Agreement to sell Everest Mine to Northam

AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 10 February 2015 Aquarius ENTERS AGREEMENT to sell Everest Mine to Northam for R450 million Aquarius Platinum Limited (AQP) is pleased to advise that its subsidiary,Aquarius Platinum (South Africa) (Pty) Ltd (AQPSA), has entered into anagreement to sell AQPSA's entire interest in the Everest mine and relatedmining and processing infrastructure and immovable properties (Everest) toNortham Platinum Limited (Northam) (together the "Disposal"), for an aggregateconsideration of R450 million, payable in cash. Everest mine was placed oncare-and-maintenance in June 2012 in light of market conditions prevailing atthat time. As at 30 June 2014 the gross assets of Everest were US$36 millionand the loss before tax attributable to Everest was $7.2 million. The Disposal is to be completed in two parts: * Northam will pay AQPSA R400 million on 26 June 2015 to acquire the concentrator plant and other mining assets of the Everest Mine. This payment is conditional on approval of the Competition Commission and the Bakone Ba Phetla Communal Property Association agreeing to cancel the existing lease of its immovable property to AQPSA and entering into a new written lease with Northam by 23 June 2015 (Competition Approval); * Northam will pay AQPSA R50 million to acquire the Everest mining right (and all the obligations of AQPSA in respect of that right). This payment is conditional upon the conditions to the first part of the sale being fulfilled and the Minister of Mineral Resources granting consent to the transfer of the Everest mining right to Northam in terms of section 11 of the Mineral and Petroleum Resources Development Act (Ministerial Consent) within three years of the signing of the sale agreement. Should the Ministerial Consent not be obtained in time the first part of theDisposal will not be unwound. Northam will assume responsibility for carrying out the care and maintenanceservices and providing contract mining services at the Everest Mine during theperiod between the date of grant of the Competition Approval and the date ofMinisterial Consent. AQP is in discussions with the UK Listing Authority regarding theclassification of the Disposal as either a class 1 or a class 2 transactionunder Chapter 10 of the Listing Rules. If the Disposal is a class 1 transactionpursuant to the Listing Rules, the Disposal will require the approval of AQP'sshareholders. AQP will announce the outcome of these discussions once they havebeen concluded. AQP CEO Jean Nel noted that the sale presents a valuable opportunity to a broadrange of stakeholders. "For AQP, the proceeds from the Disposal will be used toincrease AQP's net cash and to strengthen the balance sheet in a somewhatchallenging market, and is in line with our stated objective of focussing onour core operations at Kroondal and Mimosa and associated projects. And, at thesame time, the potential re-starting of the mine is expected to bring benefitsto local communities, both directly in terms of job creation and corporatesocial investment, and indirectly through the associated benefits of economicactivity in the region." Jean Nel added that, in reaching its decision to sell Everest, AQP consideredthe capital that would be required to restart mining at Everest on astand-alone basis, the potential for AQP to combine Everest with otheroperations in the area, the metal prices that would be required to deliver anappropriate risk-adjusted return to invest the capital and alternativeinvestment propositions available to AQP. "Management's view as AQP was that the sale of Everest, which is superfluous toour present business plan, delivers the most appropriate realisation of valuefrom the Everest assets." About Aquarius Platinum Group The Aquarius Platinum Group is a focused, independent, primary producer of theplatinum group metals, which comprise platinum (Pt), palladium (Pd), rhodium(Rh), osmium (Os), ruthenium (Ru) and iridium (Ir). The Aquarius Platinum Grouphas assets in South Africa's PGM-bearing mineralised zone, the BushveldComplex, and the Great Dyke Complex in Zimbabwe. Forward-looking statements This announcement includes statements that are, or may be deemed to be,"forward-looking statements". These forward-looking statements can beidentified by the use of forward-looking terminology, including the terms"believes", "estimates", "plans", "projects", "anticipates", "expects","intends", "may", "will", or "should" or, in each case, their negative or othervariations or comparable terminology, or by discussions of strategy, plans,objectives, goals, future events or intentions. These forward-lookingstatements include all matters that are not historical facts. They appear in anumber of places throughout this document and include, but are not limited to,statements regarding AQP's intentions, beliefs or current expectationsconcerning, among other things, AQP's results of operations, financialposition, prospects, growth, strategies and the industry in which it operates.By their nature, forward-looking statements involve risk and uncertaintybecause they relate to future events and circumstances. Forward-lookingstatements are not guarantees of future performance and the actual results ofAQP's operations and financial position, and the development of the markets andthe industry in which AQP operates, may differ materially from those describedin, or suggested by, the forward-looking statements contained in this document.In addition, even if the results of operations, financial position and thedevelopment of the markets and the industry in which AQP operates areconsistent with the forward-looking statements contained in this document,those results or developments may not be indicative of results or developmentsin subsequent periods. A number of factors could cause results and developmentsto differ materially from those expressed or implied by the forward-lookingstatements including, without limitation, general economic and businessconditions, industry trends, competition, changes in regulation, currencyfluctuations, changes in its business strategy, political and economicuncertainty and other factors discussed in this announcement. Forward-lookingstatements may, and often do, differ materially from actual results. Anyforward-looking statements in this document speak only as of their respectivedates, reflect AQP's current view with respect to future events and are subjectto risks relating to future events and other risks, uncertainties andassumptions relating to AQP's operations, results of operations and growthstrategy. Subject to the requirements of the Financial Conduct Authority, theLondon Stock Exchange, the Listing Rules and the Disclosure and TransparencyRules (and / or any regulatory requirements) or applicable law, AQP explicitlydisclaims any obligation or undertaking publicly to release the result of anyrevisions to any forward-looking statements in this document that may occur dueto any change in AQP's expectations or to reflect events or circumstances afterthe date of this document. No statement in this document is intended as aprofit forecast or profit estimate, nor should any statements be interpreted tomean that earnings or earnings per share will necessarily be greater or lesserthan those for the relevant preceding financial periods of AQP. For further information please contact: In Australia: Willi Boehm Aquarius Platinum Corporate Services Pty Ltd +61 8 9367 5211 In South Africa: Jean NelAquarius Platinum (South Africa) (Pty) Ltd +27 12 001 2001 or visit: www.aquariusplatinum.com REGISTERED OFFICE Aquarius Platinum Limited ● Clarendon House ● 2 Church Street ● Hamilton HMCXBermuda Email: [email protected]

Telephone: +61 8 9367 5211