Announcements 2017

Eventful year for Northam

Northam Platinum Limited (Northam) issued its results for the 2017 financial year today, Friday 25 August 2017. 


Johannesburg, Friday 25 August. Northam Platinum Limited (Northam) issued its results for the 2017 financial year today, Friday 25 August 2017.

KEY FEATURES OF THE YEAR

  • Successful delivery on strategy
  • Diversification adds flexibility and reduces risk
  • Booysendal stand-out performance sustained
  • Solid performance from Zondereinde
  • Group unit costs in lower quartile of industry cost curve
  • Tough market conditions persist

Paul Dunne provided a review of the group’s activities and fortunes over the year:
The year under review was a period in which the people of Northam rose to the challenge of a difficult platinum market and contributed positively to the strategic positioning of the group, ensuring sustainability into the future.

While I am confident that platinum group metals (PGMs) will emerge from their current trough, there is no doubt that the platinum mining sector is in a precarious position. Following a promising start for PGMs in F2017, the situation grew progressively more difficult as the year continued.

At the start of our financial year, spot platinum traded at USD1 039/oz and rose to reach a peak of USD1 182 in early August. This was followed by a steady decline to USD898/oz on the last trading day of December. A subsequent recovery was not sustained, with the result that the metal’s price was struggling at USD922/oz by the end of June. Palladium, which makes a lesser contribution to Northam’s product mix and revenue, performed well, with the price of spot metal opening the financial year at USD598/oz before reaching an interim high of USD770/oz at the end of November.

The final six months of our financial year resulted in a steady advance to USD898/oz in mid-June, followed by a few weeks of price consolidation. It is unclear what the immediate future holds: over the longer term though, demand for both metals for use in auto catalysts and for catalysts in many oil and chemicals processes will increase.

The fact remains, however, that Northam and its PGM-mining counterparts are price takers, and their future sustainability remains dependent on an ability to contain the costs of production. Northam has succeeded in moving unit costs into the lowest quartile of the industry cost curve at a group level.

Our success depends on our continuing ability to contain costs at levels that ensure operations remain profitable throughout the market cycle. We are positioning our operations to take advantage of rising prices when platinum enters its next upward cycle. We aim to be “first to market” and capable of delivering up to an annual one million ounces of PGMs when demand for newly-mined metal recovers, as we believe it will.

HEALTH AND SAFETY

It is regrettable that, shortly after Zondereinde had achieved six million fatality free shifts in November 2016, we lost our colleague, Mr Alexandre Macave, a locomotive operator with many years’ service, in an underground rail accident on 6 January 2017. I offer my personal condolences and those of my executives to Mr Macave’s family, his friends, and colleagues.

Soon after the end of the financial year in July 2017, Booysendal achieved three million fatality-free shifts. Mechanised technology enhances not only our people’s safety but also contributes to the cost-effectiveness of mining. Mechanised systems will continue to be judiciously applied across group operations where appropriate.

DELIVERING ON OUR STRATEGY

Our strategy is based on growth, operational diversification and optimisation. Our growth strategy is to target large, shallow, mechanisable assets contiguous to existing operations. Any deviation from this approach would have to be motivated by a compelling value proposition for our shareholders.

Recently we have purchased a recycling asset which will complement Northam’s primary production in future. Our growth and diversification from a single operating asset – Zondereinde – to one that now includes Booysendal North and South and the newly-acquired Eland mine means less operational risk for the group and all our stakeholders.

Highlights for F2017 include the continued success of Booysendal North, which has now been producing at steady state for more than two years. Booysendal North performed particularly well, producing 199 000oz of PGMs, well above its 160 000oz nameplate capacity. The deepening project is progressing, and remains on schedule for completion by F2019. The recently-developed Booysendal North Merensky mine is currently producing at 25 000oz per annum.

Philosophically we believe mine first, metallurgy second. We have responded to this natural progression by developing and constructing the mining operations which produce the ore ahead of processing. This has been followed by a significant capital investment in our smelting capacity at Zondereinde, where an additional new furnace will serve to absorb the steadily growing output from our expanding mining footprint.

Zondereinde produced a solid operational performance, under testing circumstances, brought about by the necessity for operational reorganisation measures in the workplace, following the discharge of 357 employees after labour disruptions in June 2016.

ACQUISITIONS

In F2017 we made two important acquisitions.

In October 2016, we concluded an agreement to acquire the high-quality resources of the Tumela block from Anglo American Platinum’s Amandelbult mine adjacent to our Zondereinde mine. Not only will the incorporation of Tumela increase Zondereinde’s life expectancy to beyond 30 years, it provides significant operating synergies for Zondereinde, delivering flexibility and optionality and allows the mine to continue mining higher-grade Merensky reef at little incremental cost. This transaction will transform Zondereinde, providing it with similar long-term potential and flexibility enjoyed by the Booysendal mine.

We followed this up in February 2017 with the R175 million purchase of Eland Platinum mine from Glencore Operations South Africa Proprietary Limited. We regard Eland as a low-cost option for the future. Eland’s resource is shallow and located on the south-eastern limit of the western limb of the Bushveld Igneous Complex. Its two mining rights contain a resource estimated at 21.3Moz 4E (platinum, palladium, rhodium and gold) with an average in situ 4E grade of 4.4 g/t.

In terms of the Eland transaction, Northam acquires all Eland’s assets: its two mining rights, surface and underground infrastructure including a concentrator with a nameplate capacity of 250 000tpm, two decline systems equipped to 1.3km, surface support infrastructure designed for a 250 000tpm operation and a mining fleet of more than 100 vehicles which includes low-profile mechanised mining equipment. In addition, we entered into a long-term marketing agreement with Glencore for the group’s chrome ore sales.

Subsequent to year-end, Northam reached an agreement to purchase a suite of PGM recycling equipment and the associated premises from A-1 Specialized Services Inc., a recycler of PGMs. The business is located in the state of Pennsylvania, United States of America. The total value of the transaction amounts to USD10.7 million in cash. The transaction gives Northam a low-cost entry into a key segment of the PGM market. The recyclable material market from auto catalysts in the US is well established, large and continues to expand. Northam has secured an excellent asset base of strategic future importance; which is an easily scalable business to meet growing demand; and provides exposure to the broader PGM market.

THE FUTURE

Booysendal North and South are evolving to produce an annual 500 000oz within three years. Zondereinde will be delivering 350 000oz and Eland should produce at 150 000oz over a 30-year life. With these numbers we believe we will have successfully transformed Northam into a major producer with low unit costs and lower operational risk. I should emphasise, however, that we are not driven by size for size’s sake. Our production will be tailored to meet market demand, while ensuring that we have the mining and processing capacity to respond promptly to changes in market conditions. It is not our policy to cross-subsidise, and each operation needs to be profitable through the cycle.

EMPOWERMENT

It is inconceivable that our country’s mining industry could remain sustainable without empowerment and transformation. Northam’s continued development has been made possible by our black economic empowerment (BEE) transaction with a consortium representing a broad selection of historically disadvantaged South African (HDSA) individuals and groupings, who, together hold a 31.4% BEE interest in Northam through Zambezi Platinum (RF) Limited.

Northam’s response to the many other aspects of the DMR’s revised charter is aligned with that of the South African Chamber of Mines, of which Northam is a member. It is critical to bring government back to the negotiating table and to work towards a solution which will ultimately grow and strengthen our sector.

APPRECIATION

Northam’s progress during F2017 has been a team effort. I want to thank all the people of Northam Platinum, including the board and our management team, for their contributions during what has been a year of considerable change.

Distributed by R & A Strategic Communications

Johannesburg
Tel: +27 (0)11 880 3924
Marion Brower: +27 (0)71 493 0387
Jan Walker: +27 (0) 71 493 0429

Solid performance and sound cost control as Northam plans for a rising market

Northam Platinum Limited (Northam) issued its results for the 2017 financial year today, Friday 25 August 2017.


Johannesburg, Friday 25 August. Northam Platinum Limited (Northam) issued its results for the 2017 financial year today, Friday 25 August 2017.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Production 8.5% higher at 474 007oz (4E)
  • Group sales revenues increased 12.6% to a record R6.9 billion
  • Group operating profit up 60.2% to R614.0 million
  • Group cash profit per equivalent refined platinum oz up 44.0% to R5 314/oz
  • Group unit cash costs – per equivalent refined Pt oz well contained at R19 736/oz
  • 40.1% rise in capex to R1.6 billion.
  • Positive cash balance of R1.8 billion at year end
  • Normalised headline earnings of R398.3 million

At a briefing to the media and investment community today Northam chief executive Paul Dunne drew attention to the group’s 60% rise in operating profit to R614.0 million, reflecting a higher PGM basket price and significantly higher chrome revenue and well-contained group unit cash costs – a cash cost per equivalent refined platinum oz of R19 736/oz.

This translated into group cash profit per equivalent refined platinum oz of R5 314/0z, 44% higher year on year.

Commendable operational performances at both the Zondereinde and Booysendal North mines boosted equivalent refined metal production to 474 007oz (F2016: 436 960oz) (4E).  Solid production performance was accompanied by good cost control, resulting in group cash cost increases being held to 4.6%.

The higher production however failed to translate into a similar increase in sales volumes, given the current smelting capacity constraint of the group.  This will soon be a thing of the past when the new furnace is commissioned at the beginning of the next calendar year.  “We expect to destock approximately 70 000 ounces valued at some R1 billion,” said Dunne.  Nevertheless, sales revenues hit record levels at R6.9 billion.

To date, this project which includes a new drying plant and furnace at Zondereinde, has absorbed R671.6 million in capex, and is a significant contributor to the 40.1% increase in group capex to R1.6 billion.  The balance was spent on the development of the remaining expansion projects at both the group operations.

At Zondereinde expansionary capital expenditure was pegged at R619 million (F2016: R294 million). Combined with sustaining capital expenditure of R187 million (F2016: R260 million), total capital spend was R806 million (F2016: R554 million). The F2018 expansionary and sustaining capital expenditure is estimated at R326 million and R199 million respectively.

Total capex at Booysendal reached R774 million (F2016: R616 million). The key elements were R121 million spent on the UG2 deepening project, R326 million on the Booysendal South project, R202 million on the Merensky North decline and R112 million on sustaining capital expenditure. F2018 capex is estimated at R1.3 billion comprising R1.2 billion on expansionary, and R109 million on sustaining capex.

The group continues to execute its expansion strategy of growing production down the cost curve, both organically and through acquisitions. Acquisitions include:

  • the Tumela block’s mineral resources from Anglo American Platinum Limited for R1.0 billion
  • Eland Platinum mine from Glencore Operations South Africa Proprietary Limited for R175.0 million
  • subsequent to year-end, PGM recycling assets in Pennsylvania, United States, from A-1 Specialized Services Inc. for USD10.7 million

“Looking forward,” said Dunne, “we continue to adopt a conservative view on prices.

“We remain confident of our thesis that over time PGM demand will grow in line with world GDP, but primary supply from South Africa will contract resulting in a more positive price environment for our metals.

“The operational outlook for Northam is healthy. We have a stable production base at Zondereinde and a growing production profile from Booysendal. Both operations are in a competitive position on the cost curve. We envisage Zondereinde benefiting from the Tumela acquisition over the next three years raising its production profile to 350 000 4E ounces.

“The Booysendal South developments will over the next few years increase the total Booysendal production profile to 500 000 oz. The Eland operation is expected to contribute 150 000 4E ounces allowing for a five year ramp up.

“We still have a large capital expansion programme ahead of us. Project execution will be key for the foreseeable future. This will ensure that our expansion plans are delivered within the project parameters to take advantage of a rising PGM market,” Dunne concluded.

Distributed by R & A Strategic Communications

Johannesburg
Tel: +27 (0)11 880 3924
Marion Brower: +27 (0)71 493 0387
Jan Walker: +27 (0) 71 493 0429

DMR approval for Northam’s Tumela acquisition

[Media Release] Northam is pleased to announce that the DMR has approved the company’s intended acquisition of a portion of the Amandelbult mining right.


transaction to be concluded in due course

Johannesburg, Friday 25 August 2017. Northam is pleased to announce that the DMR has approved the company’s intended acquisition of a portion of the Amandelbult mining right. The section 102 consent, issued in terms of the MPRDA mining licence amendment process, will provide Northam’s Zondereinde mine access to an additional resource of 16.7Moz.

Northam chief executive Paul Dunne said today, “Northam is pleased to have achieved this significant milestone and looks forward to concluding the transaction in due course. The incorporation of Tumela will increase Zondereinde’s life expectancy to beyond 30 years, it provides significant operating synergies for Zondereinde, delivering flexibility and optionality and allows the mine to continue mining higher-grade Merensky reef at little incremental cost.”

The section 102 consent fulfils one of the key conditions precedent to the transaction, which is valued at R1 billion in cash.

Distributed by R & A Strategic Communications

Johannesburg
Tel: +27 (0)11 880 3924
Marion Brower: +27 (0)71 493 0387
Jan Walker: +27 (0) 71 493 0429

Northam receives section 102 consent for the acquisition of a portion of the amandelbult mining right

[SENS] Northam shareholders are referred to the announcement released on 11 October 2016 in respect of, inter alia, the acquisition by Northam of a portion of the Amandelbult mining right, contiguous with the north western boundary of Northam’s Zondereinde mine, for a cash consideration of R1 billion.


Northam shareholders are referred to the announcement released on 11 October 2016 in respect of, inter alia, the acquisition by Northam of a portion of the Amandelbult mining right, contiguous with the north western boundary of Northam’s Zondereinde mine, for a cash consideration of R1 billion (the “transaction”).

Northam is pleased to announce that it has received consent from the Minister of Mineral Resources in terms of section 102 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 for the resource acquisition.  The section 102 consent fulfils one of the key conditions precedent to the transaction.

Paul Dunne, Northam’s Chief Executive Officer, said “Northam is pleased to have achieved this significant milestone and looks forward to concluding the transaction in due course.”

Johannesburg

25 August 2017

Corporate Advisor, Sponsor and Debt Sponsor: One Capital 

Attorneys: Cliffe Dekker Hofmeyr Inc.           

Trading statement and trading update

Shareholders are advised that the group’s loss per share for the year ended 30 June 2017 is estimated to range between 167.8 cents per share and 196.0 cents per share and the headline loss per share is estimated to range between 167.3 cents per share and 196.3 cents per share.


Shareholders are advised that the group’s loss per share for the year ended 30 June 2017 is estimated to range between 167.8 cents per share and 196.0 cents per share and the headline loss per share is estimated to range between 167.3 cents per share and 196.3 cents per share, compared with the loss per share of 145.3 cents and headline loss per share of 140.9 cents reported for the year ended 30 June 2016. The aforementioned ranges expressed in percentage terms, are, in respect of a loss per share, an increase of between 15% and 35% per share and, in respect of headline earnings per share, an increase of 19% and 39% per share.

The anticipated loss is attributable to the higher Zambezi Platinum (RF) Limited (“Zambezi”) preference share dividends, which are consolidated in the group’s results in terms of the International Financial Reporting Standards. The Zambezi preference shares accrue dividends at a cumulative variable dividend of 3.5% over the prime overdraft interest rate in South Africa. Shareholders are reminded that 159 905 453 Northam shares are held for settlement of the Zambezi preference share liability in terms of the Northam guarantee and that the accrued dividends are consolidated into the Northam results as a non-cash item for Northam.

Despite difficult economic circumstances during the reporting period, both of the group’s operating mines, Zondereinde and Booysendal, are expected to record an operating profit. The group’s total operating profit is estimated to be higher than the previous year, owing to an improved operational performances and well contained unit costs.

The weighted average number of Northam shares in issue for the year ended 30 June 2017 was 349 875 759 (30 June 2016: 349 875 759 shares).

The information on which this trading statement and trading update is based has not been reviewed or reported on by the group’s auditors. The audited results for the year ended 30 June 2017 are anticipated to be published on or about 25 August 2017.

Distributed by Russell & Associates
Johannesburg
Tel: +27 (0)11 880 3924
Marion Brower: +27 (0) 71 493 0387
Jan Walker: +27 (0) 71 493 0429

Northam diversifies into the recycling market

Northam is pleased to advise that it has reached agreement to purchase a suite of PGM recycling equipment and the associated premises from A-1 Specialized Services Inc., a recycler of PGMs. The business is located in the state of Pennsylvania, United States of America.


Northam is pleased to advise that it has reached agreement to purchase a suite of PGM recycling equipment and the associated premises from A-1 Specialized Services Inc., a recycler of PGMs. The business is located in the state of Pennsylvania, United States of America.

The total value of the transaction amounts to US$10.7 million in cash.

Chief executive Paul Dunne said today that the transaction gives Northam a low-cost entrée into a key segment of the PGM market. “The recyclable material market from autocats is already well-established, large and continues to expand.

“We believe we have secured an excellent asset base of strategic future importance; an easily scalable business to meet growing demand in this sector; and exposure to a much broader market than we are able to access currently.”

Distributed by Russell & Associates
Johannesburg
Tel: +27 (0)11 880 3924
Marion Brower: +27 (0) 71 493 0387
Jan Walker: +27 (0) 71 493 0429

NOTE TO EDITORS

A-1 SPECIALISED SERVICES has been a leader in the recycling of PGMs (platinum, palladium, rhodium) from catalytic converters. Included in the purchase are multiple ceramic catalytic converter processing lines and ancillary equipment, including sampling and separation systems, transportation and a materials handling fleet.

The premises consist of approximately 30 acres of land as well as buildings measuring approximately 301 000 sq.ft used for warehousing, manufacturing and office space.

Acquisition of Platinum Group Metals Recycling Assets in the United States of America

Northam is pleased to announce that it has entered into binding transaction agreements pursuant to which it will acquire platinum group metals recycling equipment located in Pennsylvania, United States of America, as well as immoveable property comprising land and buildings for the PGM Recycling Equipment.


  1. INTRODUCTION

    Northam is pleased to announce that it has entered into binding transaction agreements pursuant to which it will acquire platinum group metals (“PGM”) recycling equipment located in Pennsylvania, United States of America (“US”) (“PGM Recycling Equipment”), as well as immoveable property comprising land and buildings for the PGM Recycling Equipment (“Premises”), (collectively, the “Transactions”).

    The aggregate consideration payable by Northam in respect of the Transactions amounts to approximately USD10.7 million, to be settled in cash. Closing and settlement of the Transactions are envisaged to take place by no later than 1 September 2017.

  2. BACKGROUND INFORMATION AND RATIONALE

    The PGM Recycling Equipment will be acquired from A-1 Specialized Services Inc., a recycler of PGMs from automotive catalysts. The PGM Recycling Equipment comprises, inter alia, multiple ceramic catalytic converter processing lines and ancillary equipment, including sampling and separation systems, transportation and a materials handling fleet.

    The Premises consist of approximately 30 acres of land as well as buildings measuring approximately 301,000 sq.ft used for warehousing, manufacturing and office space. It has direct access to excellent surrounding infrastructure, including roads and a direct rail connection.

    The Transactions afford Northam as an integrated primary and secondary producer, the opportunity to expand and diversify its business interests into PGM recycling. Northam will be able to participate in the growing demand for recycled PGMs from autocatalysts and maintain and develop a strategic footprint in North America.

    Paul Dunne, Northam’s Chief Executive Officer, said “the Transactions represent a low cost entry by Northam into a key segment of the broader PGM market. Northam has secured an excellent asset base of strategic future importance.

  3. CATEGORISATION

    The Transactions fall below the threshold for categorisation in terms of the JSE Limited Listings Requirements and this announcement is provided for information purposes only.

Johannesburg
28 July 2017

Corporate Advisor, Sponsor and Debt Sponsor
One Capital

Notice confirming written consent of noteholders

Northam confirms that 97.7% of all Noteholders consented in favour of the Proposed Amendment. No Noteholders objected to the Proposed Amendment


  1. Northam refers to the notice of request for consent (“Consent Request”) dated 14 June 2017, delivered by Northam to each holder of Notes (“Noteholders”) issued under Northam's ZAR2 000 000 000 Domestic Medium Term Note Programme.
  2. Capitalised terms used herein which are not otherwise defined shall bear the meaning ascribed thereto in the Consent Request.
  3. In terms of the Consent Request, Northam requested the Noteholders’ consent, in accordance with Condition 19 (Amendment of these Conditions) of the Terms and Conditions, for the amendment and restatement of the Existing Applicable Pricing Supplements and the schedules thereto in relation to the senior unsecured Notes issued under stock codes NHM002 and NHM003 to remove Khumama as a Guarantor.
  4. Northam confirms that 97.7% of all Noteholders consented in favour of the Proposed Amendment. No Noteholders objected to the Proposed Amendment.
  5. The Amended and Restated Applicable Pricing Supplements incorporating the Proposed Amendment are available on the Issuer's website at www.northam.co.za.

Johannesburg
7 July 2017

Debt Sponsor
One Capital

Legal Advisor to Northam in respect of the Notes
Bowman Gilfillan Inc.

Notice of acquisition of beneficial interest in Northam ordinary shares ("shares")

In accordance with Section 122(3)(b) of the Companies Act, No 71 of 2008, as amended (the “Act”) and paragraph 3.83(b) of the JSE Limited Listings Requirements, Northam shareholders are advised of the following:


In accordance with Section 122(3)(b) of the Companies Act, No 71 of 2008, as amended (the “Act”) and paragraph 3.83(b) of the JSE Limited Listings Requirements, Northam shareholders are advised of the following:

  • The company has received notification from the Public Investment Corporation SOC Limited (“PIC”), that they have, in aggregate, acquired an interest in Northam shares, such that the total beneficial interest held by the PIC now amounts to 10.081% of the total issued share capital of Northam.

The company will file the relevant notice with the Takeover Regulation Panel, as required in terms of Section 122(3)(a) of the Act.

Johannesburg
22 June 2017

Sponsor and Debt Sponsor
One Capital

Notice of request for written consent of Noteholders

A notice of request for consent has been delivered by Northam to each holder of Notes issued under Northam’s ZAR2 000 000 000 Domestic Medium Term Note Programme.


  1. A notice (the “Consent Request”) has been delivered by Northam to each holder of Notes (the “Noteholders”) issued under Northam’s ZAR2 000 000 000 Domestic Medium Term Note Programme (the “Programme”).  This is pursuant to the section headed “Terms and Conditions of the Notes” (the “Terms and Conditions”) in the Programme Memorandum dated 3 August 2012 and as amended and restated from time to time, in accordance with Condition 18 (Notices) of the Terms and Conditions for the purposes of obtaining the Noteholders’ written consent to various amendments to the Applicable Pricing Supplements relating to the Notes (the “Existing Applicable Pricing Supplements”).
  2. Capitalised terms used herein which are not otherwise defined shall bear the meaning ascribed thereto in the Terms and Conditions.
  3. Northam seeks the Noteholders’ consent in accordance with Condition 19 (Amendment of these Conditions) of the Terms and Conditions for the amendment and restatement of the Existing Applicable Pricing Supplements and the schedules thereto for the senior unsecured Notes issued under stock codes NHM002 and NHM003 (the “Amended and Restated Applicable Pricing Supplements”) to remove Khumama Platinum Proprietary Limited (“Khumama”) as a Guarantor (the “Proposed Amendment”).
  4. Khumama is a wholly-owned subsidiary of Northam which was part of Northam’s acquisition of the Booysendal Mine in 2008 from Mvelaphanda Resources Limited.  Khumama is for all intents and purposes a dormant private company. Accordingly, the Proposed Amendment will not adversely affect the Guarantee detailed in the Existing Applicable Pricing Supplements. Schedule 3 of the Consent Request contains a summarised group structure of Northam, illustrating the position of Khumama prior to the Proposed Amendment. Subject to , as a Guarantor, Northam is seeking to place Khumama in voluntary winding-up in accordance with Section 80 of the Companies Act 71 of 2008 (as amended) following the  unbundling by Khumama of its shares in Booysendal Platinum Proprietary Limited (“Booysendal”) to Northam. Booysendal will continue as a wholly owned subsidiary of Northam and a Guarantor pursuant to the Amended and Restated Applicable Pricing Supplements. The Proposed Amendment will simplify Northam’s group structure and remove administration costs associated with Khumama going forward.
  5. The Noteholders are requested to provide their consent to the Proposed Amendment by completing the Consent Notice (annexed to the Consent Request and which is also available on request from the Transfer Agent, Nedbank Limited (acting through its Corporate and Investment Banking division).  Noteholders are also required to deliver the same to the registered office of the relevant CSD Participant that provided the Noteholder with the Consent Notice, and providing a copy thereof to Nedbank Limited (acting through its Corporate and Investment Banking division) and the Issuer by no later than 17h00 on 6 July 2017 in accordance with the terms and conditions of the Consent Notice. The relevant CSD Participant will then notify Strate Proprietary Limited of the total number of Consent Notices received for the Proposed Amendment.
  6. The changes marked-up against the Existing Applicable Pricing Supplements are attached to the Consent Request and are available on the Issuer’s website at http://www.northam.co.za.
  7. Drafts in substantially agreed form of the Amended and Restated Applicable Pricing Supplements and the changes marked-up against the Existing Applicable Pricing Supplements are also available on request from the Transfer Agent, Nedbank Limited (acting through its Corporate and Investment Banking division). Requests should be sent to Bruce Stewart at BruceS@Nedbank.co.za and by telephone at +27 11 294 4481.
  8. The Consent Request is being delivered to Strate Proprietary Limited in accordance with Condition 19 (Amendment of these Conditions) of the Terms and Conditions as read with Condition 18 (Notices) of the Terms and Conditions.

Johannesburg
14 June 2017

Debt Sponsor
One Capital

Legal Advisor to Northam in respect of the Notes
Bowman Gilfillan Inc.