RBPlat Quarterly Review and Production Report for the period 1 January to 31 March 2013 ROYAL BAFOKENG PLATINUM LIMITED (Incorporated in the Republic of South Africa) (Registration number 2008/015696/06) JSE share code: RBP ISIN: ZAE000149936 (“RBPlat” or the “Company”) ROYAL BAFOKENG PLATINUM LIMITED (RBPLAT) QUARTERLY REVIEW AND PRODUCTION REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH 2013 Strong year-on-year performance in a challenging environment: - LTIFR and SIFR improved by 17% and 20% respectively - 2.0 million fatality-free shifts achieved 2nd April - Improved production output - milled tonnes increased by 8% - built-up head grade improved by 2% - 10% increase in 4E metals in concentrate produced - Marginal increase of 0.2% in operating cash cost / Pt oz - Expansion and replacement projects remain on track and within budget Unaudited Unaudited March 2013 quarter ended 31 quarter ended Unit vs. March 31 March March 2012 2013 2012 Safety SIFR (/200,000 hrs) rate 0.36 0.45 20% LTIFR (/200,000 hrs) rate 0.56 0.67 17% Production Tonnes delivered to concentrators kt 555 532 4% 4E built-up head grade (delivered) g/t 4.28 4.31 -1% Total tonnes milled kt 554 512 8% % UG2 of total tonnes milled % 17.9% 10.3% 74% 4E built-up head grade g/t 4.19 4.11 2% 4E built-up head grade - Mer g/t 4.31 4.22 2% 4E built-up head grade - UG2 g/t 3.63 3.15 15% Metals in concentrate produced 4E koz 64.9 59.2 10% Platinum koz 42.0 38.4 9% Nickel kt 0.40 0.44 -9% Copper kt 0.26 0.27 -6% Cash operating costs Operating cash cost / tonne milled R/t 886 874 -1.3% Operating cash cost / 4E oz M&C R/oz 7 565 7 559 -0.1% Operating cash cost / Pt oz M&C R/oz 11 677 11 648 -0.2% Capital expenditure Total capital R'm 203.0 249.2 19% Expansion R'm 144.9 131.1 -10% Replacement R'm 37.8 73.5 49% SIB capital R'm 20.2 44.5 55% SIB / Operating Cost % % 4% 10% 59% SAFETY RBPlat has recorded a 17% and 20% improvement in its lost time injury frequency rate (LTIFR) and serious injury frequency rate (SIFR) respectively when compared to the same period in 2012. The LTIFR and the SIFR rates improved by 27% and 43% respectively when compared to the fourth quarter of 2012. Two Section 54 notices were issued during the quarter compared to seven in 2012. The stoppages resulted in a loss of 5 production shifts. Zero harm remains one of the primary goals of RBPlat’s strategic objective to achieve operational excellence. PRODUCTION Total tonnes delivered to concentrators increased by 4%, whilst milled tonnes increased by 8% and the built-up head grade improved by 2% compared to the first quarter of 2012. The improvement in milled tonnes and built-up head grade yielded a 10% increase in 4E ounces-in-concentrate on a year-on-year basis. The improved performance is attributable to a reduction in safety related stoppages and benefits accrued from our on-going operational flexibility strategy. CASH OPERATING COSTS The year-on-year increase in cash operating cost per platinum ounce-in-concentrate produced was contained to 0.2% at R11,677, mainly due to benefits accrued from the 8% increase in milled tonnes. CAPITAL Capital expenditure ended 19% lower for the period under review when compared to the same period in 2012, with reduced replacement and stay-in-business (SIB) expenditure off-setting the increased expansion related expenditure. Capital expenditure is aligned with the construction programmes of the various projects. PROJECTS Styldrift I Project (expansion) Shaft sinking operations have progressed to a depth of 658m at the Main shaft and 642m below surface on the Services shaft, with the stations at 600 and 642 levels being established at both shafts during the period under review. Lateral development on both 600 and 642 levels continued during the quarter, with a total of 479m developed and 34m of raise boring having been completed to date. The next key sinking milestone, reaching the 708L station is planned for end April 2013. Project surface construction has progressed according to plan, with the rock winder house, main substation and central workshops reaching completion during the quarter. The capital expenditure for the quarter totalled R138.02 million, with the 2013 year estimated expenditure at R728 million (including contingencies and escalations). Project to date commitment had reached R2.280 billion and expenditure was R1.968 billion. The overall project is on schedule, at 30.30% complete based on the revised project schedule resulting from the project optimisation study. BRPM Phase III Project (replacement) The Phase III replacement project entails the extension of the North shaft access infrastructure and associated reef infrastructure from level 10 to the boundary of the mine (level 15). The overall project is 44% complete, and marginally ahead of schedule. The project remains below budget, with expenditure for the quarter of R36.1 million and R446.3 million for the project to date. The information set out in this announcement has not been reviewed and reported on by the company’s external auditors. Johannesburg 18 April 2013 JSE Sponsor Macquarie First South Capital (Pty) Limited For further information, please contact: Lindiwe Montshiwagae : Investor Relations Manager +27 (0) 10 590 4517 lindiwe@bafokengplatinum.co.za. Date: 18/04/2013 08:30:00 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. 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