Trading Update

Shareholders are advised that the company’s earnings and headline earnings per share for the six-month period ending 31 December 2004 are expected to be between 40% and 50% lower than those of the comparable period ended 31 December 2003. The company’s operations were severely disrupted following a fire at the mine on 20 September 2004. Production at the company’s mine will consequently be significantly lower than in the comparable period. In addition, despite a substantial increase in the US Dollar value of the company’s basket of metals, the Rand receipts continue to be adversely affected by the sustained strength of the Rand against the US Dollar.

The company’s forecast earnings and headline earnings per share have not been reviewed by the company’s auditors.

It is anticipated that the interim results for the six months ending 31 December 2004 will be released on or about 3 February 2005.