Market update and renewal of cautionary announcement Atlatsa Resources Corporation (previously Anooraq Resources Corporation) (Incorporated in British Columbia, Canada) (Registration number 10022-2033) TSXV/JSE share code: ATL NYSE AMEX share code: ATL ISIN: CA0494771029 (”Atlatsa” or the “Company”) MARKET UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders of Atlatsa are referred to the announcements released on the Securities Exchange News Service on 2 February 2012, 3 May 2012, 14 June 2012, 27 July 2012, and 7 September 2012 respectively, relating to the agreement of key terms in respect of a transaction to restructure, recapitalize and refinance Atlatsa and the Bokoni group of companies (“Bokoni group”), including Bokoni Platinum Mines (“Bokoni”), (the “Restructure Plan”), as well as the media releases on 27 September 2012 and 2 October 2012 relating to the conclusion of the interim implementation agreement (“the first phase agreement”). The Bokoni operational review, initiated in Q2 2012 between Atlatsa and Anglo American Platinum Limited, is now complete. Funding requirements relating to the optimal Bokoni operational plan are currently under review between the parties. Financial effects of the current strike action at Bokoni will be taken into consideration once they have been fully assessed. Once the negotiations and definitive agreements relating to phase two of the Restructure Plan have been finalized, the Company will publish the financial effects of the Restructure Plan and post its circular to shareholders seeking necessary approvals for its implementation. A further detailed announcement will be released on the Securities Exchange News Service, filed on SEDAR and EDGAR, and published in the South African press, as soon as the financial effects have been finalized, and the definitive transaction agreements have been executed. Shareholders are advised to continue exercising caution when dealing in the Company’s securities until a full announcement is made. Johannesburg 22 October 2012 JSE Sponsor Macquarie First South Capital (Pty) Limited Issued on behalf of Atlatsa Resources Corporation On behalf of Atlatsa Joel Kesler Executive: Corporate Development Office: +27 11 779 6800 Mobile: +27 82 454 5556 Russell and Associates Charmane Russell Office: +27 11 880 3924 Mobile: +27 82 372 5816 Macquarie First South Capital Annerie Britz/ Yvette Labuschagne Office: +27 11 583 2000 Date: 22/10/2012 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.