Trading statement 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") Pallinghurst trading statement Pallinghurst is reasonably certain that its loss and headline loss per share will be USc 4.33 for the period to 30 June 2016 compared to earnings and headline earnings per share of USc 0.04 for the comparative period to 30 June 2015. In ZAR terms loss and headline loss per share will be ZAR0.67 (ZAR0.05 earnings and headline earnings per share for the comparative period). The unlisted portfolio of Jupiter and Sedibelo increased in value during the period, however this only partly offset the fall in valuation of the investment in Gemfields, due to the drop in its share price and value of the British pound. Net Asset Value (“NAV”): ZAR4.3 billion (31 December 2015: ZAR5 billion) NAV Per Share: ZAR5.62 (31 December 2015: ZAR6.58) In US$ terms, Pallinghurst expects NAV to be US$289.4 million at 30 June 2016 (US$322.3 million at 31 December 2015) and NAV Per Share to be US$0.381 at 30 June 2016 (US$0.424 at 31 December 2015). The financial information on which this trading statement is based has not been reviewed or reported on by Pallinghurst’s auditors. Pallinghurst’s financial results for the period ended 30 June 2016 are expected to be released on SENS on or about 20 September 2016. Guernsey 13 September 2016 Sponsor Investec Bank Limited Date: 13/09/2016 04:30:00 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.