Tshipi Borwa loads first train with manganese PALLINGHURST RESOURCES LIMITED (Incorporated in Guernsey) (Guernsey registration Number: 47656) (South African external company registration number 2009/012636/10) Share code on the BSX: PALLRES ISIN: GG00B27Y8Z93 Share code on the JSE: PGL ("Pallinghurst" or the "Company") Tshipi Borwa loads first train with manganese Shareholders are advised that Tshipi é Ntle Manganese Mining (Pty) Ltd (“Tshipi”)’s the first trainload of manganese ore at Tshipi Borwa was loaded on Sunday, 18 November 2012. This is a significant milestone for Tshipi Borwa. The first ore at Tshipi Borwa was mined on 10 October 2012 after progressing with the 70 metres prestrip. The first train comprising 104 wagons loaded with 6,430 tonnes of manganese ore is currently being railed to Port Elizabeth by Transnet where it will be stockpiled pending a 40,000 tonne initial shipment. It is envisaged that the first shipment of approximately 40,000 tonnes will be dispatched from Port Elizabeth in late December or early January 2013. Tshipi is 49.9% owned by Jupiter Mines Limited, in which the Company has an equity interest of 16.66%. Brian Gilbertson, the Chairman of both Pallinghurst and Jupiter, commented: “After approximately ten months of prestrip to access the manganese ore, the Tshipi Borwa Mine has successfully reached another significant milestone. The project remains on time and on budget, and Jupiter with AUD100 million cash in the bank is well funded to meet any remaining Tshipi commitments.” Guernsey 20 November 2012 Sponsor Investec Bank Limited Date: 20/11/2012 02:08:00 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.