Trading update

Shareholders are advised that the company’s earnings per share and headline earnings per share for the year ended 30 June 2007 are expected to be between 540 and 580 cents. This compares with the 300.9 cents per share reported for the previous comparable period ended 30 June 2006.

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

The forecast earnings have not been reviewed by the company’s auditors.

It is anticipated that the preliminary results for the year ended 30 June 2007 will be released on or about 3 August 2007.

23 July 2007

Barnard Jacobs Mellet Corporate Finance (Pty) Limited