(AQP.L) Aquarius Platinum Ltd Buy/Sell

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Date/Time	Headline	Source
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Thu 07:02	Aquarius Platinum - Statement re Everest Platinum Mine Update	PRN
AQUARIUS PLATINUM LIMITED `19 November 2009` `Everest Platinum Mine Update:` `Phase 2 of the re-establishment project commences` Aquarius Platinum Limited (Aquarius) is pleased to announce that Phase 2 of the re-establishment project at Everest Platinum Mine has commenced. Phase 2 includes the establishment of all underground and surface infrastructure required for a resumption of operations. Aquarius has been committed to bring the Everest mine to a state of readiness to resume production and this position has more recently been supported by the improvement in the current market conditions, which have seen the PGM basket price for AQP's South African operations increase from R 7,763 per 4E oz as at end September 2009 to current levels above R9,000 per 4E oz. It is therefore now envisaged that the mine will restart immediately following the completion of the re- establishment project. Phase 1 of the project is currently ahead of schedule, and this early approval of Phase 2 will enable a parallel implementation, reducing the remaining project timeframe to nine months of this date. This will enable Everest to be in a position to resume milling operations in the latter part of the first quarter of next financial year. The capital expenditure for Phase 1 and 2 remains at R 259 million (as previously disclosed). Aquarius announced the temporary suspension of the Everest Mine resulting from a subsidence event in December 2008. Re-establishment of the mine commenced in June 2009, with Phase 1 of the re-establishment project focusing on the excavation of the North and South boxcuts and the initial development of the new declines. For further information please visit www.aquariusplatinum.com or contact: In Australia: Willi Boehm +61 (0)8 9367 5211 In the United Kingdom: Stuart Murray + 27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 11 880 3924 Registered Office Clarendon House, 2 Church Street, Hamilton HMCX, Bermuda E-mail: info@aquariusplatinum.com Tel: +61 8 9367 5211 END More
05-11-09	Aquarius Platinum - Additional Listing	PRN
AQUARIUS PLATINUM LIMITED APPLICATION FOR LISTING OF CONSIDERATION SHARES Application has been made for admission to the Official List of the London Stock Exchange of 534,433 and 12,555,165 common shares of US$0.05 in the Company (which has a secondary listing in London and its primary listing in Australia) which have been issued and allotted by the company. The 534,433 and 12,555,165 shares in the Company were issued pursuant to the Company Option Plan and re the exercise of Ridge Options respectively. It is expected that such admission will become effective and that dealings in those shares will commence in London on 10 November 2009. 05 November 2009 END More
04-11-09	Aquarius Platinum - Annual Financial Report	PRN
Aquarius Platinum Limited Exempt Company Number EC 26290 (Incorporated in Bermuda) Annual Report 2009 Two copies of the above document have been submitted to the UK Listing Authority and will be available for inspection at the UK Listing Authority's Document Viewing Facility at:- Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Telephone 020 7066 1000 The Annual Report 2009 is available on the company's website www.aquariusplatinum.com and can be obtained in hard-copy format from the United Kingdom Secretaries, St James's Corporate Services Limited, 6 St James's Place, London, SW1A 1NP. 4 November 2009 END More
30-10-09	Aquarius Platinum - Notice of AGM	PRN
Aquarius Platinum Limited EXEMPT COMPANY NO. EC26290 ARBN 087 577 893 Notice of Annual General Meeting and Explanatory Memorandum Date of Meeting: Friday, 27 November 2009 Time of Meeting: 9:00 am Place of Meeting: Clarendon House `2 Church Street` `Hamilton` BERMUDA This Notice of General Meeting and Explanatory Memorandum should be read in their entirety. If shareholders are in doubt as to how they should vote, they should seek advice from their accountant, solicitor or other professional adviser prior to voting. Your 2009 Annual Report is now available at www.aquariusplatinum.com AQUARIUS PLATINUM LIMITED Exempt Company NO. EC26290 ARBN 087 577 893 NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that an annual general meeting of shareholders of Aquarius Platinum Limited ("Company") will be held at 9:00 am on Friday, 27 November 2009 at Clarendon House, 2 Church Street, Hamilton, Bermuda. The Explanatory Memorandum which accompanies and forms part of this Notice of Annual General Meeting describes the various matters to be considered and contains a glossary of defined terms for terms that are not defined in full in this Notice of Annual General Meeting. Agenda 1. Appointment of Chairman of the Meeting 2. Confirmation of the Notice and Quorum 3. Accounts for the Period Ended 30 June 2009 To receive the financial statements, directors' report and auditor's report for the Company and its controlled entities for the period ended 30 June 2009. 4. Resolution 1 - Re-election of Mr Tim Freshwater To consider and, if thought fit, to pass, the following resolution: "That Mr Tim Freshwater, who retires by rotation in accordance with the Company's Bye-Laws and being eligible, offers himself for re-election, be re-elected as a Director." 5. Resolution 2 - Re-election of Mr Edward Haslam To consider and, if thought fit, to pass, the following resolution: "That Mr Edward Haslam, who retires by rotation in accordance with the Company's Bye-Laws and being eligible, offers himself for re-election, be re-elected as a Director." 6. Resolution 3 - Re-election of Mr Zwelakhe Mankazana To consider and, if thought fit, to pass, the following resolution: "That Mr Zwelakhe Mankazana, who was appointed a director of the Company to fill a casual vacancy on 5 November 2008, retires in accordance with the ASX Listing Rules and being eligible, offers himself for re-election, be re-elected as a Director." 7. Resolution 4 - Approve and/or ratify the issue of Shares on exercise of the Ridge Options To consider and, if thought fit, to pass, with or without amendment, the following resolution: "That, for the purposes of ASX Listing Rule 7.1, ASX Listing Rule 7.4 and for all other purposes, the Shareholders approve or ratify (as appropriate) the issue of up to 1,815,684 Shares on exercise of the Ridge Options, on the terms and conditions set out in the Explanatory Memorandum." The Company will disregard any votes cast on this resolution by any person who participated or may participate in the issue and by any person who might obtain a benefit, except a benefit solely in the capacity of a holder of ordinary shares if this resolution is passed, and by any associate of such persons. However, the Company need not disregard a vote if it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form, or it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides. 8. Resolution 5 - Ratify the issue of Shares on exercise of the Imbani Option and the Zijin Warrants To consider and, if thought fit, to pass, with or without amendment, the following resolution: "That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, the Shareholders ratify the issue of 11,636,363 Shares on exercise of the Imbani Option and the Zijin Warrants, on the terms and conditions set out in the Explanatory Memorandum." The Company will disregard any votes cast on this resolution by any person who participated in the issue, and any associate of such persons. However, the Company need not disregard a vote if it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form, or it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides. 9. Resolution 6 - Re-appointment of Auditor To consider and, if thought fit, to pass, with or without amendment, the following resolution: "That, Messrs Ernst & Young of Perth, Western Australia, be and are hereby appointed as Auditors of the Company until the conclusion of the next annual general meeting at a fee to be agreed by the Directors." By Order of the Board Willi Boehm Company Secretary DATED: 30 October 2009 AQUARIUS PLATINUM LIMITED PROXY FORM Exempt Company Number EC26290 ARBN 087 577 893 PROXY AND VOTING ENTITLEMENT INSTRUCTIONS PROXY INSTRUCTIONS Shareholders are entitled to appoint up to two persons (including a body corporate) to act as proxies to attend and vote on their behalf. Where more than one proxy is appointed each proxy may be appointed to represent a specific proportion of the shareholder's voting rights. If the appointment does not specify the proportion or number of votes each proxy may exercise, each proxy may exercise half of the votes. If a body corporate is appointed as proxy, the body corporate may appoint an individual as a representative to exercise its powers at the Meeting. The proxy form (and the power of attorney or other authority, if any, under which the proxy form is signed) or a copy or facsimile which appears on its face to be an authentic copy of the proxy form (and the power of attorney or other authority) must be deposited at or sent by facsimile transmission to one of the following locations, not less than 48 hours before the time for holding the Meeting, or adjourned Meeting as the case may be, at which the individual named in the proxy form proposes to vote. `Codan Services Computershare Investor` `Aquarius Platinum Corporate Services PLC` `Services Pty Ltd The Pavilions` `Clarendon House Bridgwater Road` `Bristol BS99 6ZY` PO Box 485 `2 Church Street ENGLAND` SOUTH PERTH WA 6951 `Hamilton HM CX` AUSTRALIA `BERMUDA Facsimile (870) 703 6076` Facsimile (618) 9367 5233 `Facsimile (441)` 292 4720 The proxy form must be signed by the shareholder or his/her attorney duly authorised in writing or, if the shareholder is a corporation in a manner permitted by the Company's Bye-laws and the Companies Act. The proxy may, but need not, be a shareholder of the Company. In the case of shares jointly held by two or more persons, all joint holders must sign the proxy form. A proxy form is attached to this Notice. VOTING ENTITLEMENT For the purposes of determining voting entitlements at the Meeting, shares will be taken to be held by the persons who are registered as holding the shares at 9.00am Wednesday, 25 November 2009. Accordingly, transactions registered after that time will be disregarded in determining entitlements to attend and vote at the Meeting. I/We of being a shareholder/(s) of Aquarius Platinum Limited ("Company") and entitled `to shares in the Company` hereby appoint of or failing him/her of or failing him/her the Chairman as my/our proxy to vote for me/us and on my/our behalf at the annual general meeting of the Company to be held at Clarendon House, 2 Church Street, Hamilton, Bermuda at 9:00 am on Friday, 27 November 2009 and at any adjournment thereof in respect of `of my/our shares or, failing any number being` specified, ALL of my/our shares in the Company. If more than one proxy is appointed, the proportion of voting rights this proxy `is authorised to exercise is [ ]%. (An additional proxy form will be` supplied by the Company on request.) In relation to undirected proxies, the Chairman intends to vote in favour of each resolution. If you do not wish to direct your proxy how to vote, please place a mark in the box. If you wish to indicate how your proxy is to vote, please tick the appropriate places below. If no indication is given on a resolution, the proxy may abstain or vote at his or her discretion. I/we direct my/our proxy to vote as indicated : `Resolution For Against Abstain` Re-election of Mr Tim Freshwater Re-election of Mr Edward Haslam Re-election of Mr Zwelakhe Mankazana Approve and ratify the issue of Shares on exercise of the Ridge Options Ratify the issue of Shares on exercise of the Imbani Option and the Zijin Warrants Re-appointment of Auditor `As witness my/our hand/s this day of 2009` If a natural person: `SIGNED by ) in the presence of:` `)` `Witness Name (Printed)` Name (Printed) If a company: `EXECUTED by )` `in accordance with its )` `constitution )` `Director Director/Secretary` `Name (printed) Name (Printed)` If by power of attorney: `SIGNED for and on behalf of ________________________________) _______________________________________` `Signature of Attorney` `)` by _____________________________________________________) `)` `under a Power of Attorney dated _______________________________________` and who ) `declares that he/she has not received any revocation of such Power ) Signature of Witness` of Attorney in the presence of: AQUARIUS PLATINUM LIMITED Exempt Company NO. EC26290 ARBN 087 577 893 Explanatory Memorandum This Explanatory Memorandum has been prepared for the information of Shareholders in connection with the business to be conducted at the Annual General Meeting of the Company to be held at Clarendon House, 2 Church Street, Hamilton, Bermuda at 9:00 am on Friday, 27 November 2009. This Explanatory Memorandum should be read in conjunction with, and forms part of, the accompanying Notice of Annual General Meeting. A glossary of terms is included at the end of this Explanatory Memorandum. Full details of the Resolutions to be considered at the Meeting are set out below. 1. Resolution 1 - Re-Election of Mr Tim Freshwater as a Director It is a requirement under the Company's Bye-laws that Mr Tim Freshwater retire by rotation. Mr Freshwater has offered himself for re-election as a Director. The remaining Directors recommend to shareholders that Mr Freshwater be re-elected. 2. Resolution 2 - Re-Election of Mr Edward Haslam as a Director It is a requirement under the Company's Bye-laws that Mr Edward Haslam retire by rotation. Mr Haslam has offered himself for re-election as a Director. The remaining Directors recommend to shareholders that Mr Haslam be re-elected. 3. Resolution 3 - Re-Election of Mr Zwelakhe Mankazana as a Director It is a requirement under the ASX Listing Rules that Mr Zwelakhe Mankazana, who was appointed a director of the Company to fill a casual vacancy, retire at the Annual General Meeting. Mr Mankazana has offered himself for re-election as a Director. Mr Mankazana is an Executive Director of Savannah Resources, the lead investment in the Savannah Consortium, Aquarius' BEE partner. Mr Mankazana holds an MSc in Economics from the Patrice Lumumba University of Friendship. In addition to his interests in mining, Mr Mankazana is also a director of South African mobile operator Cell C, Emerald Casinos and Resorts, New Millennium Telecommunications and Ubambo Investment Holdings Limited. He is involved in community development as a trustee on several development trusts. The remaining Directors recommend to shareholders that Mr Mankazana be re-elected. 4. Resolutions 4 and 5 - Approving and ratifying the issue of Shares on exercise of the Ridge Options, the Imbani Option and the Zijin Warrants 4.1 Background On 30 July 2009 the Scheme was implemented to give effect to a merger of Ridge with the Company. At the time at which the Scheme was implemented, the following securities which had previously been issued by Ridge remained outstanding: (a) 5,068,140 options granted under various employee incentive plans which Ridge had in place prior to the Scheme, each of which gave the holder an option to subscribe for a share in Ridge at a set subscription price ("Ridge Options") (b) an option held by Imbani pursuant to which Ridge had granted to Imbani an option to subscribe for up to 25,000,000 shares in Ridge at an exercise price of GBP0.70 per share ("Imbani Option"); and (c) 7,000,000 warrants held by Gold Mountains (a wholly owned subsidiary of Zijin), each of which gave Gold Mountains the right to subscribe for a share in Ridge at a subscription price of GBP0.70 per share ("Zijin Warrants"). Pursuant to the terms of the Scheme and in accordance with amendments made to the Articles of Association of Ridge, upon exercise of the Ridge Options, the Imbani Option and the Zijin Warrants following implementation of the Scheme, the shares to be allotted and issued by Ridge upon exercise were to be immediately transferred to the Company (or a wholly owned subsidiary of the Company) conditional on and in exchange for the same consideration for each Ridge share received by a Ridge shareholder under the Scheme (i.e. on the same basis as consideration was paid under the Scheme, being 1 Share for every 2.75 Ridge shares). As announced to ASX in recent months, various holders have exercised their Ridge Options, Imbani has exercised the Imbani Option and Gold Mountains has exercised the Zijin Warrants, resulting in several issues of Shares by the Company. Resolution 4 seeks the approval and ratification of Shareholders to the issue of Shares upon exercise of the Ridge Options. The Resolution seeks: (d) approval for the purpose of ASX Listing Rule 7.1 in relation to the Shares to be issued on exercise of the Ridge Options in the future (i.e. in the time period after Resolution 4 is passed until expiry of the Ridge Options on 30 January 2010); and (e) ratification for the purpose of ASX Listing Rule 7.4 in relation to the Shares already issued on exercise of the Ridge Options (i.e. in the time period up until Resolution 4 is passed). As at the date of the Notice of Annual General Meeting, 2,526,715 Ridge Options have been exercised (resulting in the issue of 918,802 Shares) and 2,466,425 Ridge Options remain outstanding (which, if all exercised, will result in the issue of an additional 896,882 Shares). The Chairman will provide updated figures as regards exercised and outstanding Ridge Options at the Annual General Meeting. Resolution 5 seeks the ratification of Shareholders to the issue of Shares upon exercise of the Imbani Option and the Zijin Warrants, for the purpose of ASX Listing Rule 7.4. 4.2 ASX Listing Rules 7.1 and 7.4 In brief, ASX Listing Rule 7.1 requires shareholder approval for an issue of equity securities if, over a 12 month period, the number of equity securities issued is more than 15% of the number of ordinary shares on issue at the start of that 12 month period. Under ASX Listing Rule 7.4, an issue of equity securities made without prior approval under ASX Listing Rule 7.1 is treated as having been made with approval for the purposes of ASX Listing Rule 7.1 if: (a) the issue did not breach the 15% limit under ASX Listing Rule 7.1 when made; and (b) shareholders subsequently approve it. The Company previously obtained a waiver from ASX with the effect that the Company was permitted to issue Shares to Ridge shareholders who participated in the Scheme as an exception to ASX Listing Rule 7.1. However, Shares issued on exercise of the Ridge Options, the Imbani Option and the Zijin Warrants after implementation of the Scheme may not fall within the terms of the waiver. Accordingly, the Company is seeking approval under ASX Listing Rule 7.1 and ratification under ASX Listing Rule 7.4 so that Shares previously issued, and to be issued in the future on exercise of the Ridge Options, the Imbani Option and the Zijin Warrants, will not count towards the 15% limit in respect of equity securities issued by the Company. 4.3 Resolution 4 - Disclosure requirements In accordance with the disclosure requirements of ASX Listing Rule 7.3 and ASX Listing Rule 7.5, the following information is provided to Shareholders to enable them to consider, approve and ratify the issue of Shares under Resolution 4. (a) The maximum number of Shares being issued on exercise of the Ridge Options is 1,815,684. As at the date of the Notice of Annual General Meeting, 918,802 of those Shares have been issued. (b) The Shares will be issued by 5 February 2010. (c) The Shares are being issued in consideration for the transfer to the Company of Ridge shares on the basis of 1 Share for every 2.75 Ridge shares (the same ratio as applicable under the Scheme). The relevant Ridge shares are being issued upon exercise of the Ridge Options which have varying exercise prices ranging between GBP0.515 and GBP2.260 per Ridge share. (d) The Shares are being issued to the holders of Ridge Options who choose to exercise their Options prior to expiry. (e) The Shares being issued are fully paid common shares in the Company and rank equally with, and are on the same terms, as the existing Shares on issue. (f) No funds will be raised by the Company on issue of the Shares. The Shares are being issued as consideration for the transfer to the Company of Ridge shares. However, if all of the Ridge Options are exercised, funds of GBP2.6 million will be received by Ridge (now a wholly owned subsidiary of the Company) and these funds will be used for working capital. (g) The Company has and will continue to issue the Shares upon exercise of the relevant Ridge Options. Accordingly, allotment is occurring, and will continue to occur progressively over the period until expiry of the Ridge Options on 30 January 2010. 4.4 Resolution 5 - Disclosure requirements In accordance with the disclosure requirements of ASX Listing Rule 7.5, the following information is provided to Shareholders to enable them to consider and ratify the issue of the Shares under Resolution 5. (a) The total number of Shares allotted was 11,636,363. (b) The Shares were issued in consideration for the transfer to the Company of Ridge shares on the basis of 1 Share for every 2.75 Ridge shares (the same ratio as applicable under the Scheme). The relevant Ridge shares were issued upon exercise of the Imbani Option and the Zijin Warrants which each had an exercise price of GBP0.70 per Ridge share. (c) The Shares issued are fully paid common shares in the Company and rank equally with, and are on the same terms, as the existing Shares on issue. (d) 9,090,909 Shares were issued to Imbani (upon exercise of the Imbani Option) on 10 September 2009 and 2,545,454 Shares were issued to Gold Mountains (upon exercise of the Zijin Warrants) on 27 August 2009. (e) No funds were raised by the Company on issue of the Shares. The Shares were issued as consideration for the transfer to the Company of 32,000,000 Ridge shares. However, funds of GBP22.4 million were received by Ridge (now a wholly owned subsidiary of the Company) and these funds will be used for working capital . 5. Resolution 6 - Re-Appointment of Auditor Section 89(2) of the Companies Act provides that members of a company at each annual general meeting shall appoint one or more auditors to hold office until the close of the next annual general meeting. In addition, Section 89(6) provides that the remuneration of an auditor appointed by the members shall be fixed by the members or by the Directors, if they are authorised to do so by the members. Ernst & Young are the Company's auditors. Pursuant to Resolution 6, Ernst & Young will be re-appointed the Company's auditors until the close of the next annual general meeting at a fee to be agreed by the Directors. 6. Glossary of Terms In the Notice of Annual General Meeting and this Explanatory Memorandum the following words and expressions have the following meanings: "ASX" means ASX Limited, or the stock exchange conducted by ASX, as the context requires. "ASX Listing Rules" means the official listing rules of ASX. "Board" means the board of Directors. "Companies Act" means the Companies Act 1981 of Bermuda as amended from time to time. "Company" and "Aquarius" means Aquarius Platinum Limited ARBN 087 557 893. "Directors" means the directors of the Company from time to time. "Explanatory Memorandum" means this explanatory memorandum. "GBP" means the lawful currency of the United Kingdom. "Gold Mountains" means Gold Mountains (H.K.) International Mining Co. Limited, a wholly owned subsidiary of Zijin. "Imbani" means Imbani Platinum (Pty) Ltd (Registration No. 2002/015678/07). "Imbani Option" has the meaning given in section 4.1(b) of the Explanatory Memorandum. "Meeting" and "Annual General Meeting" means the annual general meeting of Shareholders or any adjournment thereof, convened by the Notice. "Notice" and "Notice of Annual General Meeting" means the notice of annual general meeting which accompanies this Explanatory Memorandum. "Resolution" means a resolution in the Notice of Annual General Meeting. "Ridge" means Ridge Mining Limited (Registered No. 3549005). "Ridge Options" has the meaning given in section 4.1(a) of the Explanatory Memorandum. "Scheme" means the scheme of arrangement under Part 26 of the UK Companies Act (2006) between Ridge and its shareholders. "Shareholder" means a registered holder of Shares. "Share" means a fully paid common share of USD0.05 in the capital of the Company. "WST" means Western Standard Time being the local time in Perth, Western Australia. "Zijin" means Zijin Mining Group Co. Ltd. "Zijin Warrants" has the meaning given in section 4.1(c) of the Explanatory Memorandum. END More
30-10-09	Aquarius Platinum - Annual Report 2009	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 30 October 2009 Annual Report 2009 Shareholders are advised that Aquarius Platinum Limited, on Friday 30 October 2009, dispatched to shareholders its annual report for the year ended 30 June 2009, incorporating the audited annual financial statements. Two copies will be available at the UKLA on receipt. For further information please visit www.aquariusplatinum.com or contact: In Australia: Willi Boehm Aquarius Platinum Corporate Services +61 8 9367 5211 In South Africa: Charmane Russell +27 (0) 880 3924 REGISTERED OFFICE Aquarius Platinum Limited - Clarendon House - 2 Church Street - Hamilton HMCX - Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 DATE TOP COME END More
27-10-09	Aquarius Platinum - 1st Quarter 2010 Financial & Production Results	PRN
Aquarius Platinum: First Quarter 2010 Financial & Production Results Highlights of the Quarter Attributable production of 96,500 PGM ounces PGM Dollar prices improved through quarter Gross "cash" profit for the quarter of $18.6 million Net profit for the quarter was $9.5 million after $3.2 million "once off" costs associated with the Ridge acquisition and after $3.4 million movement on the convertible bond Ridge Mining plc acquisition successfully completed Re-establishment of Everest Mine on track Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said "While production and hence costs were negatively affected by unprotected industrial action at the Kroondal and Marikana mines, the underlying performance of these operations remained stable. The attributable loss of approximately 16,000 ounces due the industrial action is in line with previous guidance given. Dollar metal prices continued to show resilience, with a 6% increase in the PGM Dollar basket price during the quarter. That said, the continuing strength of the Rand, and rising input costs (most notably of electricity) will continue to place margins in the South African platinum industry under pressure. "The Ridge Mining acquisition was completed during the quarter, and these operations have now been firmly integrated within the AQPSA management structures. We expect these operations to add modest growth to existing operations in the short to medium term, while presenting a prospective growth profile in the longer term. Good progress has been made with the re-establishment of Everest; although a decision on when to resume mining operations will only be made when market circumstances are more favourable. "Despite market turmoil, Rand strength and the "industrial action season" in South Africa, Aquarius remains cash positive, with a strong balance sheet and $195 million in cash. We will continue to seek further growth opportunities and are well-positioned to do so in an industry that is cash-strapped and under pressure." P&SA1 at Kroondal PGM production of 88,808 PGM ounces (44,404 PGM ounces attributable to Aquarius) Production affected by unprotected industrial action One million fatality free shifts achieved on 21 August Firstplats transaction effective, extends Kroondal life-of-mine in excess of one year Cash margin for the quarter of 19% P&SA2 at Marikana PGM production of 31,222 PGM ounces (15,611 PGM ounces attributable to Aquarius) Production affected by unprotected industrial action and open pit pothole intersection Firstplats transaction effective, extends Marikana life-of-mine in excess of two years Cash margin for the quarter of -8% Everest Re-establishment project on track Excavation of North decline portal complete; decline development ready to commence Department of Minerals and Resources (DMR) original mine suspension order (Section 54 notice) fully lifted Mimosa PGM production 50,828 PGM ounces (25,414 PGM ounces attributable to Aquarius). Cash margin for the quarter of 36% CTRP PGM production of 1,740 PGM ounces (870 PGM ounces attributable to Aquarius) Effective cash margin of 42% Platinum Mile PGM production of 5,932 PGM ounces (2,966 PGM ounces attributable to Aquarius) Milling expansion yielding anticipated results Effective cash margin of 34% Blue Ridge Fully integrated into AQPSA operational management Mining ramp-up and concentrator commissioning in progress PGM production of 14,469 PGM ounces (7,235 PGM ounces attributable to Aquarius) Revenues and operating expenditure capitalised Production by mine `Quarter ended` PGMs (4E) `Dec 2008 Mar 2009 Jun 2009 Sep 2009` `Kroondal 109,707 104,920 105,720 88,808` `Marikana 42,451 38,851 37,753 31,223` `Everest* 31,703 - - -` `Mimosa 43,232 46,278 46,874 50,828` `CTRP 1,784 1,587 1,689 1,740` `Platinum Mile 3,103 2,788 4,479 5,932` `Blue Ridge - - - 14,469` `Total 231,980 194,424* 196,515 193,001` MINING OPERATIONS AT EVEREST MINE WERE TEMPORARILY SUSPENDED FROM THE NIGHT shift on 7 December 2008 following a subsidence incident. The mine is currently undergoing a re-establishment capex programme to ready the mine for operations. Production by mine attributable to Aquarius `Quarter ended` PGMs (4E) `Dec 2008 Mar 2009 Jun 2009 Sep 2009` `Kroondal 54,854 52,460 52,860 44,404` `Marikana 21,226 19,426 18,877 15,611` `Everest* 31,703 - - -` `Mimosa 21,616 23,139 23,437 25,414` CTRP 892 793 845 870 `Platinum Mile 1,552 1,394 2,240 2,966` `Blue Ridge - - - 7,235` `Total 131,843 97,212 98,259 96,500` MINING OPERATIONS AT EVEREST MINE WERE TEMPORARILY SUSPENDED FROM THE NIGHT shift on 7 December 2008 following a subsidence incident. The mine is currently undergoing a re-establishment capex programme to ready the mine for operations. Metals prices and exchange rate US Dollar prices increased across all PGM metals with palladium (16%) and rhodium (14%) recording the largest price increases. Platinum closed the quarter up 5% at $1,230 per PGM ounce. Platinum has now traded above $1,200 per ounce since 2 August, trading at a quarterly high of $1,339 per ounce on 16 September. Strong jewellery demand in China continues to mitigate reduced demand from the auto industry. Rhodium increased by 14% to average $1,603 per ounce for the quarter. The metal broke out of the $1,500 band on 23 July and traded above $1,600 through to the end of the quarter, closing at $1,650 per ounce. Palladium closed the quarter up by 18% at $294 per ounce and has now increased by 55% from its January 2009 price, assisted by increased exchange traded fund (ETF) activity. Average PGM basket prices achieved at Aquarius operations: US$ per PGM ounce (4E) `Basket prices (Quarter ended)` `Dec 2008 Mar 2009 Jun 2009 Sep 2009` `Kroondal 746 795 915 972` `Marikana 744 799 928 999` `Everest 746 - - -` `Mimosa 905 626 751 805` `CTRP 818 859 993 1,074` `Platinum Mile 596 810 930 1,004` `Blue Ridge - - - 967` `Aquarius Group average 770 756 879 931` Consequently, PGM basket prices in US Dollars strengthened at all operations, with the average group basket price being 6% higher at $931 per ounce compared to the previous quarter. The average basket price at the South African operations was $981 per PGM ounce, equivalent to R7,744 per PGM ounce at an average exchange rate for the period of R7.89:$1. The Rand maintained its strength against the US Dollar during the quarter, with the average Rand-Dollar exchange rate appreciating by 8% to R7.89. The Rand closed the quarter at R7.42 to the US Dollar. Financials Consolidated earnings for the quarter ended 30 September 2009 showed a net profit of $9.5 million (US 2 cents per share). Net cash profit for the quarter was $18.7 million. This is a significant improvement on the previous corresponding quarter (September 2008) when a net loss of $21.5 million was recorded due largely to the impact of significant negative sales adjustments caused by falling prices. This quarter's results reflect reduced volatility in PGM prices, which have gradually risen from the low base experienced in October-December 2008. The full upside of the price recovery was contained by a strengthening of the Rand. Revenue for the quarter was $85.8 million and is inclusive of positive sales adjustments of $8.2 million due to the flow-through of improved PGM prices experienced during the quarter. The stability and recovery in PGM prices has seen an end to the abnormally high sales adjustments experienced in the December 2008 half year. Table A: Aquarius attributable production and net profit summary by quarter `Quarter Quarter Quarter Quarter Quarter` `ended ended ended ended ended` `Sep '08 Dec '08 Mar '09 June'09 Sep '09` `4PGE production (attributable 128,366 131,843 97,212 98,259 96,500` ounces) `Revenue $178.1m $90.0m $66.7m $80.6m $77.6m` `PGM sales adjustments - realised ($71.9m) ($57.1m) $11.8m $12.3m $8.2m` & Unrealised `Total revenue $106.2m $32.9m $78.5m $92.9m $85.8m` `Net profit/loss ($20.4m) ($76.9m) $5.5m $30.2m $17.9m` `Fair value movement in - - - $3.8m ($3.4m)` derivative liability `"One - off" costs relating to - - - - ($3.2m)` the Ridge acquisition* `Income tax ($1.1m) $28.3m $1.0m ($12.4m) ($1.8m)` `Net Profit/(Loss) after tax & ($21.5m) ($48.6m) $6.5m $17.8m $9.5m` outside equity Interests PURSUANT TO IFRS BUSINESS COMBINATION STANDARD Production for the quarter was a credible 96,500 PGM ounces (including 7,235 PGM ounces from the Blue Ridge mine that was acquired from Ridge Mining in July 2009), given the disruption to operations caused by the unprotected industrial action of the employees of the underground mining contractor, Murray and Roberts Cementation (MRC) at Kroondal and Marikana. Approximately 16,000 PGM ounces of attributable production were lost due to the strike, with some impact extending into the initial part of the next quarter. Management measures, such as working additional shifts, are being implemented to recover the production lost during the course of the financial year. Consequently, reductions in unit costs did not materialise at Kroondal and Marikana. Although management plans were implemented to mitigate the impact of the industrial action, unit costs at both operations rose. The quarter also carried the full electricity tariff increase effected in June 2009, as well as higher seasonal tariffs, resulting in a 44% increase in electricity cost (despite lower consumption due to industrial action). Unit costs at Mimosa were relatively stable. Operating costs at Blue Ridge will continue to be capitalised during the ramp-up phase. As a result of reduced revenue and higher unit costs at the South African operations, margins declined for the quarter, returning a gross profit of $9.4 million. Looking to the next quarter, production costs will continue to be under pressure with increased electricity costs, wage increases implemented and a strong Rand. A return to normalised production levels should, however, result in a decrease in unit costs. Administration and other costs of $6 million included the $3.2 million "once off" costs relating to the acquisition of Ridge Mining, reported in accordance with IFRS business combination standard. Finance charges of $5.1 million for the quarter were lower as a result of the repayment of the bridge facility of $177 million in May 2009. Included in finance charges was interest expensed of $2.9 million on group debt, non-cash accretion of the convertible note $0.8 million and unwinding of the rehabilitation provision of $1.3 million. Depreciation and amortisation were in line at $9.0 million. Fair value movement in embedded derivative component of convertible bond As the convertible bond was issued in Rand and the functional currency of Aquarius is US Dollars, the convertible note represents a financial exposure. The embedded derivative portion of this convertible note is required to be measured at fair value with any movement recognised through the income statement. The derivative was fair valued at 30 September resulting in an income statement charge of $3.4million. Cash Group cash balances increased by $41 million to $194.7 million partly due to the exercise of the Ridge Mining warrants and options by Zijin ($7.8 million) and Imbani ($28 million) which were subsequently swapped for shares in Aquarius. Net operating cash flow for the quarter comprised $84.7 million from sales, $58.2 million paid to suppliers and net finance expenses of $1.6 million. Material cash flow items (other than mine operations) that affected cash balances during the quarter included capital expenditure of $10.5 million. Group cash at 30 September 2009 was held as follows: `AQP $141 million` `AQPSA $ 31 million` `ACS(SA) $ 9 million` `Mimosa $ 4 million` Ridge Mining $ 10 million `Total $195 million` `Aquarius Platinum Limited` `Consolidated Income Statement` `Quarter ended 30 September 2009` `$'000` `Quarter Ended Financial Year` `Ended` `30/09/09 30/09/08* 30/06/09` `Note: ` `Aquarius PGM Production 96,500* 128,366 455,675` (attributable ounces) `Revenue (i) 85,884 106,243 310,556` `Cost of sales (including D&A) (ii) (76,443) (104,870) (334,327)` `Gross profit/(loss) 9,441 1,373 (23,771)` `Other income 87 74 1,815` `Admin & other operating costs (iii) (6,034) (2,327) (9,919)` `Other FX movements (iv) 16,410 (23,427) (20,328)` `Fair value movement in (v) (3,415) - 3,829` derivative liability `Finance costs (vi) (5,126) (11,598) (35,968)` `Impairment (losses) - - (13,050)` `Profit/(loss) before tax 11,363 (35,905) (97,392)` `Income tax benefit/(expense) (1,815) (1,129) 15,808` `Profit/(loss) after tax 9,548 (37,034) (81,584)` `Minority interest (vii) - 15,475 (35,842)` `Net profit/(loss) 9,548 (21,559) (45,742)` `EPS (basic - cents per share) 2.1 (8.2) (13.30)` UNAUDITED * PGM PRODUCTION OF 96,500 INCLUDES 7,325 PGM OUNCES FROM BLUE RIDGE - operating costs and revenue currently capitalised. Notes on the September 2009 Consolidated Income Statement Revenue for the quarter was lower as a function of reduced production in South Africa and a lower Rand basket price given the 8% appreciation of the Rand against the US Dollar Cost of sales per PGM ounce increased as a result of higher electricity charges and reduced production in South Africa due to unprotected industrial action during the quarter Administration and other costs of $6 million included $3.2 million "once off" costs relating to the acquisition of Ridge Mining, pursuant to IFRS business combination standard Gain largely attributable to positive revaluation adjustments on intergroup debt Relates to the movement in the fair value of the derivative component of R650 million ($78 million) convertible bond issued during May 2009 Finance costs include group debt ($2.9 million), non-cash interest accretion on the convertible note ($0.8 million) and unwinding of the rehabilitation provision ($1.3 million). Minority interests no longer apply following conclusion of the final phase of the BEE flip in October 2008. `Aquarius Platinum Limited` `Consolidated Cash flow Statement` `Quarter ended 30 September 2009` `$'000` `Quarter Ended Financial Year Ended` `Note: 30/09/09* 30/09/08 30/06/09` `` `Net operating cash inflow (i) 28,124 90,637 13,219` `Net investing cash outflow (ii) (44,219) (11,499) (74,593)` `Net financing cash inflow/(outflow) (iii) 48,729 (26,205) 38,754` `Net increase (decrease) in cash held 32,634 52,933 (22,620)` `Opening cash balance 153,600 170,956 170,956` `Exchange rate movement on cash 8,421 (10,064) 5,264` `Closing cash balance 194,655 213,825 153,600` UNAUDITED Notes on the September 2009 Consolidated Cash flow Statement Net operating cash flow for the September quarter includes $84.7 million inflow from sales, $58.2 million paid to suppliers and net finance income of $1.6 million. Includes development and plant and equipment expenditure of $10.5 million. Includes exercise of Ridge options $39.7 million and net movement in borrowings $6.0 million `Aquarius Platinum Limited` `Consolidated Balance Sheet` `At 30 September 2009` `$'000` `Quarter Financial` `Year` `Ended Ended` `30 Sept 2009 30 June` 2009* `Note: $'000 $'000` Assets `Cash assets 194,655 153,600` `Current receivables (i) 127,753 119,866` `Other current assets (ii) 52,539 43,652` `Property, plant and equipment (iii) 305,952 230,057` `Mining assets (iv) 376,440 270,374` `Intangibles (v) 77,737 74,167` `Other non-current assets (vi) 27,585 25,287` `Total assets 1,162,661 917,003` Liabilities `Current liabilities (vii) 81,233 81,514` `Non-current payables (viii) 6,467 1,555` `Non-current interest-bearing liabilities (ix) 120,385 70,034` `Other non-current liabilities (x) 175,847 155,730` `Total liabilities 383,932 308,833` `Net assets 778,729 608,170` Equity `Parent entity interest 778,729 608,170` `Total equity 778,729 608,170` UNAUDITED Notes on the September 2009 Consolidated Balance Sheet Reflects debtors receivable on PGM concentrate sales Reflects PGM concentrate inventory, reef stockpiles and consumables stores Represents plant and equipment within the Group Mining assets reflects Kroondal, Marikana, Mimosa, Everest and Ridge mining (mining rights) Platinum Mile Resources acquisition Includes recoverable portion of rehabilitation provision from P&SA partner ($12.2 million), investment in rehabilitation trust ($12.6 million) and investments in unlisted entities ($2.8 million) Includes trade creditor and other payables. Includes rehabilitation obligations on P&SA1 and P&SA2 structures. Includes convertible note liability ($73.5 million), derivative liability ($9.5 million), Ridge group loans ($35.5 million) and other loans (1.6 million). Reflects deferred tax liabilities $106.6 million, provision for closure costs $69.3 million. AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 100%) P&SA 1 at Kroondal Safety The 12-month rolling average disabling injury incidence rate (DIIR) for the quarter improved to 0.66 per 200,000 hours worked from 0.74 in the previous quarter. Only five lost-time injuries were reported during the quarter, a 50% improvement in the number of lost-time injuries compared with the previous quarter. Kroondal Mine was recognised for achieving one million fatality free shifts on 21 August 2009. Mining Operations at Kroondal were significantly impacted by unprotected industrial action by employees of the underground mining contractor, MRC, which resulted in the eventual dismissal of the workforce. The underground mining contract at the K5 shaft was successfully transferred from Redpath Mining to MRC to consolidate operations under one contractor, albeit with some production lost during the process Production tonnes for the quarter decreased by 16% to 1,365,911 tonnes Head grade improved marginally from 2.58 g/t to 2.63 g/t Processing Tonnes processed decreased by 18 % to 1,323,505 tonnes Recoveries increased by 0.2% to 79.1% PGM production decreased by 16 % to 88,808 PGM ounces Revenue The Kroondal Dollar-denominated basket price improved by 6% to an average of $972 per PGM ounce. The improvement was, however, offset by Rand strength, and resulted in the Kroondal Rand-denominated basket weakening by 2.7% compared with the previous quarter. Pricing stability contributed to lower PGM sales adjustments, which reduced from R113 million in Q4 (2009) to R58 million in Q1 (2010). The decrease in production, the lower Rand basket price and decreased PGM sales, negatively affected revenue for the quarter, which decreased by 23% to R638 million (R319 million attributable to Aquarius). Operations The underground mining contract at the K5 shaft was successfully transferred from Redpath to MRC during the quarter. The contract transfer was motivated by operational and equipment synergies that could be realised, benefiting the K5 shaft in terms of production and cost improvements. Although the transfer process proceeded according to plan, it did result in lower production during the handover. Unprotected industrial action by employees of the underground mining contractor, MRC on three of the Kroondal shafts during September 2009, had a significant impact on production. This unprotected industrial action, which eventually resulted in a mass dismissal of the workforce, took place despite a wage settlement of 10.2% having been agreed between MRC and the National Union of Mineworkers (NUM). Disruptive and intimidatory action by former employees prevented effective recruitment from the dismissed employee base, requiring a greater component of those recruited to be new employees, thus delaying the engagement, training and deployment plan. The above factors resulted in on-reef stoping square metres mined decreasing by 24% and primary development decreasing by 8% during the quarter. Primary development for the quarter was 1,683 metres. Sweepings increased by 137% from the previous quarter and tonness produced decreased by 16% to 1,365,911tonnes for the quarter (ROM tonnage excludes 34,797 tonnes transferred to Marikana). Planned maintenance was performed on the K1 ball mill girth gear at the beginning of the quarter, while down-time as a result of the strike was used to undertake the relining of the primary and secondary mills of the K2 concentrator. Processed tonnes decreased by 18% to 1,323,505 tonnes with stockpiles at the end of the quarter totalling 57,116 tonnes. Grade control initiatives increased the head grade by 2%, resulting in an average grade of 2.63g/t for the quarter despite a 7% decrease in the in situ grade. This was primarily due to a reduction in footwall waste and waste off-reef mining being packed underground. Recoveries also increased marginally to 79.1% due to improvement initiatives in operational stability and control. PGM production decreased by 16% to 88,808 PGM ounces (44,404 ounces attributable to Aquarius). Kroondal: Metal in concentrate produced (PGM ounces) `Quarter ended Pt Pd Rh Au PGMs Attributable` `to Aquarius` `Sep 2009 52,287 26,366 9,708 447 88,808 44,404` `Jun 2009 62,535 31,158 11,492 535 105,720 52,860` `Mar 2009 62,281 30,728 11,411 500 104,920 52,460` `Dec 2008 65,075 32,161 11,941 530 109,707 54,854` Operating cash costs Extensive management plans were implemented to mitigate the impact of the industrial action but cash costs per tonne increased by 16% to R392 and costs per PGM ounce increased by 13% to R5,847 as a result of the decrease in production. The quarter also carried the full electricity tariff increase of June 2009 as well as higher seasonal tariffs, resulting in a 44% increase in electricity cost despite lower consumption. Costs associated with the relining activities were also expensed during the quarter. As a result of reduced revenue and higher unit costs, Kroondal Mine achieved a lower cash margin for the period of 19% compared with 34% in the previous quarter. Kroondal: Operating cash costs per ounce `4E 6E 6E net of by-products` `(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu)` `Kroondal 5,847 4,783 4,635` Capital expenditure Capital expenditure for the quarter was R30 million, all stay-in-business capital. Major items included the establishment of underground infrastructure. This is a 57% reduction against the previous quarter, primarily due to cash curtailment during the strike period. The capital expenditure required to maintain production levels has been spent, however, and is up to date. Firstplats transaction The Firstplats transaction was concluded during the quarter, resulting in a pro-rata addition of 0.46 million ounces of reserves into the P&SA1, thereby extending the life-of-mine of Kroondal in excess of one year. The additional reserves are down-dip of central shaft and will be mined from existing shaft infrastructure requiring only stay-in-business capital expenditure and enabling cost efficient ore extraction (refer to the Corporate matter section for a more detailed description of the transaction). P&SA2 at Marikana Safety The 12-month rolling average DIIR for the quarter deteriorated to 1.26 per 200,000 hours worked from 0.91 in the previous quarter. Five lost-time injuries were reported during the quarter. This deterioration is cause for concern and management measures have been implemented to reverse this trend. Mining Underground operations at Marikana were significantly affected by unprotected industrial action by MRC employees which resulted in the eventual dismissal of the workforce Open-pit production and costs were affected by the pothole intersection reported in the previous quarter Production tonnes increased by 0.15% to 551,944 tonnes, comprising 335,988 tonnes from underground and 216,006 tonnes from open-pit operations Head grade decreased by 5% to 2.60 g/t due to the increase in underground tonnes Processing Tonnes processed decreased by 10% to 557,668 tonnes Recoveries decreased by 3% to 67% PGM production decreased by 17% to 31,222 ounces (15,611 ounces attributable to Aquarius) Revenue The Dollar-denominated Marikana basket price averaged $999 per PGM ounce, 7.7% higher than the previous quarter, while the Rand-Dollar exchange rate averaged R7.89 for the quarter. This resulted in the Marikana Rand-denominated basket price decreasing by 1.4% against the previous quarter. Pricing stability also contributed to lower PGM sales adjustments, which reduced from R50.1 million in Q4 (2009) to R26.7 million in Q1 (2010). Quarterly revenue at Marikana decreased by 26% to R229 million (R115 million attributable to Aquarius) on the basis of lower production and a weaker basket price. Operations The quarter was significantly affected by the unprotected industrial action of the employees of the underground mining contractor, MRC on both of the Marikana shafts during September 2009. This unprotected industrial action took place despite a wage settlement of 10.2% having been agreed between MRC and the NUM, which eventually resulted in a mass dismissal of the workforce. As at Kroondal, disruptive and intimidatory action by former employees prevented effective recruitment from the dismissed employee base, requiring a greater component of those recruited to be new employees which delayed the engagement, training and deployment plan. At both the No.1 and No.4 shafts, the focus remained on primary development and redevelopment to negate the effect of a high incidence of potholing and geological features. Primary development reduced by 10% from the previous quarter, and re-development was 20% lower as a result of the industrial action. The amount of mining currently done adjacent to potholes has negatively influenced the in-situ grade, leading to a much lower grade being mined. This was exacerbated by the focus on development after the industrial action, resulting in lower grades due to higher than normal waste contribution. The grade is expected to improve as stoping tonnes increase and panels move away from pothole areas. Underground production increased by 6% from the previous quarter to 335,988 tonnes (tonnage includes 34,797 tonnes transferred from Kroondal). Open-pit mining was affected by a significant pothole intersection in the ROM pit as identified during the previous quarter. Infill drilling was completed, confirming a reserve loss of approximately 170,000 tonnes due to thin reef in the pothole area. Establishment of the West-West pit was expedited in order to mitigate the production loss, with a 41% increase in the volume of waste bulk cubic metres moved during the period. The lower reef yield from the ROM pit and the establishment of the West-West pit resulted in the stripping ratio increasing to 28:1 during the quarter. This influenced the open-pit production cost, which increased by 19%, despite open-pit production decreasing by 8% to 216,006 tonnes on a quarter-on-quarter basis. The West-West Pit yielded predominantly shallow material and the production emphasis is to access lower mining levels for "fresh" reef which will become available in the next quarter. Processed tonnes for the quarter were much lower due to ore availability resulting in oxide material being processed to maintain production. Volumes processed totalled 557,669 tonnes, 10% down on the previous quarter. The head grade decreased by 5% to 2.60g/t due to the change in mining mix and lower-than-expected grade from underground as a result of geological anomalies. Recoveries were also 3% lower at 67% compared with the previous quarter, primarily due to the oxide material and shallow material arising from the West-West pit. PGM production for the quarter decreased by 17% to 31,222 PGM ounces (15,611 PGM ounces attributable to Aquarius). Marikana: Metal in concentrate produced (PGM ounces) `Quarter ended Pt Pd Rh Au PGMs Attributable` `to Aquarius` `Sep 2009 19,515 8,407 3,100 200 31,222 15,611` `Jun 2009 23,155 10,368 4,010 220 37,753 18,877` `Mar 2009 23,673 10,908 4,034 236 38,851 19,426` `Dec 2008 26,193 11,733 4,256 268 42,450 21,226` Operating cash costs Cash costs per tonne increased by 12% to R442, while costs per PGM ounce increased by 22% to R7,899, a result of the production constraints of both the open pit and underground operations. The changes made to the open pit profile to negate the issues relating to ground conditions repeatedly filtered through to the open pit cost profile. The industrial action in September and subsequent loss in production from underground operations had a negative impact on unit costs. With the low output from the mining operations, the process plant could not be optimized, which in turn had a negative impact on the process plant and other fixed costs. Gross revenue decreased by 26% to R229 million as a result of lower production and the strengthening of the Rand-Dollar exchange rate. As a result, Marikana Mine shows a negative cash margin for the period of 8%. Marikana: Operating cash costs per ounce `4E 6E 6E net of by-products` `(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au) (Ni&Cu)` `Marikana 7,899 6,524 6,317` Capital expenditure Stay-in-business capital expenditure totalled R15.4 million, a reduction of 19%. This consisted primarily of underground infrastructure establishment. All critical capital expenditure is up to date. Firstplats transaction The Firstplats transaction was concluded during the quarter, resulting in an addition of 0.54 million ounces of reserves into the P&SA 2, thereby extending Marikana's life-of-mine in excess of two years. The additional reserves are contiguous to 1 and 4 shafts and will preclude the need for longer term vertical shafts, thereby very significantly reducing the life-of-mine capital requirement. (Refer to the Corporate matter section for a more detailed description of the transaction) Contractor dispute with Moolman Mining During March 2009, AQPSA and Moolman Mining agreed that the dispute relating to AQPSA resiling from the contract originally concluded between AQPSA and Moolman Mining on the basis of misrepresentation by Moolman Mining and Moolman Mining's conditional counter claims, would be referred to trial and would not be subject to arbitration. As a result, the original arbitration instituted by Moolman Mining against AQPSA relating to the application of the rise and fall formula in that contract, will be indefinitely suspended pending the outcome of the trial proceedings. This agreement was made an order of court with the consent of both parties and provisional dates in September 2010 have been allocated for the trial. Everest Mine The DMR has removed the original suspension instruction (section 54 notice) which was issued after the suspension of operations at Everest, allowing normal mining operations to resume. Phase 1 of the re-establishment project commenced in June 2009 with the excavation of the North box cut, storm water earthworks, the installation of temporary services and an access road. The North box cut excavation was completed at the end of the quarter. The mining team is in the process of supporting the high wall following which the development of the three declines will begin. The South box cut will be excavated during quarter 2 with the single end development planned to begin towards the end of the quarter. Phase 1 was specifically scoped to be completed in the period before the start of the rainy season and the decline shafts are planned to hole with the current mine in May 2010. Compilation of the detail engineering designs associated with Phase 2 is in process, and preliminary capital budget estimates (CBE) are being finalised. The capital requirement for the entire project (including Phase 1) will be approximately R259 million. The project includes the establishment of permanent underground services, the reclamation of infrastructure, the equipping of declines and strike sections and the re-establishment of stoping sections. Permanent surface infrastructure, such as mine services, roads and overland conveyers, will also be completed during this phase. This preparation, coupled with early production from the open pit operation, will enable ramp-up of underground production, with reef stockpiling prior to resumption of milling operations. Completion of Phase 2 and production ramp-up to process plant resumption will require approximately 10 months. Project execution is proceeding as anticipated to place Everest in a state of readiness to resume operations. The decision to resume operations will, however, be made in the context of prevailing metals prices and market conditions at the time. MIMOSA INVESTMENTS (Aquarius Platinum 50%) Mimosa Platinum Mine Safety The 12-month rolling average DIIR for the quarter remained stable at 0.10 from the previous quarter. Two lost-time injuries were recorded during the quarter. Mining Underground production increased by 3% to 539,475 tonnes Head grade decreased slightly by 0.28% to 3.59g/t The surface stockpile decreased to a total 196,075 tonnes at the end of the quarter, equivalent to almost one-month mill feed Processing Concentrator plant recoveries increased to 76.3% from 75.3% Total mine production increased by 8% to 50,828 PGM ounces (Aquarius share: 25,414 PGM ounces) Revenue The average achieved PGM basket price for the quarter increased by 7% to $805 per PGM ounce. The average achieved nickel price over the quarter increased by 42% to $6.86 per pound from $4.84 per pound the previous quarter. Revenue for the quarter increased to $44.2 million, with base metals accounting for approximately 25% of revenue. The cash margin increased to 36% from 28% in the previous quarter, mainly due to the firming of metal prices. Operations During the quarter mining operations hoisted 539,475 tonnes compared to 525,682 tonnes in the previous quarter. Tonnes milled during the quarter totalled 576,616 tonnes, with 37,141 tonnes being taken from the stockpile, which totalled 196,075 tonnes at the quarter end. The average plant grade decreased marginally to 3.59g/t, compared to 3.60g/t in the previous quarter. Tonnes processed totalled 576,616, a 7% increase compared to the previous quarter. Recoveries for the quarter increased slightly to 76.3% from 75.3%. PGM production during the quarter increased by 8% to 50,828 ounces (25,414 ounces attributable to Aquarius). Mimosa: PGMs in concentrate produced (ounces) `Quarter ended Pt Pd Rh Au PGMs Attributable to Aquarius` `Sep 2009 25,691 19,569 2,096 3,473 50,829 25,414` `Jun 2009 23,910 17,979 1,851 3,135 46,875 23,437` `Mar 2009 23,590 17,905 1,797 2,986 46,278 23,139` `Dec 2008 21,903 16,678 1,753 2,898 43,232 21,616` Mimosa: Base metals in concentrate produced (tons) `Mine production Attributable to Aquarius` `Quarter ended Ni Cu Co Ni Cu Co` `Sep 2009 705 572 19 352.5 286.0 9.5` `Jun 2009 667 534 18 333.5 267.0 9` `Mar 2009 659 545 18 329.5 272.5 9` `Dec 2008 615 497 18 307.5 248.5 9` Operating cash costs Cash costs per ROM tonne remained static at $49, while costs per PGM ounce declined slightly to $561. The gross cash margin increased to 36% from 28% in the previous quarter mainly due to the firming of PGM basket prices. Net of by-products, cash costs were $318 per PGM ounce, compared with $379 per PGM ounce in the previous quarter, primarily due to a rise in the prices of base metals. Mimosa operating cash costs per ounce `4E 6E 4E net of by-products` `(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au)` `(Ni, Cu & Co)` `Mimosa 562 534 317` Update on foreign currency regime in Zimbabwe Since the introduction of the use of multi-currencies in the economy in January 2009, there have not been any changes in the foreign currency environment. The US Dollar and the South African Rand remain the most widely used currencies in the economy. Any changes to the foreign currency environment that may come will be announced in the 2010 Fiscal Budget expected during the second quarter. AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%) Safety The DIIR remained at 0. Processing Material processed decreased marginally to 68,894 tonnes Grade remained stable at 2.20g/t Recoveries increased by 14% to 36% Production increased to 1,740 PGM ounces (870 PGM ounces attributable to Aquarius) Revenue The achieved mine basket price for the quarter averaged $1,074 per PGM ounce, 8% higher than the previous quarter. The achieved mine Rand-Dollar exchange rate averaged R7.89/$ for the quarter. Operations Material processed decreased to 68,894 tonnes. This was due to the repositioning of the reclamation facilities on the chrome dump source. The head grade remained stable at 2.20g/t. Recoveries increased by 16% to 36%. This resulted in production being up 3% to 1,740 PGM ounces (Aquarius attributable: 870 PGM ounces). CTRP: Metal in concentrate produced (PGM ounces) `Quarter ended Pt Pd Rh Au PGMs (4E)` `Sep 2009 1,048 381 308 3 1,740` `Jun 2009 1,024 369 292 4 1,689` `Mar 2009 966 351 267 3 1,587` `Dec 2008 1,078 404 297 4 1,783` Operating costs Cash costs increased by 26% to R3,380 per PGM ounce. This is mainly attributable to maintenance on the Deswik mill. The cash margin for the period was 42%, a decrease from 49% in the previous quarter. CTRP Operating cash costs per ounce `4E 6E 4E net of by-products` `(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au)` `(Ni, Cu& Co)` `CTRP 3,380 2,293 2,194` Platinum Mile (Aquarius Platinum 50%) Safety The DIIR was zero for the quarter. Processing Tailings processed totalled 1,977 million tonnes which was consistent with the 2,101 million tonnes processed in the previous quarter PGM grade was 0.69g/t, an increase of 17% on the previous quarter Milling expansion yielding anticipated results Production was 5,932 PGM ounces (2,966 PGM ounces attributable to Aquarius) Revenue The achieved mine basket price for the quarter averaged $1,004 per PGM ounce, 8% higher than the previous quarter, and together with improved production results, helped to increase revenue by 33%. The achieved mine Rand-Dollar exchange rate averaged R7.78/$ for the quarter. Quarterly revenue increased by 33% to R40 million (Aquarius attributable: R20 million). Operations Production levels increased by 32% during the quarter. The completion of the milling expansion is now yielding the anticipated results. Full monthly production rates were achieved during September 2009. During the quarter the feed head grade increased to 0.69g/t compared to 0.59g/t the previous quarter. Recoveries increased to 14% compared to 11% in the previous quarter. As a result, production increased 32% to 5,932 PGM ounces (Aquarius attributable: 2,966 ounces). Target production at Platinum Mile remains 35,000 ounces per annum. A table of monthly production statistics indicating the improved recoveries follows, illustrating the achievement of the milling expansion benefits. Platinum Mile: Monthly tonnes and recoveries `Jul 09 Aug 09 Sep 09` `Tons 650,688 706,262 620,017` `Grade 0.73 0.66 0.69` `Production ounces 1,116 1,885 2,930` `Recovery % 7% 13% 21%` Platinum Mile: Metal in concentrate produced (PGM ounces) `Quarter ended Pt Pd Rh Au PGMs (4E)` `Sep 2009 3,440 1,839 534 119 5,932` `Jun 2009 2,598 1,388 403 90 4,479` `Mar 2009 1,617 864 251 56 2,788` `Dec 2008 1,799 962 279 63 3,103` Operating costs Cash costs increased 13% to R3,157 per PGM ounce, largely as a result of the increase in power costs from Eskom. Platinum Mile operating cash costs per ounce `4E 6E 4E net of by-products` `(Pt+Pd+Rh+Au) (Pt+Pd+Rh+Ir+Ru+Au)` `(Ni, Cu& Co)` `Platinum Mile 3,157 Nm Nm` Capital expenditure Capital expenditure for the quarter was R1.5 million. The expansion and fine milling project is now complete and within the budget of R59 million. Blue Ridge Platinum Safety The 12-month rolling average DIIR for the quarter deteriorated to 0.47 from 0.32 in the previous quarter. Five lost-time injuries were reported during the quarter. Mining Underground operations produced 191,968 tonnes during the period Head grade averaged 2.58g/t Stockpiles at the end of the quarter totalled 279,832 tonnes Processing Tonnes processed for the quarter was 269,008 tons Recoveries of 76.6% were achieved at the end of the period 14,469 PGM ounces were produced Revenue The achieved mine basket price for the quarter averaged $970 per PGM ounce with a Rand/Dollar exchange rate of R7.90/$ for the quarter. Consequently revenue was R102 million for the quarter (Aquarius attributable: R51 million). All revenue is off-set (capitalised) against the project cost, therefore no revenue is recognised in the income statement. Operations Development totalled 2,591 metres for the period with the decline and level development performing to target. Equipping of the main conveyor decline is on track with installation of all services completed on schedule. Underground mining progressed well during the quarter with 191,968 tonnes being produced. Underground mining is ramping up as planned and no significant geological or mining problems have been experienced. Stoping teams are being recruited and trained as stoping panels are being made available by the development teams. The restructuring of the operation to reduce the fixed cost base was finalised and the retrenchment of excess services employees was completed at the end of the quarter. The plant commissioning experienced interruptions during the commissioning phase and 269,008 tonnes were processed during the quarter. These interruptions are normal during the commissioning phase, and process plant availability and stability is expected to improve. A steady ramp-up in tonnage throughput is anticipated in the next quarter. Concentrator throughput in the quarter was supported by stockpile consumption as planned.Stockpiles at the end of the quarter were 279,832 tons, consisting predominantly of previously mined development material. The head grade averaged 2.58g/t for the quarter, influenced by the consumption of lower-grade development stockpile material. PGM production was 14,469 PGM ounces (Aquarius attributable: 7,235 ounces). Blue Ridge: Metal in concentrate produced (PGM ounces) `Quarter Pt Pd Rh Au PGMs Attributable to` `ended (4E) Aquarius` `Sep 2009 8,598 4,383 1,347 141 14,469 7,235` `Jun 2009 - - - - - -` `Mar 2009 - - - - - -` `Dec 2008 - - - - - -` Operating cash costs Operating costs will continue to be capitalised during the ramp-up phase. Gross revenue increased by 400% to R102 million, principally as a result of the increase in ounce production. Capital expenditure Capital expenditure for the quarter was R27 million, mainly on the completion of capital projects e.g. an 3MVA power line, service water dams, critical spares for the plant and increasing infrastructure underground. CORPORATE MATTERS Completion of Recommended All-Share Offer for Ridge Mining plc In July, Aquarius completed the scheme of arrangement relating to the recommended all share acquisition of Ridge in accordance with the terms outlined in the prospectus issued on 31 March 2009. Aquarius issued 34,087,945 common shares on the basis of 1 Aquarius share for every 2.75 Ridge shares in issue. Ridge Mining is now 100%-owned by Aquarius Platinum Limited. More information and a full prospectus can be found at www.aquariusplatinum.com As part of the Ridge Mining plc (Ridge) transaction, and as disclosed in the prospectus on 30 March 2009, Zijin Mining Group Company (Zijin) and Imbani Platinum (Pty) Ltd (Imbani) exercised their existing holdings in Ridge for new fully paid common shares in Aquarius. These holdings were in existence prior to the scheme of arrangement between Ridge and its shareholders relating to the all share acquisition by Aquarius of Ridge. On 27 August, Zijin exercised 7,000,000 Ridge warrants for 2,545,454 Aquarius shares. These were issued to Zijin's wholly-owned subsidiary Gold Mountains (H.K.) International Mining Co., Limited on the basis of 1 Aquarius share for every 2.75 Ridge shares. On 8 September, Imbani exercised 25,000,000 Ridge options for 9,090,909 Aquarius shares on the basis of 1 Aquarius share for every 2.75 Ridge shares. The aggregate exercise price of these options is GBP17.5 million (GBP0.70 per Ridge option). During the quarter, Aquarius issued 471,849 new fully paid common shares to former employees of Ridge, following the exercise of Ridge employee options and the subsequent transfer of the resulting 1,297,590 Ridge shares to Aquarius on the basis of 1 Aquarius share for every 2.75 Ridge share. Conclusion of Firstplats transaction The transaction to acquire the mining assets of First Platinum (Pty) Ltd and Salene Mining (Pty) Ltd, known collectively as "FirstPlats" was concluded during the quarter. TheFirstPlats assets have a combined reserve base of 0.54 million PGM ounces. Aquarius will add the additional reserves and FirstPlats mining infrastructure to the Marikana P&SA 2, with the P&SA partner contributing a pro-rata addition of 0.46 million ounces that will be added to the Kroondal Mine, P&SA 1. In total, the additional reserves will extend the life of mine at Marikana by in excess of two years and Kroondal by just more than one year. The P&SA 1 reserve base contribution is contiguous to Kroondal Mine. The FirstPlats assets are strategically important to Marikana Mine because the ground is contiguous with current operations and provides significant infrastructure cost savings with the ongoing development of the mine. The total consideration to FirstPlats is 2,732,000 new shares in Aquarius Platinum (representing 0.6% of the enlarged share capital of Aquarius) to be issued at nominal value on fulfilment of the Conditions Precedent. The FirstPlats assets, privately held by First Platinum and Salene Mining, are contiguous with Aquarius' Marikana operations. The assets have a reserve base of 0.55 million ounces from 5.22 million tonnes with an average grade of 3.28 g /t PGM. The acquisition of the FirstPlats assets includes both the FirstPlats and the Salene old order mining rights, the surface rights of both companies and the fixed and movable assets of both companies, inclusive of installed power of 10MVA, from Eskom. There are two declines bordering the Marikana mine, which have been developed since 2004. The operations had a combined design capacity of 50,000 ROM tonnes per month. The Firstplats assets have been on care and maintenance for the last three years, principally due to the lack of critical mass and market conditions. A total of 2,732,000 million new Aquarius shares will be issued to the shareholders of FirstPlats on the LSE, equal to 0.59%, of the total number of issues shares in Aquarius of 461,647,961. The shares will be issued on completion of the conditions precedent set out below. This values the issue at £8.2m (equal to approximately R100 million at an exchange rate of £1:R12.30). The addition of the FirstPlats and P&SA 1 reserves are value enhancing for a number of reasons: Reserves of 540,000 4PGE ounces, further extending life of Marikana P&SA II by in excess of two years. Shallow reserves that can be mined by Aquarius' established cost-effective mechanised mining methods. Reserves are adjacent and contiguous with Marikana P&SA 2 mining areas. FirstPlats location and infrastructure permits rapid down-dip access into Marikana P&SA 2 reserves and very significantly lowers life-of-mine capital requirements. Existing old order mining rights still remain valid, enabling immediate access to Aquarius, under the contract mining agreements, while application for new order rights in process. Kroondal P&SA 1 contribution will add 460,000 4PGE ounces to Kroondal. Estimated to extend the Kroondal P&SA 1 mine life by just over a year. Property contiguous to Kroondal Central and East mining areas, enabling low cost access and extraction from existing infrastructure. Approval has been received from the South African Competition Commission. Aquarius Platinum Limited Incorporated in Bermuda Exempt company number 26290 Board of Directors Nicholas Sibley Non-executive Chairman `Stuart Murray Chief Executive Officer` `David Dix Non-executive` Timothy Freshwater Non-executive `Edward Haslam Non-executive` Sir William Purves Non-executive `Kofi Morna Non-executive` Zwelakhe Mankazana Non-executive Audit/Risk Committee Sir William Purves (Chairman) David Dix Edward Haslam Nicholas Sibley Remuneration/Succession Planning Committee Edward Haslam (Chairman) Nicholas Sibley Nomination Committee The full Board comprises the Nomination Committee Company Secretary Willi Boehm AQPSA Management `Stuart Murray Executive Chairman` `Hugo Höll Managing Director` `Hélène Nolte Director: Finance` `Hulme Scholes Commercial Director` `Anton Lubbe Operations Director: West` `Anton Wheeler Operations Director: East` `Graham Ferreira General Manager: Group Admin & Company Secretary` `Mkhululi Duka General Manager: Group Human Resources & Transformation` `Abraham van Ghent General Manager: Kroondal` `Wessel Phumo General Manager: Marikana` `Gabriel de Wet General Manager: Engineering` Augustine Simbanegavi General Manager: Everest `Anthony Joubert General Manager: Blue Ridge` ACS (SA) Management Paul Smith Director: New Business Mimosa Mine Management `Winston Chitando Managing Director` Herbert Mashanyare Technical Director `Peter Chimboza Resident Director` `Fungai Makoni General Manager & Company Secretary` Platinum Mile Management Richard Atkinson Managing Director `Paul Swart Financial Director` Issued Capital At 30 September 2009, the Company had on issue: 461,647,961 shares fully paid common shares and 1,128,125 unlisted options. Substantial Shareholders 30 September 2009 Number of Shares Percentage `Savannah Consortium 68,658,728 14.87` `HSBC Custody Nominees (Australia) Limited 29,330,983 6.35` Trading Information ISIN number BMG0440M1284 ADR ISIN number US03840M2089 Convertible Bond ISIN number BMG0440M1284 `Broker (LSE) (Joint) Broker (ASX) Sponsor (JSE)` Liberum Capital Limited City Point, 1 Ropemaker `Street, London, EC2Y 9HT Euroz Securities Rand Merchant Bank` `Telephone: +44 (0) 20 3100 Level 14, The (A division of FirstRand` `2000 Quadrant Bank Limited)` `1 William Street, 1 Merchant Place` `Merrill Lynch Bank of Perth WA 6000 Cnr of Rivonia Rd and` `America Telephone: +61 Fredman Drive, Sandton 2146` `2 King Edward St (0) 8 9488 1400 Johannesburg South Africa` London, EC1A 1HQ Telephone: +44 (0)20 7628 1000 Aquarius Platinum (South Africa) (Proprietary) Ltd 100% Owned (At 31 March 2009) (Incorporated in the Republic of South Africa) Registration Number 2000/000341/07 1st Floor, Building 5, Harrowdene Office Park, Western Service Road, Woodmead 2191, South Africa `Postal Address: PO Box 76575, Wendywood, 2144,` South Africa. `Telephone: +27 (0)11 656 1140` `Facsimile: +27 (0)11 802 0990` Aquarius Platinum Corporate Services Pty Ltd 100% Owned (Incorporated in Australia) ACN 094 425 555 Level 4, Suite 5, South Shore Centre, 85 The Esplanade, South Perth, WA 6151, Australia `Postal Address: PO Box 485, South Perth, WA` 6151, Australia `Telephone: +61 (0)8 9367 5211` `Facsimile: +61 (0)8 9367 5233` `Email: info@aquariusplatinum.com` For further information please visit aquariusplatinum.com or contact: In Australia Willi Boehm +61 (0)8 9367 5211 In the United Kingdom and South Africa Stuart Murray Hugo Höll + 27 11 656 1140 Glossary `A$ Australian Dollar` Aquarius Aquarius Platinum Limited `ABET Adult Basic Education Training programme` `APS Aquarius Platinum Corporate Services Pty Ltd` `AQPSA Aquarius Platinum (South Africa) Pty Ltd` ACS (SA) Aquarius Platinum (SA) (Corporate Services) (Pty) Limited `BEE Black Economic Empowerment` `BRPM Blue Ridge Platinum Mine` `CTRP Chromite Ore Tailings Retreatment Operation. Consortium comprising` `Aquarius Platinum (SA) (Corporate Services) (Pty) Limited (ASACS),` `Ivanhoe Nickel and Platinum Limited and Sylvania South Africa (Pty)` `Ltd (SLVSA).` `DIFR Disabling injury frequency rate - being the number of lost-time` `injuries expressed as a rate per 1,000,000 man-hours worked` `DIIR Disabling injury incidence rate - being the number of lost-time` `injuries expressed as a rate per 200,000 man-hours worked` `DME former South African Government Department of Minerals and Energy` `Affairs` `DMR South African Government Department of Mineral Resources and Energy,` `formerly the DME` `Dollar United States Dollar` or $ `EMPR Environmental Management Programme Report` Everest Everest Platinum Mine `Great A PGE bearing layer within the Great Dyke Complex in Zimbabwe` Dyke Reef `g/t Grams per tonne, measurement unit of grade (1g/t = 1 part per million)` `JORC Australasian code for reporting of Mineral Resources and Ore Reserves` code `JSE JSE Limited` Kroondal Kroondal Platinum Mine or P&SA1 at Kroondal `LHD Load haul dump machine` Marikana Marikana Platinum Mine or P&SA2 at Marikana `Mimosa Mimosa Mining Company (Private) Limited` `MRC Murray & Roberts Cementation, principal mining contractor at Kroondal` `nm Not measured` `NOSA National Occupational Safety Association` `NUM South African National Union of Mineworkers` `PGE(s) Platinum group elements plus gold. Five metallic elements commonly` `(6E) found together which constitute the platinoids (excluding Os` `(osmium)). These are Pt (platinum), Pd (palladium), Rh (rhodium), Ru` `(ruthenium), Ir (iridium) plus Au (gold)` `PGM(s) Platinum group metals plus gold. Aquarius reports the PGMs as` `(4E) comprising Pt+Pd+Rh plus Au (gold) with the Pt, Pd and Rh being the` `most economic platinoids in the UG2 Reef` `P&SA1 Pooling & Sharing Agreement between AQPSA and RPM Ltd on Kroondal` `P&SA2 Pooling & Sharing Agreement between AQPSA and RPM Ltd on Marikana` `R South African Rand` Redpath Redpath Mining South Africa Pty Ltd. `Ridge Ridge Mining plc` `ROM Run of mine. The ore from mining which is fed to the concentrator` `plant. This is usually a mixture of UG2 ore and waste.` `RPM Rustenburg Platinum Mines Limited` SavCon The Savannah Consortium - the principal Black Empowerment Investor in `Aquarius Platinum` `TKO TKO Investment Holdings Limited` `Tonne 1 Metric tonne (1,000kg)` UG2 Reef A PGE-bearing chromite layer within the Critical Zone of the Bushveld `Complex` `Z$ Zimbabwe Dollar` END More
23-10-09	Aquarius Platinum - Issue of New Securities	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 23 October 2009 Issue of New Securities Aquarius has issued 430,590 new fully paid common shares to former employees of Ridge Mining Limited (Ridge) following the transfer of 1,184,125 Ridge shares to Aquarius on the basis of 1 Aquarius share for every 2.75 Ridge Share. The Ridge shares arose as a result of the exercise of Ridge options that were in existence prior to the scheme of arrangement between Ridge and its shareholders relating to the all share acquisition by Aquarius of Ridge. The total number of shares on issue is 462,094,914. For further information please visit www.aquariusplatinum.com or contact: In Australia: Willi Boehm Aquarius Platinum Corporate Services +61 8 9367 5211 In South Africa: Charmane Russell +27 (0) 880 3924 REGISTERED OFFICE Aquarius Platinum Limited - Clarendon House - 2 Church Street - Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 DATE TOP COME END More
15-10-09	Aquarius Platinum - Annual Information Update	PRN
AQUARIUS PLATINUM LIMITED 15 October 2009 ANNUAL INFORMATION UPDATE In accordance with Prospectus Rule 5.2, the following information has been published or made available to the public in the previous twelve months. The following announcements have been made available via a Regulatory Information Service: `Date of Regulatory Headline` announcement `27/10/08 Aquarius completes Final Phase of BEE` `transaction` `27/10/08 Appendix 3B` `27/10/08 Notice under Section 708(A)(5)(e) of the` `Corps Act 2001` `28/10/08 Quarterly Report 30 September 2008` `29/10/08 Disclosure of Interest in Shares` `31/10/08 Annual Report 2008` `03/11/08 Notice of AGM/Proxy form` `03/11/08 Disclosure of Interest in Shares` `06/11/08 Appendix 3Y Kofi Morna` `06/11/08 Appointment of New Director` `06/11/08 Appendix 3X` `25/11/08 Disclosure of Interest in Shares` `26/11/08 Appointment of New Corporate Broker` `01/12/08 Aquarius Platinum - Results of AGM` `09/12/08 Mining Operations Temporarily Suspended at` `Everest` `15/12/08 Everest Platinum Mine Update` `15/12/08 Becoming a Substantial holder` `16/12/08 Disclosure of Interest in Shares` `28/01/09 Quarterly Activities Report` `05/02/09 AQP 1H 2009 Appendix 4D to 31 Dec 08` `05/02/09 AQP 1H 2009 to 31 Dec 2008` `13/02/09 Ridge Mining` `18/02/09 Ridge Mining Update` `20/02/09 AQP Disclosure of Interest in Shares` `20/03/09 Disclosure of Interest in Shares` `26/03/09 AQP Proposed Placing` `26/03/09 Possible Recommended All Share Offer Ridge` `Mining` `26/03/09 Launch of Placement` `26/03/09 AQP Retraction Statement` `26/03/09 AQP Replacement Announcement` `27/03/09 Placement - Pricing announcement and Rights` `Issue` `27/03/09 Appendix 3B` `27/03/09 Cleansing Notice` `Date of Regulatory Headline` announcement `27/03/09 Amended Appendix 3B` `27/03/09 Possible Recommended All Share Offer for` `Ridge Mining` `31/03/09 Disclosure of Interest in Shares` `31/03/09 AQP Publication of Prospectus` `31/03/09 AQP Letters to Shareholders` `31/03/09 AQP Prospectus` `01/04/09 Appendix 3B` `01/04/09 AQP Cleansing Statement` `01/04/09 Becoming a Substantial Shareholder` `03/04/09 UK Rule 2.10 Announcement` `06/04/09 Change in Substantial Holding` `07/04/09 Dealing Disclosure Requirements` `14/04/09 Preliminary Offering Circular - Convertible` `Bonds` `21/04/09 Quarterly Report 31 March 2009` `23/04/09 Publication of Supplementary Prospectus` `23/04/09 Supplementary Prospectus` `28/04/09 Zinjin Irrevocable - Voe in Favour of Offer` `for Ridge Mining` `29/04/09 Bond Denomination - Convertible Bond` `30/04/09 Ceasing to be a Substantial holder` `01/05/09 Rights Issue Acceptances Update` `01/05/09 Rights Issue Sale of Rump` `01/05/09 Ridge Mining Rule 2.10 and Rule 8` `Announcement` `05/05/09 Issue of R650 million Floating Rate` `Convertible Bonds` `07/05/09 Listing of R650 million Float Rate` `Convertible Bonds` `07/05/09 Issue of New Securities` `08/05/09 Appendix 3B` `08/05/09 Notice under Section 708(A)(5)(e) of the` `Corporations Act 2001` `12/05/09 Bond Disclosure Conditions Satisfied` `14/05/09 Convertible Notes Applicable Interest Rate` `Advisory` `15/05/09 Extension of Implementation Agreement` `26/05/09 Recommended All Share Offer for Ridge by` `Aquarius` `28/05/09 South African Competition Tribunal Approves` `Ridge Mining Acquisition` `03/06/09 Appointment of New Corporate Broker` `18/06/09 Appendix 3B` `18/06/09 Notice under Section 708(A)(5)(e) of the` `Corporations Act 2001` `18/06/09 Update on the All Share Offer by AQP for` `Ridge` `23/06/09 Inclusion in the ASX 100` `07/07/09 Change in Substantial Holding` `14/07/09 Market Update` `15/07/09 Disclosure of Interest in Shares` `28/07/09 Notice of Meeting 21 August 2009` `30/07/09 Publication of Prospectus` `30/07/09 Appendix 3B` `30/07/09 Prospectus` `30/07/09 Notice under Section 708(A)(5)(e) of the` `Corporations Act 2001` `31/07/09 Completion of the Acquisition of Ridge Mining` `03/08/09 Quarterly Report to 30 June 2009` `03/08/09 Appendix 3B` `03/08/09 Notice under Section 708(A)(5)(e) of the` `Corporations Act 2001` `Date of Regulatory Headline` announcement `04/08/09 Becoming a Substantial Shareholder` `06/08/09 Ceasing to Become a Substantial Shareholder` `10/08/09 Becoming a Substantial Shareholder` `12/08/09 Appendix 4E to 30 June 2009` `12/08/09 Full Year Results to 30 June 2009` `18/08/09 Appendix 3Y Change to Directors Interest` `Notice` `24/08/09 Results of General Meeting 21 August 2009` `26/08/09 Unprotected Industrial Action at Kroondal and` `Marikana` `28/08/09 Update on Unprotected Industrial Action at` `Mines` `28/08/09 Issue of Securities following exercise of` `Ridge Warrants` `28/08/09 Appendix 3B` `28/08/09 Notice under Section 708(A)(5)(e) of the` `Corporations Act 2001` `04/09/09 Change in Substantial Holding` `04/09/09 Appendix 3Y` `07/09/09 Engagement of New Workforce at Kroondal and` `Marikana` `09/09/09 Exercise of Options` `11/09/09 Appendix 3B` `11/09/09 Notice under Section 708(A)(5)(e) of the` `Corporations Act 2001` `16/09/09 Correction to Appendix 3Y` `21/09/09 Appendix 3B` `21/09/09 Notice under Section 708(A)(5)(e) of the` `Corporations Act 2001` `29/09/09 Appendix 3B` `29/09/09 Notice under Section 708(A)(5)(e) of the` `Corporations Act 2001` `01/10/09 Full Year Statutory Accounts` Details of all regulatory announcements for Aquarius Platinum Limited can be found on the London Stock Exchange website at www.londonstockexchange.com. The Company has not made any filings at Companies House: Copies of all documents referred to are also available for inspection at the Company's registered office at Clarendon House, 2 Church Street, Hamilton, Bermuda during normal business hours on weekdays. The information referred to above was up to date at the time of publication but some information may now be out of date. For further information please visit www.aquariusplatinum.com or contact: In Australia: Willi Boehm +61 (0)8 9367 5211 Registered Office Clarendon House 2 Church Street Hamilton Bermuda END More
05-10-09	Aquarius Platinum - APPLICABLE INTEREST RATE ON ZAR650M CONVERTIBLE BONDS	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE Aquarius Platinum Limited (Incorporated in Bermuda) Registration Number: EC 26290 Share Code JSE: AQPB Share Code JSE: AQP ISIN Code: ZAE000134540 ("Aquarius" or the "Company") `5 October 2009` NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR `INTO THE UNITED STATES, CANADA OR JAPAN` APPLICABLE INTEREST RATE ON ZAR650 MILLION FLOATING RATE SENIOR SECURED CONVERTIBLE BONDS Further to the listing by Aquarius of 65,000 floating rate senior secured convertible bonds ("Bonds") (the "Bond Issue") on the Main Board of the JSE Limited on 11 May 2009 and pursuant to the requirement for the notification of the interest rate applicable on the Bonds as contained in paragraph 8.4 of the Offering Circular for the Bonds, Aquarius hereby announces that the applicable nominal interest rate on the Bonds for the interest period commencing 31 July 2009 and ending 30 October 2009 will be 10.675%, being the sum of the 3 month JIBAR as at 11h00 on Friday 31 July 2009 and the margin on the Bonds which is set at 3%. Pursuant to the previous announcement released on SENS on 15 May 2009, an amount of R244.28 per Bond was compounded on 31 July 2009 ("Compounded Interest"). The interest amount per Bond for the period 31 July 2009 to 30 October 2009 is R272.64, being calculated by applying the above interest rate to the sum of the principal amount on a Bond and the Compounded Interest, for the number of days in this interest period. The total interest amount per Bond will therefore be R516.92, which will be paid on the relevant Interest Payment Date, being 30 October 2009. The Last Day to Trade the Bonds to be eligible for the interest amount to be paid on 30 October will be Friday 16 October 2009. For the avoidance of doubt, the price at which the Bonds are quoted on the Main Board of the JSE Limited is a price which is not adjusted for accrued interest. Contacts In Australia: Willi Boehm +61 (0) 8 9367 5211 In the United Kingdom: Stuart Murray + 27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 11 880 3924 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) REGISTERED OFFICE Aquarius Platinum Limited - Clarendon House - 2 Church Street - Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 END More
05-10-09	Aquarius Platinum - Issue of New Securities	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 5 October 2009 Issue of New Securities Aquarius has issued 16,363 new fully paid common shares to former employees of Ridge Mining Limited (Ridge) following the transfer of 45,000 Ridge shares to Aquarius on the basis of 1 Aquarius share for every 2.75 Ridge Share. The Ridge shares arose as a result of the exercise of Ridge options that were in existence prior to the scheme of arrangement between Ridge and its shareholders relating to the all share acquisition by Aquarius of Ridge. The total number of shares on issue is 461,664,324. For further information please visit www.aquariusplatinum.com or contact: In Australia: Willi Boehm Aquarius Platinum Corporate Services +61 8 9367 5211 In the United Kingdom: Stuart Murray +27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 880 3924 REGISTERED OFFICE Aquarius Platinum Limited - Clarendon House - 2 Church Street - Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 END More
30-09-09	Aquarius Platinum - Financial Statements for the year ended 30 June 2009	PRN
Aquarius Platinum Limited Exempt Company Number EC 26290 (Incorporated in Bermuda) Financial Statements for the year ended 30 June 2009 Two copies of the above document have been submitted to the UK Listing Authority and will be available for inspection at the UK Listing Authority's Document Viewing Facility at:- Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Telephone 020 7066 1000 The Financial Statements for the year ended 30 June 2009 are available on the company's website www.aquariusplatinum.com and can be obtained in hard-copy format from the United Kingdom Secretaries, St James's Corporate Services Limited, 6 St James's Place, London, SW1A 1NP. 30 September 2009 END More
29-09-09	Aquarius Platinum - Issue of New Securities	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 29 September 2009 Issue of New Securities Aquarius has issued 148,072 new fully paid common shares to former employees of Ridge Mining Limited (Ridge) following the transfer of 407,200 Ridge shares to Aquarius on the basis of 1 Aquarius share for every 2.75 Ridge Share. The Ridge shares arose as a result of the exercise of Ridge options that were in existence prior to the scheme of arrangement between Ridge and its shareholders relating to the all share acquisition by Aquarius of Ridge. The total number of shares on issue is 461,647,961. For further information please visit www.aquariusplatinum.com or contact: In Australia: Willi Boehm Aquarius Platinum Corporate Services +61 8 9367 5211 In the United Kingdom: Stuart Murray +27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 880 3924 REGISTERED OFFICE Aquarius Platinum Limited * Clarendon House * 2 Church Street * Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 END More
21-09-09	Aquarius Platinum - Issue of New Securities	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 21 September 2009 Issue of New Securities Aquarius has issued 158,145 new fully paid common shares to former employees of Ridge Mining Limited (Ridge) following the transfer of 434,900 Ridge shares to Aquarius on the basis of 1 Aquarius share for every 2.75 Ridge Share. The Ridge shares arose as a result of the exercise of Ridge options that were in existence prior to the scheme of arrangement between Ridge and its shareholders relating to the all share acquisition by Aquarius of Ridge. The total number of shares on issue is 461,499,889. For further information please visit www.aquariusplatinum.com or contact: In Australia: Willi Boehm Aquarius Platinum Corporate Services +61 8 9367 5211 In the United Kingdom: Stuart Murray +27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 880 3924 REGISTERED OFFICE Aquarius Platinum Limited * Clarendon House * 2 Church Street * Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 END More
11-09-09	Aquarius Platinum - Issue of New Securities	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 11 September 2009 Issue of New Securities Aquarius Platinum Limited wishes to advise that the Company has issued 9,473,000 common shares upon exercise of: i. 382,791 common shares issued pursuant to the exercise of 382,791 unlisted Options from Aquarius' Employee Option Scheme. ii. 9,090,909 common shares upon exercise of 25,000,000 unlisted Ridge Mining options held by Imbani Platinum (Pty) Ltd on the basis of 1 Aquarius share for every 2.75 Ridge share pursuant to the scheme of arrangement that was announced to the ASX on 26 May 2009. The total number of shares on issue is 461,341,744. In Australia: Willi Boehm Aquarius Platinum Corporate Services +61 8 9367 5211 In the United Kingdom: Stuart Murray +27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 880 3924 REGISTERED OFFICE Aquarius Platinum Limited * Clarendon House * 2 Church Street * Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 END More
08-09-09	Aquarius Platinum - Exercise of Options	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 8 September 2009 Exercise of options Ridge Options Aquarius Platinum Limited ("AQP" or "the Company") advises that Imbani Platinum (Pty) Ltd (Imbani) has lodged a notice to exercise 25,000,000 Ridge Mining Limited (Ridge) options. As disclosed in the recent prospectus of Aquarius, these options were in existence prior to the scheme of arrangement between Ridge and its shareholders relating to the all share acquisition by Aquarius of Ridge. The aggregate exercise price of these options is GBP17.5 million (GBP0.70 per Ridge option). Pursuant to the transfer to Aquarius by Imbani of these 25 million common shares in Ridge, Aquarius will issue 9,090,909 new fully paid common shares in Aquarius to Imbani on the basis of 1 Aquarius share for every 2.75 Ridge shares. For further information please contact: In Australia: Willi Boehm +61 (0) 8 9367 5211 In the United Kingdom: Stuart Murray + 27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 11 880 3924 REGISTERED OFFICE Aquarius Platinum Limited * Clarendon House * 2 Church Street * Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 END More
07-09-09	Aquarius Platinum - Engagement of new workforce at Kroondal & Marikana	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 7 September 2009 Update : Engagement of new workforce at Kroondal and Marikana operations Aquarius Platinum Limited ("AQP" or "the Company") advises an update to the announcement of Thursday, 27 August 2009 in respect of the unprotected industrial action by former employees of the principal underground mining contractor at Aquarius Platinum (South Africa) (Pty) Limited's ("AQPSA") Kroondal and Marikana operations. As a result of further illegal actions by some former employees, delays have been experienced with the engagement process. These actions, including intimidatory behavior towards those former employees who wished to be re-engaged, have now prevented effective recruitment from portions of the dismissed employee base. AQPSA has therefore authorised a greater component of the recruitment process to consist of new employees, which necessitates a longer recruitment and induction process (inclusive of training in respect of both safety and production standards). Personnel deployment into the operations has therefore been slower than desired, but nonetheless proceed at an acceptable pace as substantial numbers of unemployed and skilled people in the area have come forward to seek work opportunities. Production restarted at the Marikana operations on 31 August as planned, with some production at Kroondal only resuming on 3 September. The engagement delay and employee deployment plan has extended the estimated ramp-up period, and AQPSA now anticipates the total production loss attributable to AQP to amount to between 15,000 and 20,000 ounces of PGMs (4E) for the financial year. The delays in engagement and the restarting of production are regrettable. The company believes, however, that the additional time taken to source new committed and competent employees will stand it in good stead going forward. Plans to mitigate the production shortfall over the course of the remainder of the financial year will be put in place with the contractor. As previously advised, the interruption is being utilised for major maintenance. The relining of the K2 secondary mill feed-end has been completed. For further information please contact: In Australia: Willi Boehm +61 (0) 8 9367 5211 In the United Kingdom: Stuart Murray + 27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 11 880 3924 REGISTERED OFFICE Aquarius Platinum Limited * Clarendon House * 2 Church Street * Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 END More
04-09-09	Aquarius Platinum - Director/PDMR Shareholding	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 4 September 2009 Change in Director's Interests Mr Stuart Murray, CEO, has increased his shareholding in Aquarius Platinum Limited from 1,466,366 shares to 1,676,231 shares following the exercise of 209,865 options. For further information please contact: In Australia: Willi Boehm Aquarius Platinum Corporate Services +61 8 9367 5211 In the United Kingdom: Stuart Murray +27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 880 3924 REGISTERED OFFICE Aquarius Platinum Limited * Clarendon House * 2 Church Street * Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 END More
04-09-09	Aquarius Platinum - Director/PDMR Shareholding	PRN
Schedule 11 - Notification of interests of Directors and Connected Persons 1 Name of Company: Aquarius Platinum Limited 2 Name of director: Stuart A Murray 3 Please state whether notification indicates that it is in respect of holding of the director named in 2 above or holding of that person's spouse or children under the age of 18 or in respect of a non-beneficial interest: Stuart Murray 4 Name of registered holder(s) and, if more then one holder, the number of shares held by each of them (if notified): as above. 5 Please state whether notification relates to a person (s) connected with the director named in 2 above and identify the connected person (s) not applicable 6 Please state the nature of the transaction. For PEP Transactions please indicate whether general/single co PRP and if discretionary/non discretionary: Exercise of options 7 Number of shares/amount of stock acquired: 209,865 shares pursuant to the exercise of 209,865 options 8 Percentage of issued class: 0.05% 9 Number of shares/amount of stock disposed: Nil 10 Percentage of issued class: N/A 11 Class of security: Ordinary Shares 12 Price per Share: Exercise price of GBP0.85 13 Date of transaction: 4 September 2009 14 Date company informed: 4 September 2009 15 Total holding following this notification: 1,676,231 16 Total percentage holding of issued class following this notification: 0.37% Questions 17 through to 22 are not applicable to this notification. 23 Contact name for queries: Mr Willi Boehm 24 Contact telephone number: +618 9367 5211 25 Name of company official responsible for making notification: Mr Willi Boehm END More
28-08-09	Aquarius Platinum - Issue of New Securities	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 28 August 2009 Issue of New Securities Aquarius has issued 165,632 new fully paid common shares to former employees of Ridge Mining Limited (Ridge) following the transfer of 455,488 Ridge shares to Aquarius on the basis of 1 Aquarius share for every 2.75 Ridge Share. The Ridge shares arose as a result of the exercise of Ridge options that were in existence prior to the scheme of arrangement between Ridge and its shareholders relating to the all share acquisition by Aquarius of Ridge. The total number of shares on issue is 451,868,044. For further information please visit www.aquariusplatinum.com or contact: In Australia: Willi Boehm Aquarius Platinum Corporate Services +61 8 9367 5211 In the United Kingdom: Stuart Murray +27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 880 3924 REGISTERED OFFICE Aquarius Platinum Limited . Clarendon House . 2 Church Street . Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 END More
27-08-09	Aquarius Platinum - Issue of New Securities	PRN
AQUARIUS PLATINUM LIMITED ASX, LSE & JSE 27 August 2009 `Issue of New Securities to Zijin Mining Group Company Limited` Aquarius Platinum Limited ("Aquarius" or the "Company") is pleased to recognise the support of Ridge Mining Limited ("Ridge") warrant holder Zijin Mining Group Company, Limited ("Zijin"). Zijin has exercised 7,000,000 Ridge warrants. As disclosed in the recent prospectus of Aquarius, these warrants were in existence prior to the scheme of arrangement between Ridge and its shareholders relating to the all share acquisition by Aquarius of Ridge. The proceeds of the warrant exercise amounting to GBP4.9 million have been received by the company. Pursuant to the transfer to Aquarius by Zijin of these 7 million common shares in Ridge, Aquarius will issue 2,545,454 new fully paid common shares in Aquarius to Zijin's wholly-owned subsidiary Gold Mountains (H.K.) International Mining Co., Limited on the basis of 1 Aquarius share for every 2.75 Ridge shares. The issued capital of Aquarius following allotment of the shares will be 451,702,412. For further information please contact: In Australia: Willi Boehm +61 (0) 8 9367 5211 In the United Kingdom: Stuart Murray + 27 (0) 11 656 1140 In South Africa: Charmane Russell +27 (0) 11 880 3924 REGISTERED OFFICE Aquarius Platinum Limited * Clarendon House * 2 Church Street * Hamilton HMCX Bermuda Email: info@aquariusplatinum.com Telephone: +61 8 9367 5211 `2` END More

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