Quarterly Update (Q1 FY2015 - Quarter ended 30 September 2014) PETMIN LIMITED Incorporated in the Republic of South Africa Registration Number 1972/001062/06 Share Code JSE: PET & ISIN: ZAE000076014 ("Petmin" or the "Company") PETMIN LIMITED - QUARTERLY UPDATE (Q1 FY2015 - Quarter ended 30 September 2014) To facilitate enhanced communication with the market, Petmin will in future publish quarterly updates. SOMKHELE ANTHRACITE MINE Management continues to focus on safety and productivity improvements in order to reduce costs and maximize production. During the Quarter, Somkhele has maintained its exemplary safety record with a lost time injury frequency rate of zero and the production cost per tonne ("ex-mine gate") reduced by 7% as outlined in the table below. Key Information Table: Description Quarter ended Quarter ended September 2014 September 2013 % Change Anthracite tonnes produced 340 010 274 677 24% Anthracite tonnes sold 276 396 203 968 36% Energy coal tonnes produced 81 128 62 601 30% Energy coal tonnes sold 152 592 - n/a Average cost at mine gate - Anthracite 677 729 -7% Production of metallurgical anthracite increased by 24% to 340,010 tonnes (2013: 274 677 tonnes). Sales volumes increased by a pleasing 36% to 276,396 tonnes (2013: 203,968 tonnes) as demand for our products remains steady. Energy coal production increased by 30% to 81,128 tonnes for the quarter (2013: 62,601 tonnes). Demand for this product has been strong, with 152,592 tonnes sold in the quarter (2013: nil). While sales volumes have improved in 2014, anthracite sales prices remain under pressure. Export prices were some 15% lower than in 2013 and average inland prices reduced by 3%. Sales commitments have been received for 1 million tonnes of an estimated 1.2 million tonnes of anthracite production for the year ending 30 June 2015. Sales commitments have been received for all of the estimated 400,000 tonnes of energy coal production for the year ending 30 June 2015. NORTH ATLANTIC IRON CORPORATION (NAIC) PROJECT UPDATE Following the successful conclusion of the preliminary economic assessment (PEA), NAIC has identified two sites from a short list of thirteen, one in in USA and one in Canada, both located on the Great Lakes and has appointed Hatch Engineering to undertake the final site selection comparative economic analysis, which includes all fiscal related incentives available for each site. The site specific pre-feasibility study (PFS) will commence immediately upon the final site being selected. The unbundling and separate listing of NAIC remains on track and the distribution of the dividend in specie with an estimated value of 50 cents per Petmin share remains scheduled for June 2015. DIVIDEND As announced on 11 September 2014, the dividend of 3 cents per share, declared out of income for the year ended 30 June 2014, will be paid on 24 November 2014. The dividend is subject to a local dividend withholding tax ("DWT") of 15%. The net local dividend after DWT is 2.55 cents per share. NEW BUSINESS Petmin continues to evaluate investment opportunities in thermal coal and other projects that meet Petmin's investment criteria and in particular are reviewing opportunities that are cash producing and or near cash. This update and SENS announcement has not been reviewed or audited by the Company`s auditors. Enquiries: Petmin Bradley Doig +27 824 597 818 www.petmin.co.za Johannesburg 10 November 2014 JSE Sponsor and Corporate Adviser River Group Andrew Lianos +27 834 408 365 Date: 10/11/2014 12:00:00 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.