a member of the Borrower
      Group, other than Opco, in favour of a third party for the obligations of
      a Project Company in connection with the requirements of that Project
      Company in the ordinary course of its business, provided that:

	 	 	 	 
	 		(i) 	
      if such instrument is issued by a member of the Borrower
      Group, the relevant member of the Borrower Group giving that guarantee or
      bond

- 37 -

	 		
      (the “Guarantee Entity”) has fully cash
      collateralised its exposure under the relevant instrument on the basis
      that (x) an amount equivalent to the total amount of its exposure under
      the relevant instrument is set aside by the Guarantee Entity and (y) the
      amount referred to in (x) is funded out of the proceeds of an amount which
      would otherwise have been available to be made as a Permitted Distribution
      by Opco to Holdco, by Holdco to the Borrower and by the Borrower to N2C
      Resources or an amount which represents the proceeds of an equity
      subscription by N2C Resources in the Borrower or a shareholder loan by N2C
      Resources to the Borrower and in the case of a shareholder loan, on the
      basis that such shareholder loan is subordinated and subject to the same
      restrictions that apply to the N2C Resources Shareholder Loan under the
      Global Intercreditor Agreement; and

	 	 	 
	 	(ii) 	
      if such instrument is issued by the Borrower or any of
      its shareholders, either RPM has contractually assumed a joint liability
      thereunder for at least 49% of the actual or contingent indebtedness
      thereunder or contractual arrangements are in place as between RPM and the
      relevant member of the Borrower Group which has the actual or contingent
      indebtedness thereunder for such member of the Borrower Group to have
      recourse to RPM for at least 49% of any amount payable by it under such
      instrument;

	 	(e) 	
      a guarantee given by any member of the Borrower Group
      with the prior written consent of the Senior
Agent.

“Permitted Loan” means: 

	 	(a) 	
      any trade credit extended by any member of the Holdco
      Group to its customers on normal commercial terms and in the ordinary
      course of its trading activities;

	 	 	 
	 	(b) 	
      Financial Indebtedness which is referred to in the
      definition of, or otherwise constitutes, Permitted Financial Indebtedness
      (except under paragraph (e) of that definition);

	 	 	 
	 	(c) 	
      any loan made under the terms of the Funding Loan
      Agreements;

	 	 	 
	 	(d) 	
      any loan made under the terms of the Opco Shareholder
      Loan Agreement but only until the Closing Date;

	 	 	 
	 	(e) 	
      any loan made between Project Companies or a loan made by
      Holdco to a Project Company, but only to the extent that loan is made by
      Holdco out of the proceeds received by Holdco pursuant to a Permitted
      Disposal of the assets of a Project Company or the shares in a Project
      Company;

	 	 	 
	 	(f) 	
      a loan made by a member of the Holdco Group to an
      employee or director of any member of the Holdco Group or finance provided
      by a member of the

- 38 -

	 		
      Holdco Group in connection with a motor vehicle scheme if
      the amount of that loan and financing when aggregated with the amount of
      all loans to employees and directors by members of the Holdco Group and
      finance provided in connection with motor vehicle schemes does not exceed
      ZAR5,000,000 (Indexed) (or its equivalent) at any time;

	 	 	 
	 	(g) 	
      a loan made by Holdco to Opco out of the proceeds
      received by Holdco pursuant to a Permitted Disposal of the assets of a
      Project Company or the shares in a Project Company which loan proceeds
      Opco shall use to prepay the Opco Funding Loan to Holdco, which prepayment
      proceeds Holdco shall use to proportionately prepare the loans to RPM and
      the Borrower under the Holdco Funding Loan Agreements and which prepayment
      proceeds the Borrower shall use to make a mandatory prepayment of the Loan
      hereunder in accordance with clause 12 (Mandatory
    Prepayments).

“Permitted Opco Guarantee Cap
Amount” means ZAR20,000,000 (Indexed). 

“Permitted Payment” means a
payment which is permitted by the Global Intercreditor Agreement. 

“Permitted Refinancing” means
“Permitted Refinancing” as defined in the Global Intercreditor Agreement. 

“Permitted Security” means: 

	 	(a) 	
      any lien arising by operation of law and in the ordinary
      course of trading and not as a result of any default or omission by any
      member of the Borrower Group;

	 	 	 	 
	 	(b) 	
      any Security arising under any retention of title, hire
      purchase or conditional sale arrangement or arrangements having similar
      effect in respect of goods supplied to a member of the Borrower Group in
      the ordinary course of trading and on the supplier's standard or usual
      terms and not arising as a result of any default or omission by any member
      of the Borrower Group;

	 	 	 	 
	 	(c) 	
      any Security or Quasi-Security granted in respect of
      Project Finance Borrowings over either:

	 	 	 	 
	 		(i) 	
      the assets of a Project Company; or

	 	 	 	 
	 		(ii) 	
      the shares in a Project Company;

	 	 	 	 
	 	(d) 	
      any Quasi-Security arising as a result of a disposal
      which is a Permitted Disposal;

	 	 	 	 
	 	(e) 	
      any Security securing indebtedness the outstanding
      principal amount of which (when aggregated with the outstanding principal
      amount of any other indebtedness which has the benefit of Security given
      by any member of the Borrower Group other than any permitted under clauses
      (a) to (d) above) does

- 39 -

	 		
      not exceed ZAR50,000,000 (Indexed) and provided such
      Security is not given over any assets which are expressed to be subject to
      any Transaction Security Document (other than a general notarial
    bond);

	 	 	 
	 	(f) 	
      any Security or Quasi-Security arising as a consequence
      of any finance or capital lease permitted pursuant to paragraph (g) of the
      definition of “Permitted Financial Indebtedness;

	 	 	 
	 	(g) 	
      any Security over a bank account opened by the Borrower,
      Holdco and/or Opco for the sole purpose of depositing provisions for the
      redemption of the preference shares under the RPM Finance Documents, but
      subject to such provisions being permitted under the Global Intercreditor
      Agreement and in particular the Borrower Cash Waterfall, the Holdco Cash
      Waterfall and the Opco Cash Waterfall;

	 	 	 
	 	(h) 	
      any Security created with the prior written approval of
      the Senior Agent.

“Permitted Share Issue” means an
issue of: 

	 	(a) 	
      ordinary shares by any Obligor paid for in full in cash
      upon issue and which by their terms are not redeemable and where (i) such
      shares are of the same class and on the same terms as those initially
      issued by that Obligor and (ii) such issue does not lead to a Change of
      Control;

	 	 	 
	 	(b) 	
      shares by a member of the Anooraq Group which is a
      Subsidiary to its immediate Holding Company where (if the existing shares
      of the Subsidiary are the subject of the Transaction Security) the
      newly-issued shares also become subject to the Transaction Security on the
      same terms; or

	 	 	 
	 	(c) 	
      preference shares and ordinary shares by Opco to Holdco,
      preference shares and ordinary shares by Holdco to RPM and the Borrower,
      preference shares by the Borrower to RPM and convertible preference shares
      by the Borrower to Pelawan SPV (including the conversion of such
      preference shares into ordinary shares pursuant to the B Preference Share
      Documents) in each case only to the extent the issue of such shares,
      preference shares or convertible preference shares is expressly provided
      for in the Transaction Documents.

	 	 	 
	 	(d) 	
      shares by the Parent to the participants in any stock
      option plan of the Parent in terms of such stock option plan and provided
      it does not give rise to a Change of Control.

- 40 -

“Permitted Transaction” means:

	 	(a) 	
      any Disposal required, Financial Indebtedness incurred,
      guarantee, indemnity or Security or Quasi-Security given, or other
      transaction arising, under the Transaction Documents, in each case, as
      contemplated by the Transaction Documents in the form they are on the
      Closing Date and subject always to the terms of this Agreement, the
      Plateau Intercreditor Agreement and the Global Intercreditor Agreement;
      and

	 	 	 
	 	(b) 	
      any payments or other transactions set out in the
      Structure Memorandum.

“Permitted Transferee” means:

	 	(a) 	
      " "

	 	 	 
	 	(b) 	
      " "

“PGM” means platinum group
metals, comprising platinum, palladium, rhodium, ruthenium, osmium and iridium.

“Phase 1 Acquisition Documents”
means collectively, the Lebowa Step 1 Sale of Shares Agreement, the Lebowa Step
2 Sale of Shares Agreement, the Sale of Lebowa Business Agreement, the
Contractor Agreement and the Sale of Concentrate Lebowa Agreement and the Sale
of Concentrate Agreement. 

“Phase 2 Acquisition Documents”
means collectively, the Holdco Shareholder Loan Agreement, the Opco Shareholder
Loan Agreement, the Umbrella Services Agreement and the Interim Skills Transfer
Agreement. 

“Phase 3 Acquisition Documents”
means collectively, the Boikgantsho Sale of Rights Agreement, the Kwanda Sale of
Rights Agreement, the Plateau Sale of Boikgantsho Shares and Claims Agreement,
the RPM Sale of Boikgantsho Shares and Claims Agreement, the Plateau Sale of
Kwanda Shares Agreement, the RPM Sale of Kwanda Shares Agreement, the Plateau
Sale of Ga-Phasha Shares and Claims Agreement, the RPM Sale of Ga-Phasha Shares
and Claims Agreement, the Holdco Sale of Shares Agreement, the Holdco
Shareholders Agreement, each of the Acquisition Amendment Agreements and each of
the RPM Acquisition Documents Amendment Agreements; 

“Phase 3 Implementation
Agreement” means the Phase 3 implementation agreement, dated 28 March 2008,
between RPM, the Borrower and Holdco which governs the 

- 41 -

implementation of the agreements giving
effect to the Acquisition, including the Acquisition Agreements. 

“Plateau Counter Indemnity
Agreement” means the counter indemnity agreement, dated on or about the date
of this Agreement, between the Borrower and the Plateau Security SPV pursuant to
which the Borrower indemnifies and holds the Plateau Security SPV harmless in
respect of claims made against the Plateau Security SPV under the Plateau Debt
Guarantees other than the Fourth Ranking Plateau Debt Guarantee. 

“Plateau Debt Guarantees” means
collectively, the First Ranking Plateau Debt Guarantee, the Second Ranking
Plateau Debt Guarantee, the Third Ranking Plateau Debt Guarantee and the Fourth
Ranking Plateau Debt Guarantee. 

“Plateau Forward Sale Agreement”
means Plateau Forward Sale Agreement as defined in the RPM Funding Common Terms
Agreement. 

“Plateau Funding Loan” means the
aggregate principal amount of the loan outstanding from time to time under the
Plateau Funding Loan Agreement. 

“Plateau Funding Loan Agreement”
means the funding loan agreement in the agreed form, dated on or about the date
of this Agreement, between the Borrower as lender and Holdco as borrower setting
out the terms of the loan claim of the Borrower against Holdco outstanding
following the implementation of the Acquisition and implementation of the steps
contemplated in step 7 (Capital rebalance) of the Structure Memorandum in
the amount of ZAR500,000,000 and which replaces the terms of the Holdco
Shareholder Loan Agreement. 

“Plateau Hedge Counterparty”
means Standard Chartered Bank and any other person which has become a party to
the Plateau Intercreditor Agreement as a Plateau Hedge Counterparty in
accordance with the provisions of the Plateau Intercreditor Agreement. 

“Plateau Hedging Agreement”
means any master agreement, confirmation, schedule or other agreement in the
agreed form entered into or to be entered into by the Borrower and a Plateau
Hedge Counterparty for the purpose of hedging interest rate liabilities in
relation to the Facilities in accordance with the Plateau Hedging Policy. 

“Plateau Hedging Documents”
means collectively, the Plateau Hedging Agreements and the Plateau Hedging
Letter. 

“Plateau Hedging Letter” means
the hedging letter addressed by Standard Chartered Bank to the Borrower in the
agreed form under Clause 4.1 (Initial conditions precedent). 

“Plateau Hedging Policy” means
Borrower’s policy for hedging its interest rate liabilities in relation to the
Facilities as set out in the Plateau Hedging Letter. 

“Plateau Holdco A Preference Share
Subscription Agreement” means the written Subscription Agreement concluded
or to be concluded between the Borrower and 

- 42 -

Holdco on or about the Signature Date
and pursuant to which the Borrower is to subscribe for redeemable preferences
shares issued by Holdco. 

“Plateau Intercreditor
Agreement” means the Intercreditor Agreement in the agreed form, dated on or
about the date of this Agreement, between the Senior Agent, the Security Agent,
the Plateau Hedge Counterparties, the Lenders and the Plateau Security SPV. 

“Plateau Sale of Boikgantsho Shares
and Claims Agreement” means the sale of shares and claims agreement, dated
28 March 2008, between the Borrower and Holdco, pursuant to which the Borrower
will sell the 50% of the issued share capital of Boikgantsho owned by it to
Holdco in exchange for 6 139 shares in the issued share capital of Holdco. 

“Plateau Sale of Ga-Phasha Shares
and Claims Agreement” means the sale of shares and claims agreement, dated
28 March 2008, between the Borrower and Holdco, pursuant to which Borrower will
sell the 50% of the issued share capital of Ga-Phasha owned by it to Holdco in
exchange for 25 278 shares in the issued share capital of Holdco. 

“Plateau Sale of Kwanda Shares
Agreement” means the sale of shares agreement, dated 28 March 2008, between
the Borrower and Holdco, pursuant to which the Borrower will sell the 50% of the
issued share capital of Kwanda owned by it to Holdco in exchange for 108 shares
in the issued share capital of Holdco. 

“Plateau Security Documents”
means each of the documents listed as being a Plateau Security Document in Part
3 of Schedule 13 (Transaction Security Documents) together with any other
document entered into by the Borrower creating or expressed to create any
Security over all or any of its assets in respect of any of the obligations of
any member of the Borrower Group under any of the Finance Documents. 

“Plateau Security SPV Documents”
means collectively, the Plateau Security SPV Management Documents and the
Security SPV Owner Trust Deed. 

“Plateau Security SPV Management
Documents” means collectively, the Constitutional Documents of the Plateau
Security SPV and the Security SPV Management Agreement. 

“Project” means the Boikgantsho
Project, the Ga-Phasha Project or the Kwanda Project. 

“Project Company” means
Boikgantsho, Ga-Phasha or Kwanda. 

“Project Finance Borrowings”
means:

	 	(a) 	
      any indebtedness to finance (or re-finance) a Project
      comprised of the ownership, development, construction and/or operation of
      assets of the Project Company which is incurred by a Project Company whose
      principal business is that Project and in respect of which the person or
      persons making that

- 43 -

	 		
      indebtedness available to that Project Company has no
      recourse whatsoever to any member of the Borrower Group (other than to
      that Project Company) in respect of that indebtedness whether directly or
      indirectly or by way of a guarantee (financial or completion guarantee or
      otherwise) from any member of the Borrower Group creating an obligation
      (whether actual or contingent) for Financial Indebtedness in respect of
      the Project Finance Borrowings other than to the extent arising under
      paragraph (d) of the definition of “Permitted Guarantee” or (c) of
      the definition of “Permitted Security”; or

	 	 	 
	 	(b) 	
      any indebtedness the terms and conditions of which have
      been approved by the Senior Agent and which the Senior Agent has agreed in
      writing to treat as Project Finance Borrowings for the purposes of this
      Agreement.

“Quarter Date” means each of 31
March, 30 June, 30 September and 31 December. 

“Quarterly Management Accounts”
means the management accounts for a Financial Quarter delivered pursuant to
paragraph (c) of Clause 25.1 (Financial statements). 

“Quasi-Security” has the meaning
given to that term in Clause 27.15 (Negative pledge).

“Quotation Day” means, in
relation to any period for which an interest rate is to be determined 2 (two)
Business Days before the first day of that period unless market practice differs
in the Johannesburg interbank market, in which case the Quotation Day for that
currency will be determined by the Senior Agent in accordance with market
practice in the Johannesburg interbank market (and if quotations would normally
be given by leading banks in the Johannesburg interbank market on more than one
day, the Quotation Day will be the last of those days). 

“R”, “Rand” or
“ZAR” means South Africa Rand, the lawful currency of South Africa. 

“Real Property” means: 

	 	(a) 	
      any freehold, leasehold or immovable property;
  and

	 	 	 
	 	(b) 	
      any buildings, fixtures, fittings, fixed plant or
      machinery from time to time situated on or forming part of that freehold,
      leasehold or immovable property.

“Reference Banks” means the
principal office of Absa Bank Limited, FirstRand Bank Limited, Nedbank Limited
and The Standard Bank of South Africa Limited or such other banks as may be
appointed by the Senior Agent in consultation with the Borrower. 

“Related Fund” in relation to a
fund (the “first fund”), means a fund which is managed or advised by the
same investment manager or adviser as the first fund or, if it is managed by a
different investment manager or adviser, a fund whose investment manager or
adviser is an Affiliate of the investment manager or adviser of the first fund.

- 44 -

“Relevant Jurisdiction” means,
in relation to an Obligor or any other member of the Anooraq Group: 

	 	(a) 	
      its jurisdiction of incorporation;

	 	 	 
	 	(b) 	
      any jurisdiction where any asset subject to or intended
      to be subject to the Transaction Security to be created by it is
      situated;

	 	 	 
	 	(c) 	
      any jurisdiction where it conducts its business;
    and

	 	 	 
	 	(d) 	
      the jurisdiction whose laws govern the perfection of any
      of the Transaction Security Documents entered into by
it.

“Relevant Period” has the
meaning given to that term in Clause 26.1 (Financial definitions). 

“Reliance Letters” means the
reliance letters in the agreed form in relation to each Report required to be
delivered to the Senior Agent under paragraph 5(k) of Schedule 2 (Conditions
Precedent). 

“Repayment Date” means each date
set out in paragraph (a) of Clause 10.1 (Repayment of Loan).

“Repayment Instalment” means
each of the instalments in which the Loan (other than the Rollup Interest Loans)
will be repaid as set out in paragraph (a) of Clause 10.1 (Repayment of
Loan). 

“Repeating Representations”
means each of the representations set out in Clause 24.2 (Status) to
Clause 24.7 (Governing Law and Enforcement), Clause 24.11 (No
default), paragraph (g) of Clause 24.12 (No misleading information),
Clause 24.13 (Original Financial Statements), Clause 24.19
(Ranking) to Clause 24.21 (Legal and Beneficial Ownership), Clause
24.25 (Mining Licenses) (other than paragraph (c) thereof) and Clause
24.33 (Projects).

“Reports” means the Legal Due
Diligence Report, the Environmental Report, the Insurance Report, the Financial
Due Diligence Report, the Technical Report, the Structure Memorandum and the Tax
Opinion. 

“Reserve and Resource Statement”
means a statement prepared by any member(s) of the Borrower Group and confirmed
by the Lenders’ Technical Advisor relating to the Mining operations of the
Holdco Group in form and substance satisfactory to the Senior Agent, showing a
number of tonnes of PGMs as proven and probable reserves (as defined under the
SAMREC Code) for all Mining operations conducted by the Holdco Group. 

“Restructuring” means the
restructuring of the Target Group prior to Completion as set out in steps 1
(Asset and loan impairment) to 7 (Capital rebalance) of the
Structure Memorandum. 

- 45 -

“Rights to Mine” means all
rights of whatsoever nature in and to any and all minerals at any time including
(without limitation) the Old Order Rights and the New Order Rights. 

“Rollup Cap Amount” means
ZAR250,000,000. 

“Rollup Interest Loan” means a
loan (denominated in Rands) comprising either: 

	 	(a) 	
      accrued but unpaid interest which has been capitalised on
      the last day of an Interest Period in accordance with paragraph (c) of
      clause 14.2 (Payment of Interest), or the principal amount
      outstanding for the time being of that loan; or

	 	 	 
	 	(b) 	
      the amount of a Net Swap Payment advanced by the Lenders
      to the Borrower under paragraph (c) of clause 14.2 (Payment of
      interest) in connection with the funding of Net Swap Payments, or the
      principal amount outstanding for the time being of that
  loan,

and “Rollup Interest Loans”
means the aggregate of all such loans; 

“Rollup Period” means the period
commencing on the Closing Date and ending on the earlier of: 

	 	(c) 	
      36 months after the Closing Date; and

	 	 	 
	 	(d) 	
      the date (if any) on which the Rollup Interest Loans
      reach an amount of ZAR250,000,000.

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

“RPM Acquisition Documents Amendment
Agreements” means: 

	 	(a) 	
      the Amendment to the RPM Sale of Boikgantsho Shares and
      Claims Agreement;

	 	 	 
	 	(b) 	
      the Amendment to the RPM Sale of Kwando Shares Agreement;
      and

	 	 	 
	 	(c) 	
      the Amendment to the RPM Sale of Ga-Phasha Shares and
      Claims Agreement;

“RPM Finance Documents” means:

	 	(a) 	
      the RPM Funding Common Terms Agreement;

	 	 	 
	 	(b) 	
      the RPM Holdco Subscription Agreement;

	 	 	 
	 	(c) 	
      the RPM Plateau A Preference Share Subscription
      Agreement;

	 	 	 
	 	(d) 	
      the RPM Holdco A Preference Share Subscription
      Agreement;

	 	 	 
	 	(e) 	
      the RPM Funding Loan Agreement;

	 	 	 
	 	(f) 	
      the RPM Standby Facility
Agreement;

- 46 -

	 	(g) 	
      the RPM Operating Cash Flow Shortfall Facility
      Agreement;

	 	 	 
	 	(h) 	
      the Holdco Guarantee;

	 	 	 
	 	(i) 	
      the Second Ranking Opco Counter Indemnity
    Agreement;

	 	 	 
	 	(j) 	
      the Second Ranking Opco Debt Guarantee;

	 	 	 
	 	(k) 	
      the Third Ranking Opco Debt Guarantee;

	 	 	 
	 	(l) 	
      the Second Ranking Plateau Debt Guarantee;

	 	 	 
	 	(m) 	
      the Third Ranking Plateau Debt Guarantee;

	 	 	 
	 	(n) 	
      the Fourth Ranking Plateau Debt Guarantee;

	 	 	 
	 	(o) 	
      the Plateau Counter Indemnity Agreement;

	 	 	 
	 	(p) 	
      the N2C Resources Counter Indemnity Agreement;

	 	 	 
	 	(q) 	
      each Transaction Security Document;

	 	 	 
	 	(r) 	
      any utilisation request for a utilisation under any of
      the agreements specified above.

“RPM Funding Common Terms
Agreement” means the written agreement entitled “RPM Funding Common Terms
Agreement” or similar concluded or to be concluded on or about the Signature
Date between RPM, the Borrower, Pelawan SPV, the Parent and certain others. 

“RPM Funding Loan” means the
aggregate principal amount of the loan outstanding from time to time under the
RPM Funding Loan Agreement. 

“RPM Funding Loan Agreement”
means the funding loan agreement in the agreed form, dated on or about the date
of this Agreement, between RPM as lender and Holdco as borrower setting out the
terms of the loan claim of RPM against Holdco outstanding following the
implementation of the Acquisition and the implementing of the steps contemplated
in step 7 (Capital rebalance) of the Structure Memorandum in the amount
of ZAR480,392,157 and which replaces the terms of the Holdco Shareholder Loan
Agreement. 

“RPM Holdco A Preference Share
Subscription Agreement” means the “RPM Holdco A Preference Share
Subscription Agreement” as defined in the RPM Funding Common Terms Agreement;

“RPM Holdco Subscription
Agreement” means “RPM Holdco Subscription Agreement” as defined in the RPM
Funding Common Terms Agreement. 

“RPM Operating Cash Flow Shortfall
Facility Agreement” means the operating cash flow shortfall facility
agreement in the agreed form, dated on or about the date of this Agreement,
between RPM as lender and the Borrower as borrower pursuant to 

- 47 -

which RPM has made or has agreed to
make available to the Borrower a facility of up to ZAR778,000,000 to provide for
the Borrower’s portion of cash flow shortfalls in Opco and the Borrower’s
collateralisation obligations in relation to Permitted Guarantees required in
connection with the ordinary business of Opco. 

“RPM Pelawan SPV B1 Preference Share
Subscription Agreement” means RPM Pelawan SPV B1 Preference Share
Subscription Agreement as defined in the RPM Funding Common Terms Agreement.

“RPM Plateau A Preference Share
Subscription Agreement” means “RPM Plateau A Preference Share Subscription
Agreement” as defined in the RPM Funding Common Terms Agreement. 

“RPM Plateau A Preference Share
Terms” means RPM Plateau A Preference Share Terms as defined in the RPM
Funding Common Terms Agreement. 

“RPM Sale of Boikgantsho Shares and
Claims Agreement” means the sale of shares and claims agreement, dated 28
March 2008, between RPM and Holdco, pursuant to which RPM will sell the 50% of
the issued share capital of Boikgantsho owned by it to Holdco in exchange for 6
139 shares in the issued share capital of Holdco. 

“RPM Sale of Ga-Phasha Shares and
Claims Agreement” means the sale of shares and claims agreement, dated 28
March 2008, between RPM and Holdco, pursuant to which RPM will sell the 50% of
the issued share capital of Ga-Phasha owned by it to Holdco in exchange for 25
278 shares in the issued share capital of Holdco. 

“RPM Sale of Kwanda Shares
Agreement” means the sale of shares agreement, dated 28 March 2008, between
RPM and Holdco, pursuant to which RPM will sell the 50% of the issued share
capital of Kwanda owned by it to Holdco in exchange for 108 shares in the issued
share capital of Holdco. 

- 48 -

“RPM Standby Facility Agreement”
means the standby facility agreement in the agreed form, dated on or about the
date of this Agreement, between RPM as lender and the Borrower as borrower
pursuant to which RPM has made or has agreed to make available to the Borrower a
standby facility in accordance with clause 16 of the Holdco Shareholders
Agreement. 

“Sale of Concentrate Lebowa
Agreement” means the sale of concentrate agreement, dated 21 December 2007,
between RPM and LPM, pursuant to which LPM sells and RPM purchases LPM’s entire
production of concentrate from time to time, as amended by a first addendum to
sale of concentrate agreement, dated 6 March 2008, between RPM and LPM, 

“Sale of Concentrate Agreement”
means the sale of concentrate agreement, concluded or to be concluded
between RPM and Opco, pursuant to which Opco sells and RPM purchases Opco’s
entire production of concentrate from time to time, substantially in the form of
Annexure 4 of the Sale of Lebowa Business Agreement; 

“Sale of Lebowa Business
Agreement” means the sale of business agreement, dated 21 December 2007,
between LPM and Opco as amended by the first addendum to sale of business
agreement, dated 6 March 2008, between LPM and Opco, pursuant to which LPM sold
and Opco purchased the LPM Business. 

“SAMREC Code” means the South
African Code for the Reporting of Exploration Results, Mineral Resources and
Mineral Reserves.

“Screen Rate” means in relation
to JIBAR, the percentage per annum mid market rate for deposits in Rand for the
relevant Interest 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 Senior Agent may specify another page or
service displaying the appropriate rate after consultation with the Borrower and
the Lenders. 

“Second Ranking Opco Counter
Indemnity Agreement” means the counter indemnity agreement, dated on or
about the date of this Agreement, between Opco and the Opco Security SPV
pursuant to which Opco indemnifies and holds the Opco Security SPV harmless in
respect of claims made against the Opco Security SPV under the Second Ranking
Opco Debt Guarantee and the Third Ranking Opco Debt Guarantee. 

“Second Ranking Opco Debt
Guarantee” means the debt guarantee in the agreed form, dated on or about
the date of this Agreement, issued by the Opco Security SPV in favour of RPM for
the obligations of Holdco owed to RPM under the RPM Holdco A Preference Share
Subscription Agreement. 

“Second Ranking Plateau Debt
Guarantee” means the debt guarantee in the agreed form, dated on or about
the date of this Agreement, issued by the Plateau Security SPV 

- 49 -

in favour of RPM for the obligations of
the Borrower owed to RPM under the RPM Standby Facility Agreement. 

“Secured Assets” means all of
the assets of the Security Providers which from time to time are, or are
expressed to be, the subject of the Transaction Security. 

“Secured Parties” means each
Finance Party from time to time party to this Agreement, any Delegate, each
Plateau Hedge Counterparty from time to time party to the Plateau Intercreditor
Agreement, the Borrower, Holdco and RPM.

“Security” means (a) a mortgage,
assignation, charge, pledge, lien, security assignment, hypothecation, cession
conferring security, or other security interest securing any obligation of any
person or any other agreement or arrangement having a similar effect; or (b) any
arrangement under which money or claims to, or for the benefit of, a bank or
other account may be applied, set off or made subject to a combination of
accounts so as to effect discharge of any sum owed or payable to any person; or
(c) any other type of preferential agreement or arrangement (including any title
transfer and retention arrangement), the effect of which is the creation of a
security interest. 

“Security Agent” means Standard
Chartered Bank acting in its capacity as security agent for the Secured Parties
or such other security agent for the Secured Parties as shall be appointed
pursuant to the Global Intercreditor Agreement. 

“Security Provider” means any
provider of Transaction Security. 

“Security SPV Documents” means
collectively, the Plateau Security SPV Documents and the Opco Security SPV
Documents. 

“Security SPV Management
Agreement” means the debt guarantor management agreement, dated on or about
the date of this Agreement, between GMG, the Senior Agent, the Security Agent,
the Plateau Security SPV and the Opco Security SPV pursuant to which GMG is
appointed to administer the Plateau Security SPV and the Opco Security SPV. 

“Security SPV Owner Trust” means
the Lebowa Acquisition Security SPV Owner Trust, an inter vivos trust
established under the laws of South Africa.

“Security SPV Owner Trust Deed”
means the trust deed of the Security SPV Owner Trust in the agreed form, dated
on or about 11 June 2009, between the Senior Agent as donor and GMG as first
trustee. 

“Semi-Annual Date” means each of
30 June and 31 December. 

“Semi-Annual Financial
Statements” means the financial statements for a Financial Half-Year
delivered pursuant to paragraph (b) of Clause 25.1 (Financial
statements).

- 50 -

“Senior Agent” means Standard
Chartered Bank acting in its capacity as agent for the Finance Parties or such
other agent for the Finance Parties as shall be appointed pursuant to Clause
31.12 (Resignation of the Senior Agent).

“Services Agreement(s)” means
the services agreement(s) in the agreed form entered into or, to be entered
into, pursuant to which members of the Anglo Group and/or the Anooraq Group
shall provide services to members of the Holdco Group, from time to time.

“Share Adjustment Event” means,
in relation to the Anooraq Common Shares, any: 

	 	(a) 	
      subdivision, redivision or change of the outstanding
      Anooraq Common Shares into a greater number of Anooraq Common
    Shares;

	 	 	 
	 	(b) 	
      consolidation, combination or reduction of the
      outstanding Anooraq Common Shares into a lesser number of Anooraq Common
      Shares;

	 	 	 
	 	(c) 	
      any reclassification of or amendment to the outstanding
      Anooraq Common Shares, any change of the Anooraq Common Shares into other
      shares or any other reorganization of the Parent (other than as described
      in paragraphs (a) and (b) above); or

	 	 	 
	 	(d) 	
      any consolidation, amalgamation, arrangement, merger or
      other form of business combination of the Parent with or into any other
      corporation resulting in any reclassification of the outstanding Anooraq
      Common Shares, any change of the Anooraq Common Shares into other shares
      or any other reorganization of the Parent.

“Share Exchange Agreement” means
the share exchange agreement, dated 21 January 2004, between Pelawan Investments
and the Parent and as amended from time to time. 

“Shareholder Loan Documents”
means collectively, the Anooraq Shareholder Loan Agreement, the N2C Resources
Shareholder Loan Agreement and the N1C Resources Shareholder Loan Agreement.

“South Africa” means the
Republic of South Africa as constituted from time to time. 

“Specified Time” means a time
determined in accordance with Schedule 11 (Timetables). 

“Standard Bank” means The
Standard Bank of South Africa Limited (Registration No. 1962/000738/06), a
public company and registered bank incorporated according to the company and
banking laws of South Africa; 

“Standard Chartered Bank” means
Standard Chartered Bank, Johannesburg Branch (Registration No: 2003/020177/10),
a company incorporated in England with limited liability by Royal Charter 1853,
under reference ZC18 and registered as an external company in South Africa. 

- 51 -

“Structure Memorandum” means the
structure paper entitled “APL Conversion Project Phase 3 Transaction
Steps” and dated June 2009 describing the Group and the Acquisition and
approved by the Parent, in the agreed form capable of being relied upon by the
Finance Parties. 

“Subsidiary” means, in relation
to any company or corporation, any person: 

	 	(a) 	
      which is controlled, directly or indirectly, by the first
      mentioned company or corporation; or

	 	 	 
	 	(b) 	
      more than half the issued share capital of which is
      beneficially owned, directly or indirectly by the first mentioned company
      or corporation; or

	 	 	 
	 	(c) 	
      which is a Subsidiary of another Subsidiary of the first
      mentioned company or corporation,

and for this purpose: 

	 	(i) 	
      a company or corporation shall be treated as being
      controlled by another if that other company or corporation is able to
      direct its affairs and/or to control the composition of its board of
      directors or equivalent body;

	 	 	 
	 	(ii) 	
      a company or corporation will be treated as a Subsidiary
      if it would be classified as a “subsidiary company” under section
      1(3) of the Companies Act, 1973 of South Africa.

“Syndication Date” means the day
which is 180 (one hundred and eighty) days after the Closing Date or such other
date specified by the Arranger. 

“Target Assets” means the assets
acquired, or to be acquired, by each member of the Holdco Group pursuant to, and
as more fully described in, the Acquisition Documents (including, without
limitation, the LPM Business and the Ga-Phasha Business). 

“Target Claim” means 51% of the
claim of RPM against Holdco on loan account as at the Closing Date in an
aggregate principal amount of at least ZAR500,000,000. 

“Target Group” means LPM,
Boikgantsho, Ga-Phasha and Kwanda and their respective direct or indirect
subsidiaries. 

“Target Shares” means,
collectively 51% of the entire issued share capital of Holdco and the entire
issued share capital of Opco, Boikgantsho, Ga-Phasha and Kwanda. 

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

“Tax Opinion” means the opinion
from Deneys Reitz Incorporated in relation to certain tax law aspects of the
Restructuring and the Acquisition dated on or before the Closing Date. 

- 52 -

“Technical Report” means the
report by the Lenders’ Technical Advisor dated on or before the Closing Date
relating to Lebowa (including the Brakfontein Merensky Project) and addressed
to, and/or capable of being relied upon by, the Finance Parties. 

“Termination Date” means the
date falling 108 (one hundred and eight) Months after the Closing Date. 

“Third Ranking Opco Debt
Guarantee” means the debt guarantee in the agreed form, dated on or about
the date of this Agreement, issued by the Opco Security SPV in favour of RPM for
the obligations of the Borrower owed to RPM under the RPM Plateau A Preference
Share Subscription Agreement. 

“Third Ranking Plateau Debt
Guarantee” means the debt guarantee in the agreed form, dated on or about
the date of this Agreement, issued by the Plateau Security SPV in favour of RPM
for the obligations of the Borrower owed to RPM under the RPM Operating Cash
Flow Shortfall Facility Agreement. 

“Total Commitments” means the
aggregate of the Commitments, being as at the date of this Agreement,
ZAR500,000,000. 

“Trading Day” means, with
respect to a stock exchange, a day on which such stock exchange is open for the
transaction of business and with respect to the over-the-counter market means a
day on which the TSX Venture Exchange is open, for the transaction of business.

“Transaction Accounts” means
collectively, the Disbursement Account, the Borrower Proceeds Account, the
Borrower Business Account(s), the Holdco Business Account and the Opco Business
Account. 

“Transaction Documents” means
collectively:

	 	(a) 	
      the Finance Documents;

	 	 	 
	 	(b) 	
      the RPM Finance Documents;

	 	 	 
	 	(c) 	
      the Plateau Holdco A Preference Share Subscription
      Agreement;

	 	 	 
	 	(d) 	
      the B Preference Share Documents;

	 	 	 
	 	(e) 	
      the Acquisition Documents;

	 	 	 
	 	(f) 	
      the Holdco Opco A Preference Share Subscription
      Agreement;

	 	 	 
	 	(g) 	
      the Holdco Opco Ordinary Share Subscription
    Agreement;

	 	 	 
	 	(h) 	
      the Community Trust Documents;

	 	 	 
	 	(i) 	
      the ESOP Documents;

	 	 	 
	 	(j) 	
      the Shareholder Loan Documents;

- 53 -

	 	(k) 	
      the Holdco Shareholder Loan Agreement;

	 	 	 
	 	(l) 	
      the Amendment to the Holdco Shareholders
  Agreement;

	 	 	 
	 	(m) 	
      the Opco Shareholder Loan Agreement;

	 	 	 
	 	(n) 	
      the Operating Agreements,

any other document designated in
writing as a “Transaction Document” by the Senior Agent and the Borrower.

“Transaction Framework
Agreement” means the transaction framework agreement, dated 3 September
2007, between, among others, Anglo Platinum, RPM and the Borrower. 

“Transaction Security” means the
Security created or expressed to be created in favour of: 

	 	(a) 	
      the Opco Security SPV or, where applicable in relation to
      the New Order Rights, the Security Agent (as principal creditor pursuant
      to the Global Intercreditor Agreement), pursuant to the Opco Security
      Documents;

	 	 	 
	 	(b) 	
      the Borrower and RPM pursuant to the Holdco Security
      Documents; and

	 	 	 
	 	(c) 	
      the Plateau Security SPV pursuant to the Plateau Security
      Documents.

“Transaction Security Documents”
means: 

	 	(a) 	
      the Opco Security Documents;

	 	 	 
	 	(b) 	
      the Holdco Security Documents; and

	 	 	 
	 	(c) 	
      the Plateau Security Documents,

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

“Transfer” has the meaning given
to it in clause 29.1. 

“Transfer Date” means, in
relation to an assignment or transfer, the later of: 

	 	(a) 	
      the proposed Transfer Date specified in the relevant
      Assignment Agreement; and

	 	 	 
	 	(b) 	
      the date on which the Senior Agent executes the relevant
      Assignment Agreement.

“Treasury Transactions” means
any derivative transaction entered into in connection with protection against or
benefit from fluctuation in any rate or price. 

- 54 -

“Umbrella Services Agreement”
means the umbrella services agreement, dated 28 March 2008, between Anglo
Platinum, the Parent and Holdco, which contains, amongst other things, the high
level principles agreed upon amongst the Parent, Anglo Platinum and Holdco in
respect of the content of the Services Agreement(s). 

“Unpaid Sum” means any sum due
and payable but unpaid by an Obligor under the Finance Documents. 

“USD” and “Dollars” means
US Dollars, the lawful currency of the United States of America. 

“Utilisation” means a Loan. 

“Utilisation Date” means the
date on which a Utilisation is made. 

“Utilisation Request” means a
notice substantially in the relevant form set out in Schedule 3
(Requests). 

“VAT” means value-added tax
levied in terms of the South Africa Value-Added Tax Act, 1991. 

“Vendor” means each of RPM and
the Borrower in their respective capacities as sellers of “Sale Shares” and
“Sale Claims” under each Acquisition Agreement. 

	1.2 	
      Construction

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

	 	(i) 	
      “Boikgantsho”, the “Borrower”, any
      “Finance Party”, “Ga- Phasha”, any “Hedging
      Counterparty”, “Kwanda”, any “Lender”, any
      “Obligor”, any “Party”, “Pelawan Investments”,
      “Pelawan Dividend Trust”, “Pelawan Trust”, any “Secured
      Party”, the “Senior Agent”, the “Security Agent”, the
      “Arranger”, “RPM” or any other person shall be construed so
      as to include its successors in title, permitted assigns and permitted
      transferees;

	 	 	 
	 	(ii) 	
      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);

	 	 	 
	 	(iii) 	
      a document in “agreed form” is a document which is
      previously agreed in writing by or on behalf of the Borrower and the
      Senior Agent or, if not so agreed, is in the form acceptable to the Senior
      Agent;

	 	 	 
	 	(iv) 	
      “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

- 55 -

	 		
      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.

	 	 	 
	 	(v) 	
      “assets” includes present and future properties,
      revenues and rights of every description;

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

	 	 	 
	 	(vii) 	
      “guarantee” means (other than in Clause 23
      (Guarantee and Indemnity)) 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;

	 	 	 
	 	(viii) 	
      “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;

	 	 	 
	 	(ix) 	
      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;

	 	 	 
	 	(x) 	
      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);

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

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

	 	 	 
	 	(xiii) 	
      a time of day is a reference to London
  time.

	 	(b) 	
      Section, Clause and Schedule headings are for ease of
      reference only.

- 56 -

	 	(c) 	
      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.

	 	 	 	 
	 	(d) 	
      A Default is “continuing” if it has not been
      remedied in accordance with the provisions of this Agreement or
    waived.

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

	 	 	 	 
	 		(i) 	
      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;

	 	 	 	 
	 		(ii) 	
      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;

	 	 	 	 
	 		(iii) 	
      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;

	 	 	 	 
	 		(iv) 	
      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;

	 	 	 	 
	 		(v) 	
      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;

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

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

	 	 	 	 
	 	(f) 	
      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.

	 	 	 	 
	 	(g) 	
      Unless consistent with the context, an expression in any
      Finance Document which denotes:

- 57 -

	 	(i) 	
      any one gender includes the other genders;

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

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

	 	(h) 	
      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.

	 	 	 
	 	(i) 	
      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.

	 	 	 
	 	(j) 	
      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.

	 	 	 
	 	(k) 	
      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.

	 	 	 
	 	(l) 	
      The Finance Documents shall to the extent permitted by
      applicable law be binding on and enforceable by the administrators,
      trustees, 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, permitted assigns or liquidators, as the
      case may be.

	 	 	 
	 	(m) 	
      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.

	 	 	 
	 	(n) 	
      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.

- 58 -

SECTION 2 

THE FACILITY

	2. 	
      THE FACILITIES

	 	 	 	 
	2.1 	
      The Facilities

	 	 	 	 
		
      Subject to the terms of this Agreement, the Lenders agree
      to make available a Rand denominated term loan facility available to the
      Borrower by way of a single Utilisation on the Closing Date in an
      aggregate amount equal to or up to the Total Commitments.

	 	 	 	 
	2.2 	
      Finance Parties' rights and obligations

	 	 	 	 
		(a) 	
      The obligations of each Finance Party under the Finance
      Documents are several. Failure by a Finance Party to perform its
      obligations under the Finance Documents does not affect the obligations of
      any other Party under the Finance Documents. No Finance Party is
      responsible for the obligations of any other Finance Party under the
      Finance Documents.

	 	 	 	 
		(b) 	
      The rights of each Finance Party under or in connection
      with the Finance Documents are separate and independent rights and any
      debt arising under the Finance Documents to a Finance Party from an
      Obligor shall be a separate and independent debt.

	 	 	 	 
		(c) 	
      A Finance Party may, except as otherwise stated in the
      Finance Documents, separately enforce its rights under the Finance
      Documents.

	 	 	 	 
	2.3 	
      Obligors' Agent

	 	 	 	 
		(a) 	
      Each Obligor (other than the Borrower) that is a party to
      this Agreement appoints the Borrower to act on its behalf as its agent in
      relation to the Finance Documents and irrevocably authorises:

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

	 	 	 	 
			(ii) 	
      each Finance Party to give any notice, demand or other
      communication to that Obligor pursuant to the Finance Documents to the
      Borrower,

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

	 	 	 	 
		(b) 	
      Every act, omission, agreement, undertaking, settlement,
      waiver, amendment, supplement, variation, notice or other communication
      given or made by the

- 59 -

Obligors' Agent or given to the
Obligors' Agent under any Finance Document on behalf of another Obligor or in
connection with any Finance Document (whether or not known to any other Obligor
and whether occurring before or after such other Obligor became an Obligor under
any Finance Document) shall be binding for all purposes on that Obligor as if
that Obligor had expressly made, given or concurred with it. In the event of any
conflict between any notices or other communications of the Obligors' Agent and
any other Obligor, those of the Obligors' Agent shall prevail. 

	3. 	
      PURPOSE

	 	 	 
	3.1 	
      Purpose

	 	 	 
		
      The Borrower shall apply all amounts borrowed by it under
      the Facility towards payment to RPM of the purchase price for the Target
      Claim under the Holdco Sale of Shares Agreement as described in the Funds
      Flow Statement and Structure Memorandum.

	 	 	 
	3.2 	
      Monitoring

	 	 	 
		
      No Finance Party is bound to monitor or verify the
      application of any amount borrowed pursuant to this Agreement.

	 	 	 
	4. 	
      CONDITIONS OF UTILISATION

	 	 	 
	4.1 	
      Initial conditions precedent

	 	 	 
		
      The Lenders will only be obliged to comply with Clause
      5.4 (Lenders' participation) in relation to any Utilisation if on
      or before the Utilisation Date for that Utilisation, the Senior Agent has
      received all of the documents and other evidence listed in Part IA of
      Schedule 2 (Conditions precedent) in form and substance
      satisfactory to the Senior Agent. The Senior Agent shall notify the Parent
      and the Lenders promptly upon being so satisfied.

	 	 	 
	4.2 	
      Further conditions precedent

	 	 	 
		
      Subject to Clause 4.1 (Initial Conditions Precedent),
      the Lenders will only be obliged to comply with Clause 5.4
      (Lenders' participation), if on the date of the Utilisation Request
      and on the proposed Utilisation Date:

	 	 	 
		(a) 	
      no Default is continuing or would result from the
      proposed Utilisation; and

	 	 	 
		(b) 	
      all the representations and warranties in Clause 24
      (Representations) are true and correct in all material
    respects.

	 	 	 
	4.3 	
      The Number of Utilisations

	 	 	 
		
      The Borrower may not deliver more than one Utilisation
      Request for the Facility under this Agreement.

- 60 -

SECTION 3 

UTILISATION

	5. 	
      UTILISATION

	 	 	 
	5.1 	
      Delivery of the Utilisation Request

	 	 	 
		
      The Borrower may utilise the Facilities by delivery to
      the Senior Agent of a single duly completed Utilisation Request not later
      than the Specified Time.

	 	 	 
	5.2 	
      Completion of a Utilisation Request for
    Loans

	 	 	 
		
      The Utilisation Request is irrevocable and will not be
      regarded as having been duly completed unless:

	 	 	 
		(a) 	
      the proposed Utilisation Date is a Business Day within
      the Availability Period; and

	 	 	 
		(b) 	
      the currency and amount of the Utilisation comply with
      Clause 5.3 (Currency and amount).

	 	 	 
	5.3 	
      Currency and amount

	 	 	 
		(a) 	
      The currency specified in the Utilisation Request must be
      Rands.

	 	 	 
		(b) 	
      The amount of the proposed Utilisation must be an amount
      equal to the Total Commitments or, if less, the Available
  Facility.

	 	 	 
	5.4 	
      Lenders' participation

	 	 	 
		(a) 	
      If the conditions set out in this Agreement have been
      met, each Lender shall make its participation in each Loan available in
      Rands by the Utilisation Date through its Facility Office.

	 	 	 
		(b) 	
      The amount of each Lender's participation in each Loan
      will be equal to the proportion borne by its Available Commitment to the
      Available Facility immediately prior to making the Utilisation
      available.

	 	 	 
	5.5 	
      Limitations on Utilisation

	 	 	 
		
      The Facilities may only be utilised on the Closing Date
      and only if the Facilities are utilised simultaneously by way of a single
      Utilisation Request as set out in Clause 2.1 (The
    Facilities).

- 61 -

	5.6 	
      Cancellation

	 	 
		
      Any amount of the Facilities which is not Utilised by way
      of a single Utilisation Request on the Closing Date in accordance with
      Clause 5.1 (Delivery of the Utilisation Request) shall be
      cancelled.

	 	 
	6. 	
      [INTENTIONALLY LEFT BLANK]

	 	 
	7. 	
      [INTENTIONALLY LEFT BLANK]

	 	 
	8. 	
      [INTENTIONALLY LEFT BLANK]

	 	 
	9. 	
      [INTENTIONALLY LEFT BLANK]

- 62 -

SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION

	10. 	
      REPAYMENT

	 	 	 
	10.1 	
      Repayment of Loan and Rollup Interest
  Loan

	 	 	 
		(a) 	
      The Borrower shall repay the Loan (other than the Rollup
      Interest Loans which shall be repayable in accordance with (b) below) in
      instalments by repaying on each Repayment Date set out below an amount
      which reduces the outstanding aggregate Loan (other than the Rollup
      Interest Loans) by an amount equal to the relevant proportion of the Loan
      (other than the Rollup Interest Loans) borrowed or deemed to be borrowed
      by the Borrower on the Utilisation Date as set out in the table
    below:

	Repayment Date 	Repayment Instalment 
	 	 
	31 January 2013 	1/12 
	 	 
	31 July 2013 	1/12 
	 	 
	31 January 2014 	1/12 
	 	 
	31 July 2014 	1/12 
	 	 
	31 January 2015 	1/12 
	 	 
	31 July 2015 	1/12 
	 	 
	31 January 2016 	1/12 
	 	 
	31 July 2016 	1/12 
	 	 
	31 January 2017 	1/12 
	 	 
	31 July 2017 	1/12

- 63 -

	31 January 2018 	1/12 
	 	 
	Termination Date 	1/12

	 	(b) 	
      During the period commencing on the Closing Date and
      ending on the earlier of 31 July 2012 and the day falling 36 Months after
      the Closing Date the Borrower shall repay the Rollup Interest Loans (if
      there are any Rollup Interest Loans) in instalments by way of a cash
      sweep, by repaying:

	 	 	 	 
	 		(i) 	
      on each Interest Payment Date, the amount (if any) (as
      certified by the Borrower not less than 10 (ten) Business Days prior to
      the relevant Interest Payment Date in a Borrower Certification) standing
      to the credit of the Borrower Proceeds Account, subject to the relevant
      waterfall provisions of the Global Intercreditor Agreement, (inclusive of
      the amount of any Net Swap Receipts received by the Borrower on that
      Interest Payment Date and after the utilisation of the drawdowns available
      under the RPM Standby Facility Agreement) after the payment of all accrued
      interest in respect of the Interest Period ending on that Interest Payment
      Date;

	 	 	 	 
	 		(ii) 	
      on the last day of each Interest Period which is not
      itself an Interest Payment Date, the amount (if any) (as certified by the
      Borrower not less than 10 (ten) Business Days prior to the last day of
      that Interest Period in a Borrower Certification) of any Net Swap Receipts
      received by the Borrower on the last day of that Interest
Period.

	 	 	 	 
	 	(c) 	
      With effect from 31 January 2013, the Borrower shall
      repay the Rollup Interest Loans (if there are any Rollup Interest Loans)
      in instalments by repaying on each Repayment Date set out below an amount
      equal to the greater of:

	 	 	 	 
	 		(i) 	
      the amount (as certified by the Borrower not less than 10
      (ten) Business Days prior to the relevant Interest Payment Date in a
      Borrower Certification) available in the Borrower Proceeds Account,
      subject to the relevant waterfall provisions of the Global Intercreditor
      Agreement by way of a cash sweep, on that Repayment Date (after the
      utilisation of the drawdowns available under the RPM Standby Facility
      Agreement) after payment of all accrued interest as of that Repayment
      Date, or which reduces the Rollup Interest Loans to zero before the
      Termination Date; and

- 64 -

	 	(ii) 	
      an instalment which reduces the outstanding aggregate
      Rollup Interest Loans (determined as of the last day of the Rollup Period)
      by an amount equal to the relevant proportion of the Rollup Interest Loans
      as set out in the table below (or where a portion of the Rollup Interest
      Loans has previously been repaid by the Borrower, the amount representing
      the balance of such instalment as certified by the Borrower not less than
      10 (ten) Business Days prior to the relevant Interest Payment Date in a
      Borrower Certification) or which reduces the Rollup Interest Loans to zero
      before the Termination Date:

	Repayment Date 	Repayment Instalment 
	 	 
	31 January 2013 	1/12 
	 	 
	31 July 2013 	1/12 
	 	 
	31 January 2014 	1/12 
	 	 
	30 July 2014 	1/12 
	 	 
	31 January 2015 	1/12 
	 	 
	30 July 2015 	1/12 
	 	 
	31 January 2016 	1/12 
	 	 
	30 July 2016 	1/12 
	 	 
	31 January 2017 	1/12 
	 	 
	30 July 2017 	1/12 
	 	 
	31 January 2018 	1/12 
	 	 
	Termination Date 	1/12

	 	(d) 	
      Where the Rollup Interest Loans are repaid under
      paragraph (c)(i) above pursuant to the cash sweep referred to therein,
      then the amount of each instalment for the Rollup Interest Loans on each
      Repayment Date as set out in paragraph (c)(ii) above falling after that
      repayment will reduce in inverse chronological order by the amount of the
      Rollup Interest Loans repaid.

	 	 	 
	 	(e) 	
      The Borrower may not reborrow any part of a Loan which is
      repaid.

- 65 -

	10.2 	
      Effect of cancellation and prepayment on scheduled
      repayments and reductions

	 	 	 
		(a) 	
      If the Borrower cancels the whole or any part of the
      Commitments in accordance with Clause 11.5 (Right of cancellation and
      repayment in relation to a single Lender) or if the Commitment of any
      Lender is reduced under Clause 11.1 (Illegality) then the amount of
      the Repayment Instalment for each Repayment Date falling after that
      reduction will reduce pro rata by the amount cancelled or reduced
      (as applicable).

	 	 	 
		(b) 	
      If the Borrower cancels the whole or any part of the
      Commitments in accordance with Clause 11.3 (Voluntary cancellation)
      then the amount of the Repayment Instalment for each Repayment Date
      falling after that cancellation will reduce pro rata by the amount
      cancelled.

	 	 	 
		(c) 	
      If any Loan is prepaid in accordance with Clause 11.5
      (Right of cancellation and repayment in relation to a single
      Lender) or Clause 11.1 (Illegality) then the amount of the
      Repayment Instalment for the relevant Loan for each Repayment Date falling
      after that prepayment will reduce pro rata by the amount of the
      Loan prepaid.

	 	 	 
		(d) 	
      If any Loan is prepaid in accordance with Clause 11.4
      (Voluntary prepayment of Loans) or clause 12.2 (Opco Funding
      Loan) then the amount of the Repayment Instalment for each Repayment
      Date falling after that prepayment will reduce in inverse chronological
      order by the amount of the Loan prepaid.

	 	 	 
	11. 	
      ILLEGALITY, VOLUNTARY PREPAYMENT AND
      CANCELLATION

	 	 	 
	11.1 	
      Illegality

	 	 	 
		
      If it becomes unlawful in any applicable jurisdiction for
      a Lender to perform any of its obligations as contemplated by this
      Agreement or to fund, issue or maintain its participation in any
    Loan:

	 	 	 
		(a) 	
      that Lender, shall promptly notify the Senior Agent upon
      becoming aware of that event;

	 	 	 
		(b) 	
      upon the Senior Agent notifying the Borrower, the
      Commitment of that Lender will be immediately cancelled; and

	 	 	 
		(c) 	
      the Borrower shall repay that Lender's participation in
      the relevant Loan on the last day of the Interest Period for the Loan
      occurring after the Senior Agent has notified the Borrower or, if earlier,
      the date specified by the Lender in the notice delivered to the Senior
      Agent (being no earlier than the last day of any applicable grace period
      permitted by law).

	 	 	 
	11.2 	
      [INTENTIONALLY LEFT BLANK]

- 66 -

	11.3 	
      Voluntary cancellation

	 	 	 	 
		(a) 	
      Subject to paragraph (b) below, the Borrower may, if it
      gives the Senior Agent not less than 10 (ten) Business Days' (or such
      shorter period as the Majority Lenders may agree) prior notice, cancel the
      whole (and not any part) of the Available Facility.

	 	 	 	 
		(b) 	
      The Borrower shall not cancel any part of the Available
      Commitment with respect to the Facility if the Borrower would following
      such cancellation have insufficient funds to pay the consideration payable
      by the Borrower under the Acquisition Documents in respect of the
      Acquisition.

	 	 	 	 
	11.4 	
      Voluntary prepayment of Loans

	 	 	 	 
		(a) 	
      Subject to paragraph (b) below, the Borrower may, if it
      gives the Senior Agent not less than 20 (twenty) Business Days' (or such
      shorter period as the Majority Lenders may agree) prior notice, prepay the
      whole or any part of the Loan (but, if in part, being an amount that
      reduces the Loan by a minimum amount of ZAR25,000,000).

	 	 	 	 
		(b) 	
      A Loan may only be prepaid after the last day of the
      Availability Period (or, if earlier, the day on which the Available
      Facility is zero).

	 	 	 	 
	11.5 	
      Right of cancellation and repayment in relation to a
      single Lender

	 	 	 	 
		(a) 	
      If:

	 	 	 	 
			(i) 	
      any sum payable to any Lender by the Borrower is required
      to be increased under paragraph (c) of Clause 18.2 (Tax gross-up);
      or

	 	 	 	 
			(ii) 	
      any Lender claims indemnification from the Borrower under
      Clause 18.3 (Tax indemnity) or Clause 19.1 (Increased
      costs),

	 	 	 	 
			
      the Borrower may, whilst the circumstance giving rise to
      the requirement for indemnification continues, give the Senior Agent
      notice of cancellation of the Commitment of that Lender and its intention
      to procure the repayment of that Lender's participation in the
    Loans.

	 	 	 	 
		(b) 	
      On receipt of a notice referred to in paragraph (a) above
      in relation to a Lender, the Commitment of that Lender shall immediately
      be reduced to zero.

	 	 	 	 
		(c) 	
      On the last day of each Interest Period which ends after
      the Borrower has given notice under paragraph (a) above in relation to a
      Lender (or, if earlier, the date specified by the Borrower in that
      notice), the Borrower shall repay that Lender's participation in the Loans
      together with all interest and other amounts accrued under the Finance
      Documents.

	 	 	 	 
	12. 	
      MANDATORY PREPAYMENTS:

	 	 	 	 
	12.1 	
      Change of Control

	 	 	 	 
		
      Upon the occurrence of:

- 67 -

	 	(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 Senior Agent upon
      becoming aware of that event; and

	 	 	 
	 	(ii) 	
      the Senior Agent shall, if the Majority Lenders so
      require (whether or not the Borrower complied with paragraph (i) above),
      promptly cancel the Facilities and declare the Loans, together with
      accrued interest and all other amounts accrued under the Finance
      Documents, immediately due and payable, whereupon the Facilities will be
      cancelled and all such outstanding amounts will become immediately due and
      payable.

	12.2 	
      Opco Funding Loan

	 	 	 
		
      Upon the occurrence of any prepayment or repayment of the
      Opco Funding Loan pursuant to a Permitted Disposal of the assets of a
      Project Company and the shares in a Project Company contemplated by
      paragraph (e) of the definition of Permitted Disposal, the Borrower
      shall:

	 	 	 
		(a) 	
      promptly notify the Senior Agent upon becoming aware of
      that event;

	 	 	 
		(b) 	
      procure that the proceeds of prepayment or repayment of
      the Opco Funding Loan are utilised towards proportionately prepaying the
      loans to RPM and the Borrower under the Holdco Funding Loan Agreements;
      and

	 	 	 
		(c) 	
      utilise the proceeds received by it under the Plateau
      Funding Loan Agreement to make a prepayment of the Loans
  hereunder.

	 	 	 
	13. 	
      RESTRICTIONS

	 	 	 
	13.1 	
      Notices of Cancellation or Prepayment

	 	 	 
		
      Any notice of cancellation, prepayment, authorisation or
      other election given by any Party under Clause 11 (Illegality,
      voluntary prepayment and cancellation) shall (subject to the terms of
      that Clause) be irrevocable and, unless a contrary indication appears in
      this Agreement, any such notice shall specify the date or dates upon which
      the relevant cancellation or prepayment is to be made and the amount of
      that cancellation or prepayment.

	 	 	 
	13.2 	
      Interest and other amounts

	 	 	 
		
      Any prepayment under this Agreement shall be made
      together with accrued interest on the amount prepaid and Break Costs (if
      applicable), and otherwise (except as may arise under the Plateau Hedging
      Documents) without premium or penalty, provided that if a Lender obtains
      any Break Gains as a result of such prepayment, such Break Gains shall be
      payable by the Lender to the Borrower.

- 68 -

	13.3 	
      No reborrowing of the Facilities

	 	 
		
      The Borrower may not reborrow any part of the Facility
      which is prepaid including, for the avoidance of doubt, any portion of the
      Rollup Interest Loan.

	 	 
	13.4 	
      Prepayment in accordance with Agreement

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

	 	 
	13.5 	
      No reinstatement of Commitments

	 	 
		
      No amount of the Total Commitments cancelled under this
      Agreement may be subsequently reinstated.

	 	 
	13.6 	
      Senior Agent's receipt of Notices

	 	 
		
      If the Senior Agent receives a notice under Clause 11
      (Illegality, voluntary prepayment and cancellation) it shall
      promptly forward a copy of that notice or election to either the Borrower
      or the affected Lender, as appropriate.

	 	 
	13.7 	
      Prepayment elections

	 	 
		
      The Senior Agent shall notify the Lenders as soon as
      possible of any proposed prepayment of any Loan under Clause 11.4
      (Voluntary prepayment of Loans).

- 69 -

SECTION 5 

COSTS OF UTILISATION

	14. 	
      INTEREST

	 	 	 	 
	14.1 	
      Calculation of interest

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

	 	 	 	 
		(a) 	
      Margin;

	 	 	 	 
		(b) 	
      JIBAR; and

	 	 	 	 
		(c) 	
      Mandatory Costs,

	 	 	 	 
		
      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.

	 	 	 	 
	14.2 	
      Payment of interest

	 	 	 	 
		(a) 	
      The Borrower shall, subject to paragraph (c) below, pay
      accrued interest on each Loan on each Interest Payment Date.

	 	 	 	 
		(b) 	
      Interest accruing on a Loan during an Interest Period
      which does not end on an Interest Payment Date, shall be capitalised to
      form part of the Loan on the last day of that Interest Period and shall,
      subject to paragraph (c) below, be payable on the next Interest Payment
      Date.

	 	 	 	 
		(c) 	
      During the Rollup Period and only to the extent there are
      insufficient proceeds standing to the credit of the Borrower Proceeds
      Account on an Interest Payment Date or the last day of an Interest Period
      which is not an Interest Payment Date, as applicable (after the
      utilisation of the drawdowns available under the RPM Standby Facility
      Agreement) (as certified by the Borrower not less than 10 (ten) Business
      Days prior to the relevant Interest Payment Date or the last day of an
      Interest Period, as applicable, in a Borrower Certification):

	 	 	 	 
			(i) 	
      accrued interest which cannot be paid on that Interest
      Payment Date shall be capitalised and shall comprise a Rollup Interest
      Loan; and

	 	 	 	 
			(ii) 	
      the Borrower may request that Net Swap Payments which
      cannot be paid on the last day of an Interest Period are funded by the
      Lenders under this Agreement and upon the Lenders funding such Net Swap
      Payments (by making payment of the amount of the relevant Net Swap Payment
      to the Senior Agent for distribution to the Borrower to allow the Borrower
      to make payment of such Net Swap Payments to the relevant Plateau Hedge
      Counterparties or into the Borrower Proceeds Account), the amount of the
      Net Swap Payment so funded will comprise a Rollup Interest
  Loan,

- 70 -

	 		
      provided that the aggregate amounts of interest so
      capitalised and Net Swap Payments so advanced during the Rollup Period may
      not exceed the Rollup Cap Amount. For the avoidance of doubt, if the
      Rollup Period ends during an Interest Period before an Interest Payment
      Date, all interest accruing during the remainder of the Interest Period
      (after the last day of the Rollup Period) shall be required to be paid in
      full on the next Interest Payment Date.

	 	 	 
	 	(d) 	
      The amount of each Lender's participation in each funded
      Net Swap Payment will be equal to the proportion borne by its
      participation in the Loans to the total Loans immediately prior to making
      the advance of the Net Swap Payment.

	14.3 	
      Default interest

	 	 	 	 
		(a) 	
      If an Obligor fails to pay any amount payable by it under
      a Finance Document on its due date, interest shall accrue on the overdue
      amount from the due date up to the date of actual payment (both before and
      after judgment) at a rate which, subject to paragraph (b) below, is 2% per
      annum higher than the rate which would have been payable if the overdue
      amount had, during the period of non-payment, constituted a Loan for
      successive Interest Periods, each of a duration selected by the Senior
      Agent (acting reasonably). Any interest accruing under this Clause 14.3
      shall be immediately payable by the Obligor on demand by the Senior
      Agent.

	 	 	 	 
		(b) 	
      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:

	 	 	 	 
			(i) 	
      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

	 	 	 	 
			(ii) 	
      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.

	 	 	 	 
		(c) 	
      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.

	 	 	 	 
	14.4 	
      Notification of rates of interest

	 	 	 	 
		
      The Senior Agent shall promptly notify the Lenders and
      the Borrower of the determination of a rate of interest under this
      Agreement.

	 	 	 	 
	15. 	
      INTEREST PERIODS

	 	 	 	 
	15.1 	
      Interest Periods

	 	 	 	 
		(a) 	
      The Interest Period for each Loan will, subject to Clause
      15.2 (Changes to Interest Periods), be 3 (three) Months or any
      other period agreed between the

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      Borrower and the Senior Agent (acting on the instructions
      of all the Lenders), provided that the first Interest Period will commence
      on the Utilisation Date and end on the day before the first Interest
      Payment Date and the last Interest Period shall commence on the last
      Interest Payment Date prior to the Termination Date and end on the
      Termination Date.

	 	 	 
	 	(b) 	
      An Interest Period for a Loan shall not extend beyond the
      Termination Date.

	 	 	 
	 	(c) 	
      Each Interest Period for each Loan shall start on the
      Utilisation Date or (if already made) on the day immediately following the
      last day of its preceding Interest Period.

	 	 	 
	 	(d) 	
      If two or more Interest Periods relating to Rollup
      Interest Loans end on the same date, those Rollup Interest Loans will be
      consolidated into, and treated as, a single Rollup Interest Loan, on the
      last day of the Interest Period.

	 	 	 
	 	(e) 	
      Prior to the Syndication Date, Interest Periods may be
      shortened to one Month or such other period as the Senior Agent and the
      Borrower may agree in writing and any Interest Period which would
      otherwise end during the Month preceding or extend beyond the Syndication
      Date shall end on the Syndication Date.

	15.2 	
      Changes to Interest Periods

	 	 	 
		(a) 	
      Prior to the commencement of an Interest Period for the
      Loans, the Senior Agent may shorten that Interest Period for any Loan to
      ensure there are sufficient Loans which have an Interest Period ending on
      a Repayment Date for the Borrower to make the relevant Repayment
      Instalment due on that date.

	 	 	 
		(b) 	
      If the Senior Agent makes any changes to an Interest
      Period referred to in this Clause 15.2, it shall promptly notify the
      Borrower and the Lenders in writing and in any event no later than 5
      (five) days prior to the due date of the relevant Interest Payment
      Date.

	 	 	 
	15.3 	
      Non-Business Days

	 	 	 
		
      If an Interest Period would otherwise end on a day which
      is not a Business Day, that Interest Period will instead end on the next
      Business Day in that calendar month (if there is one) or the preceding
      Business Day (if there is not).

	 	 	 
	16. 	
      CHANGES TO THE CALCULATION OF INTEREST

	 	 	 
	16.1 	
      Absence of quotations

	 	 	 
		
      Subject to Clause 16.2 (Market disruption), if
      JIBAR is to be determined by reference to the Reference Banks but a
      Reference Bank does not supply a quotation by the Specified Time on the
      Quotation Day, the applicable JIBAR shall be determined on the basis of
      the quotations of the remaining Reference Banks.

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	16.2 	
      Market disruption

	 	 	 	 
		(a) 	
      If a Market Disruption Event occurs in relation to a Loan
      for any Interest Period, then the rate of interest on each Lender's share
      of that Loan for the Interest Period shall be the percentage rate per
      annum which is the sum of:

	 	 	 	 
			(i) 	
      the Margin;

	 	 	 	 
			(ii) 	
      the rate notified to the Senior Agent by that 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 that Lender of funding its
      participation in that Loan from whatever source it may reasonably select;
      and

	 	 	 	 
			(iii) 	
      the Mandatory Cost.

	 	 	 	 
		(b) 	
      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 Senior Agent to determine JIBAR for the relevant
      Interest Period.

	 	 	 	 
	16.3 	
      Alternative basis of interest or funding

	 	 	 	 
		(a) 	
      If a Market Disruption Event occurs and the Senior Agent
      or the Borrower so requires, the Senior Agent 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.

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

	 	 	 	 
	16.4 	
      Break Costs and Break Gains

	 	 	 	 
		(a) 	
      The Borrower shall, within 3 (three) Business Days of
      demand by a Finance Party, pay to that Finance Party its Break Costs
      attributable to all or any part of a Loan or Unpaid Sum being paid by the
      Borrower on a day other than the last day of an Interest Period for that
      Loan or Unpaid Sum.

	 	 	 	 
		(b) 	
      Each Lender shall, as soon as reasonably practicable
      after a demand by the Senior Agent, provide a certificate confirming the
      amount and calculation of its Break Costs for any Interest Period in which
      they accrue.

	 	 	 	 
		(c) 	
      If a Lender obtains Break Gains attributable to all or
      any part of a Loan or Unpaid Sum being paid by the Borrower on a day other
      than the last day of an Interest Period for that Loan or Unpaid Sum (other
      than where an Event of Default is continuing), that Lender shall make
      payment of such Break Gains to the Borrower within 3 (three) Business Days
      of demand by the Borrower.

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	17. 	
      FEES

	 	 	 
	17.1 	
      Commitment fee

	 	 	 
		(a) 	
      The Borrower shall pay to the Senior Agent (for the
      account of each Lender) a fee in Rands computed at the rate of 1% per
      annum on that Lender’s Available Commitment for the period from the date
      of this Agreement to and including the Utilisation Date.

	 	 	 
		(b) 	
      The accrued commitment fee is payable on the last day of
      the Availability Period and on the cancelled amount of the relevant
      Lender's Commitment at the time any cancellation is effective.

	 	 	 
	17.2 	
      Arrangement fee

	 	 	 
		
      The Borrower shall pay to the Arranger a structuring,
      arrangement and underwriting fee in the amount and at the times agreed in
      a Fee Letter.

	 	 	 
	17.3 	
      Agency fee

	 	 	 
		
      The Borrower shall pay to the Senior Agent (for its own
      account) an agency fee in the amount and at the times agreed in a Fee
      Letter.

	 	 	 
	17.4 	
      Security Agent fee

	 	 	 
		
      The Borrower shall pay to the Security Agent (for its own
      account) the Security Agent fee in the amount and at the times agreed in a
      Fee Letter.

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SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS

	18. 	
      TAX GROSS UP AND INDEMNITIES

	 	 	 
	18.1 	
      Definitions

	 	 	 
		(a) 	
      In this Agreement:

	 	 	 
			
      “Protected Party” means a Finance Party which is
      or will be subject to any liability or required to make any payment for or
      on account of Tax in relation to a sum received or receivable (or any sum
      deemed for the purposes of Tax to be received or receivable) under a
      Finance Document.

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

	 	 	 
			
      “Tax Deduction” means a deduction or withholding
      for or on account of Tax from a payment under a Finance
Document.

	 	 	 
			
      “Tax Payment” means either the increase in a
      payment made by an Obligor to a Finance Party under Clause 18.2 (Tax
      gross-up) or a payment under Clause 18.3 (Tax
  indemnity).

	 	 	 
		(b) 	
      Unless a contrary indication appears, in this Clause 18 a
      reference to “determines” or “determined” means a
      determination made in the absolute discretion of the person making the
      determination.

	 	 	 
	18.2 	
      Tax gross-up

	 	 	 
		(a) 	
      Each Obligor shall make all payments to be made by it
      without any Tax Deduction, unless a Tax Deduction is required by
    law.

	 	 	 
		(b) 	
      The Borrower shall promptly upon becoming aware that an
      Obligor must make a Tax Deduction (or that there is any change in the rate
      or the basis of a Tax Deduction) notify the Senior Agent accordingly.
      Similarly, a Lender shall notify the Senior Agent on becoming so aware in
      respect of a payment payable to that Lender. If the Senior Agent receives
      such notification from a Lender it shall notify the Borrower and that
      Obligor.

	 	 	 
		(c) 	
      If a Tax Deduction is required by law to be made by an
      Obligor, the amount of the payment due from that Obligor shall be
      increased to an amount which (after making any Tax Deduction) leaves an
      amount equal to the payment which would have been due if no Tax Deduction
      had been required.

	 	 	 
		(d) 	
      If an Obligor is required to make a Tax Deduction, that
      Obligor shall make that Tax Deduction and any payment required in
      connection with that Tax Deduction within the time allowed and in the
      minimum amount required by law.

- 75 -

	 	(e) 	
      Within thirty days of making either a Tax Deduction or
      any payment required in connection with that Tax Deduction, the Obligor
      making that Tax Deduction shall deliver to the Senior Agent for the
      Finance Party entitled to the payment evidence reasonably satisfactory to
      that Finance Party that the Tax Deduction has been made or (as applicable)
      any appropriate payment paid to the relevant taxing authority.

	 	 	 
	 	(f) 	
      A Lender and each Obligor which makes a payment to which
      that Lender is entitled shall co-operate in completing any procedural
      formalities (including, without limitation, the delivery of any necessary
      forms and certificates required by applicable law) necessary for that
      Obligor to obtain authorisation to make that payment without a Tax
      Deduction or to make that payment with a lesser Tax
  Deduction.

	18.3 	
      Tax indemnity

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

	 	 	 	 
		(b) 	
      Paragraph (a) above shall not apply with respect to any
      Tax assessed on a Finance Party:

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

	 	 	 	 
			(ii) 	
      under the law of the jurisdiction in which that Finance
      Party's Facility Office is located in respect of amounts received or
      receivable in that jurisdiction,

	 	 	 	 
			
      if that Tax is imposed on or calculated by reference to
      the net income received or receivable (but not any sum deemed to be
      received or receivable) by that Finance Party;

	 	 	 	 
			(iii) 	
      to the extent a loss, liability or cost is compensated
      for by an increased payment under clause 18.2 (Tax gross-up);
    or

	 	 	 	 
			(iv) 	
      to the extent a loss, liability or cost arises as a
      result of a failure by a Protected Party to comply with its filing
      obligations in relation to a Tax.

	 	 	 	 
		(c) 	
      A Protected Party making, or intending to make a claim
      under paragraph (a) above shall promptly notify the Senior Agent of the
      event which will give, or has given, rise to the claim, following which
      the Senior Agent shall notify the Borrower.

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	 	(d) 	
      A Protected Party shall, on receiving a payment from an
      Obligor under this Clause 18.3, notify the Senior
Agent.

	18.4 	
      Tax Credit

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

	 	 	 
		(a) 	
      a Tax Credit is attributable either to an increased
      payment of which that Tax Payment forms part or to that Tax Payment;
      and

	 	 	 
		(b) 	
      that Finance Party has obtained, utilised and retained
      that Tax Credit,

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

	 	 	 
	18.5 	
      Stamp taxes

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

	 	 	 
	18.6 	
      Value added tax

	 	 	 
		(a) 	
      All consideration expressed to be payable under a Finance
      Document by any Party to a Finance Party shall be deemed to be exclusive
      of any VAT. Subject to paragraph (b) below, if VAT is chargeable on any
      supply made by any Finance Party to any Party in connection with a Finance
      Document, that Party shall pay to the Finance Party (in addition to and at
      the same time as paying the consideration) an amount equal to the amount
      of the VAT and such Finance Party shall promptly provide an appropriate
      VAT invoice to such Party.

	 	 	 
		(b) 	
      If VAT is chargeable on any supply made by any Finance
      Party (the “Supplier”) to any other Finance Party (the
      “Recipient”) in connection with a Finance Document, and any Party
      is required by the terms of any Finance Document to pay an amount equal to
      the consideration for such supply to the Supplier, such Party shall also
      pay to the Supplier (in addition to and at the same time as paying such
      amount) an amount equal to the amount of such VAT.

	 	 	 
		(c) 	
      Where a Finance Document requires any Party to reimburse
      a Finance Party for any costs or expenses, that Party shall also at the
      same time pay and indemnify the Finance Party against all VAT incurred by
      the Finance Party in respect of the costs or expenses to the extent that
      the Finance Party reasonably

- 77 -

determines that it is not entitled to
credit or repayment from the relevant tax authority in respect of the VAT. 

	19. 	
      INCREASED COSTS

	 	 	 	 
	19.1 	
      Increased costs

	 	 	 	 
		(a) 	
      Subject to Clause 19.3 (Exceptions) the Borrower
      shall, within three Business Days of a demand by the Senior Agent, pay for
      the account of a Finance Party the amount of any Increased Costs incurred
      by that Finance Party or any of its Affiliates as a result of (i) the
      introduction of or any change in (or in the interpretation, administration
      or application of) any law or regulation or (ii) compliance with any law
      or regulation made after the date of this Agreement.

	 	 	 	 
		(b) 	
      In this Agreement “Increased Costs”
  means:

	 	 	 	 
			(i) 	
      a reduction in the rate of return from the Facility or on
      a Finance Party's (or its Affiliate's) overall capital;

	 	 	 	 
			(ii) 	
      an additional or increased cost; or

	 	 	 	 
			(iii) 	
      a reduction of any amount due and payable under any
      Finance Document;

	 	 	 	 
			
      which is incurred or suffered by a Finance Party or any
      of its Affiliates to the extent that it is attributable to that Finance
      Party having entered into its Commitment or funding or performing its
      obligations under any Finance Document.

	 	 	 	 
	19.2 	
      Increased cost claims

	 	 	 	 
		(a) 	
      A Finance Party intending to make a claim pursuant to
      Clause 19.1 (Increased costs) shall notify the Senior Agent of the
      event giving rise to the claim, following which the Senior Agent shall
      promptly notify the Borrower.

	 	 	 	 
		(b) 	
      Each Finance Party shall, as soon as practicable after a
      demand by the Senior Agent, provide a certificate confirming the amount of
      its Increased Costs and the basis for its claim of Increased
  Costs.

	 	 	 	 
	19.3 	
      Exceptions

	 	 	 	 
		(a) 	
      Clause 19.1 (Increased costs) does not apply to
      the extent any Increased Cost is:

	 	 	 	 
			(i) 	
      attributable to a Tax Deduction required by law to be
      made by the Borrower;

	 	 	 	 
			(ii) 	
      compensated for by Clause 18.3 (Tax indemnity) (or
      would have been compensated for under Clause 18.3 (Tax indemnity)
      but was not so compensated solely because one of the exclusions in
      paragraph (b) of Clause 18.3 (Tax indemnity)
  applied);

- 78 -

	 	(iii) 	
      compensated for by the payment of the Mandatory Cost;
      or

	 	 	 
	 	(iv) 	
      attributable to the wilful breach of or non compliance
      with, any law or regulation by the relevant Finance Party or its
      Affiliates.

	 	(b) 	
      In this Clause 19.3 reference to a “Tax Deduction”
      has the same meaning given to the term in Clause 18.1
      (Definitions).

	20. 	
      OTHER INDEMNITIES

	 	 	 	 
	20.1 	
      Currency indemnity

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

	 	 	 	 
			(i) 	
      making or filing a claim or proof against that Obligor;
      or

	 	 	 	 
			(ii) 	
      obtaining or enforcing an order, judgment or award in
      relation to any litigation or arbitration proceedings,

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

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

	 	 	 	 
	20.2 	
      Other indemnities

	 	 	 	 
		(a) 	
      The Borrower shall (or shall procure that an Obligor
      will), within three Business Days of demand, indemnify each Finance Party
      against any cost, loss or liability incurred by it as a result
  of:

	 	 	 	 
			(i) 	
      the occurrence of any Event of Default;

	 	 	 	 
			(ii) 	
      a failure by an Obligor to pay any amount due under a
      Finance Document on its due date, including without limitation, any cost,
      loss or liability arising as a result of Clause 33 (Sharing among the
      Finance Parties);

	 	 	 	 
			(iii) 	
      funding, or making arrangements to fund, its
      participation in a Loan requested by the Borrower in the Utilisation
      Request but not made by reason of the operation of any one or more of the
      provisions of this

- 79 -

	 		
      Agreement (other than by reason of default or negligence
      by that Finance Party alone); or

	 	 	 
	 	(iv) 	
      the Utilisation (or part of the Utilisation) not being
      prepaid in accordance with a notice of prepayment given by the
      Borrower.

	 	(b) 	
      The Borrower shall promptly indemnify each Finance Party,
      each Affiliate of a Finance Party and each officer or employee of a
      Finance Party or its Affiliate, against any cost, loss or liability
      incurred (provided in relation to a cost, it was reasonably incurred) by
      that Finance Party or its Affiliate (or officer or employee of that
      Finance Party or Affiliate) in connection with or arising out of the
      Acquisition or the funding of the Acquisition (including but not limited
      to those incurred in connection with any litigation, arbitration or
      administrative proceedings or regulatory enquiry concerning the
      Acquisition), unless such loss or liability is caused by the gross
      negligence or wilful misconduct of that Finance Party or its Affiliate (or
      employee or officer of that Finance Party or Affiliate). Any Affiliate or
      any officer or employee of a Finance Party or its Affiliate may rely on
      this Clause 20.2, as a stipulatio
alteri.

	20.3 	
      Indemnity to the Senior Agent

	 	 	 	 
		
      The Borrower shall promptly indemnify the Senior Agent
      against any cost, loss or liability incurred by the Senior Agent (acting
      reasonably) as a result of:

	 	 	 	 
		(a) 	
      investigating any event which it reasonably believes is a
      Default;

	 	 	 	 
		(b) 	
      entering into or performing any foreign exchange contract
      for the purposes of paragraph (b) of clause 34.9 (Change of
      Currency); or

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

	 	 	 	 
	20.4 	
      Indemnity to the Security Agent and the Plateau
      Security SPV

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

	 	 	 	 
			(i) 	
      the taking, holding, protection or enforcement of the
      Transaction Security,

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

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

- 80 -

	 	(b) 	
      The Security Agent and/or the Plateau Security SPV may,
      in priority to any payment to the Secured Parties, indemnify itself out of
      the Secured Assets in respect of, and pay and retain, all sums necessary
      to give effect to the indemnity in this Clause 20.4 and shall have a lien
      on the Transaction Security and the proceeds of the enforcement of the
      Transaction Security for all monies payable to
it.

	21. 	
      MITIGATION BY THE LENDERS

	 	 	 
	21.1 	
      Mitigation

	 	 	 
		(a) 	
      Each Finance Party shall, in consultation with the
      Borrower, take all reasonable steps to mitigate any circumstances which
      arise and which would result in any amount becoming payable under or
      pursuant to, or cancelled pursuant to, any of Clause 11.1
      (Illegality), Clause 18 (Tax gross-up and indemnities) or
      Clause 19 (Increased Costs) or by way of Mandatory Costs including
      (but not limited to) transferring its rights and obligations under the
      Finance Documents to another Affiliate or Facility Office.

	 	 	 
		(b) 	
      Paragraph (a) above does not in any way limit the
      obligations of any Obligor under the Finance Documents.

	 	 	 
	21.2 	
      Limitation of liability

	 	 	 
		(a) 	
      The Borrower shall indemnify each Finance Party within 3
      (three) Business Days of demand for all costs and expenses reasonably
      incurred by that Finance Party as a result of steps taken by it under
      Clause 21.1 (Mitigation).

	 	 	 
		(b) 	
      A Finance Party is not obliged to take any steps under
      Clause 21.1 (Mitigation) if, in the opinion of that Finance Party
      (acting reasonably), to do so might be prejudicial to it.

	 	 	 
	22. 	
      COSTS AND EXPENSES

	 	 	 
	22.1 	
      Transaction expenses

	 	 	 
		
      The Borrower shall within 3 (three) Business Days of
      demand pay each Finance Party the amount of all costs and expenses
      (including legal fees) reasonably incurred by any of them (and, in the
      case of the Security Agent and/or the Plateau Security SPV, by any
      Delegate) in connection with the negotiation, preparation, printing,
      execution, syndication (other than syndication related costs incurred in
      connection with the execution of Assignment Agreements and accession of
      Lenders made after close of primary syndication) and perfection
  of:

	 	 	 
		(a) 	
      this Agreement and any other documents referred to in
      this Agreement and the Transaction Security;

	 	 	 
		(b) 	
      any other Finance Documents executed after the date of
      this Agreement.

- 81 -

	22.2 	
      Amendment costs

	 	 	 
		
      If (a) an Obligor requests an amendment, waiver or
      consent or (b) an amendment is required pursuant to Clause 34.9 (Change
      of currency), the Borrower shall, within 3 (three) Business Days of
      demand, reimburse each Finance Party for the amount of all costs and
      expenses (including legal fees) reasonably incurred by each Finance Party
      (and, in the case of the Security Agent and/or the Plateau Security SPV,
      by any Delegate) in responding to, evaluating, negotiating or complying
      with that request or requirement.

	 	 	 
	22.3 	
      Security Agent’s and the Plateau Security SPV’s
      ongoing costs

	 	 	 
		(a) 	
      In the event of (i) a Default or (ii) the Security Agent
      or the Plateau Security SPV considering it necessary or expedient or (iii)
      the Security Agent or the Plateau Security SPV being requested by an
      Obligor or the Majority Lenders to undertake duties which the Security
      Agent or the Plateau Security SPV and the Borrower agree to be of an
      exceptional nature and/or outside the scope of the normal duties of the
      Security Agent or the Plateau Security SPV under the Finance Documents,
      the Borrower shall pay to the Security Agent and/or the Plateau Security
      SPV any additional remuneration that may be agreed between them.

	 	 	 
		(b) 	
      If the Security Agent or the Plateau Security SPV, as the
      case may be, and the Borrower fail to agree upon the nature of the duties
      or upon any additional remuneration, that dispute shall be determined by
      an investment bank (acting as an expert and not as an arbitrator) selected
      by the Security Agent or the Plateau Security SPV, as the case may be, and
      approved by the Borrower or, failing approval, nominated (on the
      application of the Security Agent or the Plateau Security SPV, as the case
      may be) by the President for the time being of the Law Society of England
      and Wales (the costs of the nomination and of the investment bank being
      payable by the Borrower) and the determination of any investment bank
      shall be final and binding upon the parties to this Agreement.

	 	 	 
	22.4 	
      Enforcement and preservation costs

	 	 	 
		
      Subject to any binding court order to the contrary, the
      Borrower shall, within 3 (three) Business Days of demand, pay to each
      Finance Party the amount of all costs and expenses (including legal fees)
      incurred by it in connection with the enforcement of or the preservation
      of any rights under any Finance Document and the Transaction Security and
      any proceedings instituted by or against the Plateau Security SPV as a
      consequence of taking or holding the Transaction Security or enforcing
      these rights.

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SECTION 7 

GUARANTEE

	23. 	
      GUARANTEE AND INDEMNITY

	 	 	 
	23.1 	
      Guarantee and indemnity

	 	 	 
		
      Each Guarantor irrevocably and unconditionally jointly
      and severally:

	 	 	 
		(a) 	
      guarantees to each Finance Party punctual payment when
      due by each other Obligor of all that Obligor's payment obligations under
      the Finance Documents;

	 	 	 
		(b) 	
      undertakes with each Finance Party that whenever another
      Obligor does not pay any amount when due under or in connection with any
      Finance Document, that Guarantor shall immediately on demand pay that
      amount as if it was the principal obligor; and

	 	 	 
		(c) 	
      indemnifies each Finance Party immediately on demand
      against any cost, loss or liability suffered by that Finance Party if any
      obligation guaranteed by it is or becomes unenforceable, invalid or
      illegal. The amount of the cost, loss or liability shall be equal to the
      amount which that Finance Party would otherwise have been entitled to
      recover.

	 	 	 
	23.2 	
      Continuing Guarantee

	 	 	 
		
      This guarantee is a continuing guarantee and will extend
      to the ultimate balance of sums payable by any Obligor under the Finance
      Documents, regardless of any intermediate payment or discharge in whole or
      in part.

	 	 	 
	23.3 	
      Reinstatement

	 	 	 
		
      If any payment by an Obligor or any discharge given by a
      Finance Party (whether in respect of the obligations of any Obligor or any
      security for those obligations or otherwise) is avoided or reduced as a
      result of insolvency or any similar event:

	 	 	 
		(a) 	
      the liability of each Obligor shall continue as if the
      payment, discharge, avoidance or reduction had not occurred; and

	 	 	 
		(b) 	
      each Finance Party shall be entitled to recover the value
      or amount of that security or payment from each Obligor, as if the
      payment, discharge, avoidance or reduction had not occurred.

	 	 	 
	23.4 	
      Waiver of defences

	 	 	 
		
      The obligations of each Guarantor under this Clause 23
      will not be affected by an act, omission, matter or thing which, but for
      this Clause 23, would reduce, release or prejudice any of its obligations
      under this Clause 23 (without limitation and whether or not known to it or
      any Finance Party) including:

	 	 	 
		(a) 	
      any time, waiver or consent granted to, or composition
      with, any Obligor or other person;

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	 	(b) 	
      the release of any other Obligor or any other person
      under the terms of any composition or arrangement with any creditor of any
      member of the Group;

	 	 	 
	 	(c) 	
      the taking, variation, compromise, exchange, renewal or
      release of, or refusal or neglect to perfect, take up or enforce, any
      rights against, or security over assets of, any Obligor or other person or
      any non-presentation or non- observance of any formality or other
      requirement in respect of any instrument or any failure to realise the
      full value of any security;

	 	 	 
	 	(d) 	
      any incapacity or lack of power, authority or legal
      personality of or dissolution or change in the members or status of an
      Obligor or any other person;

	 	 	 
	 	(e) 	
      any amendment, novation, supplement, extension (whether
      of maturity or otherwise) or restatement (in each case, however
      fundamental and of whatsoever nature) or replacement of a Finance Document
      or any other document or security;

	 	 	 
	 	(f) 	
      any unenforceability, illegality or invalidity of any
      obligation of any person under any Finance Document or any other document
      or security; or

	 	 	 
	 	(g) 	
      any insolvency or similar
proceedings.

	23.5 	
      Guarantor Intent

	 	 
		
      Without prejudice to the generality of Clause 23.4
      (Waiver of Defences), each Guarantor expressly confirms that it
      intends that this guarantee shall extend from time to time to any (however
      fundamental) variation, increase, extension or addition of or to any of
      the Finance Documents and/or any facility or amount made available under
      any of the Finance Documents for the purposes of or in connection with any
      of the following: acquisitions of any nature; increasing working capital;
      enabling investor distributions to be made; carrying out restructurings;
      refinancing existing facilities; refinancing any other indebtedness;
      making facilities available to new borrowers; any other variation or
      extension of the purposes for which any such facility or amount might be
      made available from time to time; and any fees, costs and/or expenses
      associated with any of the foregoing.

	 	 
	23.6 	
      Immediate recourse

	 	 
		
      Each Guarantor waives any right it may have of first
      requiring any Finance Party (or any trustee or agent on its behalf) to
      proceed against or enforce any other rights or security or claim payment
      from any person before claiming from that Guarantor under this Clause 23.
      This waiver applies irrespective of any law or any provision of a Finance
      Document to the contrary.

	 	 
	23.7 	
      Appropriations

	 	 
		
      Until all amounts which may be or become payable by the
      Obligors under or in connection with the Finance Documents have been
      irrevocably paid in full, each Finance Party (or any trustee or agent on
      its behalf) may without affecting the liability of any of the Guarantors
      under this Clause 23:

- 84 -

	 	(a) 	
      refrain from applying or enforcing any other moneys,
      security or rights held or received by that Finance Party (or any trustee
      or agent on its behalf) in respect of those amounts, or apply and enforce
      the same in such manner and order as it sees fit (whether against those
      amounts or otherwise) and no Guarantor shall be entitled to the benefit of
      the same; and

	 	 	 
	 	(b) 	
      hold in an interest-bearing suspense account any moneys
      received from any Guarantor or on account of any Guarantor's liability
      under this Clause 23.

	23.8 	
      Deferral of Guarantors' rights

	 	 	 
		
      Until all amounts which may be or become payable by the
      Obligors under or in connection with the Finance Documents have been
      irrevocably paid in full and unless the Senior Agent otherwise directs, no
      Guarantor will exercise any rights which it may have by reason of payment
      by it of any amounts owing under the Finance Documents:

	 	 	 
		(a) 	
      to be indemnified by an Obligor;

	 	 	 
		(b) 	
      to claim any contribution from any other guarantor of any
      Obligor's obligations under the Finance Documents; and/or

	 	 	 
		(c) 	
      to take the benefit (in whole or in part and whether by
      way of subrogation or otherwise) of any rights of the Finance Parties
      under the Finance Documents or of any other guarantee or security taken
      pursuant to, or in connection with, the Finance Documents by any Finance
      Party.

	 	 	 
		
      If a Guarantor receives any benefit, payment or
      distribution in relation to such rights it shall hold that benefit,
      payment or distribution to the extent necessary to enable all amounts
      which may be or become payable to the Finance Parties by the Obligors
      under or in connection with the Finance Documents to be repaid in full on
      trust for the Finance Parties and shall promptly pay or transfer the same
      to the Senior Agent or as the Senior Agent may direct for application in
      accordance with Clause 34 (Payment mechanics) of this
    Agreement.

	 	 	 
	23.9 	
      Release of Guarantors' right of
  contribution

	 	 	 
		
      If any Guarantor (a “Retiring Guarantor”) ceases
      to be a Guarantor in accordance with the terms of the Finance Documents
      for the purpose of any sale or other disposal of that Retiring Guarantor
      then on the date such Retiring Guarantor ceases to be a
  Guarantor:

	 	 	 
		(a) 	
      that Retiring Guarantor is released by each other
      Guarantor from any liability (whether past, present or future and whether
      actual or contingent) to make a contribution to any other Guarantor
      arising by reason of the performance by any other Guarantor of its
      obligations under the Finance Documents; and

	 	 	 
		(b) 	
      each other Guarantor waives any rights it may have by
      reason of the payment by it of any amount owing under the Finance
      Documents to take the benefit (in whole or in part and whether by way of
      subrogation or otherwise) of any rights of the Finance Parties under any
      Finance Document or of any other

- 85 -

security taken pursuant to, or in
connection with, any Finance Document where such rights or security are granted
by or in relation to the assets of the Retiring Guarantor. 

	23.10 	
      Additional security

	 	 	 
		
      This guarantee is in addition to and is not in any way
      prejudiced by any other guarantee or security now or subsequently held by
      any Finance Party.

	 	 	 
	23.11 	
      Guarantee Limitations

	 	 	 
		(a) 	
      This guarantee does not apply to any liability to the
      extent that it would result in this guarantee constituting unlawful
      financial assistance within the meaning of Section 38 of the Companies
      Act, 1973 of South Africa or any equivalent and applicable provisions
      under the laws of the jurisdiction of incorporation of the relevant
      Guarantor.

	 	 	 
		(b) 	
      The maximum amount recoverable by the Finance Parties
      from the Original Guarantor under this guarantee shall be limited to the
      amount of proceeds arising on the enforcement of the Transaction Security
      given by the Original Guarantor.

- 86 -

SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

	24. 	
      REPRESENTATIONS

	 	 	 
	24.1 	
      General

	 	 	 
		(a) 	
      Save as otherwise expressly provided in this Agreement in
      relation to any particular representation and warranty, each Obligor makes
      the representations and warranties set out in this Clause 24 to each
      Finance Party and where applicable in relation to any representation and
      warranty, subject to the disclosures contained in the Disclosure
      Schedule.

	 	 	 
		(b) 	
      In relation to the representations and warranties made on
      the date of this Agreement and any other date on or before the Closing
      Date, it is assumed that Completion has occurred and each applicable
      Obligor giving the representations and warranties has, in relation to the
      Holdco Group, the knowledge of the executive directors of Holdco and Opco
      insofar as the representations and warranties relate to Holdco or
    Opco.

	 	 	 
	24.2 	
      Status

	 	 	 
		(a) 	
      It and each of its Subsidiaries is a limited liability
      corporation, duly incorporated and validly existing under the law of its
      jurisdiction of incorporation.

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

	 	 	 
	24.3 	
      Binding obligations

	 	 	 
		
      Subject to the Legal Reservations:

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

	 	 	 
		(b) 	
      (without limiting the generality of paragraph (a) above),
      each Transaction Security Document to which it and each member of the
      Borrower Group has entered into creates (subject to the requirement for
      registration of the Transaction Security Documents referred to in
      paragraphs 2 to 5 of Part 1 (Opco Security Documents) of Schedule
      13 (Transaction Security Documents) the security interests which
      that Transaction Security Document purports to create and those security
      interests are valid and effective.

- 87 -

	24.4 	
      Non-conflict with other obligations

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

	 	 	 	 
		(a) 	
      any law or regulation applicable to it or each member of
      the Borrower Group;

	 	 	 	 
		(b) 	
      the constitutional documents of any member of the
      Borrower Group; or

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

	 	 	 	 
	24.5 	
      Power and authority

	 	 	 	 
		(a) 	
      It and each member of the Borrower Group has the power to
      enter into, perform and deliver, and has taken all necessary action to
      authorise its and each member of the Borrower Group’s entry into,
      performance and delivery of, the Transaction Documents to which it and
      each member of the Borrower Group is or will be a party and the
      transactions contemplated by those Transaction Documents.

	 	 	 	 
		(b) 	
      No limit on its powers will be exceeded as a result of
      the borrowing, grant of security or giving of guarantees or indemnities
      contemplated by the Transaction Documents to which it and each member of
      the Borrower Group is a party.

	 	 	 	 
	24.6 	
      Validity and admissibility in evidence

	 	 	 	 
		(a) 	
      All Authorisations required:

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

	 	 	 	 
			(ii) 	
      to make the Transaction Documents to which it and each
      member of the Borrower Group is a party admissible in evidence in its
      Relevant Jurisdictions,

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

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

- 88 -

	24.7 	
      Governing law and enforcement

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

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

	 	 	 
	24.8 	
      Insolvency

	 	 	 
		
      No:

	 	 	 
		(a) 	
      corporate action, legal proceeding or other procedure or
      step described in paragraph (a) of Clause 28.7 (Insolvency
      proceedings); or

	 	 	 
		(b) 	
      creditors' process described in Clause 28.8
      (Creditors' process),

	 	 	 
			
      has been taken or, to the knowledge of any Obligor,
      threatened in relation to any Obligor or a member of the Borrower Group;
      and none of the circumstances described in Clause 28.6 (Insolvency)
      applies to any Obligor or a member of the Borrower Group.

	 	 	 
	24.9 	
      No filing or stamp taxes

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

	 	 	 
		(a) 	
      registration of the Opco Security Documents referred to
      in paragraphs 2 to 5 of Part 1 of Schedule 13 (Transaction Security
      Document) at the applicable Deeds Registries in South Africa under the
      Deeds Registries Act, 1946 of South Africa or at the Mineral and Petroleum
      Titles Registration Office (as applicable) and payment of associated
      fees;

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

	 	 	 
		(c) 	
      as expressly provided for in the Legal Reservations
      expressed in the Cayman Islands or Canadian Legal Opinion.

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

- 89 -

	24.10 	
      Deduction of Tax

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

	 	 	 
	24.11 	
      No default

	 	 	 
		(a) 	
      No Event of Default and, on the date of this Agreement
      and the Closing Date, no Default is continuing or is reasonably likely to
      result from the making of any Loan or the entry into, the performance of,
      or any transaction contemplated by, any Transaction Document.

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

	 	 	 
	24.12 	
      No misleading information

	 	 	 
		
      Save as disclosed to the Senior Agent and the Arranger
      prior to the date of this Agreement (or, in relation to the Information
      Memorandum, prior to the date of the Information Memorandum):

	 	 	 
		(a) 	
      any factual information contained in the Information
      Memorandum or the Information Package was true and accurate in all
      material respects as at the date of the relevant report or document
      containing the information or (as the case may be) as at the date the
      information is expressed to be given;

	 	 	 
		(b) 	
      the financial projections contained in the Base Case
      Model have been prepared with due care, are fair and based on reasonable
      assumptions and have been approved by the board of directors of the
      Borrower;

	 	 	 
		(c) 	
      any financial projection or forecast contained in the
      Information Memorandum or the Information Package has been prepared with
      due care and on the basis of reasonable assumptions and was fair (as at
      the date of the relevant report or document containing the projection or
      forecast);

	 	 	 
		(d) 	
      the expressions of opinion or intention provided by or on
      behalf of the Parent, an Obligor or any member of the Borrower Group for
      the purposes of the Information Memorandum or the Information Package were
      made after careful consideration and (as at the date of the relevant
      report or document containing the expression of opinion or intention) were
      fair and based on reasonable grounds;

- 90 -

	 	(e) 	
      no event or circumstance has occurred or arisen and no
      information has been omitted from the Information Memorandum or the
      Information Package and no information has been given or withheld that
      results in the information, opinions, intentions, forecasts or projections
      contained in the Information Memorandum or the Information Package being
      untrue or misleading in any material respect;

	 	 	 
	 	(f) 	
      all material information provided to a Finance Party by
      or on behalf of the Parent or the Borrower in connection with the
      Acquisition and/or the Borrower Group on or before the date of this
      Agreement and not superseded before that date (whether or not contained in
      the Information Package) is accurate and not misleading in any material
      respect and all projections provided to any Finance Party on or before the
      date of this Agreement have been prepared in good faith on the basis of
      assumptions which were reasonable at the time at which they were prepared
      and supplied; and

	 	 	 
	 	(g) 	
      all other information provided by any member of the
      Borrower Group (including its advisers) to a Finance Party or the provider
      of any Report was true, complete and accurate in all material respects as
      at the date it was provided and is not misleading in any
  respect.

	24.13 	
      Original Financial Statements

	 	 	 	 
		(a) 	
      The Original Financial Statements were prepared in
      accordance with the Accounting Principles consistently applied.

	 	 	 	 
		(b) 	
      The audited Original Financial Statements give a true and
      fair view of the financial condition and results of operations of the
      Anooraq Group, the Borrower Group or the Holdco Group, as the case may be,
      during the relevant Financial Year.

	 	 	 	 
		(c) 	
      There has been no material adverse change in the assets,
      business or financial condition of any member of the Anooraq Group, the
      Borrower Group or the Holdco Group) since the date of the Original
      Financial Statements.

	 	 	 	 
		(d) 	
      The Original Financial Statements of the Borrower or
      Holdco do not consolidate the results, assets or liabilities of any person
      or business which does not form part of the Borrower Group or the Holdco
      Group, as the case may be.

	 	 	 	 
		(e) 	
      Its and each member of the Borrower Group’s most recent
      Annual Financial Statements, Semi-Annual Financial Statements and
      Quarterly Management Accounts delivered pursuant to Clause 25.1
      (Financial Statements):

	 	 	 	 
			(i) 	
      have been prepared in accordance with the Accounting
      Principles as applied to the Original Financial Statements;
  and

- 91 -

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

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

	 	 	 
	 	(g) 	
      Since the date of the most recent financial statements
      delivered pursuant to Clause 25.1 (Financial Statements) there has
      been no material adverse change in the business, assets or financial
      condition of any Obligor or any member of the Borrower
  Group.

	24.14 	
      No proceedings pending or threatened

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

	 	 	 
	24.15 	
      No breach of laws

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

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

	 	 	 
	24.16 	
      Environmental laws

	 	 	 
		(a) 	
      It and each member of the Borrower Group is in compliance
      with Clause 27.3 (Environmental compliance) and to the best of its
      knowledge and belief (having made due and careful enquiry) no
      circumstances have occurred which would prevent such compliance in a
      manner or to an extent which has or is reasonably likely to have a
      Material Adverse Effect.

	 	 	 
		(b) 	
      No Environmental Claim has been commenced or (to the best
      of its knowledge and belief (having made due and careful enquiry)) is
      threatened against it or any member of the Borrower Group where that claim
      has or is reasonably likely, if determined against it or that member of
      the Borrower Group, to have a Material Adverse Effect.

	 	 	 
		(c) 	
      The cost to the Borrower Group of compliance with
      Environmental Laws (including Environmental Permits) is (to the best of
      its knowledge and belief, having made due and careful enquiry) adequately
      provided for in the Base Case Model and the cost of compliance with the
      recommendations contained

- 92 -

in the Environmental Report is
adequately provided for in the Base Case Model.

	24.17 	
      Taxation

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

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

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

	 	 	 
	24.18 	
      Security and Financial Indebtedness

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

	 	 	 
		(b) 	
      No member of the Borrower Group has any Financial
      Indebtedness outstanding other than as permitted by this
  Agreement.

	 	 	 
	24.19 	
      Ranking

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

	 	 	 
	24.20 	
      Good title to assets

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

	 	 	 
	24.21 	
      Legal and beneficial ownership

	 	 	 
		(a) 	
      It and each member of the Borrower Group is the sole
      legal and beneficial owner of the respective assets over which it purports
      to grant Security.

	 	 	 
		(b) 	
      The Target Claim and all the Target Shares and Target
      Assets are or will be on the Closing Date legally and beneficially owned
      by the members of the Borrower Group as specified in the Structure
      Memorandum as owner of those shares and assets free from any claims, third
      party rights or competing interests other than Permitted Security
      permitted under Clause 27.15 (Negative
Pledge).

- 93 -

	24.22 	
      Shares

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

	 	 	 	 
	24.23 	
      Intellectual Property

	 	 	 	 
		
      It and each member of the Borrower Group:

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

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

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

	 	 	 	 
	24.24 	
      Group Structure Chart

	 	 	 	 
		(a) 	
      Assuming Completion has occurred and Steps 1 (Asset
      and Loan Impairment) to 7 (Capital Rebalance) of the Structure
      Memorandum have been completed, the Group Structure Charts delivered to
      the Senior Agent pursuant to 18(m) of Schedule 2 (Conditions
      Precedent) are true, complete and accurate in all material respects
      and shows the following information:

	 	 	 	 
			(i) 	
      each member of the Anooraq Group and each member of the
      Borrower Group, including current name and company registration number,
      its jurisdiction of incorporation and/or establishment, a list of
      shareholders and indicating whether a company is a Dormant Subsidiary or
      is not a company with limited liability, provided that in relation to the
      Parent the list of shareholders shall only be required to include the
      relevant members of the Pelawan Group;

	 	 	 	 
			(ii) 	
      all minority interests in each member of the Borrower
      Group and any person in which any member of the Anooraq Group and each
      member of the Borrower Group holds shares in its issued share capital or
      equivalent ownership interest of such person.

- 94 -

	 	(b) 	
      All necessary intra-Group loans, transfers, share
      exchanges and other steps resulting in the final Borrower Group structure
      are set out in the Borrower Group Structure Chart and have been or will be
      taken in compliance with all relevant laws and regulations and all
      requirements of relevant regulatory
authorities.

	24.25 	
      Mining Licenses

	 	 	 
		(a) 	
      Each member of the Borrower Group, other than the Project
      Companies, has been granted all Mining Licences required by it for the
      lawful conduct of its business and which are material for the conduct of
      its business

	 	 	 
		(b) 	
      The Mining Licences which are material to the conduct of
      any member of the Borrower Group’s business, other than that of the
      Project Companies, are in full force and effect and each member of the
      Borrower Group, to the extent applicable to it, is in compliance in all
      material respects with all provisions thereof.

	 	 	 
		(c) 	
      No Mining Licence which is material to the conduct of any
      member of the Borrower Group’s business, other than that of the Project
      Companies, is, to the best of its knowledge and belief after due and
      careful enquiry, the subject of any pending or threatened proceedings
      which would be reasonably likely to lead to the termination, revocation or
      withdrawal of that Mining Licence.

	 	 	 
	24.26 	
      Accounting reference date

	 	 	 
		
      The Accounting Reference Date of each member of the
      Anooraq Group, the Borrower Group and the Holdco Group is 31 December in
      each year.

	 	 	 
	24.27 	
      Acquisition Documents, disclosures and other
      Documents

	 	 	 
		(a) 	
      The Acquisition Documents contain all the terms of the
      Acquisition and each Obligor and each member of the Anooraq Group is aware
      of the terms, consequences (Tax or otherwise) and structure of the
      Acquisition.

	 	 	 
		(b) 	
      There is no disclosure made in the Disclosure Letter or
      any other disclosure to the Acquisition Documents which has or may have a
      material adverse effect on any of the information, opinions, intentions,
      forecasts and projections contained or referred to in the Information
      Package.

	 	 	 
		(c) 	
      To the best of its knowledge no representation or
      warranty (as qualified by the Disclosure Letter) given by any party to the
      Acquisition Documents is untrue or misleading in any material
    respect.

	 	 	 
		(d) 	
      The Transaction Documents contain all the material terms
      of all the agreements and arrangements between the Parent and its
      Affiliates and RPM and its Affiliates and each member of the Borrower
      Group.

	 	 	 
		(e) 	
      The Borrower is in compliance in all material respects
      with all of its obligations under the Acquisition Documents including, but
      not limited to the following provisions of the Boikgantsho Sale of Rights
      Agreement:

- 95 -

	 	(i) 	
      clause 4.1 (dealing with application for Ministerial
      consents);

	 	 	 
	 	(ii) 	
      clause 9.2 (dealing with detailed reconciliation in
      respect of exploration costs); and

	 	 	 
	 	(iii) 	
      clause 11.1 (dealing with carrying on of the business in
      the usual and ordinary course).

	24.28 	
      [INTENTIONALLY LEFT BLANK]

	 	 	 	 
	24.29 	
      [INTENTIONALLY LEFT BLANK]

	 	 	 	 
	24.30 	
      No adverse consequences

	 	 	 	 
		(a) 	
      It is not necessary under the laws of its or any member
      of the Borrower Group’s Relevant Jurisdictions:

	 	 	 	 
			(i) 	
      in order to enable any Finance Party to enforce its
      rights under any Finance Document; or

	 	 	 	 
			(ii) 	
      by reason of the execution of any Finance Document or the
      performance by it of its obligations under any Finance Document,

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

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

	 	 	 	 
	24.31 	
      [INTENTIONALLY LEFT BLANK]

	 	 	 	 
	24.32 	
      Immunity

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

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

	 	 	 	 
	24.33 	
      Projects

	 	 	 	 
		
      The Capital Expenditure and operating expenditure
      required to be incurred in connection with the Brakfontein Merensky
      Project is fully funded by internally

- 96 -

		
      generated cash flows (or funding required to be provided
      by RPM and the Borrower under the Holdco Shareholders Agreement and by RPM
      under the RPM Operating Cash Flow Shortfall Facility Agreement).

	 	 
	24.34 	
      Times when representations
made

	 	(a) 	
      All the representations and warranties in this Clause 24
      are made by each applicable Obligor on the date of this Agreement except
      for the representations and warranties set out in Clause 24.12 (No
      misleading information) which are deemed to be made by each applicable
      Obligor (i) with respect to the Information Memorandum, on the date the
      Information Memorandum is approved by the Borrower, (ii) with respect to
      the Information Package, on the date of this Agreement and on the Closing
      Date and (iii) with respect to the Information Package (other than the
      Base Case Model), on the date of this Agreement and on any later date on
      which the Information Package (or part of it) is released to the Arranger
      for distribution in connection with syndication.

	 	 	 
	 	(b) 	
      All the representations and warranties in this Clause 24
      are deemed to be made by each applicable Obligor on the Closing
    Date.

	 	 	 
	 	(c) 	
      The representations and warranties in Clause 24.12 (No
      misleading information) are deemed to be made by each applicable
      Obligor on the Syndication Date.

	 	 	 
	 	(d) 	
      The Repeating Representations are deemed to be made by
      each applicable Obligor on the date of the Utilisation Request, on the
      Utilisation Date and on the first day of each Interest Period (except that
      those contained in paragraphs (a) – (d) of Clause 24.13 (Original
      Financial Statements) will cease to be so made once subsequent
      financial statements have been delivered under this Agreement).

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

	25. 	
      INFORMATION UNDERTAKINGS

	 	 
		
      The undertakings in this Clause 25 remain in force from
      the date of this Agreement for so long as any amount is outstanding under
      the Finance Documents or any Commitment is in
force.

	25.1 	
      " "

- 97 -

	25 	
      " "

- 98 -

	25.3 	
      " "

- 99 -

 

	 	" "
	 	 	 
	 	(c) 	
      If the Senior Agent wishes to discuss the financial
      position of any member of the Anooraq Group, the Borrower Group or the
      Holdco Group with the Auditors, the Senior Agent may notify the Parent and
      the Borrower, stating the questions or issues which the Senior Agent
      wishes to discuss with the Auditors. In this event, Parent and/or the
      Borrower must ensure that the Auditors are authorised (at the expense of
      the Borrower):

	 	 	 	 
	 		(i) 	
      to discuss the financial position of each member of the
      Anooraq Group, the Borrower Group and/or the Holdco Group with the Senior
      Agent on request from the Senior Agent; and

	 	 	 	 
	 		(ii) 	
      to disclose to the Senior Agent for the Finance Parties
      any information which the Senior Agent may reasonably
  request.

	25.4 	
      " "

- 100 -

	25.5 	
      " "

- 101 -

	 	(b) 	
      " "

	 	 	 
	 	(c) 	
      " "

	 	 	 
	 	(d) 	
      " "

- 102 -

	25.6 	
      " "

	 	 
	25.7 	
      " "

	 	 
	25.8 	
      " "

	 	 
	25.9 	
      " "

- 103 -

	 	(e) 	
      " "

	 	 	 
	 	(f) 	
      " "

	 	 	 
	 	(g) 	
      " "

	 	 	 
	 	(h) 	
      " "

	 	 	 
	 	(i) 	
      " "

	 	 	 
	 	(j) 	
      " "

	 	 	 
	 	(k) 	
      " "

	25.10 	
      Notification of default

	 	 	 
		(a) 	
      Each Obligor shall notify the Senior Agent of any Default
      (and the steps, if any, being taken to remedy it) promptly upon becoming
      aware of its occurrence (unless that Obligor is aware that a notification
      has already been provided by another Obligor).

	 	 	 
		(b) 	
      Promptly upon a request by the Senior Agent, the Borrower
      shall supply to the Senior Agent a certificate signed by two of its
      directors or senior officers on

- 104 -

its behalf certifying that no Default
is continuing (or if a Default is continuing, specifying the Default and the
steps, if any, being taken to remedy it). 

	25.11 	
      “Know your customer” checks

	 	 	 	 
		(a) 	
      If:

	 	 	 	 
			(i) 	
      the introduction of or any change in (or in the
      interpretation, administration or application of) any law or regulation
      made after the date of this Agreement;

	 	 	 	 
			(ii) 	
      any change in the status of an Obligor or the composition
      of the shareholders of an Obligor after the date of this Agreement;
    or

	 	 	 	 
			(iii) 	
      a proposed assignment or transfer by a Lender of any of
      its rights and/or obligations under this Agreement to a party that is not
      a Lender prior to such assignment or transfer,

	 	 	 	 
			
      obliges the Senior Agent or any Lender (or, in the case
      of paragraph (iii) above, any prospective new Lender) to comply with “know
      your customer” or similar identification procedures in circumstances where
      the necessary information is not already available to it, each Obligor
      shall promptly upon the request of the Senior Agent or any Lender supply,
      or procure the supply of, such documentation and other evidence as is
      reasonably requested by the Senior Agent (for itself or on behalf of any
      Lender) or any Lender (for itself or, in the case of the event described
      in paragraph (iii) above, on behalf of any prospective new Lender) in
      order for the Senior Agent, such Lender or, in the case of the event
      described in paragraph (iii) above, any prospective new Lender to carry
      out and be satisfied with the results of all necessary “know your
      customer” or other checks in relation to any relevant person pursuant to
      the transactions contemplated in the Finance Documents.

	 	 	 	 
		(b) 	
      Each Lender shall promptly upon the request of the Senior
      Agent supply, or procure the supply of, such documentation and other
      evidence as is reasonably requested by the Senior Agent (for itself) in
      order for the Senior Agent to carry out and be satisfied with the results
      of all necessary “know your customer” or other checks on Lenders or
      prospective new Lenders pursuant to the transactions contemplated in the
      Finance Documents.

	 	 	 	 
	26. 	
      FINANCIAL COVENANTS

	 	 	 	 
	26.1 	
      Financial definitions

	 	 	 	 
		
      In this Agreement:

	 	 	 	 
		
      “Borrowings” means, at any time, the aggregate
      outstanding principal, capital or nominal amount (and any fixed or minimum
      premium payable on prepayment or redemption) of any Financial Indebtedness
      (other than Financial Indebtedness which qualifies as Equity under
      paragraph (c) of the definition of “Equity”) of Opco or the Borrower, as
      the case may be.

- 105 -

“Calculation Date” means each
Semi-Annual Date provided that where a Forecast Period is a 12 (twelve) month
period (as contemplated in the definition of “Forecast Period”) then the
Calculation Date preceding that Forecast Period shall be 31 December only. 

“Calculation Period” means each
period of 6 (six) months ending on a Calculation Date. 

“Cash flow” means, in respect of
any Calculation Period and in relation to Opco, EBITDA for that Calculation
Period after: 

	 	(a) 	
      adding the amount of any decrease (and deducting the
      amount of any increase) in Working Capital for that Calculation
    Period;

	 	 	 	 
	 	(b) 	
      adding the amount of any cash receipts (and deducting the
      amount of any cash payments) during that Calculation Period in respect of
      any Exceptional Items not already taken account of in calculating EBITDA
      for that Calculation Period;

	 	 	 	 
	 	(c) 	
      adding the amount of any cash receipts during that
      Calculation Period in respect of any Tax rebates or credits and deducting
      the amount actually paid or due and payable in respect of Taxes during
      that Calculation Period by Opco;

	 	 	 	 
	 	(d) 	
      adding the amount of any increase in provisions, other
      non-cash debits and other non-cash charges (which are not Current Assets
      or Current Liabilities) and deducting the amount of any non-cash credits
      (which are not Current Assets or Current Liabilities) in each case to the
      extent taken into account in establishing EBITDA;

	 	 	 	 
	 	(e) 	
      deducting the amount of any Capital Expenditure actually
      made during that Calculation Period by Opco except (in each case) to the
      extent funded from:

	 	 	 	 
	 		(i) 	
      the proceeds of Disposals or insurance claims permitted
      to be retained for this purpose; or

	 	 	 	 
	 		(ii) 	
      New Shareholder Injections; and

	 	 	 	 
	 	(f) 	
      deducting Finance Charges and scheduled repayments in
      respect of all Borrowings (other than the Opco Funding
  Loan),

and so that no amount shall be added
(or deducted) more than once and on the basis that where Cash flow is required
to be determined for a Forecast Period, the references above to “Calculation
Period” shall be construed as reference to “Forecast Period” and
EBITDA and each of the amounts to be added or deducted above shall be the
projected EBITDA and projected amounts in each case, for that Forecast Period as
referred to in the Operating Budget and Base Case Model. 

- 106 -

“Current Assets” means the
aggregate (on a consolidated basis) of all inventory, work in progress, trade
and other receivables of Opco including prepayments in relation to operating
items and sundry debtors (but excluding Cash and Cash Equivalent Investments)
maturing within twelve months from the date of computation but excluding
amounts in respect of: 

	 	(a) 	
      receivables in relation to Tax;

	 	 	 
	 	(b) 	
      Exceptional Items and other non-operating
items;

	 	 	 
	 	(c) 	
      Insurance claims.

“Current Liabilities” means the
aggregate (on a consolidated basis) of all liabilities (including trade
creditors, accruals and provisions) of Opco falling due within twelve months
from the date of computation but excluding amounts in respect of: 

	 	(a) 	
      liabilities for Borrowings and Finance Charges;

	 	 	 
	 	(b) 	
      liabilities for Tax;

	 	 	 
	 	(c) 	
      Exceptional Items and other non-operating items;
    and

	 	 	 
	 	(d) 	
      Insurance claims.

“Debt Equity Ratio” means, in
relation to the Borrower, the ratio of consolidated Borrowings of the Borrower
(other than any Borrowings subordinated to the claims of the Finance Parties
pursuant to the Plateau Intercreditor Agreement and/or the Global Intercreditor
Agreement) to Equity. 

“Debt Service” means, in
relation to the Borrower and in respect of any Calculation Period, the aggregate
of: 

	 	(a) 	
      Finance Charges in respect of the Facilities for that
      Calculation Period;

	 	 	 
	 	(b) 	
      the aggregate of all scheduled repayments of Borrowings
      falling due by the Borrower in respect of the Facilities during that
      Calculation Period,

and so that no amount shall be included
more than once. 

“Debt Service Cover Ratio” means
the ratio of: 

	 	(a) 	
      Ratio Cash flow for such Calculation Period; to

	 	 	 
	 	(b) 	
      the Debt Service for such Calculation
  Period;

in respect of any Calculation Period.

“EBIT” means, in respect of any
Calculation Period, the consolidated operating profit of Opco before taxation
(including the results from discontinued operations): 

	 	(a) 	
      before deducting any Finance
  Charges;

- 107 -

	 	(b) 	
      not including any accrued interest owing to any
      member of the Borrower Group;

	 	 	 
	 	(c) 	
      before taking into account any Exceptional
      Items;

	 	 	 
	 	(d) 	
      before taking into account any unrealised gains or
      losses on any derivative instrument (other than any derivative instrument
      which is accounted for on a hedge accounting basis);

	 	 	 
	 	(e) 	
      before taking into account any gain or loss
      arising from an upward or downward revaluation of any other
  asset;

	 	 	 
	 	(f) 	
      before taking into account any Pension Items;
      and

	 	 	 
	 	(g) 	
      excluding the charge to profit represented by the
      expensing of stock options,

in each case, to the extent added,
deducted or taken into account, as the case may be, for the purposes of
determining operating profits of Opco before taxation. 

“EBITDA” means, in respect of
any Calculation Period, EBIT for that Calculation Period after adding back
any amount attributable to the amortisation, or depreciation of assets of
members of Opco (and taking no account of the reversal of any previous
impairment charge made in that Calculation Period). 

“Equity” means, as at the date
for calculation of and for purposes of the Debt Equity Ratio, the aggregate
(without double counting) of: 

	 	(a) 	
      the issued equity share capital (including any share
      premium) of the Borrower;

	 	 	 
	 	(b) 	
      the distributable reserves of the Borrower;

	 	 	 
	 	(c) 	
      any Financial Indebtedness of the Borrower subordinated
      to the claims of the Finance Parties under the Plateau Intercreditor
      Agreement and/or the Global Intercreditor
Agreement.

“Exceptional Items” means any
exceptional, one off, non-recurring or extraordinary items which represent gains
or losses. 

“Finance Charges” means, for any
Calculation Period, the aggregate amount of the accrued interest, commission,
fees, discounts, prepayment fees, premiums or charges and other finance payments
in respect of Borrowings whether paid or payable by the Borrower or Opco, as the
case may be, (calculated on a consolidated basis) in respect of that Calculation
Period: 

	 	(a) 	
      including any upfront fees or costs which are
      included as part of the effective interest rate adjustments;

	 	 	 
	 	(b) 	
      including the interest (but not the capital)
      element of payments in respect of Finance Leases;

- 108 -

	 	(c) 	
      including any commission, fees, discounts and
      other finance payments payable by (and deducting any such amounts payable
      to) the Borrower or Opco, as the case may be, under any interest rate
      hedging arrangement;

	 	 	 
	 	(d) 	
      excluding any interest cost or expected return on
      plan assets in relation to any post-employment benefit schemes;
  and

	 	 	 
	 	(e) 	
      taking no account of any unrealised gains or losses on
      any derivative instruments other than any derivative instruments which are
      accounted for on a hedge accounting basis,

and so that no amount shall be added
(or deducted) more than once. 

“Finance Lease” means any lease
or instalment sale contract which would, in accordance with the Accounting
Principles, be treated as a finance or capital lease. 

“Fixed Rand Base Rate” means, in
relation to any portion of the interest rate risk of a Loan that is hedged
pursuant to the Plateau Hedging Documents, the fixed rate specified in such
Plateau Hedging Documents less the Margin. 

“Floating Rand Base Rate” means,
in relation to any portion of the interest rate risk of a Loan that is not
hedged pursuant to the Plateau Hedging Documents, JIBAR for the three Month
period commencing on a Calculation Date. 

“Forecast Period” means each
successive period of 6 months’ duration beginning on the day after a Calculation
Date and ending on the Termination Date provided that in relation to any
Forecast Period which commences at any time which is beyond the period covered
by the latest Operating Budget, the Forecast Period shall be each successive
period of 12 months’ duration ending on the Termination Date. 

“Loan Life Cover Ratio” means,
in respect of a Calculation Date, the lowest ratio for any Forecast Period
occurring during the period starting on that Calculation Date and ending on the
Termination Date of: 

	 	(a) 	
      the aggregate of the Net Present Value of the projected
      Ratio Cash flow for each such Forecast Period until the Termination Date;
      to

	 	 	 
	 	(b) 	
      the aggregate of the principal amount projected to be
      outstanding under the Facilities as at the commencement of such Forecast
      Period assuming no mandatory prepayments shall have occurred prior to or
      occurs during such Forecast Period,

in each case as at that Calculation
Date. 

“N2C Resources New Shareholder
Injection” means the aggregate amount subscribed for by N2C Resources for
ordinary shares in the Borrower or for subordinated loan notes or other
subordinated debt instruments in the Borrower on terms acceptable to the
Majority Lenders. 

- 109 -

“Net Present Value” means at any
time, in relation to any projected amount in any Forecast Period, an amount
equal to such projected amount discounted back to the Calculation Date using as
the discount rate, the aggregate of the applicable Margin and the weighted
average of the Fixed Rand Base Rate and the Floating Rand Base Rate adjusted to
a notional rate compounded monthly. 

“New Shareholder Injection”
means the aggregate amount subscribed for by Holdco for ordinary shares in Opco
or for subordinated loan notes or other subordinated debt instruments in Opco on
terms acceptable to the Majority Lenders.

“Pension Items” means any income
or charge attributable to a post-employment benefit scheme other than the
current service costs and any past service costs and curtailments and
settlements attributable to the scheme. 

“Projected Debt Service Cover
Ratio” means, in respect of a Calculation Date, the lowest ratio for any
Forecast Period occurring during the period starting on that Calculation Date
and ending on the Termination Date of: 

	 	(a) 	
      the projected Ratio Cash flow for such Forecast Period;
      to

	 	 	 
	 	(b) 	
      the projected Debt Service for such Forecast
    Period,

		
      each as calculated by reference to the Operating Budget
      as at that Calculation Date.

	 	 	 
		
      “Ratio Cash flow” means 80% of Cash
flow.

	 	 	 
		
      “Working Capital” means, on any date, Current
      Assets less Current Liabilities.

	 	 	 
	26.2 	
      Financial condition

	 	 	 
		
      The Borrower shall ensure that:

	 	 	 
		(a) 	
      The Loan Life Cover Ratio is not less than 1.4
    times.

	 	 	 
		(b) 	
      The Debt Service Cover Ratio for any Calculation Period
      commencing on or after 31 January 2013 is not less than 1.2
  times.

	 	 	 
		(c) 	
      The Projected Debt Service Cover Ratio for any
      Calculation Period commencing on or after 31 January 2013 is not less than
      1.2 times.

	 	 	 
		(d) 	
      The Debt Equity Ratio shall not exceed 35:65.

	 	 	 
	26.3 	
      Financial testing

	 	 	 
		
      The financial covenants set out in Clause 26.2
      (Financial condition) shall be calculated in accordance with the
      Accounting Principles and tested by reference to each of the financial
      statements, the Base Case Model, the Operating Budget and/or each
      Compliance Certificate delivered pursuant to Clause 25 (Information
      undertakings).

	 	 	 
	26.4 	
      Remedy of Debt Equity Ratio

	 	 	 
		
      If the Debt Equity Ratio is not met at any time the
      Borrower shall be entitled to remedy such breach by utilising the cash
      proceeds of any N2C Resources New Shareholder

- 110 -

		
      Injection which does not give rise to a breach of any
      Finance Document or a Change in Control in order to make a prepayment of
      the Loans mutatis mutandis in accordance with the provisions of
      clause 11.4 (Voluntary prepayment of Loans) within 10 (ten)
      Business Days of the earlier of delivery of the Compliance Certificate
      evidencing such breach or the Senior Agent notifying the Borrower of such
      breach. The breach of the Debt Equity Ratio shall only be regarded as
      having been remedied upon delivery, within the 10 (ten) Business Day
      period referred to above, of a pro forma Compliance Certificate setting
      out the re-calculation of the Debt Equity Ratio and demonstrating
      compliance with the required Debt Equity Ratio as referred to in clause
      26.2 (Financial condition).

	 	 
	27. 	
      GENERAL UNDERTAKINGS

	 	 
		
      The undertakings in this Clause 27 remain in force from
      the date of this Agreement for so long as any amount is outstanding under
      the Finance Documents or any Commitment is in force.

	 	 
	27.1 	
      Authorisations

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

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

	 	 	 
	 	(b) 	
      supply certified copies to the Senior Agent
  of,

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

	 	(i) 	
      enable it and each member of the Borrower Group to
      perform its respective obligations under the Transaction
  Documents;

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

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

	27.2 	
      Compliance with laws

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

	 	 	 
	27.3 	
      Environmental compliance

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

	 	 	 
			 (i)       comply with
        all Environmental Law;

- 111 -

	 	(ii) 	
      obtain, maintain and ensure compliance with all requisite
      Environmental Permits;

	 	 	 
	 	(iii) 	
      implement procedures to monitor compliance with and to
      prevent liability under any Environmental Law,

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

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

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

	 	 	 
	 	(d) 	
      The Borrower shall:

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

	 	 	 
	 	(ii) 	
      provide a copy of each annual review to the Senior
      Agent.

	27.4 	
      Environmental claims

	 	 	 
		
      Each Obligor shall (through the Borrower), promptly upon
      becoming aware of the same, inform the Senior Agent in writing
  of:

	 	 	 
		(a) 	
      any Environmental Claim against any member of the
      Borrower Group which is current, pending or threatened; and

	 	 	 
		(b) 	
      any facts or circumstances which are reasonably likely to
      result in any Environmental Claim being commenced or threatened against
      any member of the Borrower Group,

- 112 -

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

	 	 	 	 
	27.5 	
      Taxation

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

	 	 	 	 
			(i) 	
      such payment is being contested in good faith;

	 	 	 	 
			(ii) 	
      adequate reserves are being maintained for those Taxes
      and the costs required to contest them which have been disclosed in its
      latest financial statements delivered to the Senior Agent under Clause
      25.1 (Financial statements); and

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

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

	 	 	 	 
	27.6 	
      Merger

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

	 	 	 	 
		(b) 	
      Paragraph (a) shall not apply to any amalgamation,
      demerger, merger, consolidation or corporate reconstruction, which
      involves only the Parent, but provided it does not give rise to a Change
      of Control.

	 	 	 	 
	27.7 	
      Change of business

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

	 	 	 	 
	27.8 	
      Acquisitions

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

- 113 -

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

	 	 	 
	 	(ii) 	
      incorporate a company.

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

	 	 	 	 
	 		(i) 	
      a Permitted Acquisition; or

	 	 	 	 
	 		(ii) 	
      a Permitted Transaction.

	27.9 	
      Joint ventures

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

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

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

	 	 	 
	27.10 	
      Holding Companies

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

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

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

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

	 	 	 
	27.11 	
      Mining Licenses and New Order Rights

	 	 	 
		
      Each Obligor shall ensure that, subject to clause 27.38
      (Conditions subsequent):

- 114 -

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

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

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

	27.12 	
      Preservation of assets

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

	 	 
	27.13 	
      Pari passu ranking

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

	 	 
	27.14 	
      Acquisition Documents

	 	(a) 	
      The Parent and the Borrower shall (and the Parent and the
      Borrower will procure that the Borrower and each relevant member of the
      Anooraq Group will) promptly pay all amounts payable by it under the
      Acquisition Documents as and when they become due (except to the extent
      that any such amounts are being contested in good faith by a member of the
      Anooraq Group and where adequate reserves are set aside for any such
      payment).

	 	 	 
	 	(b) 	
      The Parent and the Borrower shall, (and the Parent and
      the Borrower will procure that the Borrower and each relevant member of
      the Anooraq Group will), take all reasonable and practical steps to
      preserve and if, after consultation with the Senior Agent, it is
      instructed to do so by the Senior Agent, enforce its rights (or the rights
      of any other member of the Anooraq Group) and pursue any claims and
      remedies arising under any Acquisition Documents.

- 115 -

	 	(c) 	
      The Parent and the Borrower shall, (and the Parent and
      the Borrower will procure that the Borrower and each relevant member of
      the Anooraq Group will) comply in all material respects with each of their
      obligations under the Acquisition Documents, including, but not limited to
      the following provisions of the Boikgantsho Sale of Rights
    Agreement:

	 	 	 	 
	 		(i) 	
      clause 4.1 (dealing with application for Ministerial
      consents);

	 	 	 	 
	 		(ii) 	
      clause 9.2 (dealing with detailed reconciliation in
      respect of exploration costs); and

	 	 	 	 
	 		(iii) 	
      clause 11.1 (dealing with carrying on of the business in
      the usual and ordinary course).

	 	 	 	 
	 	(d) 	
      The provisions of clause 27.14(b) above are in addition
      to and without prejudice to any rights which the Plateau Security SPV or
      the Opco Security SPV may have under the Transaction Security Documents to
      the extent they include a cession in security of any of the rights of an
      Obligor under the Acquisition Documents or certain of
  them.

	27.15 	
      Negative pledge

	 	 	 	 
		
      In this Clause 27.15, “Quasi-Security” means a
      transaction described in paragraph (b) below.

	 	 	 	 
		
      Except as permitted under paragraph (c) below:

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

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

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

	 	 	 	 
			(ii) 	
      sell, transfer or otherwise dispose of any of its
      receivables on recourse terms;

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

	 	 	 	 
			(iv) 	
      enter into any other preferential arrangement having a
      similar effect,

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

- 116 -

	 	(c) 	
      Paragraphs (a) and (b) above do not apply to any Security
      or (as the case may be) Quasi-Security, which is:

	 	 	 	 
	 		(i) 	
      Permitted Security;

	 	 	 	 
	 		(ii) 	
      a Permitted Transaction; or

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

	27.16 	
      Disposals

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

	 	 	 	 
		(b) 	
      Paragraph (a) above does not apply to any sale, lease,
      transfer or other disposal which is:

	 	 	 	 
			(i) 	
      a Permitted Disposal;

	 	 	 	 
			(ii) 	
      a Permitted Transaction; or

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

	 	 	 	 
	27.17 	
      Arm’s length basis

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

	 	 	 	 
		(b) 	
      The following transactions shall not be a breach of this
      Clause 27.17:

	 	 	 	 
			(i) 	
      intra-Group loans permitted under Clause 27.18 (Loans
      or credit);

	 	 	 	 
			(ii) 	
      fees, costs and expenses payable under the Transaction
      Documents in the amounts set out in the Transaction Documents delivered to
      the Senior Agent under Clause 4.1 (Initial conditions precedent) or
      agreed by the Senior Agent; and

	 	 	 	 
			(iii) 	
      any Permitted Transactions.

	 	 	 	 
	27.18 	
      Loans or credit

	 	 	 	 
		(a) 	
      Except as permitted under paragraph (b) below, no Obligor
      (other than the Parent) shall (and the Parent and the Borrower shall
      ensure that no member of

- 117 -

	 		
      the Borrower Group will) be a creditor in respect of any
      Financial Indebtedness.

	 	 	 	 
	 	(b) 	
      Paragraph (a) above does not apply to:

	 	 	 	 
	 		(i) 	
      a Permitted Loan; or

	 	 	 	 
	 		(ii) 	
      a Permitted Transaction.

	27.19 	
      No Guarantees or indemnities

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

	 	 	 	 
		(b) 	
      Paragraph (a) does not apply to:

	 	 	 	 
			(i) 	
      a guarantee which is a Permitted Transaction;
or

	 	 	 	 
			(ii) 	
      a guarantee which is a Permitted Guarantee.

	 	 	 	 
	27.20 	
      Dividends and share redemption

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

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

	 	 	 	 
			(ii) 	
      repay or distribute any dividend or share premium
      reserve;

	 	 	 	 
			(iii) 	
      pay or allow any member of the Borrower Group to pay any
      management, advisory or other fee to or to the order of any of the direct
      or indirect shareholders of any member of the Borrower Group or any of
      their respective Affiliates; or

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

	 	 	 	 
		(b) 	
      Paragraph (a) above does not apply to:

	 	 	 	 
			(i) 	
      a Permitted Distribution;

	 	 	 	 
			(ii) 	
      a Permitted Payment; or

	 	 	 	 
			(iii) 	
      a Permitted Transaction.

- 118 -

	27.21 	
      Mining Operations and Projects

	 	 	 	 
		(a) 	
      Each Obligor shall ensure that Opco develops and operates
      its Mining operations in all material respects in accordance with the
      Applicable Mine Plan and procure that the same and other assets of Opco
      are maintained and diligently operated for the extraction, production,
      transportation, storage, processing and delivery of PGMs in a good and
      workmanlike manner and in accordance with (a) best industry practices, (b)
      the Transaction Documents and (c) all applicable laws, rules and
      regulations in all material respects, and procure that appropriate action
      is taken according to approved practices of prudent operators in the
      industry to maintain and manage such Mining operations and all operations
      on such sites and procure that all machinery, equipment and facilities of
      any kind now or hereafter forming part of the same or on such sites as
      necessary for the extraction, production, transportation, storage,
      processing, delivery or marketing of PGMs are provided and are kept in all
      material respects in good and efficient operating condition, and all
      repairs, renewals, replacements, additions and improvements thereto
      necessary to the same are promptly made.

	 	 	 	 
		(b) 	
      Each Obligor shall ensure that the Capital Expenditure
      and operating expenditure required to complete the Brakfontein Merensky
      Project and any other developments or projects contemplated by the Base
      Case Model is fully funded from internally generated cash flows (or
      funding required to be provided by RPM and the Borrower under the Holdco
      Shareholders Agreement and by RPM under the RPM Operating Cash Flow
      Shortfall Facility Agreement).

	 	 	 	 
		(c) 	
      The Borrower shall ensure that Opco complies with the
      provisions of the Sale of Concentrate Agreement and that the Sale of
      Concentrate Agreement remains of full force and effect and that prior to
      the termination or lapsing (for whatever reason) of the Sale of
      Concentrate Agreement, the duration of the Sale of Concentrate Agreement
      is either extended for a period which expires after the Termination Date
      or the Sale of Concentrate Agreement is replaced by another sale of
      concentrate agreement on the same material terms and conditions as the
      Sale of Concentrate Agreement and which is to the reasonable satisfaction
      of the Senior Agent.

	 	 	 	 
	27.22 	
      RPM Funding Documents and Funding Loan
      Agreements

	 	 	 	 
		(a) 	
      Except as permitted under paragraph (b) below, no Obligor
      shall (and the Parent and the Borrower shall ensure that no member of the
      Borrower Group will):

	 	 	 	 
			(i) 	
      repay or prepay any principal amount (or capitalised
      interest) outstanding under the RPM Finance Documents or the Funding Loan
      Agreements;

	 	 	 	 
			(ii) 	
      pay any interest or any other amounts payable in
      connection with the RPM Finance Documents or the Funding Loan Agreements;
      or

- 119 -

	 	(iii) 	
      purchase, redeem, defease or discharge any amount
      outstanding with respect to the RPM Finance Documents or the Funding Loan
      Agreements.

	 	(b) 	
      Paragraph (a) does not apply to a payment, repayment,
      prepayment, purchase, redemption, defeasance or discharge which is either
      a Permitted Payment or a Permitted Distribution under paragraph (i) of the
      definition of “Permitted Distribution”.

	27.23 	
      Financial Indebtedness

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

	 	 	 	 
		(b) 	
      Paragraph (a) above does not apply to Financial
      Indebtedness which is:

	 	 	 	 
			(i) 	
      Permitted Financial Indebtedness; or

	 	 	 	 
			(ii) 	
      a Permitted Transaction.

	 	 	 	 
	27.24 	
      Share capital

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

	 	 	 	 
		(a) 	
      a Permitted Share Issue; or

	 	 	 	 
		(b) 	
      a Permitted Transaction.

	 	 	 	 
	27.25 	
      Insurance

	 	 	 	 
		(a) 	
      Each Obligor (other than the Parent) shall (and the
      Parent and the Borrower shall ensure that each member of the Borrower
      Group will) maintain insurances on and in relation to its business and
      assets against those risks and to the extent as is usual for companies
      carrying on the same or substantially similar business.

	 	 	 	 
		(b) 	
      All Insurances must be with reputable independent
      insurance companies or underwriters. If the insurances referred to in the
      Insurances Report are to be replaced at any time, the Borrower shall (and
      each other Obligor shall ensure that) a replacement Insurance Report is
      prepared by the same person which prepared the original Insurance Report
      or by such other qualified person acceptable to the Senior Agent and that
      such replacement Insurance Report is delivered to the Senior Agent on or
      before the date of replacement.

	 	 	 	 
		(c) 	
      Where insurances and risks have been identified in the
      Insurance Report, the Borrower shall (and the Parent and the Borrower
      shall ensure that each member of the Borrower Group will) ensure the
      insurances maintained are at least in respect of the business and assets
      and against the risks and to the extent recommended in the Insurance
      Report.

- 120 -

	27.26 	
      Pensions

	 	 	 
		(a) 	
      The Parent and the Borrower shall ensure that all pension
      schemes operated by or maintained for the benefit of members of the
      Borrower Group and/or any of their employees are fully funded based on the
      minimum funding requirement under all applicable laws and regulations and
      that no action or omission is taken by any member of the Borrower Group in
      relation to any pension scheme which has or is reasonably likely to have a
      Material Adverse Effect (including, without limitation, the termination or
      commencement of winding-up proceedings of any such pension scheme or any
      member of the Borrower Group ceasing to employ any member of such a
      pension scheme).

	 	 	 
		(b) 	
      The Parent and the Borrower shall deliver to the Senior
      Agent at such times as those reports are prepared in order to comply with
      the then current statutory or auditing requirements (as applicable either
      to the trustees of any relevant schemes or to the Parent or to the
      Borrower), actuarial reports in relation to all pension schemes mentioned
      in (a) above.

	 	 	 
		(c) 	
      The Parent and the Borrower shall promptly notify the
      Senior Agent of any material change in the rate of contributions to any
      pension schemes mentioned in (a) above paid or recommended to be paid
      (whether by the scheme actuary or otherwise) or required (by law or
      otherwise).

	 	 	 
		(d) 	
      Each Obligor shall immediately notify the Senior Agent of
      any investigation or proposed investigation by any pension regulator or
      other authority in relation to the pension arrangements of the Borrower
      Group.

	 	 	 
	27.27 	
      Access

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

	 	 	 
	27.28 	
      Service Agreements

	 	 	 
		(a) 	
      The Parent and the Borrower must ensure that there is in
      place in respect of each member of the Borrower Group qualified management
      with appropriate skills in accordance with the terms of the Umbrella
      Services Agreement and the Services Agreement(s).

	 	 	 
		(b) 	
      If any of the Key Management Positions are not occupied
      at any time, the Borrower must as soon as reasonably practicable
      thereafter:

- 121 -

	 	(i) 	
      notify the Senior Agent; and

	 	 	 
	 	(ii) 	
      after consultation with the Senior Agent as to the
      identity of such replacement person, find and appoint an adequately
      qualified person to occupy the relevant Key Management Position as
      promptly as practicable and notify the Senior Agent when such person has
      been appointed.

	 	(c) 	
      The Parent and the Borrower shall ensure that no member
      of the Borrower Group amends, varies, waives, novates, supplements or
      replaces any material term of a Service Agreement in a way which is or is
      reasonably likely to be materially prejudicial to the interests of the
      Finance Parties.

	27.29 	
      Intellectual Property

	 	 	 	 
		(a) 	
      Each Obligor shall and the Parent and the Borrower shall
      procure that each Borrower Group member will:

	 	 	 	 
			(i) 	
      preserve and maintain the subsistence and validity of the
      Intellectual Property necessary for the business of the relevant Borrower
      Group member;

	 	 	 	 
			(ii) 	
      use reasonable endeavours to prevent any infringement in
      any material respect of the Intellectual Property;

	 	 	 	 
			(iii) 	
      make registrations and pay all registration fees and
      taxes necessary to maintain the Intellectual Property in full force and
      effect and record its interest in that Intellectual Property;

	 	 	 	 
			(iv) 	
      not use or permit the Intellectual Property to be used in
      a way or take any step or omit to take any step in respect of that
      Intellectual Property which may materially and adversely affect the
      existence or value of the Intellectual Property or imperil the right of
      any member of the Borrower Group to use such property; and

	 	 	 	 
			(v) 	
      not discontinue the use of the Intellectual
    Property.

	 	 	 	 
		(b) 	
      Failure to comply with any part of paragraph (a) above
      shall not be a breach of this Clause 27.29 to the extent that (x) any
      dealing with Intellectual Property which would otherwise be a breach of
      paragraph (a) is contemplated by the definition of Permitted Transaction
      or Permitted Disposal, or (y) such failure is not reasonably likely to
      have a Material Adverse Effect.

	 	 	 	 
	27.30 	
      Amendments

	 	 	 	 
		(a) 	
      No Obligor shall (and the Parent and the Borrower shall
      ensure that no member of the Borrower Group will) amend, vary, novate,
      supplement, supersede, waive or terminate any term of a Transaction
      Document or any other document delivered to the Senior Agent pursuant to
      Clauses 4.1 (Initial conditions precedent) or, except in the form
      of the Transaction Documents as

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      at the Signature Date, enter into any agreement with any
      direct or indirect shareholders of the Parent holding more than 10 per
      cent. of the issued share capital of the Parent, or any of their
      Affiliates which is not a member of the Borrower Group except in writing
      in accordance with the provisions of Clause 40 (Amendments and
      Waivers), the Plateau Intercreditor Agreement, the Global
      Intercreditor Agreement or with the prior written consent of all the
      Lenders.

	 	 	 
	 	(b) 	
      The Borrower shall promptly supply to the Senior Agent a
      copy of any document relating to any of the matters referred to in
      paragraph (a) above.

	27.31 	
      Financial assistance

	 	 	 	 
		
      Each Obligor shall (and the Parent and the Borrower shall
      procure each member of the Borrower Group will) comply in all respects
      with Section 38 of the South African Companies Act, 1973 and any
      equivalent legislation in other jurisdictions including in relation to the
      execution of the Transaction Security Documents and payment of amounts due
      under this Agreement.

	 	 	 	 
	27.32 	
      [INTENTIONALLY LEFT BLANK]

	 	 	 	 
	27.33 	
      Treasury Transactions

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

	 	 	 	 
			(i) 	
      the hedging transactions contemplated by the Plateau
      Hedging Letter and the Structure Memorandum and documented by the Plateau
      Hedging Documents;

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

	 	 	 	 
			(iii) 	
      any other Treasury Transaction which does not fall under
      (i) or (ii) above, which is entered into to hedge actual or projected
      exposures arising in the ordinary course of trading of Opco or a Project
      Company,

	 	 	 	 
		(b) 	
      The Parent and the Borrower shall ensure that all
      currency and interest rate hedging arrangements contemplated by the
      Plateau Hedging Letter and the Structure Memorandum are implemented in
      accordance with the terms of the Plateau Hedging Letter and the Structure
      Memorandum and that such arrangements are not terminated, varied or
      cancelled without the consent of the Senior Agent (acting on the
      instructions of the Majority Lenders), save (in the case of arrangements
      documented by the Plateau Hedging Documents) as permitted by the Plateau
      Intercreditor Agreement.

- 123 -

	27.34 	
      Security Documents

	 	 	 	 	 
		(a) 	
      The Obligors shall ensure that:

	 	 	 	 	 
			(i) 	
      the Opco Security Documents, the Holdco Security
      Documents and the Plateau Security Documents (as well as any rights,
      benefits or exemptions available thereunder) shall:

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

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

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

	 	 	 	 	 
			(iii) 	
      any member of the Borrower Group who is a party to any
      Opco Security Document and/or any Holdco Security Document and/or Plateau
      Security Document complies with its obligations thereunder.

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

	 	 	 	 	 
		(c) 	
      No member of the Borrower Group shall exercise any of its
      rights under any Opco Security Document, Holdco Security Document if such
      exercise would be contrary to the provisions of the Global Intercreditor
      Agreement.

	 	 	 	 	 
	27.35 	
      Winding up of Lebowa

	 	 	 	 	 
		(a) 	
      Pending the winding up of Lebowa, the Borrower shall
      ensure that Lebowa does not conduct any further business except for the
      performance of any obligation and the exercise of rights as required under
      any agreements existing as at the Signature Date and which it is not able
      to transfer to Opco and provided further that the Borrower shall provide
      the Senior Agent with any and all information required by it in connection
      with the business of Lebowa.

	 	 	 	 	 
		(b) 	
      Once the circumstances referred to in (a) above no longer
      apply, then the Borrower shall take all relevant steps to wind up Lebowa
      as soon as reasonably possible.

- 124 -

	 	(c) 	
      The Borrower shall procure that any bank accounts held in
      the name of Lebowa are closed on the Closing
Date.

	27.36 	
      Further assurance

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

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

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

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

	 	 	 	 
		(b) 	
      Each Obligor (other than Parent) shall (and the Parent
      and the Borrower shall procure that each member of the Borrower Group
      will) promptly do all such acts or execute all such documents (including
      the execution of any and all powers of attorney, notices and instructions)
      as the Senior Agent and/or Security Agent may specify (and in such form as
      the Senior Agent and/or the Security Agent may require) in favour of the
      Opco Security SPV or its nominees to confer on the Opco Security SPV,
      Security over any mills or plants constructed (including in the form of a
      special notarial bond over such identifiable assets comprising the whole
      or any portion of the mills or plants or any component thereof).

	 	 	 	 
		(c) 	
      Each Obligor (other than the Parent) shall (and the
      Parent and the Borrower shall procure that each member of the Borrower
      Group shall) take all such action as is available to it (including making
      all filings and registrations) as may be necessary for the purpose of the
      creation, perfection, protection or

- 125 -

maintenance of any Security conferred
or intended to be conferred on the Plateau Security SPV, the Opco Security SPV
or any other Finance Party by or pursuant to the Finance Documents. 

	27.37 	
      Syndication

	 	 	 	 
		
      The Parent and the Borrower shall provide reasonable
      assistance to the Arranger in the preparation of the Information
      Memorandum and the primary syndication of the Facilities (including,
      without limitation, by making senior management available for the purpose
      of making presentations to, or meeting, potential lending institutions)
      and will comply with all reasonable requests for information from
      potential syndicate members prior to completion of syndication.

	 	 	 	 
	27.38 	
      Conditions subsequent

	 	 	 	 
		(a) 	
      The Parent and the Borrower shall procure that:

	 	 	 	 
			(i) 	
      in compliance with the MPRD Act and schedules thereto,
      the Old Order Rights converted into New Order Rights in terms of the
      Transitional Arrangements contemplated by Schedule II of the MPRD Act are
      lodged at the Mining Titles Office for registration and simultaneously at
      the Deeds Office or the Mining Titles Office for deregistration of the Old
      Order Rights, within 90 (ninety) days from the date on which the relevant
      member of the Borrower Group or its Affiliate (as applicable) received
      notice of conversion of the Old Order Rights provided that if such
      lodgement does not take place within 60 (sixty) days the Senior Agent (or
      other person(s) empowered by the special power of attorney delivered
      pursuant to paragraph 18(t) of Schedule 2 (Conditions Precedent))
      may, unless otherwise requested by the Borrower on reasonable grounds
      relating to any terms and conditions contained in the conversion notice
      which are objectionable to the Borrower, act under the special power of
      attorney delivered to the Senior Agent pursuant to 18(t) of Schedule 2
      (Conditions Precedent) in order to procure such lodgement;
    and

	 	 	 	 
			(ii) 	
      any and all information reasonably requested by the
      Senior Agent in connection with compliance with the provisions of (i)
      above, is provided promptly to the Senior Agent.

	 	 	 	 
		(b) 	
      The Parent and the Borrower shall procure that:

	 	 	 	 
			(i) 	
      within 30 (thirty) days of the date of execution of the
      New Order Rights, all of the documents required by the Senior Agent
      (including powers of attorney attaching the relevant Opco Security
      Documents) relating to the Opco Security Documents referred to in
      paragraph 5 of Part 1 of Schedule 13 (Transaction Security
      Document) are signed and delivered to the Senior Agent and all other
      steps taken to allow for the Senior Agent to lodge such Opco Security
      Documents for registration

- 126 -

	 		
      at the Mineral and Petroleum Titles Registration Office
      and that all associated fees are paid; and

	 	 	 
	 	(ii) 	
      all reasonable commercial endeavours are used by them and
      each other member of the Borrower Group to achieve registration of such
      Opco Security Documents as soon as reasonably possible after lodgement for
      registration.

	 	(c) 	
      The steps taken in (b) above shall, to the extent
      applicable, include the application for any Ministerial or other consents
      that may be required for the lodgement and/or registration of the relevant
      Opco Security Documents.

	 	 	 
	 	(d) 	
      The Borrower shall procure that any documents required by
      the Senior Agent (including powers of attorney) relating to the Opco
      Security Documents referred to in paragraphs 2 to 4 of Part 1 of Schedule
      13 (Transaction Security Document) which were not delivered on or
      before the Closing Date, are signed and delivered to the Senior Agent and
      all other steps are taken and, to the extent necessary, consents obtained,
      to allow for the Senior Agent to lodge such Opco Security Documents for
      registration at the applicable Deeds Registries under the Deeds Registries
      Act, 1946 of South Africa and that all associated fees are
  paid.

	27.39 	
      Account Bank

	 	 	 	 
		
      The Parent and the Borrower shall ensure that all bank
      accounts of the Borrower shall be opened and maintained with the Account
      Bank in accordance with the provisions of the Finance Documents and are
      subject to valid Security under the Transaction Security
  Documents.

	 	 	 	 
	27.40 	
      Accounts

	 	 	 	 
		(a) 	
      By no later than 10 (ten) Business Days prior to the
      Closing Date, the Borrower shall open a disbursement account (the
      “Disbursement Account”) in South Africa with the Account Bank
      denominated in Rand and shall maintain the Disbursement Account for a
      period of not less than 30 (thirty) days following the Closing
  Date.

	 	 	 	 
		(b) 	
      With effect from the Closing Date and thereafter during
      the remainder of the Facility Period the Borrower shall:

	 	 	 	 
			(i) 	
      open and maintain a proceeds account (the “Borrower
      Proceeds Account”) in South Africa in its name with the Account Bank
      denominated in Rand;

	 	 	 	 
			(ii) 	
      open and maintain a business account (the “Borrower
      Business Account”) in South Africa in its name with Standard Bank
      denominated in Rand;

	 	 	 	 
			(iii) 	
      ensure that Holdco opens and maintains a business account
      (the “Holdco Business Account”) in South Africa in its name with
      Standard Bank denominated in Rand; and

- 127 -

	 	(iv) 	
      ensure that Opco opens and maintains a business account
      (the “Opco Business Account”) in South Africa in its name with
      Standard Bank.

	 	(c) 	
      The Borrower shall:

	 	 	 	 
	 		(i) 	
      not open or maintain any bank, deposit, savings or other
      account except for the Disbursement Account, the Borrower Proceeds
      Account, the Borrower Business Account, the bank account into which the
      proceeds of Permitted Financial Indebtedness referred to in paragraph (l)
      of the definition of “Permitted Financial Indebtedness” shall be paid and
      provided that account is opened solely for that purpose and is closed
      immediately after that purpose is achieved and that Permitted Financial
      Indebtedness discharged, and a bank account into which provisions for the
      redemption of preference shares under the RPM Finance Documents may be
      paid, but only to the extent such provision is permitted under the Global
      Intercreditor Agreement;

	 	 	 	 
	 		(ii) 	
      ensure that Holdco does not open or maintain any bank,
      deposit, savings or other account except for the Holdco Business Account,
      and a bank account into which provisions for the redemption of preference
      shares under the RPM Finance Documents may be paid, but only to the extent
      such provision is permitted under the Global Intercreditor Agreement;
      and

	 	 	 	 
	 		(iii) 	
      ensure that Opco does not open or maintain any bank,
      deposit, savings or other account except for the Opco Business Account,
      any other account which holds Cash or Cash Equivalent Investments so long
      as those Cash or Cash Equivalent Investments become subject to the
      Transaction Security in form and substance satisfactory to the Senior
      Agent as soon as is reasonably practicable, and a bank account into which
      provisions for the redemption of preference shares under the RPM Finance
      Documents may be paid, but only to the extent such provision is permitted
      under the Global Intercreditor Agreement,

	 	 	 	 
	 			
      in each case, without the prior written consent of the
      Senior Agent.

	 	 	 	 
	 	(d) 	
      Each Transaction Account shall be a separate account at
      the Account Bank or Standard Bank, as the case may be.

	 	 	 	 
	 	(e) 	
      If the Borrower or Holdco receives any moneys for
      crediting to a Transaction Account in a currency other than in the
      currency of that Transaction Account, the Borrower shall request the
      Account Bank, or Standard Bank as the case may be, to convert these moneys
      into the relevant currency of account at the Applicable Spot Rate of
      Exchange.

	 	 	 	 
	 	(f) 	
      The Borrower shall at all times indemnify and keep
      indemnified the Senior Agent, the Security Agent and the Plateau Security
      SPV fully and effectually from and against all liabilities, costs and
      expenses which it may incur to the Account Bank or Standard Bank, as the
      case may be, (or their affiliates and/or

- 128 -

nominees) in connection with the
opening, operation or closure of any Transaction Account, including transaction
charges, save to the extent that such liabilities, costs and expenses result
from the negligence or wilful default of the Senior Agent, the Security Agent or
the Plateau Security SPV (as the case may be). 

	27.41 	
      Withdrawals

	 	 	 
		(a) 	
      No payments to, or withdrawals from, any Transaction
      Account shall be made except as expressly permitted by this Clause 27.41,
      Clause 27.43 or Clause 27.44.

	 	 	 
		(b) 	
      None of the Borrower, Holdco or Opco may make any
      withdrawal from any Transaction Account:

	 	(i) 	
      if, prior to the date of the proposed withdrawal, the
      Senior Agent notifies the Account Bank or Standard Bank, as the case may
      be, that the withdrawal is not or would not be permitted under any Finance
      Document; or

	 	 	 
	 	(ii) 	
      if that Transaction Account would thereby become
      overdrawn, except in relation to the Opco Business Account, but provided
      that the overdraft amount represents Permitted Financial
    Indebtedness.

	 	(c) 	
      If, at any time an Event of Default is continuing, the
      Senior Agent may, by written notice to the Account Bank or Standard Bank,
      as the case may be, specify that no withdrawals from the Borrower Proceeds
      Account, the Borrower’s Business Account or the Disbursement Account
      maintained with such bank may be made without the prior written consent of
      the Senior Agent.

	 	 	 
	 	(d) 	
      If, at any time a Fundamental Event of Default has
      occurred the Senior Agent may, by written notice to the Account Bank or
      Standard Bank, as the case may be, specify that no withdrawals from all or
      any of the Transaction Accounts maintained with such bank may be made
      without the prior written consent of the Senior Agent.

	 	 	 
	 	(e) 	
      All amounts withdrawn from any Transaction Account by the
      Borrower, Holdco or Opco, as the case may be, for application in or
      towards making a specific payment or meeting a specific liability
      specified in the Global Intercreditor Agreement shall be applied in or
      towards making that payment or meeting that liability as specified in the
      Global Intercreditor Agreement, and for no other purpose provided that if,
      at any time there are proceeds standing to the credit of the Opco Business
      Account which are not immediately required to meet any liabilities of
      Opco, Opco shall be entitled to withdraw such amounts from the Opco
      Business Account and invest such amounts in Cash or Cash Equivalent
      Investments only once a calendar month though.

- 129 -

	 	(f) 	
      Clauses 27.41(a) and (b) shall not prevent the Senior
      Agent (acting on the instructions of the Majority Lenders), by notice to
      the Account Bank or Standard Bank, as the case may be, the Borrower and
      (if applicable) Holdco or Opco, as the case may be, from permitting
      transfers between any Transaction Account after the occurrence of a
      Default or Event of Default and before it is waived or remedied.

	 	 	 
	 	(g) 	
      None of the restrictions on the withdrawal of funds from
      a Transaction Account contained in this Clause 27.401 shall affect the
      obligations of the Borrower or any other Obligor to make all payments of
      any amount required to be made by each of them, on the due date for
      payment thereof in accordance with the Finance
Documents.

	27.42 	
      Access to books and records

	 	 	 	 
		(a) 	
      The Borrower irrevocably grants (and the Borrower shall
      ensure that Holdco and Opco irrevocably grants) the Senior Agent or any of
      its appointed representatives access to review the books and records of
      its Transaction Accounts, on reasonable prior notice. The Borrower
      authorises, and shall authorise, (and the Borrower shall ensure that
      Holdco and Opco authorises, and shall authorise) the Account Bank and
      Standard Bank to give the Senior Agent, unrestricted access on reasonable
      prior notice to review such books and records relating to the Transaction
      Accounts held by the Account Bank and Standard Bank for the purpose of
      monitoring compliance with the Finance Documents.

	 	 	 	 
		(b) 	
      Nothing in this Clause 27.42 shall require the Account
      Bank to disclose to any person any books, records or other information
      which the Account Bank would not be required to disclose to the Borrower,
      Holdco or Opco, as the case may be.

	 	 	 	 
	27.43 	
      Disbursement Account

	 	 	 	 
		(a) 	
      All proceeds from an advance under the Facilities, the
      N2C Resources Shareholder Loan, the subscription for preference shares by
      RPM in the Borrower pursuant to the RPM Finance Documents and the
      subscription for preference shares by Pelawan SPV in the Borrower pursuant
      to the B Preference Share Documents, shall be paid in Rand into the
      Disbursement Account by no later than on the Closing Date.

	 	 	 	 
		(b) 	
      The Borrower shall only be entitled to apply the funds
      standing to the credit of the Disbursement Account towards paying the
      purchase price due to RPM under the Holdco Sale of Shares Agreement on the
      Closing Date, repaying the GP Loan to RPM on the Closing Date and making
      payment of the other amounts reflected in the Funds Flow Statement as
      being paid on the Closing Date; provided that:

	 	 	 	 
			(i) 	
      in accordance with Clause 3.1 (Purpose), the Borrower
      shall apply all amounts borrowed by it under the Facility towards payment
      to RPM of the purchase price for the Target Claim under the Holdco Sale
      of

- 130 -

	 		
      Shares Agreement as described in the Funds Flow Statement
      and Structure Memorandum; and

	 	 	 
	 	(ii) 	
      to the extent applicable, the Borrower may also make
      payment from the Disbursement Account on the Closing Date of an amount
      pursuant to paragraph (i) of the definition of “Permitted
      Distribution”.

	27.44 	
      Proceeds Accounts, Opco Business Account and Borrower
      Business Account

	 	 	 	 
		(a) 	
      The Borrower shall procure that all proceeds
  from:

	 	 	 	 
			(i) 	
      any payment made to the Borrower in accordance with the
      terms of any Transaction Document;

	 	 	 	 
			(ii) 	
      any repayment of principal or interest under the Plateau
      Funding Loan Agreement;

	 	 	 	 
			(iii) 	
      any utilisation of or advance under the RPM Standby
      Facility Agreement; and/or

	 	 	 	 
			(iv) 	
      any utilisation of or advance under the RPM Operating
      Cash Flow Shortfall Facility Agreement,

	 	 	 	 
			
      is paid directly into the Borrower Proceeds Account in
      cleared funds provided that the Borrower shall be entitled to credit the
      receipt contemplated in Step 26 of the Funds Flow Statement to the
      Borrower Business Account provided that on the Closing Date such amount so
      credited shall be applied in the manner contemplated in step 28 of the
      Funds Flow Statement.

	 	 	 	 
		(b) 	
      The Borrower shall procure that all proceeds
  from:

	 	 	 	 
			(i) 	
      any payment made to Holdco in accordance with the terms
      of any Transaction Document;

	 	 	 	 
			(ii) 	
      any repayment of principal or interest under the Opco
      Funding Loan Agreement; and/or

	 	 	 	 
			(iii) 	
      amounts standing to the credit of the Borrower Proceeds
      Account which represent the proceeds of (x) any utilisation or advance
      under the RPM Operating Cash Flow Shortfall Facility Agreement or (y) the
      proceeds of any amount to be advanced by RPM to Holdco under the RPM
      Funding Loan Agreement (in relation to the operational requirements of
      Opco),

	 	 	 	 
			
      is paid directly into the Holdco Business Account in
      cleared funds.

	 	 	 	 
		(c) 	
      The Borrower shall procure that:

	 	 	 	 
			(i) 	
      all Opco Business Revenue and all amounts standing to the
      credit of the Holdco Business Account which represent the proceeds of any
      amount to be advanced by Holdco to Opco under the Opco Funding
  Loan

- 131 -

	 		
      Agreement which are derived from (x) any utilisation or
      advance under the RPM Funding Loan Agreement or (y) any utilisation or
      advance under the Plateau Funding Loan Agreement (in relation to the
      operational requirements of Opco) is paid directly into the Opco Business
      Account in cleared funds; and

	 	 	 
	 	(ii) 	
      all Borrower Business Revenue is paid directly into the
      Borrower Proceeds Account in cleared funds.

	 	(d) 	
      The Borrower shall:

	 	 	 	 
	 		(i) 	
      cause to be applied the balance standing to the credit of
      the Borrower Proceeds Account in cleared funds for the purposes, and in
      the order of priority, set out in the Borrower Cash Waterfall in the
      Global Intercreditor Agreement;

	 	 	 	 
	 		(ii) 	
      except as otherwise provided for in steps 26 and 28 of
      the Funds Flow Statement on the Closing Date, cause to be applied the
      balance outstanding to the credit of the Borrower Business Account in
      cleared funds for the purposes of meeting its administrative, operating
      and Capital Expenditure;

	 	 	 	 
	 		(iii) 	
      ensure that Holdco causes to be applied the balance
      standing to the credit of the Holdco Business Account in cleared funds for
      the purposes, and in the order of priority, set out in the Holdco Cash
      Waterfall in the Global Intercreditor Agreement; and

	 	 	 	 
	 		(iv) 	
      ensure that Opco causes to be applied the balance
      standing to the credit of the Opco Business Account in cleared funds for
      the purposes, and in the order of priority, set out in the Opco Cash
      Waterfall in the Global Intercreditor
Agreement.

	27.45 	
      Refinancing

	 	 
		
      Each Obligor shall and the Parent and the Borrower shall
      procure that each member of the Borrower Group will not refinance any of
      the preference shares, the operating cash flow shortfall facilities or the
      standby facilities provided under the RPM Finance Documents except
      pursuant to a Permitted Refinancing.

	 	 
	28. 	
      EVENTS OF DEFAULT

	 	 
		
      Each of the events or circumstances set out in this
      Clause 28 is an Event of Default (save for Clause 28.20
      (Acceleration)).

	 	 
	28.1 	
      Non-payment

	 	 
		
      An Obligor or member of the Borrower Group does not pay
      on the due date any amount payable pursuant to a Finance Document at the
      place at and in the currency in which it is expressed to be payable
      unless:

	 	 
		
      (a)         its
      failure to pay is caused by:

- 132 -

	 	(i) 	
      administrative or technical error; or

	 	 	 
	 	(ii) 	
      a Disruption Event; and

	 	(b) 	
      payment is made within 2 (two) Business Days of its due
      date.

	28.2 	
      Financial covenants and other
obligations

	 	 	 
		(a) 	
      Any requirement of Clause 26 (Financial covenants)
      is not satisfied and, if allowed by the express provisions of clause 26.4
      (Remedy of Debt Equity Ratio), is not remedied within the
      applicable remedy period, or an Obligor does not comply with the
      provisions of Clauses 25 (Information Undertakings), provided that
      where no time period is specified for the delivery of documents or
      information under clause 25 (Information Undertakings) and such
      documents or information are not required for the calculation of any
      financial covenant under clause 26 (Financial Covenants), non
      delivery of such documents or information shall only be an Event of
      Default if such documents or information are not delivered within 5 (five)
      Business Days of the occurrence of the relevant event giving rise to the
      notification or delivery obligation.

	 	 	 
		(b) 	
      An Obligor or member of the Borrower Group does not
      comply with any provision of any Transaction Security Document.

	 	 	 
	28.3 	
      Other obligations

	 	 	 
		(a) 	
      An Obligor or member of the Borrower Group does not
      comply with any provision of the Transaction Documents (other than those
      referred to in Clause 28.1 (Non-payment) and Clause 28.2
      (Financial covenants and other obligations)).

	 	 	 
		(b) 	
      Any Obligor fails to comply with its obligations under
      Clause 27.21 (Mining Operations and Projects).

	 	 	 
		(c) 	
      No Event of Default under paragraph (a) or (b) above will
      occur if the failure to comply is capable of remedy and is remedied within
      7 (seven) Business Days of the Senior Agent giving notice to the Borrower
      or relevant Obligor or the Borrower or an Obligor becoming aware of the
      failure to comply.

	 	 	 
	28.4 	
      Misrepresentation

	 	 	 
		
      Any representation or statement made or deemed to be made
      by an Obligor or member of the Borrower Group in the Finance Documents or
      any other document delivered by or on behalf of any Obligor under or in
      connection with any Finance Document is or proves to have been materially
      incorrect or misleading when made or deemed to be made.

	 	 	 
	28.5 	
      Cross default

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

- 133 -

	 	(b) 	
      Any Financial Indebtedness of any Obligor 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).

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

	 	 	 	 
	 	(d) 	
      Any creditor of any Obligor or any member of the Borrower
      Group becomes entitled to declare any Financial Indebtedness of any
      Obligor 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).

	 	 	 	 
	 	(e) 	
      No Event of Default will occur under this Clause 28.5
      if:

	 	 	 	 
	 		(i) 	
      the aggregate amount of Financial Indebtedness or
      commitment for Financial Indebtedness falling within paragraphs (a) to (d)
      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

	 	 	 	 
	 		(ii) 	
      the Financial Indebtedness or commitment for Financial
      Indebtedness falling within paragraphs (a) to (d) 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).

	28.6 	
      Insolvency

	 	 	 
		(a) 	
      An Obligor 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.

	 	 	 
		(b) 	
      The value of the assets of any Obligor 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”).

	 	 	 
		(c) 	
      A moratorium is declared in respect of any indebtedness
      of any Obligor 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.

- 134 -

	 	(d) 	
      For the avoidance of doubt, the utilisation by the
      Borrower of the facilities under the RPM Standby Facility Agreement or the
      RPM Operating Cash Flow Shortfall Facility Agreement shall not in itself
      constitute an Event of Default under paragraph (c)
above.

	28.7 	
      Insolvency proceedings

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

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

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

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

	 	 	 	 
			(iv) 	
      enforcement of any Security over any assets of any
      Obligor 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.

	 	 	 	 
		(b) 	
      Paragraph (a) shall not apply to:

	 	 	 	 
			(i) 	
      any winding-up petition which is frivolous or vexatious
      and is discharged, stayed or dismissed either (x) within 10 (ten) days of
      commencement or, if earlier, the date on which it is advertised or (y)
      within such other period as agreed to in writing by the Senior Agent
      acting on instructions of the Majority Lenders on or before the lapse of
      the 10 (ten) day period referred to in (x) provided, for the avoidance of
      doubt, the Senior Agent is not obliged to agree to any such extended
      period;

	 	 	 	 
			(ii) 	
      any step or procedure contemplated by paragraph (b) of
      the definition of Permitted Transaction; or

	 	 	 	 
			(iii) 	
      any enforcement of any Security over any assets of any
      Obligor or any member of the Borrower Group as contemplated by paragraph
      (a)(iv) above, if the relevant Obligor or any member of the Borrower
      Group,

- 135 -

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 Senior Agent that its opposition of such enforcement
proceedings has merit. 

	28.8 	
      Creditors' process

	 	 	 
		(a) 	
      Any expropriation, attachment, distress or execution or
      any analogous process in any jurisdiction affects any asset or assets of
      any Obligor or any member of the Borrower Group, other than a Project
      Company, and is not discharged either (x) within 10 (ten) days or (y)
      within such other period as agreed to in writing by the Senior Agent
      acting on the instructions of the Majority Lenders on or before the lapse
      of the 10 (ten) day period referred to in (x), provided, for the avoidance
      of doubt, the Senior Agent is not obliged to agree to any such extended
      period.

	 	 	 
		(b) 	
      Paragraph (a) shall not apply if the fair value of the
      relevant asset or assts 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.

	 	 	 
	28.9 	
      Unlawfulness and invalidity

	 	 	 
		(a) 	
      It is or becomes unlawful for an Obligor or any other
      member of the Borrower Group that is a party to any Transaction Document
      to perform any of its obligations under the Transaction Documents or any
      Transaction Security created or expressed to be created or evidenced by
      the Transaction Security Documents ceases to be effective or any
      subordination created under the Plateau Intercreditor Agreement or the
      Global Intercreditor Agreement, ceases to be effective or becomes
      unlawful.

	 	 	 
		(b) 	
      Any obligation or obligations of any Obligor or any
      member of the Borrower Group under any Transaction Document are not
      (subject to the Legal Reservations) or cease to be legal, valid, binding
      or enforceable and the cessation individually or cumulatively materially
      and adversely affects the interests of the Lenders under the Finance
      Documents.

	 	 	 
		(c) 	
      Any Transaction Document ceases to be in full force and
      effect or any Transaction Security or any subordination created under the
      Plateau Intercreditor Agreement or the Global Intercreditor Agreement,
      ceases to be legal, valid, binding, enforceable or effective or is alleged
      by a party to it (other than a Finance Party) to be ineffective.

	 	 	 
	28.10 	
      Intercreditor Agreements

	 	 	 
		(a) 	
      Any party to the Plateau Intercreditor Agreement or the
      Global Intercreditor Agreement (other than a Finance Party) fails to
      comply in any material respects with the provisions of, or does not
      perform its obligations under, the Plateau Intercreditor Agreement or the
      Global Intercreditor Agreement; or

- 136 -

	 	(b) 	
      a representation or warranty given by that party in the
      Plateau Intercreditor Agreement or the Global Intercreditor Agreement is
      incorrect in any material respect.

	28.11 	
      Cessation of business

	 	 	 
		
      Any Obligor or any member of the Borrower Group suspends
      or ceases to carry on (or threatens to suspend or cease to carry on) all
      or a material part of its business, unless it is a temporary suspension of
      the business of Opco:

	 	 	 
		(a) 	
      which is required by law and provided such business
      resumes within 30 (thirty) days of the temporary suspension; or

	 	 	 
		(b) 	
      which arises as a result of Force Majeure but the Senior
      Agent is satisfied (in its sole discretion) that there is adequate
      business interruption insurance in place for the whole period of
      suspension.

	 	 	 
	28.12 	
      Mining Licenses and New Order Rights

	 	 	 
		
      Any Mining Licence or New Order Right which is material
      to the business of any member of the Borrower Group is materially and
      adversely amended or is terminated or not renewed (in each case, without a
      replacement being put in place with which the Senior Agent is satisfied)
      or is otherwise adversely appealed or challenged.

	 	 	 
	28.13 	
      Audit qualification

	 	 	 
		
      The Auditors of any Obligor or any member of the Borrower
      Group qualify the audited annual consolidated financial statements of that
      Obligor or that member of the Borrower Group.

	 	 	 
	28.14 	
      Expropriation

	 	 	 
		
      The authority or ability of any Obligor or any member of
      the Borrower Group to conduct its business is limited or wholly or
      substantially curtailed by any seizure, expropriation, nationalisation,
      intervention, restriction or other action by or on behalf of any
      governmental, regulatory or other authority or other person in relation to
      any Obligor or any member of the Borrower Group or any of its
    assets.

	 	 	 
	28.15 	
      Repudiation and rescission of agreements

	 	 	 
		(a) 	
      Any Obligor or any member of the Borrower Group (or any
      other relevant party) rescinds or repudiates a Finance Document or any of
      the Transaction Security or evidences an intention to rescind or repudiate
      a Finance Document or any Transaction Security.

	 	 	 
		(b) 	
      Any party to the Transaction Documents rescinds or
      repudiates any of those agreements or instruments in whole or in part
      where to do so has or is, in the reasonable opinion of the Majority
      Lenders, likely to have a material adverse effect on the interests of the
      Lenders under the Finance Documents.

- 137 -

	28.16 	
      Litigation

	 	 
		
      Any litigation, arbitration, administrative,
      governmental, regulatory or other investigations, proceedings or disputes
      are commenced or threatened in relation to the Transaction Documents or
      the transactions contemplated in the Transaction Documents or against any
      Obligor or any member of the Borrower Group or its assets which is
      reasonably likely to be adversely determined and would reasonably be
      expected to have a Material Adverse Effect.

	 	 
	28.17 	
      Projected Cash Flow and Production and
      Development

	 	(a) 	
      For any 6 (six) month period (assessed bi annually)
      within the Rollup Period the projected Cash flow for any Forecast Period
      as set out in the Applicable Mine Plan and taking into account the
      availability of funds under the RPM Operating Cash Flow Shortfall Facility
      Agreement would be insufficient to meet all of the capital and operating
      expenditure and other expenses including management fees, royalties and
      Taxes as projected for the corresponding Forecast Period in the Applicable
      Mine Plan.

	 	 	 
	 	(b) 	
      For the individual consecutive 6 month periods ending 31
      December 2009 and 30 June 2010 (measuring date) there is a 15% (fifteen
      percent) or more negative variance in:

	 	(i) 	
      the total PGM ounces in concentrate produced during the
      period; or

	 	 	 
	 	(ii) 	
      the Immediately Mineable Reserves at each measuring
      date,

	 		
      compared to the thresholds projected for that period in
      the Operating Budget and Applicable Mine Plan, unless such negative
      variance arises as a consequence of Force Majeure and measures have been
      taken to mitigate or rectify the circumstance to the Senior Agent’s
      satisfaction (in its sole discretion).

	 	 	 
	 	(c) 	
      For any consecutive 6 (six) month period (assessed on 31
      December and 30 June) after the first 12 (twelve) consecutive month period
      there is a 10% (ten percent) or more negative variance
  in:

	 	(i) 	
      the total PGM ounces in concentrate produced during the
      period; or

	 	 	 
	 	(ii) 	
      the Immediately Mineable Reserves at each measuring
      date,

	 		
      compared to the thresholds projected for that period in
      the Operating Budget and Applicable Mine Plan, unless such negative
      variance arises as a consequence of Force Majeure and measures have
      been taken to mitigate or rectify the circumstance to the Senior Agent’s
      satisfaction (in its sole discretion).

	 	 	 
	 	(d) 	
      For the purpose of this clause 28.17 (Projected Cash
      Flow and Production and Development) “Immediately Mineable
      Reserves” means an area of Reserves (as defined by SAMREC) (measured
      in square metres) which can be

- 138 -

economically mined and is accessible
through established mining infrastructure, but has not necessarily been equipped
for immediate drilling and blasting purposes. 

	28.18 	
      RPM Finance Documents

	 	 	 
		
      RPM becomes entitled to take any “Enforcement
      Action” (as defined in the Global Intercreditor Agreement) under the
      Global Intercreditor Agreement including, but not limited to where an
      event referred to in clause 6.2 (Mandatory Prepayments: Change of
      Control) of the RPM Funding Common Terms Agreement has
  occurred.

	 	 	 
	28.19 	
      Material adverse change

	 	 	 
		
      Any event or circumstance occurs which the Majority
      Lenders reasonably believe has or is reasonably likely to have a Material
      Adverse Effect.

	 	 	 
	28.20 	
      Acceleration

	 	 	 
		
      Upon the occurrence of an Event of Default which is
      continuing, the Senior Agent may, and shall if so directed by the Majority
      Lenders, by notice to the Borrower:

	 	 	 
		(a) 	
      cancel the Total Commitments at which time they 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 Break Costs and the amount
      representing the cost to the Lenders of unwinding any funding arrangements
      which were taken into account in determining the Mandatory Cost of a
      Lender and which are to be unwound pursuant to the Loans becoming
      immediately due and payable;

	 	 	 
		(d) 	
      declare that all or part of the Loans be payable on
      demand, at which time they shall immediately become payable on demand by
      the Senior Agent on the instructions of the Majority Lenders;
  and/or

	 	 	 
		(e) 	
      exercise or direct the Security Agent and/or the Plateau
      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 Funding
      Loan Agreements, the Opco Security Documents and the Holdco Security
      Documents).

- 139 -

SECTION 9 

CHANGES TO PARTIES

	29. 	
      CHANGES TO THE LENDERS

	 	 	 	 
	29.1 	
      Assignments and transfers by the Lenders

	 	 	 	 
		
      Subject to this Clause 29, a Lender (the “Existing
      Lender”) may:

	 	 	 	 
		(a) 	
      cede and/or assign any of its rights; or

	 	 	 	 
		(b) 	
      transfer any of its rights and obligations (including,
      for the avoidance of doubt, any Commitment),

	 	 	 	 
		
      (each a “Transfer” and “Transfers” shall be
      construed accordingly) under any Finance Document to another bank or
      financial institution or to a trust, fund, pension fund, life assurer or
      other entity which is regularly engaged in or established for the purpose
      of making, purchasing or investing in loans, securities or other financial
      assets (the “New Lender”) at no cost to the Borrower.

	 	 	 	 
	29.2 	
      Conditions of Transfer

	 	 	 	 
		(a) 	
      The consent of the Borrower (which shall not be
      unreasonably withheld or delayed) is required for any Transfer by an
      Existing Lender of any of its rights and/or obligations under the
      Facilities unless the Transfer will be to a Permitted Transferee. Where a
      Transfer is to be made to a prospective New Lender which is not a
      Permitted Transferee, the Borrower will be deemed to have given its
      consent for such Transfer if, after 10 (ten) Business Days of the request
      for consent for such Transfer, the Borrower has not responded to such
      request.

	 	 	 	 
		(b) 	
      A Transfer will only be effective on:

	 	 	 	 
			(i) 	
      receipt by the Senior Agent (whether in the Assignment
      Agreement or otherwise) of written confirmation from the New Lender (in
      form and substance satisfactory to the Senior Agent) that the New Lender
      will assume the same obligations to the other Finance Parties and the
      other Secured Parties and to the Borrower as it would have been under if
      it was an Original Lender;

	 	 	 	 
			(ii) 	
      the New Lender entering into the documentation required
      for it to accede as a party to the Plateau Intercreditor Agreement;
    and

	 	 	 	 
			(iii) 	
      the performance by the Senior Agent of all necessary
      “know your customer” or other similar checks under all applicable laws and
      regulations in relation to such assignment to a New Lender, the completion
      of which the Senior Agent shall promptly notify to the Lender and the New
      Lender.

- 140 -

	29.3 	
      Transfer fee

	 	 
		
      Unless the Senior Agent otherwise agrees and excluding a
      Transfer (i) to an Affiliate of a Lender, (ii) to a Related Fund or (iii)
      made in connection with primary syndication of the Facility, the New
      Lender shall, on the date upon which a Transfer takes effect, pay to the
      Senior Agent (for its own account) a fee of US$10,000.

	 	 
	29.4 	
      Limitation of responsibility of Existing
      Lenders

	 	(a) 	
      Unless expressly agreed to the contrary, an Existing
      Lender makes no representation or warranty and assumes no responsibility
      to a New Lender for:

	 	(i) 	
      the legality, validity, effectiveness, adequacy or
      enforceability of the Transaction Documents, the Transaction Security or
      any other documents;

	 	 	 
	 	(ii) 	
      the financial condition of any Obligor or other member of
      the Group;

	 	 	 
	 	(iii) 	
      the performance and observance by any Obligor or any
      other member of the Borrower Group of their respective obligations under
      the Transaction Documents or any other documents; or

	 	 	 
	 	(iv) 	
      the accuracy of any statements (whether written or oral)
      made in or in connection with any Transaction Document or any other
      document,

	 		
      and any representations or warranties implied by law are
      excluded.

	 	 	 
	 	(b) 	
      Each New Lender confirms to the Existing Lender, the
      other Finance Parties and the Secured Parties that
it:

	 	(i) 	
      has made (and shall continue to make) its own independent
      investigation and assessment of the financial condition and affairs of
      each Obligor and its related entities in connection with its participation
      in this Agreement and has not relied exclusively on any information
      provided to it by the Existing Lender or any other Finance Party in
      connection with any Transaction Document or the Transaction Security;
      and

	 	 	 
	 	(ii) 	
      will continue to make its own independent appraisal of
      the creditworthiness of each Obligor and each member of the Borrower Group
      and its related entities whilst any amount is or may be outstanding under
      the Finance Documents or any Commitment is in
force.

	 	(c) 	
      Nothing in any Finance Document obliges an Existing
      Lender to:

	 	 	 	 
	 		(i) 	
      accept a re-transfer or re-assignment from a New Lender
      of any of the rights and obligations assigned or transferred under this
      Clause 29; or

	 	 	 	 
	 		(ii) 	
      support any losses directly or indirectly incurred by the
      New Lender by reason of the non-performance by any Obligor or other member
      of

- 141 -

the Borrower Group of its obligations
under the Transaction Documents or otherwise. 

	29.5 	
      [INTENTIONALLY LEFT BLANK]

	 	 	 	 
	29.6 	
      Procedure for Transfer

	 	 	 	 
		(a) 	
      Subject to the conditions set out in Clause 29.2
      (Conditions of Transfer) a Transfer may be effected in accordance
      with paragraph (c) below when the Senior Agent executes an otherwise duly
      completed Assignment Agreement delivered to it by the Existing Lender and
      the New Lender. The Senior Agent shall, subject to paragraph (b) below, as
      soon as reasonably practicable after receipt by it of a duly completed
      Assignment Agreement appearing on its face to comply with the terms of
      this Agreement and delivered in accordance with the terms of this
      Agreement, execute that Assignment Agreement.

	 	 	 	 
		(b) 	
      The Senior Agent shall only be obliged to execute an
      Assignment Agreement delivered to it by the Existing Lender and the New
      Lender upon its completion of all “know your customer” or other checks
      relating to any person that it is required to carry out in relation to the
      assignment to such New Lender.

	 	 	 	 
		(c) 	
      On the Transfer Date:

	 	 	 	 
			(i) 	
      the Existing Lender will cede and assign absolutely to
      the New Lender its rights under the Finance Documents expressed to be the
      subject of the cession and assignment in the Assignment
  Agreement;

	 	 	 	 
			(ii) 	
      the Existing Lender will be released from the obligations
      (the “Relevant Obligations”) expressed to be the subject of the
      delegation and release in the Assignment Agreement; and

	 	 	 	 
			(iii) 	
      the New Lender shall become a Party as a “Lender” and
      will be bound by obligations equivalent to the Relevant
  Obligations.

	 	 	 	 
		(d) 	
      Lenders may utilise procedures other than those set out
      in this Clause 29.6 to cede and assign their rights under the Finance
      Documents provided that they comply with the conditions set out in
      Clause 29.2 (Conditions of Transfer).

	 	 	 	 
	29.7 	
      Copy of Assignment Agreement to Borrower

	 	 	 	 
		
      The Senior Agent shall, as soon as reasonably practicable
      after it has executed an Assignment Agreement, send to the Borrower a copy
      of that Assignment Agreement.

	 	 	 	 
	29.8 	
      Disclosure of information

	 	 	 	 
		(a) 	
      Any Finance Party may disclose to (x) any of its
      Affiliates or the representative and branch offices in any jurisdiction of
      that Finance Party or any of its Affiliates and (y) any other person (in
      relation to (y)):

	 	 	 	 
			(i) 	
      to (or through) whom that Finance Party Transfers (or may
      potentially Transfer) all or any of its rights and obligations under the
      Finance

- 142 -

	 		
      Documents (including to any agent or professional advisor
      of any such person who/which is under a duty of
confidentiality);

	 	 	 
	 	(ii) 	
      with (or through) whom that Lender enters into (or may
      potentially enter into) any sub-participation in relation to, or any other
      transaction under which payments are to be made by reference to, the
      Finance Documents or any Obligor or any member of the Borrower Group;
      or

	 	 	 
	 	(iii) 	
      to whom, and to the extent that, information is required
      to be disclosed by any applicable law or
regulation;

	 	(b) 	
      any Finance Party may disclose to a rating agency,
      insurer or insurance broker of, or direct or indirect provider of any
      credit protection to a Finance Party or any of its Affiliates; or (with
      the consent of the Borrower) any other person,

	 	 	 
	 	(c) 	
      any Finance Party may disclose to its professional
      advisors and service providers who are under a duty of
    confidentiality;

		
      any information about any Obligor, the Anooraq Group, the
      Borrower Group, the Holdco Group, the Target Group and the Transaction
      Documents as that Finance Party shall consider appropriate and provided
      that in relation to paragraphs (a)(i) and (ii) above, the person to whom
      the information is to be given has entered into a Confidentiality
      Undertaking.

	 	 	 
		
      Any Confidentiality Undertaking signed by a Finance Party
      pursuant to this Clause 29.8 shall supersede any prior confidentiality
      undertaking signed by such Finance Party for the benefit of any member of
      the Anooraq Group, the Borrower Group, the Holdco Group or the Target
      Group.

	 	 	 
	29.9 	
      Affiliates of Lenders as Plateau Hedge
      Counterparties

	 	 	 
		(a) 	
      An Affiliate of a Lender which becomes a Plateau Hedge
      Counterparty shall accede to the Plateau Intercreditor Agreement by
      delivery to the Senior Agent of a duly completed accession undertaking in
      the form required under the Plateau Intercreditor Agreement.

	 	 	 
		(b) 	
      Where this Agreement or any other Finance Document
      imposes an obligation on a Plateau Hedge Counterparty and the relevant
      Plateau Hedge Counterparty is an Affiliate of a Lender and is not a party
      to that document, the relevant Lender shall ensure that the obligation is
      performed by its Affiliate.

	 	 	 
		(c) 	
      Where this Agreement or any other Finance Document
      provides for rights or benefits in favour of a Plateau Hedge Counterparty
      whether expressly by reference to the Plateau Hedge Counterparties or
      generally by reference to the Finance Parties, that provision constitutes
      a stipulation for the benefit of the Plateau Hedge Counterparties if they
      are not a party to the relevant Finance Document(s), which stipulation
      shall be deemed to have been accepted by a Plateau Hedge Counterparty upon
      it signing a duly completed accession undertaking in the form required
      under the Plateau Intercreditor Agreement.

- 143 -

	30. 	
      ASSIGNMENT AND TRANSFERS BY OBLIGORS

	 	 
		
      No Obligor or any other member of the Borrower Group may
      cede and/or assign any of its rights or transfer any of its rights or
      obligations under the Finance Documents, except as permitted by this
      Agreement and the Global Intercreditor Agreement without the prior written
      consent of the Senior Agent acting on the instructions of all Lenders and
      any other person’s consent as may be required under the Intercreditor
      Agreements.

- 144 -

SECTION 10 

THE FINANCE PARTIES 

	31. 	
      ROLE OF THE SENIOR AGENT, THE ARRANGER AND
      OTHERS

	 	 	 
	31.1 	
      Appointment of the Senior Agent

	 	 	 
		(a) 	
      Each of the Arranger and the Lenders appoints the Senior
      Agent to act as its agent under and in connection with the Finance
      Documents.

	 	 	 
		(b) 	
      Each of the Arranger and the Lenders authorises the
      Senior Agent to exercise the rights, powers, authorities and discretions
      specifically given to the Senior Agent under or in connection with the
      Finance Documents together with any other incidental rights, powers,
      authorities and discretions.

	 	 	 
	31.2 	
      Duties of the Senior Agent

	 	 	 
		(a) 	
      The Senior Agent shall promptly forward to a Party the
      original or a copy of any document which is delivered to the Senior Agent
      for that Party by any other Party.

	 	 	 
		(b) 	
      Except where a Finance Document specifically provides
      otherwise, the Senior Agent is not obliged to review or check the
      adequacy, accuracy or completeness of any document it forwards to another
      Party.

	 	 	 
		(c) 	
      If the Senior Agent receives notice from a Party
      referring to this Agreement, describing a Default and stating that the
      circumstance described is a Default, it shall promptly notify the other
      Finance Parties.

	 	 	 
		(d) 	
      If the Senior Agent is aware of the non-payment of any
      principal, interest, commitment fee or other fee payable to a Finance
      Party (other than the Senior Agent, the Arranger or the Plateau Security
      SPV) under this Agreement it shall promptly notify the other Finance
      Parties.

	 	 	 
		(e) 	
      The Senior Agent's duties under the Finance Documents are
      solely mechanical and administrative in nature.

	 	 	 
	31.3 	
      Role of the Arranger

	 	 	 
		
      Except as specifically provided in the Finance Documents,
      the Arranger has no obligations of any kind to any other Party under or in
      connection with any Finance Document.

	 	 	 
	31.4 	
      Role of Plateau Security SPV and Opco Security
      SPV

	 	 	 
		
      Each Party acknowledges that the Plateau Security SPV and
      the Opco Security SPV have been established to hold the Transaction
      Security and that the taking of any enforcement action by the Plateau
      Security SPV or the Opco Security SPV in relation thereto shall be taken
      in accordance with the Plateau Intercreditor Agreement and the Global
      Intercreditor Agreement (as the case may be).

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	31.5 	
      No fiduciary duties

	 	 	 	 
		(a) 	
      Nothing in this Agreement constitutes the Senior Agent,
      the Arranger and/or the Plateau Security SPV as a trustee or fiduciary of
      any other person.

	 	 	 	 
		(b) 	
      None of the Senior Agent, the Plateau Security SPV or the
      Arranger shall be bound to account to any Lender for any sum or the profit
      element of any sum received by it for its own account.

	 	 	 	 
	31.6 	
      Business with the Borrower Group and the Anooraq
      Group

	 	 	 	 
		
      The Senior Agent and the Arranger may accept deposits
      from, lend money to and generally engage in any kind of banking or other
      business with any member of the Borrower Group or the Anooraq
  Group.

	 	 	 	 
	31.7 	
      Rights and discretions

	 	 	 	 
		(a) 	
      The Senior Agent may rely on:

	 	 	 	 
			(i) 	
      any representation, notice or document believed by it to
      be genuine, correct and appropriately authorised; and

	 	 	 	 
			(ii) 	
      any statement made by a director, authorised signatory or
      employee of any person regarding any matters which may reasonably be
      assumed to be within his knowledge or within his power to
verify.

	 	 	 	 
		(b) 	
      The Senior Agent may assume (unless it has received
      notice to the contrary in its capacity as agent for the Lenders)
    that:

	 	 	 	 
			(i) 	
      no Default has occurred (unless it has actual knowledge
      of a Default arising under Clause 28.1 (Non-payment));

	 	 	 	 
			(ii) 	
      any right, power, authority or discretion vested in any
      Party or the Majority Lenders has not been exercised; and

	 	 	 	 
			(iii) 	
      any notice or request made by the Borrower is made on
      behalf of and with the consent and knowledge of all the
Obligors.

	 	 	 	 
		(c) 	
      The Senior Agent may engage, pay for and rely on the
      advice or services of any lawyers, accountants, surveyors or other
      experts.

	 	 	 	 
		(d) 	
      The Senior Agent may act in relation to the Finance
      Documents through its personnel and agents.

	 	 	 	 
		(e) 	
      The Senior Agent may disclose to any other Party any
      information it reasonably believes it has received as agent under the
      Finance Documents.

	 	 	 	 
		(f) 	
      Notwithstanding any other provision of any Finance
      Document to the contrary, none of the Senior Agent, the Arranger or the
      Plateau Security SPV is obliged to do or omit to do anything if it would
      or might in its reasonable opinion constitute a breach of any law or
      regulation or a breach of a fiduciary duty or duty of
    confidentiality.

- 146 -

	31.8 	
      Majority Lenders' instructions

	 	 	 
		(a) 	
      Unless a contrary indication appears in a Finance
      Document, the Senior Agent shall (i) exercise any right, power, authority
      or discretion vested in it as Senior Agent in accordance with any
      instructions given to it by the Majority Lenders (or, if so instructed by
      the Majority Lenders, refrain from exercising any right, power, authority
      or discretion vested in it as Senior Agent) and (ii) not be liable for any
      act (or omission) if it acts (or refrains from taking any action) in
      accordance with an instruction of the Majority Lenders.

	 	 	 
		(b) 	
      Unless a contrary indication appears in a Finance
      Document, any instructions given by the Majority Lenders will be binding
      on all the Finance Parties.

	 	 	 
		(c) 	
      The Senior Agent may refrain from acting in accordance
      with the instructions of the Majority Lenders (or, if appropriate, the
      Lenders) until it has received such security as it may require for any
      cost, loss or liability (together with any associated VAT) which it may
      incur in complying with the instructions.

	 	 	 
		(d) 	
      In the absence of instructions from the Majority Lenders,
      (or, if appropriate, the Lenders) the Senior Agent may act (or refrain
      from taking action) as it considers to be in the best interest of the
      Lenders.

	 	 	 
		(e) 	
      The Senior Agent is not authorised to act on behalf of a
      Lender (without first obtaining that Lender's consent) in any legal or
      arbitration proceedings relating to any Finance Document. This paragraph
      (e) shall not apply to any legal or arbitration proceeding relating to the
      perfection, preservation or protection of rights under the Transaction
      Security Documents or enforcement of the Transaction Security or
      Transaction Security Documents.

	 	 	 
	31.9 	
      Responsibility for documentation

	 	 	 
		
      None of the Senior Agent, the Arranger, the Security
      Agent or the Plateau Security SPV:

	 	 	 
		(a) 	
      is responsible for the adequacy, accuracy and/or
      completeness of any information (whether oral or written) supplied by the
      Senior Agent, the Arranger, the Security Agent, the Plateau Security SPV,
      an Obligor or any other person given in or in connection with any Finance
      Document or the Information Memorandum or the Reports or the transactions
      contemplated in the Finance Documents; or

	 	 	 
		(b) 	
      is responsible for the legality, validity, effectiveness,
      adequacy or enforceability of any Finance Document or the Transaction
      Security or any other agreement, arrangement or document entered into,
      made or executed in anticipation of or in connection with any Finance
      Document or the Transaction Security.

	 	 	 
	31.10 	
      Exclusion of liability

	 	 	 
		(a) 	
      Without limiting paragraph (b) below (and without
      prejudice to the provisions of paragraph (e) of Clause 34.10
      (Disruption to Payment Systems etc.)), none

- 147 -

	 		
      of the Senior Agent, the Security Agent or the Plateau
      Security SPV will be liable (including, without limitation, for negligence
      or any other category of liability whatsoever) for any action taken by it
      under or in connection with any Finance Document or the Transaction
      Security, unless directly caused by its gross negligence or wilful
      misconduct.

	 	 	 
	 	(b) 	
      No Party (other than the Senior Agent, the Security Agent
      or the Plateau Security SPV (as applicable)) may take any proceedings
      against any officer, employee or agent of the Senior Agent, the Security
      Agent or the Plateau Security SPV, in respect of any claim it might have
      against the Senior Agent, the Security Agent or Plateau Security SPV or in
      respect of any act or omission of any kind by that officer, employee or
      agent in relation to any Finance Document or any Transaction Document and
      any officer, employee or agent of the Senior Agent or the Plateau Security
      SPV may rely on this Clause as a stipulatio alteri.

	 	 	 
	 	(c) 	
      The Senior Agent, the Security Agent and the Plateau
      Security SPV will not be liable for any delay (or any related
      consequences) in crediting an account with an amount required under the
      Finance Documents to be paid by the Senior Agent, the Security Agent or
      the Plateau Security SPV if the Senior Agent, the Security Agent or the
      Plateau Security SPV have taken all necessary steps as soon as reasonably
      practicable to comply with the regulations or operating procedures of any
      recognised clearing or settlement system used by the Senior Agent, the
      Security Agent or the Plateau Security SPV for that purpose.

	 	 	 
	 	(d) 	
      Nothing in this Agreement shall oblige the Senior Agent,
      the Arranger, the Security Agent or the Plateau Security SPV to carry out
      any “know your customer” or other checks in relation to any person on
      behalf of any Lender and each Lender confirms to the Senior Agent, the
      Arranger, the Security Agent and the Plateau Security SPV that it is
      solely responsible for any such checks it is required to carry out and
      that it may not rely on any statement in relation to such checks made by
      the Senior Agent, the Arranger, the Security Agent or the Plateau Security
      SPV.

	31.11 	
      Lenders’ indemnity to the Senior Agent and the Plateau
      Security SPV

	 	 
		
      Each Lender shall (in proportion to its share of the
      Total Commitments or, if the Total Commitments are then zero, to its share
      of the Total Commitments immediately prior to their reduction to zero)
      indemnify the Senior Agent and the Plateau Security SPV, within 3 (three)
      Business Days of demand, against any cost, loss or liability (including,
      without limitation, for negligence or any other category of liability
      whatsoever) incurred by the Senior Agent and the Plateau Security SPV
      (otherwise than by reason of the Senior Agent’s and the Plateau Security
      SPV’s gross negligence or wilful misconduct) (or, in the case of any cost,
      loss or liability pursuant to Clause 34.10 (Disruption to Payment
      Systems etc.) notwithstanding the Senior Agent's negligence, gross
      negligence or any other category of liability whatsoever but not including
      any

- 148 -

		
      claim based on the fraud of the Senior Agent in acting as
      Senior Agent and Plateau Security SPV under the Finance Documents (unless
      the Senior Agent and the Plateau Security SPV have been reimbursed by an
      Obligor pursuant to a Finance Document).

	 	 	 
	31.12 	
      Resignation of the Senior Agent

	 	 	 
		(a) 	
      The Senior Agent may resign and appoint one of its
      Affiliates acting through an office in Johannesburg or London as successor
      by giving notice to the Lenders and the Borrower.

	 	 	 
		(b) 	
      Alternatively the Senior Agent may resign by giving
      notice to the Lenders and the Borrower, in which case the Majority Lenders
      (after consultation with the Borrower) may appoint a successor Senior
      Agent.

	 	 	 
		(c) 	
      If the Majority Lenders have not appointed a successor
      Senior Agent in accordance with paragraph (b) above within 30 days after
      notice of resignation was given, the Senior Agent (after consultation with
      the Borrower) may appoint a successor Senior Agent (acting through an
      office in Johannesburg or London).

	 	 	 
		(d) 	
      The retiring Senior Agent shall, at its own cost, make
      available to the successor Senior Agent such documents and records and
      provide such assistance as the successor Senior Agent may reasonably
      request for the purposes of performing its functions as Senior Agent under
      the Finance Documents.

	 	 	 
		(e) 	
      The Senior Agent's resignation notice shall only take
      effect upon the appointment of a successor.

	 	 	 
		(f) 	
      Upon the appointment of a successor, the retiring Senior
      Agent shall be discharged from any further obligation in respect of the
      Finance Documents but shall remain entitled to the benefit of this Clause
      31. Its successor and each of the other Parties shall have the same rights
      and obligations amongst themselves as they would have had if such
      successor had been an original Party.

	 	 	 
		(g) 	
      After consultation with the Borrower, the Majority
      Lenders may, by notice to the Senior Agent, require it to resign in
      accordance with paragraph (b) above. In this event, the Senior Agent shall
      resign in accordance with paragraph (b) above.

	 	 	 
	31.13 	
      Confidentiality

	 	 	 
		(a) 	
      In acting as agent for the Finance Parties, the Senior
      Agent shall be regarded as acting through its agency division which shall
      be treated as a separate entity from any other of its divisions or
      departments.

	 	 	 
		(b) 	
      If information is received by another division or
      department of the Senior Agent, it may be treated as confidential to that
      division or department and the Senior Agent shall not be deemed to have
      notice of it.

- 149 -

	 	(c) 	
      Notwithstanding any other provision of any Finance
      Document to the contrary, neither the Senior Agent, the Arranger nor the
      Plateau Security SPV are obliged to disclose to any other person (i) any
      confidential information or (ii) any other information if the disclosure
      would or might in its reasonable opinion constitute a breach of any law or
      a breach of a fiduciary duty.

	31.14 	
      Relationship with the Lenders

	 	 	 
		(a) 	
      The Senior Agent, the Security Agent and the Plateau
      Security SPV may treat each Lender as a Lender, entitled to payments under
      this Agreement and acting through its Facility Office unless it has
      received not less than 5 (five) Business Days' prior notice from that
      Lender to the contrary in accordance with the terms of this
    Agreement.

	 	 	 
		(b) 	
      Each Lender shall supply the Senior Agent with any
      information required by the Senior Agent in order to calculate the
      Mandatory Cost.

	 	 	 
		(c) 	
      Each Lender shall supply the Senior Agent with any
      information that the Security Agent or the Plateau Security SPV may
      reasonably specify (through the Senior Agent) as being necessary or
      desirable to enable the Security Agent to fulfil its role as Security
      Agent or to enable the Plateau Security SPV to perform its functions as
      Plateau Security SPV (as the case may be). Each Lender shall deal with the
      Plateau Security SPV exclusively through the Senior Agent or the Security
      Agent and shall not deal directly with the Plateau Security SPV.

	 	 	 
	31.15 	
      Credit appraisal by the Lenders

	 	 	 
		
      Without affecting the responsibility of any Obligor for
      information supplied by it or on its behalf in connection with any Finance
      Document, each Lender confirms to the Senior Agent, the Arranger, the
      Security Agent and the Plateau Security SPV that it has been, and will
      continue to be, solely responsible for making its own independent
      appraisal and investigation of all risks arising under or in connection
      with any Finance Document including but not limited to:

	 	 	 
		(a) 	
      the financial condition, status and nature of each member
      of the Anooraq Group;

	 	 	 
		(b) 	
      the legality, validity, effectiveness, adequacy or
      enforceability of any Transaction Document and the Transaction Security
      and any other agreement, arrangement or document entered into, made or
      executed in anticipation of, under or in connection with any Transaction
      Document or the Transaction Security;

	 	 	 
		(c) 	
      whether that Secured Party has recourse, and the nature
      and extent of that recourse, against any Party or any of its respective
      assets under or in connection with any Finance Document, the Transaction
      Security, the transactions contemplated by the Finance Documents or any
      other agreement,

- 150 -

	 		
      arrangement or document entered into, made or executed in
      anticipation of, under or in connection with any Finance
  Document;

	 	 	 
	 	(d) 	
      the adequacy, accuracy and/or completeness of the
      Information Memorandum, the Reports and any other information provided by
      the Senior Agent, any Party or by any other person under or in connection
      with any Finance Document, the transactions contemplated by the Finance
      Documents or any other agreement, arrangement or document entered into,
      made or executed in anticipation of, under or in connection with any
      Finance Document; and

	 	 	 
	 	(e) 	
      the right or title of any person in or to, or the value
      or sufficiency of any part of the Secured Assets, the priority of any of
      the Transaction Security or the existence of any Security affecting the
      Secured Assets.

	31.16 	
      [INTENTIONALLY LEFT BLANK]

	 	 
	31.17 	
      Senior Agent's management time

	 	 
		
      Any amount payable to the Senior Agent under Clause 20.3
      (Indemnity to the Senior Agent), Clause 22 (Costs and
      expenses) and Clause 31.11 (Lenders' indemnity to the Senior
      Agent) shall include the cost of utilising the Senior Agent's
      management time or other resources and will be calculated on the basis of
      such reasonable daily or hourly rates as the Senior Agent may notify to
      the Parent and the Lenders, and is in addition to any fee paid or payable
      to the Senior Agent under Clause 17 (Fees).

	 	 
	31.18 	
      Deduction from amounts payable by the Senior
      Agent

	 	 
		
      If any Party owes an amount to the Senior Agent or the
      Plateau Security SPV under the Finance Documents the Senior Agent or the
      Plateau Security SPV may, after giving notice to that Party, deduct an
      amount not exceeding that amount from any payment to that Party which the
      Senior Agent or the Plateau Security SPV would otherwise be obliged to
      make under the Finance Documents and apply the amount deducted in or
      towards satisfaction of the amount owed. For the purposes of the Finance
      Documents that Party shall be regarded as having received any amount so
      deducted.

	 	 
	31.19 	
      Reliance and engagement letters

	 	 
		
      Each Finance Party and Secured Party confirms that each
      of the Arranger and the Senior Agent has authority to accept on its behalf
      (and ratifies the acceptance on its behalf of any letters or reports
      already accepted by the Arranger or Senior Agent) the terms of any
      reliance letter or engagement letters relating to the Reports or any
      reports or letters provided by accountants in connection with the Finance
      Documents or the transactions contemplated in the Finance Documents and to
      bind it in respect of those Reports, reports or letters and to sign such
      letters on its behalf and further confirms that it accepts the terms and
      qualifications set out in such letters.

- 151 -

	32. 	
      CONDUCT OF BUSINESS BY THE FINANCE
  PARTIES

	 	 	 
		
      No provision of this Agreement will:

	 	 	 
		(a) 	
      interfere with the right of any Finance Party to arrange
      its affairs (tax or otherwise) in whatever manner it thinks fit;

	 	 	 
		(b) 	
      oblige any Finance Party to investigate or claim any
      credit, relief, remission or repayment available to it or the extent,
      order and manner of any claim; or

	 	 	 
		(c) 	
      oblige any Finance Party to disclose any information
      relating to its affairs (tax or otherwise) or any computations in respect
      of Tax.

	 	 	 
	33. 	
      SHARING AMONG THE FINANCE PARTIES

	 	 	 
	33.1 	
      Payments to Finance Parties

	 	 	 
		
      If a Finance Party (a “Recovering Finance Party”)
      receives or recovers any amount from an Obligor other than in accordance
      with Clause 34 (Payment mechanics) and applies that amount to a
      payment due under the Finance Documents then:

	 	 	 
		(a) 	
      the Recovering Finance Party shall, within three Business
      Days, notify details of the receipt or recovery, to the Senior
    Agent;

	 	 	 
		(b) 	
      the Senior Agent shall determine whether the receipt or
      recovery is in excess of the amount the Recovering Finance Party would
      have been paid had the receipt or recovery been received or made by the
      Senior Agent and distributed in accordance with Clause 34 (Payment
      mechanics), without taking account of any Tax which would be imposed
      on the Senior Agent in relation to the receipt, recovery or distribution;
      and

	 	 	 
		(c) 	
      the Recovering Finance Party shall, within three Business
      Days of demand by the Senior Agent, pay to the Senior Agent an amount (the
      “Sharing Payment”) equal to such receipt or recovery less any
      amount which the Senior Agent determines may be retained by the Recovering
      Finance Party as its share of any payment to be made, in accordance with
      Clause 34.5 (Partial payments).

	 	 	 
	33.2 	
      Redistribution of payments

	 	 	 
		
      The Senior Agent shall treat the Sharing Payment as if it
      had been paid by the relevant Obligor and distribute it between the
      Finance Parties (other than the Recovering Finance Party) in accordance
      with Clause 34.5 (Partial payments).

	 	 	 
	33.3 	
      Recovering Finance Party's rights

	 	 	 
		(a) 	
      On a distribution by the Senior Agent under Clause 33.2
      (Redistribution of payments), the Recovering Finance Party will be
      subrogated to the rights of the Finance Parties which have shared in the
      redistribution.

	 	 	 
		(b) 	
      If and to the extent that the Recovering Finance Party is
      not able to rely on its rights under paragraph (a) above, the relevant
      Obligor shall be liable to the

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Recovering Finance Party for a debt
equal to the Sharing Payment which is immediately due and payable. 

	33.4 	
      Reversal of redistribution

	 	 	 	 
		
      If any part of the Sharing Payment received or recovered
      by a Recovering Finance Party becomes repayable and is repaid by that
      Recovering Finance Party, then:

	 	 	 	 
		(a) 	
      each Finance Party which has received a share of the
      relevant Sharing Payment pursuant to Clause 33.2 (Redistribution of
      payments) shall, upon request of the Senior Agent, pay to the Senior
      Agent for account of that Recovering Finance Party an amount equal to the
      appropriate part of its share of the Sharing Payment (together with an
      amount as is necessary to reimburse that Recovering Finance Party for its
      proportion of any interest on the Sharing Payment which that Recovering
      Finance Party is required to pay); and

	 	 	 	 
		(b) 	
      that Recovering Finance Party's rights of subrogation in
      respect of any reimbursement shall be cancelled and the relevant Obligor
      will be liable to the reimbursing Finance Party for the amount so
      reimbursed.

	 	 	 	 
	33.5 	
      Exceptions

	 	 	 	 
		(a) 	
      This Clause 33 shall not apply to the extent that the
      Recovering Finance Party would not, after making any payment pursuant to
      this Clause, have a valid and enforceable claim against the relevant
      Obligor.

	 	 	 	 
		(b) 	
      A Recovering Finance Party is not obliged to share with
      any other Finance Party any amount which the Recovering Finance Party has
      received or recovered as a result of taking legal or arbitration
      proceedings, if:

	 	 	 	 
			(i) 	
      it notified the other Finance Party of the legal or
      arbitration proceedings; and

	 	 	 	 
			(ii) 	
      the other Finance Party had an opportunity to participate
      in those legal or arbitration proceedings but did not do so as soon as
      reasonably practicable having received notice and did not take separate
      legal or arbitration proceedings.

- 153 -

SECTION 11 

ADMINISTRATION

	34. 	
      PAYMENT MECHANICS

	 	 	 
	34.1 	
      Payments to the Senior Agent and the Plateau Security
      SPV

	 	 	 
		(a) 	
      On each date on which an Obligor or a Lender is required
      to make a payment under a Finance Document that Obligor or Lender shall
      make the same available to the Senior Agent (unless a contrary indication
      appears in a Finance Document) for value on the due date at the time and
      in such funds specified by the Senior Agent or Plateau Security SPV as
      being customary at the time for settlement of transactions in the relevant
      currency in the place of payment.

	 	 	 
		(b) 	
      Payment to the Senior Agent on behalf of the Finance
      Parties shall be made to such account of the Senior Agent as the Senior
      Agent may have specified for this purpose from time to time, so as to be
      received by 11:00 a.m. on the due date for each such payment.

	 	 	 
		(c) 	
      Payment to the Plateau Security SPV on behalf of the
      Finance Parties shall be made to such account of the Plateau Security SPV
      as the Plateau Security SPV may have specified for this purpose from time
      to time, so as to be received by 11:00 a.m. on the due date for each such
      payment.

	 	 	 
	34.2 	
      Distributions by the Senior Agent and the Plateau
      Security SPV

	 	 	 
		
      Each payment received by the Senior Agent under the
      Finance Documents for another Party shall, subject to Clause 34.3
      (Distributions to an Obligor) and Clause 34.4 (Clawback) be
      made available by the Senior Agent as soon as practicable after receipt to
      the Party entitled to receive payment in accordance with this Agreement
      (in the case of a Lender, for the account of its Facility Office), to such
      account as that Party may notify to the Senior Agent or the Plateau
      Security SPV.

	 	 	 
	34.3 	
      Distributions to an Obligor

	 	 	 
		
      The Senior Agent and the Plateau Security SPV may (with
      the consent of the Obligor or in accordance with Clause 35
      (Set-Off)) apply any amount received by it for that Obligor in or
      towards payment (on the date and in the currency and funds of receipt) of
      any amount due from that Obligor under the Finance Documents or in or
      towards purchase of any amount of any currency to be so applied.

	 	 	 
	34.4 	
      Clawback

	 	 	 
		(a) 	
      Where a sum is to be paid to the Senior Agent or the
      Plateau Security SPV under the Finance Documents for another Party, the
      Senior Agent or the Plateau Security SPV (as the case may be) is not
      obliged to pay that sum to that other Party (or to enter into or perform
      any related exchange contract) until it has been able to establish to its
      satisfaction that it has actually received that
sum.

- 154 -

	 	(b) 	
      If the Senior Agent or the Plateau Security SPV pays an
      amount to another Party and it proves to be the case that the Senior Agent
      or the Plateau Security SPV had not actually received that amount, then
      the Party to whom that amount (or the proceeds of any related exchange
      contract) was paid by the Senior Agent or the Plateau Security SPV shall
      on demand refund the same to the Senior Agent or the Plateau Security SPV
      together with interest on that amount from the date of payment to the date
      of receipt by the Senior Agent or the Plateau Security SPV, calculated by
      the Senior Agent or the Plateau Security SPV to reflect its cost of
      funds.

	34.5 	
      Partial payments

	 	 	 	 
		(a) 	
      If the Senior Agent receives a payment for application
      against amounts due in respect of any Finance Documents that is
      insufficient to discharge all the amounts then due and payable by an
      Obligor under those Finance Documents, the Senior Agent shall, subject to
      the provisions of the Intercreditor Agreements, apply that payment towards
      the obligations of that Obligor under those Finance Documents in the
      following order:

	 	 	 	 
			(i) 	
      first, in or towards payment pro rata of
      any unpaid fees, costs and expenses of the Senior Agent, the Security
      Agent and the Plateau Security SPV under those Finance
Documents;

	 	 	 	 
			(ii) 	
      secondly, in or towards payment pro rata of
      any sum due but unpaid under the Plateau Hedging Documents;

	 	 	 	 
			(iii) 	
      thirdly, in or towards payment pro rata of
      any accrued interest, fee or commission due but unpaid under those Finance
      Documents;

	 	 	 	 
			(iv) 	
      fourthly, in or towards payment pro rata of
      any Rollup Interest Loan;

	 	 	 	 
			(v) 	
      fifthly, in or towards payment pro rata of
      any other principal due but unpaid under those Finance Documents;
    and

	 	 	 	 
			(vi) 	
      sixthly, in or towards payment pro rata of
      any other sum due but unpaid under the Finance Documents.

	 	 	 	 
		(b) 	
      The Senior Agent shall, if so directed by the Majority
      Lenders, vary the order set out in paragraphs (a)(ii) to (iv)
  above.

	 	 	 	 
		(c) 	
      Paragraphs (a) and (b) above will override any
      appropriation made by an Obligor.

	 	 	 	 
	34.6 	
      No set-off by Obligors

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

- 155 -

	34.7 	
      Business Days

	 	 	 	 
		(a) 	
      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).

	 	 	 	 
		(b) 	
      During any extension of the due date for payment of any
      principal or Unpaid Sum under this Agreement interest is payable on the
      principal or Unpaid Sum at the rate payable on the original due
    date.

	 	 	 	 
	34.8 	
      Currency of account

	 	 	 	 
		(a) 	
      Subject to paragraphs (b) to (d) below, Rands is the
      currency of account and payment for any sum due from an Obligor under any
      Finance Document.

	 	 	 	 
		(b) 	
      A repayment of a Loan or Unpaid Sum or a part of a Loan
      or Unpaid Sum shall be made (i) in the case of the Loan, in Rands or (ii)
      in the case of any Unpaid Sum, the currency in which that Unpaid Sum is
      denominated, in each case, on its due date.

	 	 	 	 
		(c) 	
      Each payment of interest shall be made (i) in the case of
      the Loan, in Rands, and (ii) otherwise in the currency in which the sum in
      respect of which the interest is payable was denominated, in each case,
      when that interest accrued.

	 	 	 	 
		(d) 	
      Each payment in respect of costs, expenses or Taxes shall
      be made in the currency in which the costs, expenses or Taxes are
      incurred.

	 	 	 	 
	34.9 	
      Change of currency

	 	 	 	 
		(a) 	
      Unless otherwise prohibited by law, if more than one
      currency or currency unit are at the same time recognised by the central
      bank of any country as the lawful currency of that country,
then:

	 	 	 	 
			(i) 	
      any reference in the Finance Documents to, and any
      obligations arising under the Finance Documents in, the currency of that
      country shall be translated into, or paid in, the currency or currency
      unit of that country designated by the Senior Agent (after consultation
      with the Borrower); and

	 	 	 	 
			(ii) 	
      any translation from one currency or currency unit to
      another shall be at the official rate of exchange recognised by the
      central bank for the conversion of that currency or currency unit into the
      other, rounded up or down by the Senior Agent (acting
  reasonably).

	 	 	 	 
		(b) 	
      If a change in any currency of a country occurs, this
      Agreement will, to the extent the Senior Agent (acting reasonably and
      after consultation with the Parent) specifies to be necessary, be amended
      to comply with any generally accepted conventions and market practice in
      the Johannesburg interbank market and otherwise to reflect the change in
      currency.

- 156 -

	34.10 	
      Disruption to Payment Systems etc.

	 	 	 
		
      If either the Senior Agent determines (in its discretion)
      that a Disruption Event has occurred or the Senior Agent is notified by
      the Parent that a Disruption Event has occurred:

	 	 	 
		(a) 	
      the Senior Agent may, and shall if requested to do so by
      the Borrower, consult with the Parent with a view to agreeing with the
      Borrower such changes to the operation or administration of the Facility
      as the Senior Agent may deem necessary in the circumstances;

	 	 	 
		(b) 	
      the Senior Agent shall not be obliged to consult with the
      Borrower in relation to any changes mentioned in paragraph (a) if, in its
      reasonable opinion, it is not practicable to do so in the circumstances
      and, in any event, shall have no obligation to agree to such
    changes;

	 	 	 
		(c) 	
      the Senior Agent may consult with the Finance Parties in
      relation to any changes mentioned in paragraph (a) but shall not be
      obliged to do so if, in its opinion, it is not practicable to do so in the
      circumstances;

	 	 	 
		(d) 	
      any such changes agreed upon by the Senior Agent and the
      Borrower shall (whether or not it is finally determined that a Disruption
      Event has occurred) be binding upon the Parties as an amendment to (or, as
      the case may be, waiver of) the terms of the Finance Documents
      notwithstanding the provisions of Clause 40 (Amendments and
      Waivers);

	 	 	 
		(e) 	
      the Senior Agent shall not be liable for any damages,
      costs or losses whatsoever (including, without limitation for negligence,
      gross negligence or any other category of liability whatsoever but not
      including any claim based on the fraud of the Senior Agent) arising as a
      result of its taking, or failing to take, any actions pursuant to or in
      connection with this Clause 34.10; and

	 	 	 
		(f) 	
      the Senior Agent shall notify the Finance Parties of all
      changes agreed pursuant to paragraph (d) above.

	 	 	 
	35. 	
      SET-OFF

	 	 	 
		
      A Finance Party may, subject to the provisions of the
      Intercreditor Agreements, set off any matured obligation due from an
      Obligor under the Finance Documents (to the extent beneficially owned by
      that Finance Party) against any matured obligation owed by that Finance
      Party to that Obligor, regardless of the place of payment, booking branch
      or currency of either obligation. If the obligations are in different
      currencies, the Finance Party may convert either obligation at a market
      rate of exchange in its usual course of business for the purpose of the
      set-off.

- 157 -

	36. 	
      NOTICES

	 	 	 	 
	36.1 	
      Communications in writing

	 	 	 	 
		
      Any communication to be made under or in connection with
      the Finance Documents shall be made in writing and, unless otherwise
      stated, may be made by fax or letter.

	 	 	 	 
	36.2 	
      Addresses

	 	 	 	 
		(a) 	
      The address and fax number (and the department or
      officer, if any, for whose attention the communication is to be made) of
      each Party for any communication or document to be made or delivered under
      or in connection with the Finance Documents is:

	 	 	 	 
			(i) 	
      in the case where a person is a Party to this Agreement
      on the date this Agreement is entered into, that identified with its name
      below; and

	 	 	 	 
			(ii) 	
      in the case where a person becomes a Party to this
      Agreement after the date this Agreement is entered into, that notified in
      writing to the Senior Agent on or prior to the date on which it becomes a
      Party,

	 	 	 	 
			
      or any substitute address, fax number or department or
      officer as the Party may notify to the Senior Agent (or the Senior Agent
      may notify to the other Parties, if a change is made by the Senior Agent)
      by not less than five Business Days' notice.

	 	 	 	 
		(b) 	
      The details contemplated in clause 36.2(a)(i) above are
      as follows:

                 
	 	Parent: 	Plateau 	  
	 	  	4th Floor,
      82 Grayston Drive 
	 	  	Off Esterhysen Lane
  
	 	  	Sandton 	  
	 	  	Telefax No.: 	(011) 883 0836 
	 	  	Attention: 	The Company Secretary 
	 	  	  	  
	 	  	Hunter
      Dicksinson 
	 	  	No. 1020, 800 West
      Street 
	 	  	Vancouver, BC V6C 2V6
    
	 	  	Telefax No.: 	+1 604 684 8092 
	 	  	Attention: 	Mr. Ronald W. Thiessen 
	 	  	  	  
	 	N1C Resources: 	Plateau 	  
	 	  	4th Floor,
      82 Grayston Drive 
	 	  	Off Esterhysen Lane
  
	 	  	Sandton 	  
	 	  	Telefax No.: 	(011) 883 0836 
	 	  	Attention: 	The Company Secretary 
	 	  	  	  
	 	  	Hunter
      Dicksinson 
	 	  	No. 1020, 800 West
      Street 
	 	  	Vancouver, BC V6C 2V6
    
	 	  	Telefax No.: 	+1 604 684 8092 
	 	  	Attention: 	Mr. Ronald W. Thiessen 
	 	  	  	  
	 	N2C Resources: 	Plateau 	  

- 158 -

	 	 	4th Floor, 82 Grayston Drive 
	 	  	Off Esterhysen Lane 
	 	  	Sandton 	  
	 	  	Telefax No.: 	(011) 883 0836 
	 	  	Attention: 	The Company Secretary 
	 	  		  
	 	  	Hunter Dicksinson 
	 	 	No. 1020, 800 West Street 	 
	 	  	Vancouver, BC V6C 2V6 
	 	  	Telefax No.: 	+1 604 684 8092 
	 	  	Attention: 	Mr. Ronald W. Thiessen 
	 	  		  
	 	Borrower: 	Plateau 	  
	 	 	4th Floor, 82 Grayston Drive 
	 	  	Off Esterhysen Lane 
	 	  	Sandton 	  
	 	  	Telefax No.: 	(011) 883 0836 
	 	  	Attention: 	The Company Secretary 
	 	  	RPM 	  
	 	  	No. 55 Marshall Street 
	 	  	Marshalltown 
	 	  	Johannesburg 	  
	 	  	Telefax No.: 	(011) 373 5111 
	 	  	Attention: 	The Company Secretary 
	 	  		  
	 	Original Lender: 	Standard Chartered Bank 
	 	 	5th Floor, 1 Basinghall Avenue 
	 	  	London, EC2V 5DD 
	 	  	Attention: 	Rachel Loois 
	 	  		  
	 	With a copy to: 		  
	 	 	Standard Chartered Bank 	 
	 	  	4th Floor, 4 Sandown Valley
      Crescent 
	 	  	Sandton 	  
	 	  	Johannesburg 	  
	 	  	Telefax No. 	(011) 388 4548 
	 	  	Attention: 	B.C. Greyling and Simon Woodward 
	 	  		  
	 	Arranger: 	Standard Chartered Bank 
	 	 	5th Floor, 1 Basinghall Avenue 
	 	  	London, EC2V 5DD 
	 	  	Attention: 	Rachel Loois 
	 	  		  
	 	With a copy to: 		  
	 	 	Standard Chartered Bank 	 
	 	  	4th Floor, 4 Sandown Valley
      Crescent 
	 	  	Sandton 	  
	 	  	Johannesburg 	  
	 	  	Telefax No. 	(011) 388 4548 
	 	  	Attention: 	B.C. Greyling and Simon Woodward 
	 	  		  
	 	  		  
	 	Senior Agent: 	Standard Chartered Bank 

- 159 -

	 	 	5th Floor, 1 Basinghall Avenue 
	 	  	London, EC2V 5DD 
	 	  	Attention: 	Christopher Hurford and Aimee Flynn 
	 	  	Telefax No. 	0207 885 6460 
	 	  	  	  
	 	Security Agent: 	Standard Chartered Bank 
	 	 	5th Floor, 1 Basinghall Avenue 
	 	  	London, EC2V 5DD 
	 	  	Attention: 	Christopher Hurford and Aimee Flynn 
	 	  	Telefax No. 	0207 885 6460 
	 	  	  	  
	 	Plateau Security SPV: 	GMG Trust Company (SA) (Proprietary)
      Limited 
	 	  	5th Floor, the Terraces 
	 	  	25 Protea Road 	  
	 	  	Claremont 	  
	 	  	Telefax No. 086 649 2700 
	 	  	Attention: Sally Clifton 
	 	  	  	  
	 	  	  	  
	 	  	  	  
	 	  	With a copy to: 	  
	 	  	Standard Chartered Bank 
	 	 	5th Floor, 1 Basinghall Avenue 
	 	  	London, EC2V 5DD 
	 	  	Attention: 	Christopher Hurford and Aimee Flynn 
	 	  	Telefax No. 	0207 885 6460 

	 	(c) 	
      Each of the Parties chooses its physical address referred
      to in clause 36.2(b) as its domicilium citandi et executandi at
      which documents and legal proceedings in connection with the Finance
      Documents may be served.

	 	 	 
	 	(d) 	
      Any Party may by written notice change its domicilium
      from time to time to another address, not being a post office box or
      poste restante, in South Africa; provided that any such change
      shall only be effective on the fourteenth day after receipt of the notice
      by or on behalf of the other Parties.

	36.3 	
      Delivery

	 	 	 	 
		(a) 	
      Any communication or document made or delivered by one
      person to another under or in connection with the Finance Documents will
      only be effective:

	 	 	 	 
			(i) 	
      if by way of fax, when received in legible form;
  or

	 	 	 	 
			(ii) 	
      if by way of letter, when it has been left at the
      relevant address or 5 (five) Business Days after being deposited in the
      post postage prepaid in an envelope addressed to it at that
  address,

	 	 	 	 
			
      and, if a particular department or officer is specified
      as part of its address details provided under Clause 36.2
      (Addresses), if addressed to that department or
  officer.

- 160 -

	 	(b) 	
      Any communication or document to be made or delivered to
      the Senior Agent or the Plateau Security SPV will be effective only when
      actually received by the Senior Agent or Plateau Security SPV and then
      only if it is expressly marked for the attention of the department or
      officer identified with the Senior Agent's or Plateau Security SPV's
      signature below (or any substitute department or officer as the Senior
      Agent or Plateau Security SPV shall specify for this purpose).

	 	 	 
	 	(c) 	
      All notices from or to an Obligor shall be sent through
      the Senior Agent.

	 	 	 
	 	(d) 	
      Any communication or document made or delivered to the
      Borrower in accordance with this Clause 36.3 will be deemed to have been
      made or delivered to each of the Obligors.

	36.4 	
      Notification of address and fax number

	 	 	 	 
		
      Promptly upon receipt of notification of an address, and
      fax number or change of address or fax number pursuant to Clause 36.2
      (Addresses) or changing its own address or fax number, the Senior
      Agent shall notify the other Parties.

	 	 	 	 
	36.5 	
      Electronic communication

	 	 	 	 
		(a) 	
      Any communication to be made between the Senior Agent,
      the Security Agent or the Plateau Security SPV and a Lender or other
      Finance Party under or in connection with the Finance Documents may be
      made by electronic mail or other electronic means, if the Senior Agent,
      the Security Agent the Plateau Security SPV and the relevant Lender or
      other Finance Party:

	 	 	 	 
			(i) 	
      agree that, unless and until notified to the contrary,
      this is to be an accepted form of communication;

	 	 	 	 
			(ii) 	
      notify each other in writing of their electronic mail
      address and/or any other information required to enable the sending and
      receipt of information by that means; and

	 	 	 	 
			(iii) 	
      notify each other of any change to their address or any
      other such information supplied by them.

	 	 	 	 
		(b) 	
      Any electronic communication made between the Senior
      Agent and a Lender, the Security Agent or the Plateau Security SPV will be
      effective only when actually received in readable form and in the case of
      any electronic communication made by a Lender to the Senior Agent, the
      Security Agent or the Plateau Security SPV only if it is addressed in such
      a manner as the Senior Agent, the Security Agent or Plateau Security SPV
      shall specify for this purpose.

	 	 	 	 
	36.6 	
      English language

	 	 	 	 
		(a) 	
      Any notice given under or in connection with any Finance
      Document must be in English.

- 161 -

	 	(b) 	
      All other documents provided under or in connection with
      any Finance Document must be:

	 	 	 	 
	 		(i) 	
      in English; or

	 	 	 	 
	 		(ii) 	
      if not in English, and if so required by the Senior
      Agent, accompanied by a certified English translation and, in this case,
      the English translation will prevail unless the document is a
      constitutional, statutory or other official
document.

	36.7 	
      Use of websites

	 	 	 	 
		(a) 	
      The Borrower may satisfy its obligation under this
      Agreement to deliver any information in relation to those Lenders (the
      “Website Lenders”) who accept this method of communication by
      posting this information onto an electronic website designated by the
      Borrower and the Senior Agent (the “Designated Website”)
  if:

	 	 	 	 
			(i) 	
      the Senior Agent expressly agrees (after consultation
      with each of the Lenders) that it will accept communication of the
      information by this method;

	 	 	 	 
			(ii) 	
      both the Borrower and the Senior Agent are aware of the
      address of and any relevant password specifications for the Designated
      Website; and

	 	 	 	 
			(iii) 	
      the information is in a format previously agreed between
      the Borrower and the Senior Agent.

	 	 	 	 
			
      If any Lender (a “Paper Form Lender”) does not
      agree to the delivery of information electronically then the Senior Agent
      shall notify the Borrower accordingly and the Borrower shall supply the
      information to the Senior Agent (in sufficient copies for each Paper Form
      Lender) in paper form. In any event the Borrower shall supply the Senior
      Agent with at least one copy in paper form of any information required to
      be provided by it.

	 	 	 	 
		(b) 	
      The Senior Agent shall supply each Website Lender with
      the address of and any relevant password specifications for the Designated
      Website following designation of that website by the Borrower and the
      Senior Agent.

	 	 	 	 
		(c) 	
      The Borrower shall promptly upon becoming aware of its
      occurrence notify the Senior Agent if:

	 	 	 	 
			(i) 	
      the Designated Website cannot be accessed due to
      technical failure;

	 	 	 	 
			(ii) 	
      the password specifications for the Designated Website
      change;

	 	 	 	 
			(iii) 	
      any new information which is required to be provided
      under this Agreement is posted onto the Designated
  Website;

- 162 -

	 	(iv) 	
      any existing information which has been provided under
      this Agreement and posted onto the Designated Website is amended;
  or

	 	 	 
	 	(v) 	
      the Borrower becomes aware that the Designated Website or
      any information posted onto the Designated Website is or has been infected
      by any electronic virus or similar software.

	 	(d) 	
      If the Borrower notifies the Senior Agent under
      sub-paragraph (i) or (v) of paragraph (c) above, all information to be
      provided by the Borrower under this Agreement after the date of that
      notice shall be supplied in paper form unless and until the Senior Agent
      and each Website Lender is satisfied that the circumstances giving rise to
      the notification are no longer continuing.

	 	 	 
	 	(e) 	
      Any Website Lender may request, through the Senior Agent,
      one paper copy of any information required to be provided under this
      Agreement which is posted onto the Designated Website. The Borrower shall
      comply with any such request within ten Business
Days.

	37. 	
      CALCULATIONS AND CERTIFICATES

	 	 
	37.1 	
      Accounts

	 	 
		
      In any litigation or arbitration proceedings arising out
      of or in connection with a Finance Document, the entries made in the
      accounts maintained by a Finance Party are prima facie evidence of
      the matters to which they relate.

	 	 
	37.2 	
      Certificates and determinations

	 	 
		
      Any certification or determination by a Finance Party of
      a rate or amount under any Finance Document is, in the absence of manifest
      error, prima facie evidence of the matters to which it
    relates.

	 	 
	37.3 	
      Day count convention

	 	 
		
      Any interest, commission or fee accruing under a Finance
      Document will accrue from day to day and is calculated on the basis of the
      actual number of days elapsed and a year of 365 (three hundred and sixty
      five) days or, in any case where the practice in the Johannesburg
      interbank market differs, in accordance with that market
  practice.

	 	 
	38. 	
      PARTIAL INVALIDITY

	 	 
		
      If, at any time, any provision of the Finance Documents
      is or becomes illegal, invalid or unenforceable in any respect under any
      law of any jurisdiction, neither the legality, validity or enforceability
      of the remaining provisions nor the legality, validity or enforceability
      of such provision under the law of any other jurisdiction will in any way
      be affected or impaired.

	 	 
	39. 	
      REMEDIES AND WAIVERS

	 	 
		
      No failure to exercise, nor any delay in exercising, on
      the part of any Finance Party or Secured Party, any right or remedy under
      the Finance Documents shall operate as a waiver, nor shall any single or
      partial exercise of any right or remedy prevent
any

- 163 -

		
      further or other exercise or the exercise of any other
      right or remedy. The rights and remedies provided in this Agreement are
      cumulative and not exclusive of any rights or remedies provided by
    law.

	 	 	 	 
	40. 	
      AMENDMENTS AND WAIVERS

	 	 	 	 
	40.1 	
      Required consents

	 	 	 	 
		(a) 	
      Subject to Clause 40.2 (Exceptions) any term of
      the Finance Documents may, except as otherwise restricted by the Global
      Intercreditor Agreement, be amended or waived only with the consent of the
      Majority Lenders and the Borrower and any such amendment or waiver will be
      binding on all Parties.

	 	 	 	 
		(b) 	
      The Senior Agent may effect, on behalf of any Finance
      Party, any amendment or waiver permitted by this Clause 40.

	 	 	 	 
		(c) 	
      Each Obligor agrees to any such amendment or waiver
      permitted by this Clause 40 which is agreed to by the Borrower. This
      includes any amendment or waiver which would, but for this paragraph (c),
      require the consent of the Guarantor.

	 	 	 	 
	40.2 	
      Exceptions

	 	 	 	 
		(a) 	
      An amendment or waiver that has the effect of changing or
      which relates to:

	 	 	 	 
			(i) 	
      the definition of “Majority Lenders” in Clause 1.1
      (Definitions);

	 	 	 	 
			(ii) 	
      an extension to the date of payment of any amount under
      the Finance Documents;

	 	 	 	 
			(iii) 	
      a reduction in the Margin or a reduction in the amount of
      any payment of principal, interest, fees or commission payable;

	 	 	 	 
			(iv) 	
      a change in currency of payment of any amount under the
      Finance Documents;

	 	 	 	 
			(v) 	
      an increase in or an extension of any Commitment or the
      Total Commitments;

	 	 	 	 
			(vi) 	
      a change to the Borrower or a Guarantor;

	 	 	 	 
			(vii) 	
      any provision which expressly requires the consent of all
      the Lenders;

	 	 	 	 
			(viii) 	
      Clause 2.2 (Finance Parties' rights and
      obligations), Clause 12 (Mandatory prepayments), Clause 29
      (Changes to the Lenders) or this Clause 40;

	 	 	 	 
			(ix) 	
      the nature or scope of the Secured Assets or the manner
      in which the proceeds of enforcement of the Transaction Security are
      distributed (except insofar as it relates to a sale or disposal of an
      asset which is the subject of the Transaction Security where such sale or
      disposal is

- 164 -

	 		
      expressly permitted under this Agreement or any other
      Finance Document);

	 	 	 
	 	(x) 	
      the release of any Transaction Security unless permitted
      under this Agreement or any other Finance Document or relating to a sale
      or disposal of an asset which is the subject of the Transaction Security
      where such sale or disposal is expressly permitted under this Agreement or
      any other Finance Document; or

	 	 	 
	 	(xi) 	
      any amendment to the order of priority or subordination
      under the Intercreditor Agreements,

	 		
      shall not be made without the prior consent of all the
      Lenders.

	 	 	 
	 	(b) 	
      An amendment or waiver which relates to the rights or
      obligations of the Senior Agent, the Arranger, the Plateau Security SPV or
      a Plateau Hedge Counterparty may not be effected without the consent of
      the Senior Agent, the Arranger, the Plateau Security SPV or that Plateau
      Hedge Counterparty.

	41. 	
      GENERAL

	 	 	 
	41.1 	
      Renunciation of Benefits

	 	 	 
		
      Each Obligor renounces, to the extent permitted under
      applicable law, the benefits of each of the legal exceptions of excussion,
      division, revision of accounts, no value received, errore calculi, non
      causa debiti, non numeratae pecuniae and cession of actions, and
      declares that it understands the meaning of each such legal exception and
      the effect of such renunciation and more specifically:

	 	 	 
		(a) 	
      Excussion – by renouncing this benefit, each Obligor is
      precluded from raising the defence that any Lender may be compelled to
      excuss the principal debtor prior to claiming from the Obligor;

	 	 	 
		(b) 	
      Division – by renouncing this benefit, each Obligor is
      precluded from raising the defence that a common group of debtors are only
      responsible for their proportionate sum of the relevant total
  debt;

	 	 	 
		(c) 	
      Revision of Accounts – by renouncing this benefit, each
      Obligor is precluded from raising the defence that the accounting
      documents upon which the Lenders’ claims are based should be
    revised;

	 	 	 
		(d) 	
      Errore calculi – be renouncing this benefit, each
      Obligor is precluded from raising the defence that there have been errors
      in calculation upon which the Lenders’ claim is based;

	 	 	 
		(e) 	
      Non causa debiti – by renouncing this benefit,
      each Obligor is precluded from raising the defence that there is no cause
      of action for the claim of the Lender against the relevant
  Obligor;

- 165 -

	 	(f) 	
      Non numeratae pecunia – by renouncing this
      benefit, each Obligor is precluded from raising the defence that no money
      or the equivalent thereof has passed between any Lender and the relevant
      Obligor;

	 	 	 
	 	(g) 	
      Cession of actions – by renouncing this benefit, each
      Obligor (being a surety) is precluded from raising the defence that such
      Obligor has paid the principal debt in full and is therefore permitted to
      demand that the Lenders(s) cede(s) its/their rights and securities which
      it/they has/have against the principal debtor and other sureties, to the
      surety who has paid;

	 	 	 
	 	(h) 	
      No value received – by renouncing this benefit, the
      Obligor is precluded from raising the defence that no consideration,
      whether in case or otherwise has been received by the Obligor or the
      relevant party concerned.

	41.2 	
      Sole Agreement

	 	 	 
		
      The Finance Documents constitute the sole record of the
      agreement between the Parties in regard to the subject matter
    thereof.

	 	 	 
	41.3 	
      No Implied Terms

	 	 	 
		
      No Party shall be bound by any express or implied term,
      representation, warranty, promise or the like, not recorded in any Finance
      Document.

	 	 	 
	41.4 	
      No Variation

	 	 	 
		
      No addition to, variation or consensual cancellation of
      any Finance Document and no extension of time, waiver or relaxation or
      suspension of any of the provisions or terms of any Finance Document shall
      be of any force and effect unless in writing and signed by or on behalf of
      all the Parties.

	 	 	 
	41.5 	
      Waiver of Immunity

	 	 	 
		
      Each Obligor irrevocably and unconditionally:

	 	 	 
		(a) 	
      agrees not to claim any immunity from proceedings brought
      by a Finance Party against it in relation to a Finance Document and to
      ensure that no such claim is made on its behalf;

	 	 	 
		(b) 	
      consents generally to the giving of any relief or the
      issue of any process in connection with those proceedings; and

	 	 	 
		(c) 	
      waives all rights of immunity in respect of it or its
      assets.

	 	 	 
	41.6 	
      Severability

	 	 	 
		
      Each provision in each Finance Document is severable from
      all others, notwithstanding the manner in which they may be linked
      together or grouped grammatically, and if in terms of any judgement or
      order, any provision, phrase, sentence, paragraph or clause is found to be
      defective or unenforceable for any reason, the remaining provisions,
      phrases, sentences, paragraphs and clauses shall nevertheless continue to
      be of full force. In particular, and without limiting the generality of
      the aforegoing, the Parties acknowledge their intention to continue to be
      bound by each Finance Document

- 166 -

		
      notwithstanding that any provision may be found to be
      unenforceable or void or voidable, in which event the provision concerned
      shall be severed from the other provisions, each of which shall continue
      to be of full force.

	 	 
	41.7 	
      Counterparts

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

- 167 -

SECTION 12 

GOVERNING LAW AND ENFORCEMENT

	42. 	
      GOVERNING LAW

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

	 	 
	43. 	
      JURISDICTION

	 	 
	43.1 	
      Each Obligor hereby irrevocably and unconditionally
      consents to the non-exclusive jurisdiction of the South Gauteng High
      Court, Johannesburg (or any successor to that division) in regard to all
      matters arising from the Finance Documents.

	 	 
	43.2 	
      Clause 44.1 is for the benefit of the Finance Parties and
      the Secured Parties only. As a result, no Finance Party or Secured Party
      shall be prevented from taking proceedings relating to any matter arising
      from the Finance Documents in any other courts with jurisdiction. To the
      extent allowed by law, the Finance Parties and the Secured Parties may
      take concurrent proceedings in any number of
  jurisdictions.

This Agreement has been entered into on the date stated at
the beginning of this Agreement.

- 168 -

SCHEDULE 1 
THE ORIGINAL PARTIES 

[INTENTIONALLY LEFT BLANK] 

- 169 -

Part II

The Original Lenders 

 

	Name of Original 	Commitment 	Rollup Interest 	Total 
	Lender 	  	Loan 	  
	  	  	  	  
	Standard Chartered Bank 	ZAR500,000,000 	ZAR250,000,000 	ZAR750,000,000

- 170 -

SCHEDULE 2 
CONDITIONS PRECEDENT

Part IA 
Initial conditions precedent 

	1. 	
      Obligors, Holdco and Opco

	 	 	 	 
		(a) 	
      A copy of the Constitutional Documents of each Obligor,
      Holdco and Opco.

	 	 	 	 
		(b) 	
      A copy of a resolution of the board of directors of each
      Obligor, Holdco and Opco:

	 	 	 	 
			(i) 	
      approving the terms of, and the transactions contemplated
      by, the Transaction Documents to which it is a party and resolving that it
      execute, deliver and perform the Transaction Documents to which it is a
      party;

	 	 	 	 
			(ii) 	
      authorising a specified person or persons to execute the
      Transaction Documents to which it is a party on its behalf;

	 	 	 	 
			(iii) 	
      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 Transaction Documents to which it is a party;
    and

	 	 	 	 
			(iv) 	
      in the case of Holdco, Opco and any Obligor other than
      the Borrower, authorising the Borrower to act as its agent in connection
      with the Transaction Documents.

	 	 	 	 
		(c) 	
      A specimen of the signature of each person authorised by
      the resolution referred to in paragraph (b) above in relation to the
      Transaction Documents and related documents.

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

	 	(e) 	
      A certificate of an authorised signatory of the Borrower,
      Holdco, Opco or other relevant Obligor certifying that each copy document
      relating to it specified in this Part IA of Schedule 2 is correct,
      complete and in full force and effect and has not been amended or
      superseded as at a date no earlier than the date of this
  Agreement.

- 171 -

	2. 	
      Plateau Security SPV

	 	(a) 	
      A copy of the Constitutional Documents of the Plateau
      Security SPV.

	 	 	 
	 	(b) 	
      A copy of a resolution of the board of directors of the
      Plateau Security SPV:

	 	(i) 	
      approving the terms of, and the transactions contemplated
      by, the Finance Documents to which it is a party and resolving that it
      execute, deliver and perform the Finance Documents to which it is a
      party;

	 	(ii) 	
      authorising a specified person or persons to execute the
      Finance Documents to which it is a party on its behalf; and

	 	 	 
	 	(iii) 	
      authorising a specified person or persons, on its behalf,
      to sign and/or despatch all documents and notices to be signed and/or
      despatched by it under or in connection with the Finance Documents to
      which it is a party.

	 	(c) 	
      A specimen of the signature of each person authorised by
      the resolution referred to in paragraph (b) above in relation to the
      Finance Documents and related documents.

	3. 	
      Opco Security SPV

	 	 	 	 
		(a) 	
      A copy of the Constitutional Documents of the Opco
      Security SPV.

	 	 	 	 
		(b) 	
      A copy of a resolution of the board of directors of the
      Opco Security SPV:

	 	 	 	 
			(i) 	
      approving the terms of, and the transactions contemplated
      by, the Finance Documents to which it is a party and resolving that it
      execute, deliver and perform the Finance Documents to which it is a
      party;

	 	 	 	 
			(ii) 	
      authorising a specified person or persons to execute the
      Finance Documents to which it is a party on its behalf; and

	 	 	 	 
			(iii) 	
      authorising a specified person or persons, on its behalf,
      to sign and/or despatch all documents and notices to be signed and/or
      despatched by it under or in connection with the Finance Documents to
      which it is a party.

	 	 	 	 
		(c) 	
      A specimen of the signature of each person authorised by
      the resolution referred to in paragraph (b) above in relation to the
      Finance Documents and related documents.

	 	 	 	 
	4. 	
      Transaction Documents

	 	 	 	 
		
      A copy of each of the following Transaction Documents
      executed by the parties to those documents:

- 172 -

	 	(a) 	
      The RPM Finance Documents.

	 	 	 	 
	 	(b) 	
      The Acquisition Documents.

	 	 	 	 
	 	(c) 	
      The Plateau Holdco A Preference Share Subscription
      Agreement.

	 	 	 	 
	 	(d) 	
      The Community Trust Documents.

	 	 	 	 
	 	(e) 	
      The ESOP Documents.

	 	 	 	 
	 	(f) 	
      The Holdco Opco A Preference Share Subscription
      Agreement.

	 	 	 	 
	 	(g) 	
      The Holdco Opco Ordinary Share Subscription
    Agreement.

	 	 	 	 
	 	(h) 	
      The Shareholder Loan Documents.

	 	 	 	 
	 	(i) 	
      The Holdco Shareholder Loan Agreement.

	 	 	 	 
	 	(j) 	
      The Opco Shareholder Loan Agreement.

	 	 	 	 
	 	(k) 	
      The Operating Agreements, comprising:

	 	 	 	 
	 		(i) 	
      the Electricity Supply Agreement;

	 	 	 	 
	 		(ii) 	
      the Sale of Concentrate Agreement (as amended to provide
      for an additional 2 (two) year option to extend) and the Sale of
      Concentrate Lebowa Agreement;

	 	 	 	 
	 		(iii) 	
      the Umbrella Services Agreement;

	 	 	 	 
	 		(iv) 	
      the Services Agreements; and

	 	 	 	 
	 		(iv) 	
      the agreements in respect of Land Rights.

	 	 	 	 
	 	(l) 	
      The Anooraq Shareholders Agreement.

	 	 	 	 
	 	(m) 	
      Each B Preference Share
Document.

	5. 	
      Finance Documents

	 	 	 
		(a) 	
      This Agreement executed by the parties to it.

	 	 	 
		(b) 	
      The Plateau Funding Loan Agreement executed by the
      parties to it.

	 	 	 
		(c) 	
      The Opco Funding Loan executed by the parties to
    it.

	 	 	 
		(d) 	
      The Accounts Agreement executed by the parties to
    it.

	 	 	 
		(e) 	
      The Fee Letters executed by the Borrower.

	 	 	 
		(f) 	
      The Mandate Letter executed by the parties to
  it.

	 	 	 
		(g) 	
      The Plateau Hedging Letter executed by the parties to
      it.

- 173 -

	 	(h) 	
      All Plateau Hedging Documents required to be entered into
      in order implement the Plateau Hedging Policy executed by the parties to
      those documents.

	 	 	 
	 	(i) 	
      The Global Intercreditor Agreement executed by the
      parties to it.

	 	 	 
	 	(j) 	
      The Plateau Intercreditor Agreement executed by the
      parties to it.

	 	 	 
	 	(k) 	
      Any Reliance Letter.

	 	 	 
	 	(l) 	
      Each Debt Guarantee executed by the parties to
  it.

	 	 	 
	 	(m) 	
      Each Counter Indemnity Agreement executed by the parties
      to it.

	 	 	 
	 	(n) 	
      Each Security SPV Document executed by the parties to
      it.

	6. 	
      Transaction Security Documents

	 	 
	6.1 	
      At least 2 (two) originals of the following Transaction
      Security Documents executed by the Obligors specified
  below:

	 	Name of Obligor 	  	
      Transaction Security Document 

	 	  	  	
       

	 	Borrower 	  	
      The Transaction Security Documents referred to in part 3
      of Schedule 13. (Transaction Security Documents). 

	 	  	  	
       

	 	N2C Resources 	  	
      The Transaction Security Document referred to in part 4
      of Schedule 13 (Transaction Security Documents). 

	 	  	  	
       

	 	Holdco 	  	
      The Transaction Security Documents referred to in part 2
      of Schedule 13 (Transaction Security Documents). 

	 	  	  	
       

	 	Opco 	(a) 	
      The Transaction Security Documents referred to in part 1
      of Schedule 13 (Transaction Security Documents). 

	 	  	  	
       

	 		(b) 	
      All documentation required by the Senior Agent,
      including, without limitation, special powers of attorney, to enable the
      Senior Agent to procure the registration of all of the Transaction
      Security Documents referred to in sub-paragraphs 2 to 4 of part 1 of
      Schedule 13 

- 174 -

  	 	 	(Transaction Security Documents) at the
      applicable Deeds Registries in South Africa under the Deeds Registries
      Act, 1946 of South Africa. 

	6.2 	
      A copy of all notices required to be sent under the
      Transaction Security Documents executed by the relevant Obligors duly
      acknowledged by the addressee.

	 	 	 	 
	6.3 	
      A copy of all notices and acknowledgements required to be
      given under Section 43 of the Short-term Insurance Act, 1998 of South
      Africa as a consequence of the cession of any rights to Insurances
      pursuant to any Transaction Security Document.

	 	 	 	 
	6.4 	
      The originals of all share certificates, transfers and
      stock transfer forms or equivalent required to be delivered in accordance
      with the terms of any Transaction Security Document duly executed by the
      relevant Obligor in blank in relation to the assets subject to or
      expressed to be subject to the Transaction Security and other documents of
      title to be provided under the Transaction Security Documents.

	 	 	 	 
	7. 	
      Insurance

	 	 	 	 
		(a) 	
      A letter from Alexander Forbes insurance broker dated on
      or about the date of this Agreement addressed to the Senior Agent, the
      Security Agent, the Arranger, the Plateau Security SPV and the
    Lenders:

	 	 	 	 
			(i) 	
      listing the insurance policies of the Borrower Group and
      confirming that they are in full force and effect; and

	 	 	 	 
			(ii) 	
      confirming that such insurance policies provide adequate
      cover against the risks and to the extent as is usual for companies
      carrying on substantially similar business to that of the Borrower
      Group.

	 	 	 	 
		(b) 	
      Written evidence that the insurance policy(ies) of Opco
      relating to Opco’s Secured Assets contain (in form and substance
      reasonably satisfactory to the Senior Agent) an endorsement acknowledging
      the Security Interest of the Opco Security SPV.

	 	 	 	 
		(c) 	
      A copy of all insurance policies of the Borrower Group
      subject to or expressed to be subject to the Transaction Security relating
      to the Secured Assets.

	 	 	 	 
	8. 	
      Transaction Accounts

	 	 	 	 
		
      Evidence that the Transaction Accounts have been
      established with the Account Bank.

	 	 	 	 
	9. 	
      Holdco Shareholder Loan Agreement

	 	 	 	 
		
      Evidence that the amount of ZAR7,058,823,529 has been
      advanced by RPM to Holdco pursuant to the Holdco Shareholder Loan
      Agreement.

- 175 -

	10. 	
      Opco Shareholder Loan Agreement

	 	 	 
		
      Evidence that the amount of ZAR7,058,823,529 has been
      advanced by Holdco to Opco pursuant to the Opco Shareholder Loan
      Agreement.

	 	 	 
	11. 	
      LPM Business

	 	 	 
		(a) 	
      Evidence that the LPM Business has been delivered to Opco
      in accordance with the terms of the Sale of Lebowa Business
    Agreement.

	 	 	 
		(b) 	
      Evidence that all of Opco’s Secured Assets are free of
      any Security in favour of any person other than Security created pursuant
      to the Opco Security Documents.

	12. 	
      Acquisition Documents and Acquisition Conditions
      Precedent

	 	 	 
		
      Evidence that:

	 	 	 
		(a) 	
      all of the Acquisition Conditions Precedent have been
      fulfilled or, with the prior written consent of the Senior Agent, waived
      in accordance with the terms of the Phase 3 Implementation
    Agreement;

	 	 	 
		(b) 	
      no Acquisition Document has been amended, varied,
      novated, supplemented, superseded, waived or terminated except with the
      prior written consent of the Senior Agent; and

	 	 	 
		(c) 	
      neither the Parent nor the Borrower is aware of any
      breach of any warranty or any claim under the Acquisition
  Document.

	13. 	
      Share Transfers

	 	 	 
		(a) 	
      Evidence that the ordinary shares in the issued share
      capital of Holdco acquired by the Borrower pursuant to the Plateau Sale of
      Boikgantsho Shares and Claims Agreement, the Plateau Sale of Ga-Phasha
      Shares and Claims Agreement, the Plateau Sale of Kwanda Shares Agreement
      and the Holdco Sale of Shares Agreement have been delivered to the
      Borrower and that the Borrower is reflected in the share register of
      Holdco as being the beneficial holder of that component of the Target
      Shares.

	 	 	 
		(b) 	
      Evidence that the ordinary shares in the issued share
      capital of the Project Companies are owned 100% by Holdco and that Holdco
      is reflected in the share register of each of the Project Companies as
      being the beneficial holder of all of the issued shares of the Project
      Companies.

- 176 -

	14. 	
      Shareholder Loans and Subscriptions

	 	 	 
		
      Evidence that the N2C Resources Shareholder Loan has been
      advanced to the Borrower by N2C Resources by the payment into the
      Disbursement Account in accordance with the Funds Flow Statement of an
      amount of not less than ZAR70,000,000 on the Closing Date.

	 	 	 
	15. 	
      Legal opinions

	 	 	 
		
      The following legal opinions and, except as otherwise
      provided below in relation to any opinion, each addressed to the Senior
      Agent, the Plateau Security SPV, the Opco Security SPV and the Original
      Lenders and capable of being relied upon by any persons to become Lenders
      pursuant to the primary syndication of the Facility:

	 	 	 
		(a) 	
      A legal opinion of Deneys Reitz Inc. legal advisers to
      the Senior Agent, the Arranger, the Plateau Security SPV and the Opco
      Security SPV as to the legality, validity and enforceability of the
      Finance Documents and the RPM Standby Facility Agreement under South
      African law substantially in the form distributed to the Senior Agent
      prior to the Signature Date.

	 	 	 
		(b) 	
      A legal opinion of Webber Wentzel Inc. legal advisers to
      RPM as to the capacity and authority of RPM, Holdco and Opco to enter into
      the Transaction Documents to which each of them is a party under South
      African law substantially in the form distributed to the Senior Agent
      prior to the Signature Date and in respect of the Transaction Documents
      identified in such form of legal opinion distributed to the Senior Agent
      prior to the Signature Date.

	 	 	 
		(c) 	
      A legal opinion of Webber Wentzel Inc. legal advisers to
      RPM addressed to RPM, but capable of being disclosed to the Senior Agent
      and the other Finance Parties (without reliance on their part) as to the
      legality, validity and enforceability of the RPM Finance Documents under
      South African law.

	 	 	 
		(c) 	
      A legal opinion of Cliffe Dekker Hofmeyr Inc. legal
      advisers to the Parent and the Borrower as to the capacity and authority
      of the Borrower to enter into the Transaction Documents to which it is a
      party under South African law substantially in the form distributed to the
      Senior Agent prior to the Signature Date.

	 	 	 
		(d) 	
      A legal opinion of Tabacks, legal advisers to RPM as to
      the legality, validity and enforceability of the Acquisition Documents
      under South African law substantially in the form distributed to the
      Senior Agent prior to the Signature Date and a legal opinion from a firm
      of attorneys to the satisfaction of the Senior Agent as to the capacity
      and authority of RPM to enter into the Transaction Documents (other than
      the Finance Documents and the RPM Finance Documents) to which it is a
      party.

	 	 	 
		(e) 	
      A legal opinion of Britannia Corporate Management Limited
      legal advisers to the Senior Agent, the Arranger and the Plateau Security
      SPV as to the capacity and

- 177 -

	 		
      authority of N1C Resources and N2C Resources to enter
      into the Transaction Documents to which they are a party, and the
      legality, validity and enforceability of the Transaction Documents under
      the law of the Cayman Islands.

	 	 	 
	 	(f) 	
      A legal opinion of McCarthy Tertault legal advisers to
      the Parent as to the legality, validity and enforceability of the
      Transaction Documents, as well as the capacity and authority of the Parent
      to enter into the Transaction Documents to which it is a party under the
      law of the Province of British Columbia, Canada substantially in the form
      distributed to the Senior Agent prior to the Signature
  Date.

	16. 	
      Reports

	 	 
		
      A copy of each of the following
Reports:

	 	(a) 	
      The Legal Due Diligence Report.

	 	 	 
	 	(b) 	
      The Environmental Report.

	 	 	 
	 	(c) 	
      The Financial Due Diligence Report.

	 	 	 
	 	(e) 	
      The Technical Report.

	 	 	 
	 	(f) 	
      The Structure Memorandum.

	 	 	 
	 	(g) 	
      The Group Structure Charts.

	 	 	 
	 	(h) 	
      The Tax Opinion.

	17. 	
      Authorisations

	 	(a) 	
      A copy of the Authorisation of the Exchange Control
      Department of the South African Reserve Bank approving (to the extent
      required) the borrowings by the Borrower under the Finance Documents, the
      Security to be provided by the Obligors under the Transaction Security
      Documents and the Debt Guarantees to be provided by the Plateau Security
      SPV and the Opco Security SPV.

	 	 	 
	 	(b) 	
      Evidence that all Mining Licenses and New Order Rights
      have been unconditionally issued by the DM pursuant to a conversion notice
      issued under the MPRD Act (but not necessarily registered) and that the
      relevant Ministerial consent has been granted for the transfer of such New
      Order Rights to Opco under the MPRD Act.

	 	 	 
	 	(c) 	
      A copy of each Mining License and each New Order Right
      (but not necessarily registered).

	 	 	 
	 	(d) 	
      A copy of any other Authorisation or other document,
      opinion or assurance which the Agent notifies the Borrower is necessary or
      desirable in connection with the entry into and performance of the
      transactions contemplated by any

- 178 -

Transaction Documents or for the
validity and enforceability of any Transaction Document.

	18. 	
      Other documents and evidence

	 	 	 
		(a) 	
      Evidence that there are no outstanding loan claims held
      by RPM against any member of the Borrower Group (other than under the RPM
      Funding Loan Agreement or pursuant to claims RPM has as a trade creditor
      of the Borrower Group in respect of the arm’s length procurement of goods
      and services on behalf of the Borrower Group by RPM.

	 	 	 
		(b) 	
      The audited annual financial statement of RPM for its
      financial year ending 31 December 2008; in form and substance satisfactory
      to the Senior Agent.

	 	 	 
		(c) 	
      The Base Case Model and evidence that it has been
      reviewed and approved by the Lenders’ Technical Advisor and Lenders’ Model
      Auditor.

	 	 	 
		(d) 	
      The Mine Plan.

	 	 	 
		(e) 	
      A copy, certified by an authorised signatory of each
      relevant Obligor, or an authorised signatory of the Parent, to be a true
      copy, of the Original Financial Statements of each Obligor.

	 	 	 
		(f) 	
      A copy, certified by an authorised signatory of the
      Parent to be a true copy, of the most recent Quarterly Management Accounts
      of Opco.

	 	 	 
		(g) 	
      Evidence that each Lender has carried out and is
      satisfied with the results of all “know your customer” or other similar
      checks under all applicable laws and regulations pursuant to the
      transactions and entities contemplated in the Transaction
  Documents.

	 	 	 
		(h) 	
      The Funds Flow Statement in a form agreed by the Parent
      and the Senior Agent detailing the proposed movement of funds on or before
      the Closing Date.

	 	 	 
		(i) 	
      Evidence that the fees, costs and expenses then due from
      the Borrower pursuant to clause 17 (Fees) and clause 22 (Costs
      and Expenses) have been paid or will be paid by the Closing
    Date.

	 	 	 
		(j) 	
      A Certificate of the Parent (signed by a director)
      detailing the estimated Acquisition Costs.

	 	 	 
		(k) 	
      Utilisation Requests relating to the Utilisations to be
      made on the Closing Date.

- 179 -

	 	(l) 	
      A letter from the Borrower to the Senior Agent and the
      Account Bank specifying the Holdco Business Account, the Borrower Proceeds
      Account, the Opco Business Account and the Disbursement Account including
      details of each account name, account number and the name and address of
      the bank where each account is held.

	 	 	 
	 	(m) 	
      The Group Structure Chart which shows the Anooraq Group
      assuming the Closing Date has occurred and steps 1 (Asset and loan
      impairment) to 7 (Capital Rebalance) of the Structure Memorandum have
      completed.

	 	 	 
	 	(n) 	
      Evidence satisfactory to the Senior Agent that all
      material contracts have been ceded and assigned by Lebowa to Opco and that
      any third party consents for such cession and assignment have been
      obtained.

	 	 	 
	 	(o) 	
      Evidence satisfactory to the Senior Agent that the
      consent of Anglo and RPM has been obtained for the cession in security of
      the rights of the Borrower in relation to the representations and
      warranties in the Holdco Sale of Shares Agreement.

	 	 	 
	 	(p) 	
      Evidence satisfactory to the Senior Agent that the agency
      agreement between Anglo, RPM and Lebowa has been terminated.

	 	 	 
	 	(q) 	
      Evidence satisfactory to the Senior Agent that each of
      the steps set out in the Structure Memorandum have been implemented or
      will as of the Closing Date be implemented.

	 	 	 
	 	(r) 	
      Notification has been received by the Senior Agent of the
      Mandatory Cost of all Lenders.

	 	 	 
	 	(s) 	
      Evidence satisfactory to the Senior Agent that all
      funding to be provided by the Borrower pursuant to the Transaction
      Documents will be made available into the Disbursement Account on the
      Closing Date and that where the funding under any Transaction Documents is
      subject to any conditions precedent, that the conditions precedent have
      been fulfilled.

	 	 	 
	 	(t) 	
      Power of Attorney in the agreed form given by Opco and
      Lebowa in favour of the Senior Agent or its legal advisors allowing the
      Senior Agent or its legal advisors to take all necessary steps to lodge
      and procure the registration of all New Order rights and the cession and
      transfer thereof to Opco.

	 	 	 
	 	(u) 	
      Operating Budget in the agreed form.

	 	 	 
	 	(v) 	
      The Senior Agent has confirmed in writing addressed to
      the Borrower that it is satisfied with the form and substance of the
      Disclosure Schedule

- 180 -

SCHEDULE 3 REQUESTS 

Utilisation Request Loans 

From:    [Borrower]

To:         [Senior Agent]
Dated:

Dear Sirs 

Plateau Resources (Proprietary) Limited – Up to
ZAR750,000,000 (inclusive of 
capitalised interest and funded Net Swap
Payments) Term Loan Facilities Agreement 
dated
[           ] 2009 (the
“Facilities Agreement”) 

	1. 	
      We refer to the Facilities Agreement. This is a
      Utilisation Request. Terms defined in the Facilities Agreement have the
      same meaning in this Utilisation Request unless given a different meaning
      in this Utilisation Request.

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

	 	(a) 	
      Borrower:                                          
       Plateau Resources (Proprietary) Limited

	 	 	 
	 	(b) 	
      Proposed Utilisation
      Date:             
      [   ] (or, if that is not a Business Day, the next Business
      Day)

	 	 	 
	 	(c) 	
      Amount:                                             R[  
      ] or, if less, the Available Facility

	 	 	 
	 	(d) 	
      Interest
      Period:                                 
      [         
   ]

	3. 	
      We confirm that each condition specified in Clause 4.2
      (Further conditions precedent) is satisfied on the date of this
      Utilisation Request.

	 	 
	4. 	
      The proceeds of this Utilisation should be credited to
      [insert relevant account].

	 	 
	5. 	
      This Utilisation Request is
irrevocable.

Yours faithfully 

.................................................................
authorised
signatory for 
Plateau Resources (Proprietary) Limited 

- 181 -

SCHEDULE 4

 EPCM AGREEMENTS 

	Project 

	EPCM 

	Description 

	2009 Funds 
remaining to
      
completion 	2010 Funds 
remaining to
      
completion 	Comments 

	Brakfontein 
120 ktpm 
Meresky 
Project 	RSV (Read 
Swatman and 
Voigt) 
	Principle 
Consultant: 
Design &
      
Procurement 	R14.000.000 

	- 

	

	

	SMS (Sound 
Mining 
Solutions 	Principal 
Mining 
Consultant: 	R2.000.000 

	- 

	included in 
approved 
Budgets 
	Middelpunt 
Hill 125 
ktpm Project 
(Deferred)
    	RSV 

	Principal 
Consultant: 
Design &
      
Procurement 	R5000.000 

	

	Project close 
out as project 
deferred
      

	Merensky 85 
– 100 ktpm 
Plant 
Upgrade 	TWP 
(Previously 
Vhumbanani) 
	Principal 
Consultants: 
EPCM 
	R8.500.000 

	R1.000.000 

	included in 
approved 
Budgets
  

- 182 -

SCHEDULE 5 

EXISTING OPERATIONAL GUARANTEES 

	Guarantee
      By 	In Favour Of 	Amount 
	 RPM on
      behalf of Opco 	Eskom 	R12,027,000.00 
	UG2 Expansion
	DM
    	R51,086,564.00 
	Ga-phasha 	DM
    	R165,000.00 
	APL on behalf of
      Opco 	DM
    	R58,075,023.00 (Pre 2009) 
	APL on behalf of Opco 	DM 	R18,954,088.00 (2009)

- 183 -

SCHEDULE 6 

FORM OF ASSIGNMENT AGREEMENT 

	To: 	[         ] as
      Senior Agent 
	  	 
	From: 	[the Existing Lender] (the
      “Existing Lender”) and [the New Lender] (the “New
      Lender”) 

Dated: 

Plateau Resources (Proprietary) Limited – Up to
ZAR750,000,000 (inclusive of 
capitalised interest and funded Net Swap
Payments) Term Loan Facilities 
Agreement dated
[           ] 2009 (the
“Facilities Agreement”) 

	1. 	
      We refer to the Facilities Agreement. This is an
      Assignment Agreement.

	 	 	 
	2. 	
      

	 	 	 
		(a) 	
      We refer to Clause 33.6 (Procedure for
      Transfer).

	 	 	 
		(b) 	
      The Existing Lender cedes and assigns absolutely to the
      New Lender all the rights of the Existing Lender under the Facility
      Agreement and the other Finance Documents which correspond to that portion
      of the Existing Lender's Commitments and participations in Utilisations
      under the Facility Agreement as specified in the Schedule.

	 	 	 
		(c) 	
      The Existing Lender delegates to the New Lender all the
      obligations of the Existing Lender which correspond to that portion of the
      Existing Lender's Commitments and participations in Utilisations under the
      Facility Agreement specified in the Schedule and is hereby released from
      all such obligations.

	 	 	 
		(d) 	
      The New Lender becomes a Party as a Lender and is bound
      by obligations equivalent to those from which the Existing Lender is
      released under paragraph (c) above.

	3. 	
      The proposed Transfer Date is
      [         
   ].

	4. 	
      On the Transfer Date the New Lender becomes:

	 	 	 
		(a) 	
      Party to the Finance Documents as a Lender; and

	 	 	 
		(b) 	
      Party to [other relevant agreements in other relevant
      capacity such as Plateau Intercreditor Agreement].

	 	 	 
	5. 	
      The New Lender expressly acknowledges the limitations on
      the Existing Lender's obligations set out in paragraph (c) of Clause 29.4
      (Limitation of responsibility of Existing
  Lenders).

- 184 -

	6. 	
      The Facility Office and address, fax number and attention
      details for notices of the New Lender for the purposes of Clause 36.2
      (Addresses) are set out in the Schedule.

	 	 
	7. 	
      This Assignment Agreement may be executed in any number
      of counterparts and this has the same effect as if the signatures on the
      counterparts were on a single copy of this Assignment Agreement.

	 	 
	8. 	
      This Assignment Agreement is governed by South African
      law.

	 	 
	9. 	
      This Assignment Agreement has been executed on the date
      stated at the beginning of this Assignment
Agreement.

- 185 -

THE SCHEDULE 

Commitment/rights and obligations to be transferred by
assignment, release and accession 

[insert relevant details]

[Facility office address, fax number and attention details
for notices and account details for payments]

	[Existing Lender] 	[New Lender] 
	 	 
	By: 	By: 

This Assignment Agreement is accepted by the Senior Agent and
the Transfer Date is confirmed as [    ]. 

[Signature of this Assignment Agreement by the Senior Agent
constitutes confirmation by the Senior Agent of receipt of notice of the cession
and assignment referred to herein, which notice the Senior Agent receives on
behalf of each Finance Party.] 

[Senior Agent] 

By:

- 186 -

SCHEDULE 7 
[INTENTIONALLY LEFT BLANK] 

- 187 -

SCHEDULE 8 
[INTENTIONALLY LEFT BLANK] 

- 188 -

SCHEDULE 9 

FORM OF COMPLIANCE CERTIFICATE 

	To: 	[         
       ] as Senior Agent 
	 	 
	From: 	[Borrower]

Dated: 

Dear Sirs 

Plateau Resources (Proprietary) Limited – Up to
ZAR750,000,000 (inclusive of 
capitalised interest and funded Net Swap
Payments) Term Loan Facilities Agreement 
dated
[           ] 2009 (the
“Facilities Agreement”) 

	1. 	
      We refer to the Facilities Agreement. This is a
      Compliance Certificate. Terms defined in the Facilities Agreement have the
      same meaning when used in this Compliance Certificate unless given a
      different meaning in this Compliance Certificate.

	 	 
	2. 	
      We confirm that:

	 	 
		
      [Insert details of covenants to be certified].

	 	 
	3. 	
      [We confirm that no Default is
      continuing.]*

	Signed 	..................... 	........................ 
	  	  	  
	  	Director 	Director 
	  	of 	of 
	  	[Borrower] 	[Borrower] 

[insert applicable certification
language]**

......................................
for and on behalf
of 
[name of Auditors of the Borrower]***

 

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

* If this statement cannot be made, the certificate
should identify any Default that is continuing and the steps, if any, being
taken to remedy it. 
** To be agreed with the Parent's Auditors
and the Lenders prior to signing the Agreement. 
*** Only
applicable if the Compliance Certificate accompanies the audited financial
statements and is to be signed by the Auditors. To be agreed with the Borrower's
auditor's prior to signing the Agreement. 

- 189 -

SCHEDULE 10 

LMA FORM OF CONFIDENTIALITY UNDERTAKING 

[Letterhead of Seller/Seller's agent/broker] 

To:

	
      

       

       

       
	   [insert name of Potential
      
   Purchaser/Purchaser’s agent/broker]

Re: The Agreement 

	Borrower: 
Date:
      
Amount: 
Senior Agent:

Dear Sirs 

We understand that you are considering [acquiring]/[arranging
the acquisition of] an interest in the Agreement (the "Acquisition"). In
consideration of us agreeing to make available to you certain information, by
your signature of a copy of this letter you agree as follows: 

	1. 	
      Confidentiality Undertaking

	 	 
		
      You undertake (a) to keep the Confidential Information
      confidential and not to disclose it to anyone except as provided for by
      paragraph 2 below and to ensure that the Confidential Information is
      protected with security measures and a degree of care that would apply to
      your own confidential information, (b) to use the Confidential Information
      only for the Permitted Purpose, and (c) to use all reasonable endeavours
      to ensure that any person to whom you pass any Confidential Information
      (unless disclosed under paragraph 2[(c)/(d)] below) acknowledges and
      complies with the provisions of this letter as if that person were also a
      party to it.

	 	 
	2. 	
      Permitted Disclosure

	 	 
		
      We agree that you may disclose Confidential
      Information:

	 	 
	2.1 	
      to members of the Purchaser Group and their officers,
      directors, employees and professional advisers to the extent necessary for
      the Permitted Purpose and to any auditors of members of the Purchaser
      Group;

- 190 -

	2.2 	
      [subject to the requirements of the Agreement, in
      accordance with the Permitted Purpose so long as any prospective purchaser
      has delivered a letter to you in equivalent form to this
  letter;]

	 	[(b/c)] 	
      subject to the requirements of the Agreement, to any
      person to (or through) whom you assign or transfer (or may potentially
      assign or transfer) all or any of the rights, benefits and obligations
      which you may acquire under the Agreement or with (or through) whom you
      enter into (or may potentially enter into) any sub-participation in
      relation to, or any other transaction under which payments are to be made
      by reference to, the Agreement or the Borrower or any member of the Group
      in each case so long as that person has delivered a letter to you in
      equivalent form to this letter; and 

	 	
      [(c/d)] 
	
      (i) where requested or required by any court of competent
      jurisdiction or any competent judicial, governmental, supervisory or
      regulatory body, (ii) where required by the rules of any stock exchange on
      which the shares or other securities of any member of the Purchaser Group
      are listed or (iii) where required by the laws or regulations of any
      country with jurisdiction over the affairs of any member of the Purchaser
      Group. 

	3. 	
      Notification of Required or Unauthorised
      Disclosure

	 	 
		
      You agree (to the extent permitted by law and except
      where disclosure is to be made to any competent supervisory or regulatory
      body during the ordinary course of its supervisory or regulatory function
      over you) to inform us of the full circumstances of any disclosure under
      paragraph 2[(c)/(d)] or upon becoming aware that Confidential Information
      has been disclosed in breach of this letter.

	 	 
	4. 	
      Return of Copies

	 	 
		
      If we so request in writing, you shall return all
      Confidential Information supplied to you by us and destroy or permanently
      erase (to the extent technically practicable) all copies of Confidential
      Information made by you and use all reasonable endeavours to ensure that
      anyone to whom you have supplied any Confidential Information destroys or
      permanently erases (to the extent technically practicable) such
      Confidential Information and any copies made by them, in each case save to
      the extent that you or the recipients are required to retain any such
      Confidential Information by any applicable law, rule or regulation or by
      any competent judicial, governmental, supervisory or regulatory body or in
      accordance with internal policy, or where the Confidential Information has
      been disclosed under paragraph 2[(c)/(d)] above.

	 	 
	5. 	
      Continuing Obligations

	 	 
		
      The obligations in this letter are continuing and, in
      particular, shall survive the termination of any discussions or
      negotiations between you and us. Notwithstanding the previous sentence,
      the obligations in this letter shall cease on the earlier of (a) the date
      you become a party to or otherwise acquire (by assignment,
      sub-participation or otherwise) an interest, direct or indirect, in the
      Agreement [and] (b) twelve months

- 191 -

		
      after you have returned all Confidential Information
      supplied to you by us and destroyed or permanently erased (to the extent
      technically practicable) all copies of Confidential Information made by
      you (other than any such Confidential Information or copies which have
      been disclosed under paragraph 2 above (other than sub-paragraph 2(a)) or
      which, pursuant to paragraph 4 above, are not required to be returned or
      destroyed) [and (c) in any event
      [           ] months
      from the date of this letter].

	 	 
	6. 	
      No Representation; Consequences of Breach,
    etc

	 	 
		
      You acknowledge and agree that:

	 	 
	6.1 	
      neither we, [nor our principal] nor any member of the
      Group nor any of our or their respective officers, employees or advisers
      (each a "Relevant Person") (i) make any representation or warranty,
      express or implied, as to, or assume any responsibility for, the accuracy,
      reliability or completeness of any of the Confidential Information or any
      other information supplied by us or the assumptions on which it is based
      or (ii) shall be under any obligation to update or correct any inaccuracy
      in the Confidential Information or any other information supplied by us or
      be otherwise liable to you or any other person in respect to the
      Confidential Information or any such information; and

	 	 
	6.2 	
      we [or our principal] or members of the Group may be
      irreparably harmed by the breach of the terms hereof and damages may not
      be an adequate remedy; each Relevant Person may be granted an injunction
      or specific performance for any threatened or actual breach of the
      provisions of this letter by you.

	 	 
	7. 	
      No Waiver; Amendments, etc

	 	 
		
      This letter sets out the full extent of your obligations
      of confidentiality owed to us in relation to the information the subject
      of this letter. No failure or delay in exercising any right, power or
      privilege hereunder will operate as a waiver thereof nor will any single
      or partial exercise of any right, power or privilege preclude any further
      exercise thereof or the exercise of any other right, power or privileges
      hereunder. The terms of this letter and your obligations hereunder may
      only be amended or modified by written agreement between us.

	 	 
	8. 	
      Inside Information

	 	 
		
      You acknowledge that some or all of the Confidential
      Information is or may be price- sensitive information and that the use of
      such information may be regulated or prohibited by applicable legislation
      including securities law relating to insider dealing and market abuse and
      you undertake not to use any Confidential Information for any unlawful
      purpose.

	 	 
	9. 	
      Nature of Undertakings

- 192 -

		
      The undertakings given by you under this letter are given
      to us and (without implying any fiduciary obligations on our part) are
      also given for the benefit of [our principal,]4 the Borrower
      and each other member of the Group.

	 	 
	10. 	
      Third Party Rights

	 	 
	10.1 	
      Subject to this paragraph 10 and to paragraphs 6 and 9, a
      person who is not a party to this letter has no right under the
      [Contracts (Rights of Third Parties) Act 1999 (the "Third Parties
      Act")] to enforce or to enjoy the benefit of any term of this
      letter.

	 	 
		
      [Note: Consider replacing with stipulatio
      alteri clause.]

	 	 
	10.2 	
      The Relevant Persons may enjoy the benefit of the terms
      of paragraphs 6 and 9 subject to and in accordance with this paragraph 10
      and the provisions of the [Third Parties Act].

	 	 
	10.3 	
      The parties to this letter do not require the consent of
      the Relevant Persons to rescind or vary this letter at any time.

	 	 
	11. 	
      Governing Law and Jurisdiction

	 	 
	11.1 	
      This letter (including the agreement constituted by your
      acknowledgement of its terms) is governed by [English
  law].

	 	 
	11.2 	
      The parties submit to the non-exclusive jurisdiction of
      the English courts.

	 	 
	12. 	
      Definitions

	 	 
		
      In this letter (including the acknowledgement set out
      below) terms defined in the Agreement shall, unless the context otherwise
      requires, have the same meaning and:

	 	 
		
      "Confidential Information" means any information
      relating to the Borrower, the Group, the Agreement and/or the Acquisition
      provided to you by us or any of our affiliates or advisers, in whatever
      form, and includes information given orally and any document, electronic
      file or any other way of representing or recording information which
      contains or is derived or copied from such information but excludes
      information that (a) is or becomes public knowledge other than as a direct
      or indirect result of any breach of this letter or (b) is known by you
      before the date the information is disclosed to you by us or any of our
      affiliates or advisers or is lawfully obtained by you thereafter, other
      than from a source which is connected with the Group and which, in either
      case, as far as you are aware, has not been obtained in violation of, and
      is not otherwise subject to, any obligation of confidentiality.

	 	 
		
      "Group" means the Borrower and each of its holding
      companies and subsidiaries and each subsidiary of each of its holding
      companies (as each such term is defined in the [Companies Act
      1985]).

- 193 -

"Permitted Purpose" means
[subject to the terms of this letter, passing on information to a prospective
purchaser for the purpose of] considering and evaluating whether to enter into
the Acquisition.

"Purchaser Group" means you,
each of your holding companies and subsidiaries and each subsidiary of each of
your holding companies (as each such term is defined in the [Companies Act
1985]). 

Please acknowledge your agreement to the above by signing and
returning the enclosed copy. 

Yours faithfully 

......................................................................
For
and on behalf of 
[Seller/Seller’s agent/broker] 

To:      [Seller] 

[Seller’s agent/broker] 

The Borrower and each other member of the Group 

 

We acknowledge and agree to the above: 

..................................................................
For
and on behalf of 
[Potential Purchaser/Purchaser’s agent/broker] 

- 194 -

SCHEDULE 11
 TIMETABLES 

Loans 

	Delivery of a duly completed 	U-3 
	Utilisation Request (Clause 5.1 	  
	(Delivery of a Utilisation Request)) 	9.30am 
	  	  
	Senior Agent notifies the Lenders of 	U-2 
	the Utilisation in accordance with 	  
	Clause 5.4 (Lenders' participation) 	3.00pm 
	  	  
	JIBAR is fixed 	Quotation Day 
	  	as of 11:00 a.m 
	  	Johannesburg 
	  	time. 

	“U” 	= 	date of utilisation 
	 	 	 
	“U - X” 	= 	X Business Days prior to date of
      utilisation 

- 195 -

SCHEDULE 12 

[INTENTIONALLY LEFT BLANK] 

- 196 -

SCHEDULE 13 

TRANSACTION SECURITY DOCUMENTS

Part 1: Opco Security Documents 

	No. 	Description of Opco Security Document 
	1. 

	
      Cession in Security by Opco in favour of Opco Security
      SPV of: 

a) book debts and claims; 

b) Operating Agreements;
      

c) bank accounts and credit balances; 

d) Insurances;
      

e) Insurance Proceeds; and 

f) Unregistered Intellectual
      Property Rights 

	2. 	
      General Notarial Bond by Opco in favour of Opco Security
      SPV. 

	3. 	
      Special Notarial Bond by Opco in favour of Opco Security
      SPV over the assets referred to in Annexure “A”. 

	4. 	
      Mortgage Bonds by Opco in favour of Opco Security SPV
      over all immovable property of any nature held by Opco, specifically
      referred to in Annexure “B”. 

	5. 	
      Mortgage Bonds by Opco in favour of Opco Security SPV or
      in favour of the Security Agent (under a parallel debt structure) over all
      Mining Rights held by Opco. 

Part 2: Holdco Security Documents 

	No. 	Description of Holdco Security Document and Transaction
      Security 
	1. 

	Cession and Pledge in Security by Holdco in
      favour of Plateau and RPM of Holdco’s rights and interests in: 

a)
      the Holdco Shareholder Loan Agreement; 

b) the First Ranking Opco
      Funding Debt Guarantee; 

c) Shares in subsidiaries; 

d)
      Claims against subsidiaries; 

- 197 -

		e) Bank Accounts and credit
      balances.
	2. 

	Reversionary Cession and Pledge in Security
      by Holdco in favour of RPM of Holdco’s reversionary rights and interests
      in:

a) the Holdco Shareholder Loan Agreement;

b) the First
      Ranking Opco Funding Debt Guarantee;

c) Shares in
      subsidiaries;

d) Claims against subsidiaries;

e) Bank
      Accounts and credit balances.

Part 3: Plateau Security Documents 

	No. 	Description of Plateau Security Document and Transaction
      Security 
	1. 

	Cession and Pledge in Security by Plateau in
      favour of Plateau Security SPV of rights and interests in: 

a)
      Plateau Funding Loan Agreement; 

b) Cession in Security by Holdco
      referred to in Part 2 of Schedule 13; 

c) Shares held by Plateau in
      Holdco from time to time; 

d) Claims against Holdco; 

e)
      Warranties set out in Schedule 1 to the Holdco Sale of Shares Agreement;
      

f) Bank accounts and credit balances. 

Part 4: N2C Resources Security Documents 

	No. 	Description of N2C Resources Security Document and
      Transaction Security 
	1. 

	Cession and Pledge in Security by N2C Resources
      in favour of Plateau Security SPV of rights and interests in: 

a)
      Shares held by N2C Resources in Plateau; and 

- 198 -

	 	b) Claims against Plateau.
  

- 199 -

Annexure “A” 

Assets covered by Special Notarial Bond 

	No. 	Description of Asset 
	255000136 	Winder Drum 
	255000137 	Winder Motor 
	255000262 	Conc Thickener UG2 (steel 
	255000455 	Tailings Thickener UG2 (steel) 
	255000049 	Vent Shaft Fans 
	255000163 	Electrical switchgear mine winder No. 6 
	255000171 	Electrical switchgear rock winder No. 2 
	255000427 	Secondary Crusher 
	255000428 	Tertiary Crusher 
	255000294 	Primary Jaw Crusher 
	255000201 	CV01 conveyor – Adit 1 
	255000430 	Larox machine 
	255000207 	CV01 conveyor – Adit 3 
	255000110 	Tailings Thickener Msky
  

- 200 -

Annexure “B” 

Immovable Property covered by Mortgage Bonds 

  	No. 	Property 	Notes 
	 LEASE AREAS
      
	 NOTARIAL
        LEASE NO. K5750/2008L 
	1. 
 
 
 
	The farm MIDDELPUNT 420, 

        Registration Division K.S., Limpopo Province; 

        Measuring 260, 7099 (TWO HUNDRED AND SIXTY 

        comma SEVEN NOUGHT NINE NINE) hectares; 

        Held by Certificate of Registered State Title T24685/1969 	
 
 
 

	 NOTARIAL LEASE
        NO. K5820/2008L 
	2. 
 
 
 
	The farm BRAKFONTEIN 464, 

        Registration Division K.S., Limpopo Province; 

        Measuring 84,3273 (EIGHTY FOUR comma THREE TWO 

        SEVEN THREE) hectares; 

        Held by Certificate of Registered State Title T3571/2000 	
 
 
 

	 NOTARIAL LEASE
        NO. K4947/2008L 
	3. 
 
 
 
	The farm ZEEKOEGAT 421, 

        Registration Division K.S., Limpopo Province; 

        Measuring 284,8154 (TWO HUNDRED AND EIGHTY 

        FOUR comma EIGHT ONE FIVE FOUR) hectares; 

        Held by Deed of Transfer T5310/1941 	
 
 
 

	4. 
 
 
 
	The farm DIAMOND 422, 

        Registration Division K.S., Limpopo Province; 

        Measuring 19,9130 (NINETEEN comma NINE ONE 

        THREE NOUGHT) hectares; 

        Held by Deed of Transfer T680/1940 	
 
 
 

	 SECTIONAL
        TITLE PROPERTIES 
	 DEED
        OF TRANSFER NO. ST 87357/2008 
	5. 	Section 30 Mopani Park 	  
	 DEED
        OF TRANSFER NO. ST 87358/2008 
	6. 	Section 31 Mopani Park 	  
	 DEED
        OF TRANSFER NO. ST 87359/2008 
	7. 	Section 32 Mopani Park 	  
	 DEED
        OF TRANSFER NO. ST 87360/2008 

- 201 -

	8. 	Section 33 Mopani Park 	 

- 202 -

SCHEDULE 14 

PERMITTED PENSION FUNDS AND LIFE ASSURER TRANSFEREES

"  "

- 203 -

SIGNATURES 

THE PARENT 

ANOORAQ RESOURCES CORPORATION 

/s/ signed

_____________________________________

By:

 

_____________________________________

N1C RESOURCES 

N1C RESOURCES INC. 

/s/ signed

_____________________________________

By:

 

_____________________________________

N2C RESOURCES 

N2C RESOURCES INC. 

/s/ signed

_____________________________________

By:

 

_____________________________________

- 204 -

THE BORROWER 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

By:

/s/ signed

_____________________________________

By:

 

_____________________________________

THE SENIOR ARRANGER 

STANDARD CHARTERED BANK 

By:

/s/ signed

_____________________________________

By:

/s/ signed

_____________________________________

THE SENIOR AGENT 

STANDARD CHARTERED BANK 

By:

/s/ signed

_____________________________________

By:

/s/ signed

_____________________________________

- 205 -

THE SECURITY AGENT 

STANDARD CHARTERED BANK 

By:

/s/ signed

_____________________________________

By:

/s/ signed

_____________________________________

THE PLATEAU SECURITY SPV 

MICAWBER 634 (PROPRIETARY) LIMITED 

By:

/s/ signed

_____________________________________

By:

 

_____________________________________

THE LENDERS 

STANDARD CHARTERED BANK 

By:

/s/ signed

_____________________________________

By:

/s/ signed

_____________________________________

- 206 -Filed by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.20

EXECUTION COPY

STANDBY LOAN FACILITY AGREEMENT

 

for 

 

PLATEAU RESOURCES (PROPRIETARY) LIMITED

 

provided by 

 

RUSTENBURG PLATINUM MINES LIMITED

 

CONTENT

	Clause      	Page      
	  	  	  
	1.
      	INTERPRETATION
      	3
      
	2.
      	INTRODUCTION
      	5
      
	3.
      	COMMON
      TERMS AGREEMENT 	6
      
	4.
      	FACILITY
      	6
      
	5.
      	PURPOSE
      	6
      
	6.
      	DRAWDOWNS
      	6
      
	7.
      	REPAYMENT
      AND INTEREST 	8
      
	8.
      	CONSEQUENCES
      OF AN EVENT OF DEFAULT 	9
      
	SCHEDULE
      1 NOTICE OF DRAWDOWN 	11
      

2

STANDBY LOAN FACILITY AGREEMENT

THIS AGREEMENT is dated 12 June 2009 and 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 as lender (the
      "Lender");

The Parties agree as set out below.

	1. 	INTERPRETATION 

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

	1.1.1 	
      "Advance" means an advance made or to be made or
      deemed to be made by the Lender to the Borrower hereunder from the
      Facility and "Advances" will be construed accordingly;

	 	 
	1.1.2 	
      "Advance Date" means the date upon which the
      Lender makes an Advance to the Borrower in accordance with the provisions
      of clause 6 (Drawdowns) and "Advance Dates" shall be construed
      accordingly;

	 	 
	1.1.3 	
      "Agreement" means this Standby Loan Facility
      Agreement and its Schedules as read together with the RPM Funding Common
      Terms Agreement;

	 	 
	1.1.4 	
      "Anticipated Aggregate Funding Loan Receipts"
      means, in respect of a Payment Period, the aggregate amount of cash which
      the Borrower, acting reasonably and in good faith and with reference to
      the latest cumulative consolidated quarterly management accounts of the
      Holdco Group delivered to the Lender pursuant to clause 12.1.3 of the RPM
      Funding Common Terms Agreement, anticipates Holdco will pay to the
      Borrower and the Lender under the Borrower Funding Loan Agreement and the
      RPM Funding Loan Agreement during that Payment Period but only insofar as
      such payments relate to the "Loans" as defined in the Borrower Funding
      Loan Agreement and the RPM Funding Loan Agreement, and accordingly
      excluding any payments in relation to the "Plateau OCSF Tranches" (as
      defined in the Borrower Funding Loan Agreement) or the "RPM OCSF Tranches"
      (as defined in the RPM Funding Loan Agreement. In the event of a conflict
      between the provisions of this clause 1.1.4 and the Global Intercreditor
      Agreement the provisions of the Global Intercreditor Agreement shall
      prevail;

	 	 
	1.1.5 	
      "Anticipated Borrower Funding Loan Receipts" means
      51% of the Anticipated Aggregate Funding Loan Receipts;

	 	 
	1.1.6 	
      "Anticipated RPM Funding Loan Receipts" means 49%
      of the Anticipated Aggregate Funding Loan
Receipts;

3

	1.1.7 	
      "Anticipated Senior Facility Shortfall" means, in
      respect of any Payment Period, the amount, if any, by which the Minimum
      Repayment Obligations exceeds the Anticipated Borrower Funding Loan
      Receipts, in each case for that Payment Period;

	 	 
	1.1.8 	
      "Availability Period" means the period during
      which the Facility will be available commencing on the Closing Date and
      ending on the Senior Discharge Date;

	 	 
	1.1.9 	
      "Borrower Funding Loan Agreement" means the
      written loan agreement concluded or to be concluded between the Borrower
      (as lender) and Holdco (as borrower) relating to the loan for an initial
      amount of R500 000 000 (Five Hundred Million Rand);

	 	 
	1.1.10 	
      "Borrower Proceeds Account" has the meaning given
      to it in the Senior Facilities Agreement;

	 	 
	1.1.11 	
      "Facility" means the standby facility granted to
      the Borrower by the Lender in this Agreement;

	 	 
	1.1.12 	
      "Final Repayment Date" means the date falling on
      the 9th anniversary of the Closing Date;

	 	 
	1.1.13 	
      "Global Intercreditor Agreement" means the Global
      Intercreditor Agreement in the agreed form, dated on or about the date of
      this Agreement, between, inter alia, 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;

	 	 
	1.1.14 	
      "Holdco" means Richtrau No. 179 (Proprietary)
      Limited (Registration No. 2007/106711/07), a private company incorporated
      in accordance with the laws of South Africa;

	 	 
	1.1.15 	
      "Holdco Shareholders Agreement" means the written
      shareholders agreement dated 28 March 2008 between the Lender, the
      Borrower and Holdco;

	 	 
	1.1.16 	
      "Interest Rate" means the rate of interest (as
      certified by any manager of the Standard Bank of South Africa Limited,
      whose authority, appointment or designation it shall not be necessary to
      prove) quoted by The Standard Bank of South Africa Limited as being the
      prime rate at which it lends in South African Rands from time to
    time;

	 	 
	1.1.17 	
      "Interim Repayment Date" means the date falling on
      the 6th (sixth) anniversary of the Closing Date;

	 	 
	1.1.18 	
      "Loan" means the aggregate principal amount of
      Advances for the time being outstanding hereunder;

	 	 
	1.1.19 	
      "Minimum Repayment Obligations" means in respect
      of any Payment Period, the aggregate of:

	 	 
		
      (a) 
	 the amount of all scheduled principal repayments
      due and payable under the Senior Facilities Agreement in that Payment
      Period; and

4

	 	(b) 	
      the amount of all accrued interest falling due for
      payment by the Borrower under the Senior Facilities Agreement in that
      Payment Period and in this regard, interest shall be treated as falling
      due for payment in a Payment Period regardless of whether the Borrower is
      entitled to capitalise or has capitalised the interest in that Payment
      Period or any previous payments period;

	1.1.20 	
      "Notice of Drawdown" means a notice substantially
      in the form set out in Schedule 1 to be utilised in drawing down the
      Facility;

	 	 
	1.1.21 	
      "Party" means a party to this Agreement and
      "Parties" shall, as the context requires, be a reference to all of
      them;

	 	 
	1.1.22 	
      "Payment Period" means the period commencing on
      the day after a Senior Date Payment Date and ending on the next Senior
      Debt Payment Date;

	 	 
	1.1.23 	
      "RPM Funding Common Terms Agreement" means the
      common terms agreement to be entered into or about the date of this
      Agreement between, inter alia, the Lender, the Borrower, Pelawan
      SPV and Anooraq Resources Corporation setting out, inter alia,
      certain common terms relating to the funding to be provided by the Lender
      to the Borrower and Pelawan SPV;

	 	 
	1.1.24 	
      "RPM Funding Loan Agreement" means the written
      loan agreement concluded or to be concluded between the Lender (as lender)
      and Holdco (as borrower) relating to the loan for an initial amount of
      R480,392,187 (Four Hundred and Eighty Million Three Hundred and Ninety-two
      Thousand One Hundred and Eighty-seven Rand);

	 	 
	1.1.25 	
      "Senior Agent" has the meaning given to it in the
      Senior Facilities Agreement;

	 	 
	1.1.26 	
      "Senior Facilities Agreement" means the written
      agreement entitled "Senior Term Loan Facilities Agreement"
      concluded or to be concluded between inter alia the Borrower and
      Standard Chartered Bank (as arranger, original lender, Senior Agent and
      the Security Agent) on or about the Signature Date;

	 	 
	1.1.27 	
      "Senior Debt Payment Date" means an "Interest
      Payment Date" or a "Repayment Date" as defined in the Senior
      Facilities Agreement;

	 	 
	1.1.28 	
      "Standby Facility Shortfall Contribution Amount"
      means, in respect of any Payment Period, the amount calculated as the
      lesser of: (x) the Anticipated Senior Facility Shortfall and (y) the
      amount calculated as 29/49 of the Anticipated RPM Funding Loan Receipts
      for that Payment Period;

	 	 
	1.1.29 	
      "Signature Date" means the date of the signature
      of the Party last signing this Agreement.

	2. 	
      INTRODUCTION

	 	 
		
      As contemplated by the Holdco Shareholder Agreement, the
      Borrower may require standby facilities from time to time for the purpose
      of meeting the Minimum Repayment Obligations and the Lender is willing to
      provide such standby facilities subject to the terms and conditions set
      out in this Agreement and subject to the relevant provisions of the Global
      Intercreditor Agreement which restrict the payment of interest and the
      repayment of the Loans by the Borrower to the
Lender.

5

	3. 	COMMON TERMS AGREEMENT

	3.1 	
      This Agreement and the rights and obligations of the
      Parties are in all respects subject to the terms and conditions of the RPM
      Funding Common Terms Agreement. The terms and conditions of the RPM
      Funding Common Terms Agreement are incorporated by reference into this
      Agreement as if repeated herein in full.

	 	 
	3.2 	
      In the event of a conflict between the terms of this
      Agreement and the RPM Funding Common Terms Agreement the provisions of
      this Agreement shall prevail.

	4. 	
      FACILITY

	 	 
		
      Subject to the terms and conditions of this Agreement and
      the RPM Funding Common Terms Agreement, the Lender agrees to make the
      Facility available to the Borrower.

	 	 
	5. 	
      PURPOSE

	 	 
		
      The Borrower shall apply all amounts borrowed by it under
      the Facility for the sole purpose of servicing all, or part of, as the
      case may be, the Minimum Repayment Obligations. The Lender shall not be
      obliged to monitor or verify the application of any Advance.

	 	 
	6. 	
      DRAWDOWNS

	6.1 	
      Subject to the fulfilment of the conditions set out in
      Clause 4 (Conditions of Utilisation) of the RPM Funding Common Terms
      Agreement, the Lender shall, if required pursuant to the delivery of a
      duly completed Notice of Drawdown from time to time, make Advances to the
      Borrower during the Availability Period under the Facility which shall be
      drawn down by the Borrower in accordance with the provisions of this
      clause 6.

	 	 
	6.2 	
      The Facility may only be drawn down by the Borrower
      if:

	6.2.1 	
      there is an Anticipated Senior Facility Shortfall in
      respect of the next Senior Debt Payment Date as certified by the Borrower
      in a duly completed Notice of Drawdown delivered to the Lender not less
      than 10 Business Days prior to the proposed Advance Date which Notice of
      Drawdown shall specify the amount of the Advance required, which amount
      shall not exceed the Standby Facility Shortfall Contribution Amount on the
      applicable Senior Debt Payment Date;

	 	 	 
	6.2.2 	
      the amount of the proposed Advance does not exceed the
      Anticipated Senior Facility Shortfall the on the proposed Advance
    Date;

	 	 	 
	6.2.3 	
      the proposed date for the making of such Advance
    is:

	 	 	 
		(a) 	
      a Business Day within the Availability Period;
  and

	 	 	 
		(b) 	
      unless the Lender otherwise agrees, a Senior Debt Payment
      Date;

	 	 	 
	6.2.4 	
      no Fundamental Event of Default (as defined in the Global
      Intercreditor Agreement) has occurred, other than a Fundamental Event of
      Default referred to in paragraph 4 of schedule 3 of the Global
      Intercreditor Agreement;

6

	6.2.5 	
      no Senior Enforcement Action (as defined in the Global
      Intercreditor Agreement) has occurred; and

	 	 
	6.2.6 	
      no event referred to in clause 6.2 of the RPM Funding
      Common Terms Agreement (Mandatory Prepayments: Change of Control) has
      occurred.

	6.3 	
      Unless otherwise agreed in writing between the Lender and
      the Borrower only one Notice of Drawdown may be submitted in relation to
      any Payment Period.

	 	 
	6.4 	
      The Lender will make each Advance to the Borrower on the
      date specified in the relevant Notice of Drawdown by paying the amount of
      each Advance into the Borrower Proceeds Account.

	 	 
	6.5 	
      The Borrower acknowledges and agrees
  that:

	6.5.1 	
      unless the Lender otherwise agrees in writing in relation
      to a specific Advance, the Lender shall not be obliged to make any payment
      pursuant to any Notice of Drawdown unless and until the Borrower shall
      have complied strictly with the requirements in respect thereof as set out
      in this clause 6;

	 	 
	6.5.2 	
      no Advance or portion thereof repaid by the Borrower in
      accordance with the provisions of this Agreement or otherwise shall be
      available to be re- advanced by the Lender;

	 	 
	6.5.3 	
      any Notice of Drawdown purportedly signed by an
      authorised signatory of the Borrower shall be deemed to be a valid Notice
      of Drawdown issued by the Borrower and each payment paid pursuant to such
      Notice of Drawdown to the Borrower from the Facility shall constitute a
      valid Advance to the Borrower and constitute part of the Loan;

	 	 
	6.5.4 	
      the Lender shall not incur any liability to the Borrower
      in the event of any Advance not being utilised for the purpose referred to
      in clause 3 (Purpose) and in such an event, the portion of those payments
      made from the Facility will nevertheless be regarded as constituting valid
      Advances.

	6.6 	
      The Parties acknowledge and agree that if there is an
      Anticipated Senior Facility Shortfall in respect of the next Senior Debt
      Payment Date and the Borrower fails to issue a Notice of Drawdown for the
      applicable Standby Facility Shortfall Contribution Amount in accordance
      with clause 6.2.1 then the Senior Agent is hereby irrevocably authorised
      and empowered by the Borrower to deliver a Notice of Drawdown on its
      behalf mutatis mutandis in accordance with the provisions of this
      clause 6 provided that the reference to 10 Business Days in clause 6.2.1
      shall for purposes of this clause 6.6 only be 7 Business Days, and the
      Lender shall be obliged to make the relevant Advance as requested by the
      Senior Agent on behalf of the Borrower and any such Advance made shall
      form part of the Loan under this Agreement.

	 	 
	6.7 	
      The Borrower undertakes in favour of the Senior Agent to
      deliver each and every Notice of Drawdown to the Senior Agent on the same
      day as it is delivered to the Lender hereunder.

	 	 
	6.8 	
      The Borrower undertakes to advise the Lender in writing
      not less than 15 Business Days before each Senior Debt Payment Date
      whether or not it anticipates that there will be an Anticipated Senior
      Facility Shortfall, and to provide such other information relating to the
      Minimum Repayment Obligations and possible

7

Anticipated Senior Facility Shortfalls
at such intervals as the Lender may reasonably request.

	7. 	REPAYMENT AND INTEREST

	7.1 	
      The balance of the Loan outstanding from time to time
      shall bear interest at the Interest Rate (subject to adjustment pursuant
      to clause 7 of the RPM Funding Common Terms Agreement (Changes to the
      calculation of Interest)). Interest on the Loan outstanding from time to
      time shall accrue daily and be compounded quarterly in arrears and is
      calculated on the basis of the actual number of days elapsed and a year of
      365 (three hundred and sixty five) days.

	 	 
	7.2 	
      Accrued interest shall be paid by the Borrower to the
      Lender on each Repayment Date in accordance with clause 7.4. If any
      accrued interest is not permitted to be paid on a Repayment Date in
      accordance with the Global Intercreditor Agreement, then such interest
      shall be capitalised and form part of the Loan.

	 	 
	7.3 	
      If the Borrower fails to pay any amount payable by it
      under this Agreement on its due date, interest shall accrue on such
      outstanding amounts from the due date of payment up to the date of actual
      payment (both before and after judgment) at a rate which is 2% per annum
      higher than the Interest Rate. Any interest accruing under this Clause 7.3
      shall be immediately payable by the Borrower on demand by the Lender. An
      amount shall not be regarded as being due and payable for purposes of this
      clause in the event that there is not sufficient proceeds credited to the
      Borrower Proceeds Account in order for the Borrower to pay such amount to
      the Lender on that date in accordance with the terms of the Global
      Intercreditor Agreement (having regard to all prior payments which the
      Borrower is required to make in accordance with the Global Intercreditor
      Agreement).

	 	 
	7.4 	
      Subject to clause 6.1 and 6.2 of the RPM Funding Common
      Terms (Illegally and Mandatory Prepayments) the Loan together with accrued
      interest thereon (or a portion thereof, as the case may be) shall, on each
      Repayment Date, be repaid from the available proceeds, if any, (having
      regard to all prior payments which the Borrower is required to make from
      the Borrower Proceeds Account in accordance with the Borrower Cash
      Waterfall on that date) standing to the credit of the Borrower Proceeds
      Account subject to and in accordance with the Borrower Cash Waterfall
      relating to such account as provided for in the Global Intercreditor
      Agreement, provided that:

	7.4.1 	
      by no later than the Interim Repayment Date the Borrower
      shall apply the proceeds raised, if any, through the Mandatory Debt
      Refinance contemplated in clause 6.3 (Mandatory Refinancing) of the RPM
      Funding Common Terms Agreement towards the repayment of the Loan, together
      with all accrued but unpaid interest thereon and all other amounts then
      outstanding under this Agreement; and

	 	 
	7.4.2 	
      the Loan together with all accrued but unpaid interest
      thereon and all other amounts then outstanding under this Agreement shall
      be repaid by no later than the Final Repayment
Date.

	7.5 	
      The Borrower and the Lender agree that if the Loan and
      all other amounts outstanding under this Agreement have not been settled
      in full by the date falling 6 months prior to the Final Repayment Date
      they shall consult with each other with a

8

		
      view to agreeing alternative mechanisms to settle the
      Loan. Should the Borrower and the Lender not be able to agree such
      alternative mechanism for the settlement of the Loan, then the Loan shall
      be repayable in full on the Final Repayment Date.

	 	 
	7.6 	
      All payments to be made by the Borrower to the Lender in
      terms of this Agreement shall, subject to the Global Intercreditor
      Agreement, be, in the event of any payment not being made in full on its
      due date, appropriated in the first instance to the payment of any costs,
      charges or expenses, thereafter to interest then due and payable, and
      thereafter in reduction of the principal amount of the
  Loan.

	8. 	
      STIPULATIO ALTERI

	 	 
		
      The provisions of this Agreement which refer to the
      Senior Agent are stipulations for the benefit of the Senior Agent
      (stipulatio alteri) which are capable of acceptance by the Senior
      Agent at any time and in any manner allowed by law and the Senior Agent
      shall be regarded as having accepted the benefits conferred on it
      hereunder if it signs the Global Intercreditor Agreement.

	 	 
	9. 	
      CONSEQUENCES OF AN EVENT OF
  DEFAULT

	9.1 	
      Upon the occurrence of an Event of Default [and for so
      long as such Event of Default is continuing], but subject to any
      restrictions on Enforcement Action (as defined in the Global Intercreditor
      Agreement) provided for in the Global Intercreditor Agreement, the Lender
      may, without prejudice to any other rights it may have in terms of this
      Agreement or at law, by written notice to
Borrower:

	9.1.1 	
      claim and recover from the Borrower (which amount shall
      be immediately due and payable):

	 	 	 
		(a) 	
      the unpaid principal balance of the Loan;

	 	 	 
		(b) 	
      all accrued and unpaid interest due and payable by the
      Borrower in accordance with the terms of this Agreement; and

	 	 	 
		(c) 	
      any other amounts which are payable by the Borrower to
      the Lender under this Agreement (whether or not then due and payable on
      the basis that any and all such amounts shall immediately be due and
      payable);

	 	 	 
	9.1.2 	
      declare the Loan and all other amounts payable by the
      Borrower pursuant to this Agreement to be due and payable on demand of the
      Lender;

	 	 	 
	9.1.3 	
      exercise or direct the Security Agent, the Opco Security
      SPV and/or the Plateau 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 Transaction Security Documents),

provided that all payments obligation
of the Borrower under this clause 9 shall be made subject to and in accordance
with the Global Intercreditor Agreement and in particular the Borrower Cash
Waterfall.

9

SIGNED at Johannesburg on this the 12 day of June 2009.

	 	For and on behalf of 
	 	PLATEAU RESOURCES (PROPRIETARY) 
	 	LIMITED 
	 	  
	 	/s/ Tumelo Moathlodi Motsisi
	 	
	 	Name: Tumelo Moathlodi Motsisi
	 	Capacity: Director
	 	Who warrants his authority hereto 
	 	  
	 	
	 	Name: 
	 	Capacity: 
	 	Who warrants his authority hereto

SIGNED at Johannesburg on this the 12 day of June 2009.

	 	For and on behalf of 
	 	RUSTENBURG PLATINUM MINES 
	 	LIMITED 
	 	  
	 	/s/ Simon John Scott
	 	
	 	Name: Simon John Scott
	 	Capacity: Director
	 	Who warrants his authority hereto 
	 	  
	 	
	 	Name: 
	 	Capacity: 
	 	Who warrants his authority hereto

10

SCHEDULE 1

NOTICE OF DRAWDOWN

(To appear on the letterhead of Plateau Resources (Proprietary)
Limited)

	To: 	Rustenburg Platinum Mines Limited 
	  	  
	  	Per Telefax : [  ]
  
	  	Attention: [  ]
  

Dear Sirs

STANDBY FACILITY AGREEMENT DATED [INSERT DATE OF AGREEMENT]:
NOTICE OF DRAWDOWN

	1. 	
      We refer to the Standby Loan Facility Agreement (the
      "Facility Agreement") dated [insert date of the facility
      agreement] and made between us. The terms defined in the Facility
      Agreement shall have the same meaning in this notice.

	 	 
	2. 	
      This notice is irrevocable.

	 	 
	3. 	
      We hereby give you notice that, pursuant to the Facility
      Agreement and on [Date of Drawdown] we wish to borrow an Advance in
      the amount of R[Insert Amount] under the Facility upon the terms
      and subject to the conditions contained therein.

	 	 
	4. 	
      The amount of the proposed Advance we wish to borrow is
      required in relation to [insert details of Shortfall
  Amount].

	 	 
	5. 	
      The amount of the proposed Advance does not exceed the
      Standby Facility Shortfall Contribution Amount and all other conditions
      for drawdown set out in clause 6.2 of the Facility Agreement have been
      met.

	 	 
	6. 	
      We request that the Advance be paid into the Borrower
      Proceeds Account.

Yours faithfully

_________________________________________
Name:

Authorised Signatory: 
For and on behalf of:
PLATEAU RESOURCES
(PROPRIETARY) LIMITED

11

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