Renewal of cautionary announcement

Renewal of cautionary announcement regarding the following proposed inter-conditional transactions:

  1. The unbundling by Mvela Resources of its entire shareholding in Northam to its shareholders;
  2. The acquisition by Implats of the entire issued share capital of Northam; and
  3. The acquitision by Implats of the entire issued share capital of Mvela Resources, post the unbundling of Northam.

Shareholders of Mvela Resources, Northam and Implats (“Shareholders”) are referred to the joint cautionary announcement by Mvela Resources, Northam and Implats (“the Parties”) dated 19 November 2008 regarding the proposed acquisition by Implats of the entire issued share capital of Mvela Resources and Northam through a series of inter-conditional transactions (“the Proposed Transaction”).

Discussions regarding the Proposed Transaction are continuing. Shareholders will be notified of any further developments in due course and are advised to continue to exercise caution in their share dealings until a further announcement is made.

Johannesburg
7 January 2009

Financial advisor to Implats:
Morgan Stanley South Africa (Pty) Ltd

Legal advisor to Implats:
Bell Dewar Inc.

Financial advisors to Mvela Resources:
JPMorgan Chase Bank N.A. (Johannesburg branch) and
N M Rothschild & Sons South Africa (Pty) Ltd

Legal advisor to Mvela Resources:
Bowman Gilfillan

Independent expert advisor to Northam and Mvela Resources:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

Legal advisor to Northam:
Brink Cohen Le Roux Inc.

Sponsor to Implats:
Deutsche Securities (SA) (Pty) Ltd

Sponsor to Mvela Resources:
JPMorgan Equities Ltd

Sponsor to Northam:
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd