(AQP.L) Aquarius Platinum Ltd Buy/Sell

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

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

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

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

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)

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