Zondereinde operational update

Section 54

The management of Northam advises that mining operations resumed on the night shift of Friday, 25 May 2012 at the No 1 shaft of the company?s Zondereinde division following the upliftment of the section 54 instruction. As per the company?s previous advice to shareholders, the affected shaft was closed on Tuesday, 22 May 2012.

Smelter

Further to the announcements published on SENS on 11 May 2012 and 15 May 2012, the company advises that a toll smelting and refining agreement has been finalised with a third party. The toll agreement will have no effect on the company’s revenue or costs in the current financial year.

The previous guidance in the announcement dated 15 May 2012 indicating an anticipated R300 million drop in revenue in the financial year ending 30 June 2012 remains valid.

Johannesburg
28 May 2012

Sponsor
One Capital