AQUARIUS PLATINUM LIMITED - Half-Year Results to 31 December 2015

Release Date: 09/02/2016 11:00
Code(s): AQP
 
Wrap Text
Half-Year Results to 31 December 2015

Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
ISIN Code: BMG0440M1284
JSE Share Code: AQP

Half-Year Results to 31 December 2015

Key Points: Financial

 -   Revenue of $78 million down 31% compared to the prior corresponding period (pcp) due to lower PGM
     prices
 -   Group mine EBITDA $5 million (H1 2015: $18 million) lower despite controlled operating costs due to
     lower PGM prices
 -   Share of profit from JV entities: EBITDA $3 million
 -   JV entities contributed a net loss of $53 million after one off non-cash impairment of $42 million
 -   Headline loss (before exceptional charges) of $25 million at 1.69 cents per share (H1 2015: loss of $30
     million at 2.07 cents per share)
 -   Accounting net loss after tax (to IFRS) of $76 million (5.12 cents per share) (H1 2015: loss of $57 million at
     3.93 cents per share)
 -   Convertible bonds $125 million repaid on maturity in December 2015
 -   Group cash balance at 31 December 2015 of $42 million, with a further $2 million attributable to Aquarius
     held in JV entities

Key Points: Operational

 -   Combined H1 production from Kroondal and Mimosa at 352,107 PGM ounces is the highest in the
     company’s history
 -   Continued improvement in Kroondal’s safety performance with 12 month LTIFR improving to 0.50 from
     0.62 in the pcp
 -   Mimosa’s 12 month LTIFR deteriorated to 0.13 due to a fatality in August
 -   Group attributable production increased by 4% to 182,911 PGM ounces (H1 2015: 175,831 PGM ounces)
         -   Kroondal consistently producing at capacity levels with 12 consecutive quarters above 105,000
             PGM ounces
         -   Kroondal unit costs well controlled increasing by 2% in Rand terms, compared to pcp, and
             decreasing 17% in Dollar terms due to a weaker Rand
         -   Production in H1 exceeded guidance at both Kroondal and Mimosa
         -   Mimosa performed strongly again, continuing to produce at capacity
         -   Mimosa unit costs down 2% compared to the pcp, starting to reflect the benefits of the cost
             savings implemented during H1 FY2015
         -   Mimosa PGM Dollar price weakened further reducing 26% compared to the pcp
         -   Mimosa production for the half year of 60,214 PGM ounces, up 2% compared to the pcp
         -   PlatMile operation continues to build up production - much dependant on volume and grade of
             concentrator feed from Anglo Platinum
 -   The average US Dollar PGM basket price of $825 was 29% lower compared with the pcp
 -   The average Rand basket price decreased by 13% compared to the pcp due to a weaker Rand
 -   The Rand weakened by 23% on average against the US Dollar compared to the pcp

Key Points: Strategic

 -   Repayment of convertible bonds $125 million
 -   Completion of part B of the Everest mine sale

Commenting on the results, Jean Nel, CEO of Aquarius Platinum, said:

Both Kroondal and Mimosa produced ahead of guidance and at reduced costs during the half year. Combined production from
Kroondal and Mimosa, of 352,107 4E ounces for the half year is a company record. Both Kroondal and Mimosa’s PGM unit
costs are lower today than 3 years ago in nominal terms (and substantially lower in real terms), a really credible performance
by the operating teams lead by Rob Schroder and Winston Chitando. That said, the lower PGM prices experienced during the
half year significant impaired both Kroondal and Mimosa’s profitability. In order to ensure sustainability in this macro
environment (US$ PGM prices fell to the lowest level in more than a decade) further cost saving initiatives were implemented
at Kroondal, and specifically Mimosa, which management expects to result in unit costs reducing further going forward.

In relation to the proposed amalgamation between AQP and Sibanye, following the approval by AQP shareholders of the
amalgamation in general meeting on 18 January 2016, AQP continues to co-operate with Sibanye in fulfilling the remaining
conditions precedent to the Amalgamation Agreement and AQP shareholders will be advised of any material progress in due
course.

Financial results: Half-Year to 31 December 2015

Aquarius recorded a consolidated accounting net loss after tax (IFRS) of $76 million (the Result) attributable to
its share holders for the half-year (5.12 cents per share). The result included one off non-cash charges of $55
million after tax relating to the impairment of mining assets at Mimosa and Platmile.

EBITDA from controlled entities was $5 million, a $13 million (75%) decease from the pcp. The Group's
decreased EBITDA despite an increase in production was driven by depressed PGM prices which were 29% lower
compared to the pcp. Production attributable to Aquarius increased 4% to 182,911 PGM ounces. All three mines,
Kroondal, Mimosa and PlatMile exceeded the pcp production levels whilst maintaining good control over
operating costs.


Profit & Production Summary
* Includes $55 million impairment of Mimosa and PlatMile


                                        Aquarius                                      Consolidation        Aquarius
                                      operations       JV entities       Total           adjustment           Group
                                                                                           
     Mine EBITDA                            $5M                $3M         $8M                 ($3M)            $5M
     Revenue                               $78M               $50M       $128M                ($50M)           $78M
     Cost of sales                        ($91M)             ($54M)     ($145M)                $54M           ($91M)
     Net loss after tax                   ($24M)             ($53M)      ($77M)                   -           ($77M)
     PGM ozs production                 122,697             60,214     182,911                    -         182,911

Revenue (PGM sales, interest) for the half year of $78 million was down 31% compared to the pcp. The lower
revenue reflects the difficult PGM metals price with Dollar prices dropping to average $825 compared to $1,165
in the pcp, a 29% decrease. In Rand terms, the PGM basket decreased 13% cushioned to some extent by a
weaker Rand which also decreased 23% to R13.43, compared to the pcp. In Zimbabwe, PGM prices were
substantially lower, recording a 26% decrease to close at $856, compared to the pcp.

Total cash cost of production was $83 million, down $14 million despite a 4% increase in production at Kroondal.
This was primarily due to good cost control and the weakening Rand which resulted in lower Dollar costs.
Significantly, Kroondal recorded its twelfth consecutive +105,000 PGM ounce production quarter, a record for
the mine. This is particularly pleasing given the ongoing difficult operating conditions.

Cost per PGM ounce in Dollar terms in South Africa decreased 17% to $679 but increased 2% in Rand terms due
to a 23% weakening in the Rand/US Dollar exchange rate. In Zimbabwe the cash cost per PGM ounce was $784,
a 2% reduction demonstrating the beginning of the impact of the cost savings implemented in H1 FY2016.
Maintaining operating unit cost increases well within inflationary targets will continue to be a point of focus
particularly in the ongoing low metal price environment.

Exchange rate movements continued to have a volatile effect on earnings. The Rand weakened significantly to
average R13.43 to the US Dollar compared to R10.94 in the pcp. During the half-year, Aquarius recorded net
foreign exchange gains of $2.3 million comprising gains on sales adjustments and revaluation of cash,
intercompany loans and pipeline debtors.

Administration costs of $3.9 million were in line with forecast. These included $1.5 million transaction costs
incurred to date on the proposed Sibanye Gold amalgamation with the Group. Depreciation and amortisation for
the half year was $9 million.
Finance costs include $3 million interest on convertible bonds and bank borrowings, $2 million of non-cash
interest arising from the unwinding of the debt portion of the convertible bond and $2 million in non-cash
interest arising from the unwinding of the net present value of the rehabilitation provisions of AQPSA.

Cash balances

Group cash at 31 December 2015 was $42 million, down $154 million from June 2015. The decrease in cash was
mainly attributable to the $125 million repurchase of convertible bonds that matured in December 2015 and
unrealised foreign exchange losses of $19 million following the restatement of Rand cash balances following the
weakening of the Rand against the US Dollar. In addition to this, the Group paid $7 million to fund its capital
expenditure program, paid $3 million in interest and received $4 million of dividends from Mimosa.

Cash held at Mimosa and Blue Ridge which is no longer classified as group cash due to the adoption of equity
accounting was $4 million (100% basis).

Sale of assets

Part B of the Everest mine sale concluded in the half year resulting in the receipt of cash of R50 million ($3.5
million). An accounting profit of $4.5 million was recorded after taking into account the $1 million carrying value
of Everest assets and liabilities.

Joint venture entities

Mimosa

Mimosa recorded an EBITDA profit attributable to Aquarius of $4 million and a net loss before tax of $51 million.
The result was achieved on production of 60,214 PGM ounces attributable to Aquarius. Despite consistent
production, the 83% decrease from $27 million to $4 million in EBITDA compared to the pcp was driven by lower
PGM prices (down 26%), higher production (up 2%), and lower unit costs (down 2%).

In the 2015 National Budget presentation, the deferment of the VAT on un-beneficiated platinum to 1 January
2017 was proposed. However, the subsequent Finance Bill and Finance Act of 2015 did not include the
deferment. Post balance sheet date, the deferment to 1 January 2017 was legislated.

During the half year a dividend of $4 million was received from Mimosa.

Cash held in Mimosa at 31 December 2015 was $2 million (100% basis).

Mimosa's financial result is provided in the Group Financials table on page 5 and its operational performance is
discussed under the Operating Review section of this announcement.

Blue Ridge and Sheba’s Ridge

Blue Ridge and Sheba’s Ridge recorded a net loss after tax of $1.8 million.


   Group Financials by Operation
                                                                                                                                                       Reconciliation
                                                     Kroondal       Marikana       Everest       Mimosa         PMR       Corporate       Total       to Consolidated     Consolidated
                                                                                                                                                          Information *
       PGM ounces (4E) (attributable)                 115,839              -             -       60,214       6,858               -     182,911

                         $M
       Revenue                                             71              -             -           50           4               3         128                 (50)                78
       Cost of sales - mining, processing &
       admin                                              (78)            (1)            -          (46)         (4)              -        (129)                 46                (83)
       Cost of sales - depreciation &
       amortisation                                        (8)             -             -           (8)         (1)              -         (17)                  8                 (9)
       Gross profit/(loss)                                (14)            (1)            -           (4)         (1)              3         (18)                  5                (13)
       Administrative costs                                 -              -             -            -           -              (4)         (4)                  -                 (4)
       Foreign exchange gain/(loss)                        12              -             -            -           -             (10)          2                   -                  2
       Finance costs                                        -              -             -            -           -              (9)         (9)                  2                 (7)
       Impairment losses                                    -              -             -          (42)        (13)              -         (55)                 42                (14)
       Profit on sale of assets                             -              -             4            -           -               -           4                   -                  4
       Share of loss from joint venture
       entities                                             -              -             -            -           -               -           -                 (53)               (53)
       Profit/(loss) before income tax                     (2)            (1)            4          (46)        (14)            (21)        (79)                 (5)               (84)

   * In the consolidated financial statements the Mimosa and Blue Ridge operating segments are accounted for using the equity method. The table above provides a reconciliation of the
   segment information to the IFRS financial statements.


                                        Aquarius Platinum Limited
                                     Consolidated Income Statement
                                    Half-Year ended 31 December 2015
                                                  $’000

                                                               Half-Year Ended            Year Ended

                                                     Note     31/12/15      31/12/14        30/06/15

  Attributable Production (PGM Ounces)                         182,911       175,831         349,426
  Revenue                                             (i)       78,328       113,263         212,908
  Cost of sales (including D&A)                      (ii)      (91,255)     (109,726)       (210,816)

  Gross (loss)/profit                                          (12,927)        3,537           2,092
  Other income                                                      30           110             173
  Administrative costs                              (iii)       (3,915)       (3,238)         (6,230)
  Foreign exchange gain/(loss)                       (iv)        2,306          (403)          1,572
  Finance costs                                       (v)       (7,342)       (7,814)        (15,437)
  Impairment losses                                  (vi)      (13,706)         (574)        (29,445)
  Profit on sale of assets                                       4,473         1,126          20,511
  Foreign currency translation reserve recycled on
  disposal                                                           -             -         (13,262)
  BEE partner guarantee                                           (166)            -          (2,093)
  Share of loss from joint venture entities         (vii)      (52,993)      (49,187)        (48,298)
  Loss before income tax                                       (84,240)      (56,443)        (90,417)
  Income tax benefit/(expense)                                   7,358          (293)         (7,660)
  Net loss for the period                                      (76,882)      (56,736)        (98,077)
  Non-controlling interests                                       (813)           95          (1,767)
  Loss attributable to equity holders of
  Aquarius Platinum Limited                                    (76,069)      (56,831)        (96,310)
  Loss per share (basic - cents)                                 (5.12)        (3.93)          (6.59)


Notes on the Consolidated Income Statement
  (i)     Revenue of $78 million is lower despite higher production due to lower PGM prices, down 29%
          compared to the pcp and $10 million of negative sales adjustments.
  (ii)    Aggregate cost of sales were 17% lower due to strong cost control across all mines and a 23%
          weakening of the Rand compared to the pcp. In Rand terms, unit costs increased 2% per PGM ounce in
          South Africa.
  (iii)   Relates to group administration costs inclusive of costs associated with business development activities,
          regulatory compliance, legal and financial advisory and $1.5 million costs associated with the Sibanye
          amalgamation.
  (iv)    Foreign exchange includes gains/losses on cash, intercompany loans, pipeline debtors and sales
          adjustments due to the movement of the Dollar against other currencies.
  (v)     Finance costs include $3 million interest on convertible bonds and bank borrowings, $2 million of non-
          cash interest arising from the unwinding of the debt portion of the convertible bond and $2 million in
          non-cash interest arising from the unwinding of the net present value of the rehabilitation provisions of
          AQPSA.
  (vi)    Includes impairment of PlatMile mining assets $13.2 million before tax.
  (vii)   Share of loss from joint venture entities includes Mimosa impairment of $42 million.

                                          Aquarius Platinum Limited
                                      Consolidated Cash Flow Statement
                                      Half-year ended 31 December 2015
                                                    $’000

                                                                Half-year ended                Year ended

                                                  Note            31/12/15        31/12/14        30/06/15

          Net operating cash inflow/(outflow)       (i)              (909)          10,310           17,852

          Net investing cash inflow/(outflow)      (ii)            (7,705)          14,754           38,534

          Net financing cash inflow/(outflow)     (iii)          (125,374)           9,329           12,540

          Net (decrease)/increase in cash held                   (133,988)          34,393           68,926

          Opening cash balance                                    195,773          136,820          136,820

          Exchange rate movement on cash           (iv)           (19,616)          (7,002)          (9,973)

          Closing cash balance                                     42,169          164,211          195,773


Notes on the Consolidated Cash Flow Statement
   (i)   Includes $98 million inflow from sales, $99 million paid to suppliers and $1 million interest received.
   (ii)  Includes $7 million of payments for mining assets.
   (iii) Includes $3 million interest paid, $4 million dividend received from Mimosa and $125 million repayment
         of convertible bond.
   (iv)  Reflects movement of other currencies (Rand 18.7 million, GBP 0.5 million, AUD 0.2 million) against the
         Dollar.

                                       Aquarius Platinum Limited
                                       Consolidated Balance Sheet
                                         At 31 December 2015
                                                 $’000

                                                               Half-year ended       Year ended

                                                   Note     31/12/15     31/12/14     30/06/15
     Assets
     Cash assets                                              42,169      164,211      195,773
     Current receivables                            (i)       18,160       27,551       29,231
     Other current assets                          (ii)        9,576       16,590        8,463

     Mining assets                                (iii)      142,248      198,870      163,439
     Intangible asset                              (iv)          523       49,230       17,727

     Investments in joint venture entities          (v)       95,051      152,437      150,609
     Other non-current assets                      (vi)       25,399       41,944       28,823

     Total assets                                            333,126      650,833      594,065
     Liabilities
     Current liabilities                          (vii)       36,026      155,287      163,481
     Non-current interest-bearing liabilities    (viii)          735        2,207        2,020
     Other non-current liabilities                 (ix)       51,988       80,497       71,091

     Total liabilities                                        88,749      237,991      236,592
     Net assets                                              244,377      412,842      357,473
     Equity
     Issued capital                                           75,416       75,098       75,266
     Treasury shares                                         (23,711)     (25,871)     (26,056)
     Reserves                                                721,890      775,186      761,134
     Accumulated losses                                     (532,829)    (417,281)    (456,760)
     Total equity attributable to equity holders
                                                             240,766      407,132      353,584
     of Aquarius Platinum Limited
     Non-controlling interests                      (x)        3,611        5,710        3,889

     Total equity                                            244,377      412,842      357,473

Notes on the Consolidated Balance Sheet
    (i)      Reflects debtors receivable on PGM concentrate sales.
    (ii)     Reflects PGM concentrate inventories, reef stockpiles and consumables stores.
    (iii)    Represents mining assets, plant and equipment at Kroondal, Marikana and PlatMile.
    (iv)     Includes intangibles relating to contract value acquired on the acquisition of equity interest in
             Platinum Mile Resources (Pty) Ltd.
    (v)      Reflects investments in joint venture entities - Mimosa, Blue Ridge and Sheba’s Ridge.
    (vi)     Includes the recoverable portion of rehabilitation provision from Anglo Platinum of $7 million,
             receivable of $4 million representing the net realisable value of Ridge assets, investments in
             rehabilitation trusts of $11 million and AQPSA deferred tax asset of $2 million.
    (vii)    Includes creditors and other payables of $31 million, AQPSA equipment leases of $2 million and
             provisions of $3 million.
    (viii)   Represents AQPSA equipment leases.
    (ix)     Includes deferred tax liabilities of $2 million, provision for closure costs of $48 million and
             rehabilitation obligations on P&SA1 and P&SA2 structures of $2 million.
    (x)      Non-controlling interests reflects the 8.3% outside equity interest of Platmile Resources (Pty) Ltd.

OPERATING REVIEW
This section contains summarised operating reviews of each of the Company’s operations. Full operating
statistics are provided on page 16 of this report, and other updates relevant to all operations can be found under
Corporate Matters on page 15. In addition, further detail on each of the operations can be obtained from the
quarterly and half-year reports released by the Company throughout the financial year, which are available on
the Company’s website at www.aquariusplatinum.com.

AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (“AQPSA”) (Aquarius Platinum - 100%)

P&SA 1 at Kroondal (AQPSA – 50%)

 -   12-month rolling average DIIR improved by 19% to 0.50 per 200,000 man hours from 0.62 the previous year
 -   Production constant on 3.8 million tonnes
 -   Volumes processed decreased slightly to 3.6m tonnes
 -   Head grade improved by 4% to 2.48 g/t from 2.39g/t
 -   Recoveries increased by 2% to 80%
 -   PGM production increased by 4% to 231,678 PGM ounces
 -   Revenue deteriorated by 17% to R1.9 billion compared to the previous financial year due weakening of 29%
     in the Dollar Basket Prices (R0.3 billion negative sales adjustment) but was offset with the weakened
     exchange rate of 23%
 -   Mining cash costs increased by 7% to R582 per tonne, and costs per PGM ounce increased by 2% to R9,117
 -   Kroondal’s cash margin for the period deteriorated from 13% to -10%

Commentary – Kroondal

Safety, Health and Environment
The Kroondal operations ended the half-year with an improved DIIR compared to the pcp by 19% at 0.5.

Operations
Production for the half-year remained constant at 3.8 million tonnes. During the half-year, the Kroondal work
force maintained a positive outlook with open communication channels on all levels.

Operating Cash Costs
Cash costs at Kroondal increased by 2% to R9,117 per 4E ounce.

AQPSA Operating costs per ounce (R/oz)
                                4E                            6E             6E net of by-products
                      (Pt+Pd+Rh+Au)           (Pt+Pd+Rh+Ir+Ru+Au)                           (Ni&Cu)
 Kroondal                    9,117                         7,487                             7,278

AQPSA Capital expenditure
Stay-in-business capital expenditure and mobile equipment replacement is expected to be within financial
guidance made previously.

                                              Kroondal (100% basis)
    (R’000 unless otherwise stated)             Total        Per 4E oz
 Ongoing Infrastructure Establishment         150,185              648
 Project Capital (K6 shaft)                     8,079               35
 Mobile Equipment                              24,851              107
 Total                                        183,116              790

MIMOSA INVESTMENTS (Aquarius Platinum - 50%)

Mimosa Platinum Mine
 -    12-month rolling average DIIR deteriorated to 0.13 per 200,000 man hours from 0.05 in the previous
      corresponding half year
 -    Production decreased by 6% to 1.238 million tonnes
 -    Volumes processed increased by 1% to 1.310 million tonnes
 -    Head grade increased slightly to 3.65g/t
 -    Recoveries improved by 1% to 78.6%
 -    PGM production increased by 2% to 120,429 PGM ounces
 -    Revenue decreased by 32% to $99 million due to lower metal prices
 -    Mining cash costs increased 9% to $76 per tonne, and PGM ounce cost decreased by 2% to $784
 -    Mimosa’s cash margin for the period decreased to 6% from 35%

Commentary

Safety, Health and Environment
One fatality occurred at Mimosa during the half-year. Four lost-time injuries were reported during the period
and resulted in deterioration in DIIR.

Operations
The Mimosa mine operated well during the half year, enjoying cordial industrial relations and meeting its
production and cost targets.

Regulatory and fiscal environment

15% Export Levy on un-beneficiated PGMs/ Deductibility of Royalties
In the 2015 National Budget presentation, the deferment of the VAT on un-beneficiated platinum to 1 January
2017 was proposed. However, the subsequent Finance Bill and Finance Act of 2015 did not include the
deferment. Post balance sheet date, the deferment to 1 January 2017 was legislated.

Royalties

The 2015 National Budget was silent on the non-deductibility of royalties for income tax purposes. The proposal
to render royalties payable by Mimosa non-deductible for income tax purposes was implemented with effect
from the year of assessment beginning on 1 January 2014, and therefore impacted Mimosa from the start of the
2014 financial year on 1 July 2013. This position remained unchanged in the 2015 National Budget. The financial
impact of the non-deductibility of royalties was $1.7m for the half-year to December 2015, 50% of which is
attributable to Aquarius. Negotiations are continuing with the authorities to confirm that the royalties are
deductible for income tax purposes.

Indigenisation

The Minister of Youth, Indigenisation and Economic Empowerment gazetted the frameworks, templates and
procedures for implementing the indigenization policy on 8 January 2016.The proposed frameworks sought to
provide clarity on the indigenisation law and its implementation, and the Indigenisation Act remains unchanged.

Mimosa continues to interact with the Ministry of Indigenisation and Ministry of Mines to work towards a
sustainable solution in relation to indigenisation.

Capital expenditure
Stay in business capital expenditure at Mimosa was $18 million ($150 per PGM ounce), spent mainly on mobile
equipment, support & drill rigs and LHDs, the conveyor belt extension, down dip development and ventilation
walls.

Operating Cash Costs

Operating costs decreased by 2% from the pcp mainly as a result of increased production as well as the benefits
emanating from cost reduction initiatives currently being implemented by the company.

Operating cash costs per ounce ($/oz)
                                 4E                              6E          4E net of by-products
                       (Pt+Pd+Rh+Au)             (Pt+Pd+Rh+Ir+Ru+Au)                  (Ni, Cu & Co)
 Mimosa                         784                             744                            661


TAILINGS OPERATIONS

Platinum Mile (Aquarius Platinum – 91.7%)
 -    Material processed was 2,298m tonnes
 -    Recoveries were 17%
 -    Production amounted to 6,858 PGM ounces
 -    Cash costs were R7,593 per PGM ounce.
 -    Revenue was R60 million
 -    The cash margin for the period was 13%

Commentary

Platinum Mile:
All operating and financial indicators improved compared to the half year results of the previous financial year.

Anglo Platinum started the commissioning of their tailings re-treatment facility in the quarter and feed from this
section was understandably erratic. This had a knock on effect on PMR's rougher flotation stability and
recoveries.

At the end of the quarter PMR had implemented feed stability through level and flow control utilizing UG2 feed
to keep the flow to the rougher circuit constant and maximized.

Operating cash costs per ounce (R/oz)
                               4E                           6E           4E net of by-products
                     (Pt+Pd+Rh+Au)          (Pt+Pd+Rh+Ir+Ru+Au)                    (Ni, Cu& Co)
PMR                         7,593                        6,560                           6,094



Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%)
This operation remains on care and maintenance.


CORPORATE MATTERS
Board of Directors - Mr. David Dix
It is with profound regret and sadness that Aquarius Platinum Limited ("Aquarius Platinum") advises of the
passing of Mr. David Dix, Director of Aquarius.

Mr. Dix joined the Board in March 2004 and served in the capacity of non-executive director, Chairman of the
Audit Committee of the Group and was also a member of the Remuneration Committee. During his tenure Mr.
Dix was an integral part of the Board and an outstanding contributor to Aquarius Platinum during his 12 years on
the Board.

Aquarius Platinum Chairman Sir Nigel Rudd on behalf of the Board and Management of the Group expressed his
deepest condolences to wife Alexia and Mr. Dix's family.

Everest mine sale finalisation

Aquarius Platinum Limited (Aquarius) announced on 10 February 2015 that its subsidiary, Aquarius Platinum
(South Africa ) (Pty) Ltd (AQPSA), had entered into an agreement to sell its entire interest in the Everest Mine
and ancillary mining and processing infrastructure and immovable properties to Northam Platinum Limited
(Northam), for an aggregate cash consideration of R450 million, to be completed in two parts, being R400 million
for the concentrator and other mining assets of Everest Mine (Part A) plus R50 million for the Everest Mining
Right (Part B). Part A of the disposal process was completed on 26 June 2015 following the receipt of R400
million.

Subsequent to the end of the September quarter the parties obtained consent in terms of section 11 of the
Mineral and Petroleum Resources Development Act, No. 28 of 2002 to transfer the Everest Mining Right to
Northam and upon registration of the section 11 consent AQP received the Part B funds on 1 December 2015.

Sibanye Gold Amalgamation - update

Aquarius Platinum Limited shareholders approved the Amalgamation Agreement and Amalgamation on 18
January 2016. The approvals were a condition precedent to the transaction between the Company and Sibanye
Gold Limited proceeding. The only outstanding regulatory approvals required for the transaction to proceed are
those of the South African Competition Commission and the Competition Tribunal (refer section 1.9 of the
Explanatory Memorandum of the Meeting Materials for further detail). Once these competition approvals have
been obtained, a timetable of events leading up to the date for payment of the consideration will be announced
to ASX, LSE and JSE and published on Aquarius’ website at www.aquariusplatinum.com.

More information on all corporate matters can be found at www.aquariusplatinum.com


Please refer to www.aquariusplatinum.com for the Statistical information.

Aquarius Platinum Limited
Incorporated in Bermuda
Exempt company number 26290

Board of Directors
Sir Nigel Rudd                      Non-executive Chairman
Jean Nel                            Chief Executive Officer
Tim Freshwater                      Non-executive (Senior Independent Director)
Edward Haslam                       Non-executive
Kofi Morna                          Non-executive
Zwelakhe Mankazana                  Non-executive
Sonja de Bruyn Sebotsa              Non-executive

Audit/Risk Committee
Edward Haslam (Chairman)
Tim Freshwater
Kofi Morna
Sir Nigel Rudd

Remuneration Committee
Edward Haslam (Chairman)
Zwelakhe Mankazana
Sir Nigel Rudd

Nomination Committee
Sonja de Bruyn Sebotsa (Chairman)
Edward Haslam
Tim Freshwater
Kofi Morna
Sir Nigel Rudd
Willi Boehm

Chief Operating Officer
Robert Schroder

Company Secretary
Willi Boehm

AQPSA Management                                    Mimosa Mine Management
Robert Schroder         Managing Director           Winston Chitando         Chairman
Jean Nel                Executive Director          Peter Chimboza           Resident Director
Anthony Jubert          General Manager: Kroondal   Fungai Makoni            Managing Director

Platinum Mile Management
Richard Atkinson       Managing Director
Paul Swart             Financial Director

Issued capital
At 31 December 2015, the Company had on issue 1,508,344,873 fully paid common shares.

Substantial shareholders 31 December 2015                            Number of shares             Percentage
HSBC Custody Nominees (Australia) Limited                                108,473,857                   7.19
Chase Nominees Limited                                                    58,565,718                   3.88

Primary Listing:       Australian Securities Exchange (AQP.AX)       Trading Information
Premium Listing:       London Stock Exchange (AQP.L)                 ISIN number BMG0440M1284
Secondary Listing:     JSE Limited (AQP.ZA)                          ADR ISIN number US03840M2089
                                                                     Convertible bond ISIN number XS0470482067

Broker (LSE)                             Broker (ASX)                            Sponsor (JSE)
Barclays                                 Euroz Securities                        Rand Merchant Bank
5 The North Colonnade                    Level 18 Alluvion                       (A division of FirstRand Bank
Canary Wharf                             58 Mounts Bay Road,                     Limited)
London E14 4BB                           Perth WA 6000                           1 Merchant Place
Telephone: +44 (0) 20 7623 2323          Telephone: +61 (0) 8 9488 1400          Cnr of Rivonia Rd and Fredman
                                                                                 Drive, Sandton 2196
                                                                                 Johannesburg South Africa

Aquarius Platinum (South Africa) (Proprietary) Ltd
100% owned
(Incorporated in the Republic of South Africa)
Registration Number 2000/000341/07

1st Floor, Block C, Rosebank Office Park, 181 Jan Smuts Avenue, Rosebank, South Africa
Postal Address:      PO Box 7840, Centurion, 0046, South Africa
Telephone:           +27 (0)10 001 2848
Facsimile:           +27 (0)12 001 2070

Aquarius Platinum Corporate Services Pty Ltd
100% Owned
(Incorporated in Australia)
ACN 094 425 555

Level 4, Suite 5, South Shore Centre, 85 The Esplanade, South Perth WA 6151, Australia
Postal Address:        PO Box 485, South Perth, WA 6951, Australia
Telephone:             +61 (0)8 9367 5211
Facsimile:             +61 (0)8 9367 5233
Email:                 info@aquariusplatinum.com

For further information please visit www.aquariusplatinum.com or contact:
In the United Kingdom and South Africa:                  In Australia:
Jean Nel                                                 Willi Boehm
+27 (0)10 001 2843                                       +61 (0) 8 9367 5211

9 February 2016

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Glossary
A$                Australian Dollar
Aquarius or AQP   Aquarius Platinum Limited
AQPSA             Aquarius Platinum (South Africa) (Pty) Ltd
ACS(SA)           Aquarius Platinum (SA) Corporate Services (Pty) Ltd
BEE               Black Economic Empowerment
BRPM              Blue Ridge Platinum Mine
CTRP              Chrome Tailings Retreatment Operation. Consortium comprising Aquarius Platinum (SA)
                  (Corporate Services) (Pty) Limited (ASACS), Ivanhoe Nickel and Platinum Limited and Sylvania
                  South Africa (Pty) Ltd (SLVSA).
DIFR              Disabling injury frequency rate, being the number of lost-time injuries expressed as a rate per
                  1,000,000 man-hours worked
DIIR              Disabling injury incidence rate, being the number of lost-time injuries expressed as a rate per
                  200,000 man-hours worked
DME               formerly South African Government Department of Minerals and Energy
DMR               South African Government Department of Mineral Resources, formerly the DME
Dollar or $       United States Dollar
Everest           Everest Platinum Mine
Great Dyke Reef   A PGE-bearing layer within the Great Dyke Complex in Zimbabwe
GoZ               Government of Zimbabwe
g/t               Grams per tonne, measurement unit of grade (1g/t = 1 part per million)
JORC code         Australasian code for reporting of Mineral Resources and Ore Reserves
JSE               Johannesburg Stock Exchange
Kroondal          Kroondal Platinum Mine or P&SA1 at Kroondal
LHD               Load haul dump machine
LTIFR             Lost Time Injury Frequency Rate
Marikana          Marikana Platinum Mine or P&SA2 at Marikana
Mimosa            Mimosa Mining Company (Private) Limited
NUM               National Union of Mineworkers
nm                Not measured
pcp               previous corresponding period
PGE(s) (6E)       Platinum group elements plus gold. Five metallic elements commonly found together which
                  constitute the platinoids (excluding Os (osmium)). These are Pt (platinum), Pd (palladium), Rh
                  (rhodium), Ru (ruthenium), Ir (iridium) plus Au (gold)
PGM(s) (4E)       Platinum group metals plus gold. Aquarius reports PGMs as comprising Pt+Pd+Rh plus Au (gold)
                  with Pt, Pd and Rh being the most economic platinoids in the UG2 Reef
PlatMile          Platinum Mile Resources (Pty) Ltd
PSA1              Pooling & Sharing Agreement between AQPSA and RPM Ltd on Kroondal
PSA2              Pooling & Sharing Agreement between AQPSA and RPM Ltd on Marikana
R or Rand         South African Rand
Ridge             Ridge Mining Limited
RBZ               Reserve Bank of Zimbabwe
ROM               Run of mine. The ore from mining which is fed to the concentrator plant. This is usually a
                  mixture of UG2 ore and waste.
RPM Limited       Rustenburg Platinum Mines Limited, a subsidiary of Anglo Platinum Limited
Tonne             1 metric tonne (1,000kg)
TARP              Trigger Action Response Procedure
UG2 Reef          A PGE-bearing chromite layer within the Critical Zone of the Bushveld Complex

Date: 09/02/2016 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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