Disclaimer

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Disclaimer

• Certain forward looking statements may be
  contained in the presentation which include,
  without limitation, expectations regarding metal
  prices, estimates of production, operating
  expenditure, capital expenditure and projections
  regarding the completion of capital projects as
  well as the financial position of the company.
  Such statements are only predictions and are
  subject to inherent risks and uncertainties which
  could cause actual values, results, performance
  or achievements to differ materially from those
  expressed, implied or projected in any forward
  looking statements as a result of, among other
  factors, changes in economic and market
  conditions, changes in the regulatory environment
  and other business and operational risks.
• No representation or warranty, express or
  implied, is made by Aquarius that the material
  contained in this presentation will be achieved
  or prove to be correct. Except for statutory
  liability which cannot be excluded, each of
  Aquarius, its officers, employees and advisers
  expressly disclaims any responsibility for the
  accuracy or completeness of the material
  contained in this presentation and excludes all
  liability whatsoever (including in negligence)
  for any loss or damage which may be suffered by
  any person as a consequence of any information in
  this presentation or any error or omission there
  from. Aquarius accepts no responsibility to
  update any person regarding any inaccuracy,
  omission or change in information in this
  presentation or any other information made
  available to a person nor any obligation to
  furnish the person with any further information.

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Overview
Operations Solid production improvements at
Kroondal and Marikana, suspension at Everest

• Production
• 260,208 PGM ounces attributable 17 increase 2H
  2008, 6 decrease 1H 2007

Commodities CurrenciesSignificant decreases in
PGM prices. Softer Rand
EarningsNet loss 70.1 million (US 25.09 cents
per share)
Cash DividendsCash of 87 million at period
end, no interim dividend
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Commodities
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Commodities
Provisional Pricing Period
Realised Pricing Period
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PGM Baskets
South Africa
Zimbabwe
Pt 51
Pt 60
Pd 38
Pd 29
Rh 10
Au 7
Au 1
Rh 4
1H 2009 1,214 PGM/ozFY 2008 1,890 PGM/oz
1H 2009 1,196 PGM/ozFY 2008 1,358 PGM/oz
Ir/Ru
Cr2O3
Ni/Cu
Ir/Ru
Ni/Cu/Co
Group average for 1H 2009 was per PGM ounce
1,211 compared to 1,762 for FY 2008
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Rand Dollar
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Production
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Production

• On mine production 456,345 PGM ounces
• 19 compared to 2H 2008, and -1 compared to 1H
  2008
• Attributable production 260,208 PGM ounces
• 17 compared to 2H 2008, and -6 lower compared
  to 1H 2008

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PSA1 Kroondal

• Production 211,438 PGM ounces (AQP attributable
  105,720 PGM ounces)
• Basket price 1,233 per PGM ounceDecember
  average 679 per PGM ounce
• Cash cost R5,203 per PGM ounce
• Gross cash margin Including pipeline -31,
  excluding pipeline 38
• New contractor arrangements resulted in improved
  industrial relations
• Improvement initiatives resulting in improved
  production and reductions in costs through the
  period

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PSA2 Marikana

• Production 81,333 PGM ounces (Aquarius
  attributable 40,667 PGM ounces)
• Basket price 1,198 per PGM ounce December
  average 663 per PGM ounce
• Cash cost R7,038 per PGM ounce
• Gross cash margin Including pipeline -89,
  excluding pipeline -17
• Closure of Marikana No. 2 Shaft permitted
  redeployment of skills and equipment to more cash
  generative shafts
• Revised open pit mining plan bearing fruit
• New contractor arrangements resulted in improved
  industrial relations
• Improvement initiatives resulting in improved
  production and reductions in costs through the
  period

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Everest

• Production 64,068 PGM ounces
• Basket price 1,224 per PGM ounceDecember
  average 660 per PGM ounce
• Cash cost R6,686 per PGM ounce
• Gross cash margin Including pipeline -89,
  excluding pipeline 24
• Following a subsidence event and based on safety
  concerns, operations suspended in December 2008
• Settlement stabilised by end January 2009
  maximum subsidence 28cm
• Transition to care and maintenance progressing
  well
• Initiated technical studies to evaluate remedial
  action

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Mimosa

• Production 86,870 PGM ounces (Aquarius
  attributable 43,435 PGM ounces)
• Basket price 1,233 per PGM ounce
• Cash cost R1,196 per PGM ounce
• Gross cash margin Including pipeline 64
• Wedza Phase V operation near targeted production
  as process stability and mill grinds improve
• Dollarisation of economy underway
• Possible fiscal policy changes

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CTRP and Platinum Mile

• CTRP
• Production 3,548 PGM ounces (AQP attrib. 1,774
  PGM ounces)
• Basket price 1,530 per PGM ounce
• Cash cost R3,572 per PGM ounce
• Gross cash margin -5
• PLATINUM MILE
• Production 9,087 PGM ounces (AQP attrib. 4,544
  PGM ounces)
• Basket price 660 per PGM ounce
• Cash cost R3,387 per PGM ounce
• Gross cash margin 43

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Profit Loss Account

• Revenues reduced to 139.2 million
• Net loss of 70.1 million (US 25.09 cents per
  share)
• Gross cash profit after adding back negative
  sales pipeline adjustments 10.6 million
• Amortisation and depreciation 13 lower at 21
  million in-line with the 8 decrease in
  production
• No interim dividend (previous US 10 cents per
  share )

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Financials by Operation
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Revenue Variance
(25m)
416m
(83m)
139m
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Net Profit Variance
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Cash Flow Balance Sheet

• Cash generated from mining activities adding back
  provisional payments 98 million
• Total group cash balance at period end at 87.0
  million
• Cash breakdown Aquarius Platinum Limited 14
  million
• AQPSA 42 million
• ACS(SA) 8 million
• Mimosa Investments 23 million
• Interest bearing debt RMB bridge facility 166.7
  million
• Negotiations concerning RMB debt facility in
  progress

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