Quarterly Review and Production Report Royal Bafokeng Platinum Limited Incorporated in 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 2016 Operational flexibility and stability, underpinned by sound strategy, delivers strong operational performance Key features - 58% and 48% improvement in serious and lost time injury frequency rates respectively - 9% increase in tonnes delivered - 12% improvement in tonnes milled - 4% increase in built-up head grade - 18% improvement in 4E and platinum ounces produced - 3% reduction in cash operating cost per 4E and platinum ounce - 53% reduction in capital expenditure – in line with cash preservation strategy Unaudited Unaudited March 2016 Description Unit quarter ended quarter ended vs. March 31 March 2016 31 March 2015 2015 Safety SIFR (/200,000 hrs) rate 0.05 0.12 58% LTIFR (/200,000 hrs) rate 0.25 0.48 48% Production Tonnes delivered to concentrators kt 616 564 9% BRPM kt 554 553 0% Styldrift kt 62 11 464% 4E delivered grade g/t 4.06 4.00 1% Merensky g/t 4.11 4.22 (3%) UG2 g/t 3.88 3.66 6% Total tonnes milled kt 607 540 12% BRPM kt 544 530 3% Styldrift kt 63 10 530% % UG2 of total tonnes milled % 22 27 (19%) 4E built-up head grade g/t 4.04 3.87 4% Merensky g/t 4.12 4.00 3% UG2 g/t 3.75 3.53 6% Concentrator recovery (4E) % 86.14 85.47 1% Metals in concentrate produced* 4E koz 67.9 57.5 18% Platinum koz 43.6 36.9 18% Palladium koz 18.3 15.3 20% Rhodium koz 4.0 3.6 11% Gold koz 2.0 1.6 25% 4E + Ruthenium and Iridium koz 74.0 63.1 17% Nickel kt 0.417 0.348 20% Copper kt 0.265 0.222 19% Cash operating costs Cash operating costs** R’m 625 595 (5%) Cash operating cost / tonne milled** R/t 1 149 1 121 (2%) Cash operating cost / 4E oz** R/oz 10 095 10 383 3% Cash operating cost / Pt oz** R/oz 15 718 16 153 3% Page 1 of 3 Capital expenditure Total capital R'm 236.7 508.8 53% Expansion R'm 184.6 445.2 59% Replacement R'm 31.2 42.0 26% Stay-in-business (SIB) R'm 20.9 21.7 4% SIB as a percentage of operating cost % 3.3 3.6 8% *Metals in concentrate produced include Styldrift I on-reef development ounces ** Costs are calculated excluding Styldrift I on-reef development tonnes, ounces and costs SAFETY The safety turnaround strategy implemented late in 2015 continues to show positive trends with our objective to progress the operation to a Resilient culture and achieve our goal of zero harm. No fatalities were recorded during the reporting period, with serious injury and lost time injury frequency rates reducing by 58% and 48% respectively. PRODUCTION Total tonnes delivered to concentrators increased by 9%, whilst tonnes milled increased by 12%, the built-up head grade improved by 4% and overall concentrator recovery ended 1% higher compared to the first quarter of 2015. The improvement in tonnes milled, built-up head grade and recovery yielded an 18% year-on-year increase in 4E and platinum ounce production. CASH OPERATING COSTS Persistent focus on cost management has resulted in the year-on-year increase in cash operating costs being maintained well below mining inflation at 5% and combined with the improved production volumes resulted in the unit cost per tonne milled increasing by only 2%. The 4% increase in built-up head grade and 1% improvement in recovery has yielded a 3% reduction in the cash operating cost per 4E and platinum ounce compared to the same period in 2015. CAPITAL Capital expenditure ended 53% or R272 million lower for the period under review when compared to the same period in 2015. The reduction in expenditure is aligned with our cash preservation strategy initiated in the second half of 2015 which included reducing construction activities and related capital expenditure at our Styldrift I project, deferring construction activities on our Phase III replacement project and maintaining SIB expenditure at around 4%. PROJECTS Styldrift I project (expansion) Mining and infrastructure construction related activities during the quarter were aligned with the revised project construction schedule. The key focus during the quarter was on: - Completion of the BRPM 250ktpm concentrator upgrade – metallurgical circuit - Continuing with on-reef lateral development on 600 Level to establish workshops and related infrastructure - Preparatory mining and construction activities to support development and raise-boring activities on 642 and 708 Levels to establish rock and water handling related infrastructure - Silo 2 construction - Upfront preparation work related to commencing with Services shaft equipping in the third quarter of 2016 Capital expenditure for the quarter amounted to R185 million bringing total expenditure on the project to R5.66 billion. Total expenditure for the project for 2016 remains forecast at R1 billion. BRPM Phase III project (replacement) The project, which entails the extension of the North shaft decline access infrastructure and associated reef infrastructure from level 10 to the mine boundary at level 15 continues to advance well. Project progress and expenditure is aligned with the revised deferment strategy and the project remains set for completion in 2017 as per the original project schedule. Project expenditure for the quarter amounted to R31.2 million bringing the total project expenditure to date to R1.02 billion. The information set out in this announcement has not been reviewed and reported on by the company’s external auditors. Page 2 of 3 Johannesburg 14 April 2016 JSE Sponsor: Merrill Lynch South Africa (Pty) Ltd For further information, please contact: Lindiwe Montshiwagae - Head: Investor relations Tel: +27 (0) 10 590 4510 Email: lindiwe@bafokengplatinum.co.za Page 3 of 3 Date: 14/04/2016 09:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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