Trading update

Shareholders are advised that the company’s earnings per share and headline earnings per share for the year ended 30 June 2006 are expected to be between 290 and 310 cents. This compares with the 107.3 cents per share reported for the previous comparable period ended 30 June 2005.

The expected increase in earnings results from a combination of a substantial rise in the average Rand receipts for the company’s basket of metals and higher sales volumes relative to the previous comparable period.

The forecast earnings information contained in this trading update has not been reviewed or reported on by the company’s auditors.

It is anticipated that the preliminary results for the year ended 30 June 2006 will be released on or about 3 August 2006.

Johannesburg

Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Limited

Distributed by:

Russell & Associates
Tel: +27 11 880 3924
Fax: +27 11 880 3788