Trading update

Johannesburg, 14 January 2009. Shareholders are advised that the company’s earnings per share and headline earnings per share for the six months ended 31 December 2008 are estimated to be between 100 and 120 cents. This compares with the 199 cents per share reported for the previous comparable period ended 31 December 2007.

The anticipated decline in earnings stems from the effects of inflation and increased production on operating costs and the increase in the number of shares in issue during the period under review.

The weighted average number of shares in issue as at 31 December 2008 was 326 813 788, compared with 237 529 261 as at 31 December 2007.

The planned rebuild of the smelter was completed on schedule and within budget and the smelter was re-commissioned during December 2008. The remaining metal derived from stockpiled concentrate is being processed during the second half of the 2009 financial year.

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

It is anticipated that the interim results for the six months ended 31 December 2008 will be released on or about 5 February 2009.

14 January 2009


Barnard Jacobs Mellet Corporate Finance (Pty) Limited