EXPLORATION REVIEW AND PROJECTS

Aquarius has an active exploration programme. Although exploration is done at and around most operations the major focus is on the eastern Bushveld Complex.

Locality of Aquarius’ operations and projects in the Bushveld Complex, South Africa

Zimbabwe

Exploration at Mimosa was limited to infill drilling in the orebody. During the past financial year, a total of 73 exploration boreholes and one geotechnical borehole were drilled in the North Hill area. Further exploration was conducted in the South Hill area with 18 exploration boreholes concentrated in the western part of the orebody. The drilling of four additional boreholes in the Far South Hill deposit enabled the estimation of an Inferred Resource in this area.

Apart from the Mimosa mining right, Aquarius does not hold options, claims or prospecting rights to any other PGE-mineralisation in Zimbabwe.

South Africa

Exploration drilling in South Africa entailed infill drilling on existing mines as well as execution of the exploration programmes as described in the prospecting works programmes of the prospecting rights granted.

Greenfields exploration is currently being conducted at Zondernaam, Chieftains Plain and Walhalla with brownfields exploration being undertaken at Hoogland and Vygenhoek in the vicinity of Everest. These projects and prospects combined have the potential to contribute PGM resources of at least 36 million ounces. The details of exploration conducted at each project are described below.

Zondernaam Project

Aquarius, through its wholly owned subsidiary ASACS, concluded the consolidation of a number of exploration properties into a special purpose vehicle know as Zondernaam Mining. The consolidation included the exploration rights of Bakgaga Mining (Pty) Ltd and those of MinEx Projects (Pty) Ltd. This consolidation brings together a total of seven contiguous farms approximately 35km east of Lebowakgomo in Limpopo Province to the north of the Phosiri dome, and to the west of the producing Bokoni (formerly Lebowa) mine. Once the required regulatory processes have been concluded, ASACS will have a 74% interest in Zondernaam Mining, with Bakgaga Mining holding a 26% interest.

Exploration drilling continued over the past year with a total core length to date of 13,810m being drilled from six exploration boreholes. Although at depths exceeding 1,500m below surface, both the Merensky and UG2 Reefs were intersected and the assay results received are encouraging.

Mineral Resources after application of geological losses (as at 30 June 2011)

	Zondernaam Merensky			Attributable to Aquarius
Category	Mt	4E g/t	4E Moz	Mt	4E g/t	4E Moz
Inferred	58.20	5.18	9.58	44.23	5.18	7.28
Total	58.20	5.18	9.58	44.23	5.18	7.28

g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)

Mineral Resources after application of geological losses (as at 30 June 2011)

	Zondernaam UG2			Attributable to Aquarius
Category	Mt	4E g/t	4E Moz	Mt	4E g/t	4E Moz
Inferred	46.42	8.10	11.90	35.28	8.10	9.05
Total	46.42	8.10	11.90	35.28	8.10	9.05

Notes on the Mineral Resource statement:

• All internal waste, encompassing mineralised internal waste, is included in Mineral Resource estimations.
• The in situ corrected 4E PGE-grade is used for the estimation of Mineral Resources.
• The geostatistically estimated density is used.

Geological losses applied:

30%

Red Bush Ridge Project

The Red Bush Ridge Project is located approximately 7km west of the town of Steelpoort in Limpopo, South Africa, on the farms Hert Fort 329KT, Corndale 330KT and Landsend 364KT. To date, one borehole has been completed on the project for a total length of 2,220m, intersecting both Merensky and UG2 Reefs of the Bushveld Complex. Planned exploration for this project will include an airborne magnetic survey as well as continued exploration drilling targeting both the Merensky and UG2 reefs.

Vygenhoek Project

The Vygenhoek Project is situated 35km south-west of the town of Mashishing, previously known as Lydenburg, and 30km north-east of Roossenekal in Mpumalanga, South Africa. The depositional model of the UG2 Reef being explored for is thought to have been deposited in synclinal structures in the floor rocks in which mineralisation has ’ponded’, as at Aquarius’ Everest South and Marikana mines on the eastern and western limbs of the Bushveld Complex respectively.

An application for a mining right has been submitted to the DMR. Should this application be successful, Sylvania Platinum Limited will continue with the mining of the orebody on Vygenhoek in terms of an agreement with AQPSA, with 50% of the ounces being attributable to AQPSA.

Mineral Resources after application of geological losses (as at 30 June 2011)

	Vygenhoek Project			Attributable to Aquarius
Category	Mt	4E g/t	4E Moz	Mt	4E g/t	4E Moz
Measured	2.77	5.11	0.46	1.39	5.11	0.23
Total	2.77	5.11	0.46	1.39	5.11	0.23

g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)

Notes on the Mineral Resource statement:

• All internal waste, encompassing mineralised internal waste, is included in Mineral Resource estimations.
• The in situ corrected 4E PGE-grade is used for the estimation of Mineral Resources.
• All dyke volumes are EXCLUDED from Mineral Resource estimations.
• The geostatistically estimated density is used.

Geological losses applied:

10%

Sterkfontein Prospect

The Sterkfontein resource is a continuation of the Everest orebody under the Groot Dwars River towards the western boundary of the Everest mining licence tenements, and occurs at depths of 0 –110m below the river. The resource consists of two erosional outliers, with the UG2 occurring as outcrop or sub-outcrop on the eastern side. The outcrop positions have been mapped in the field and hand-held GPS co-ordinates of these positions were used to create the resource boundary. There is no indication that the stratigraphy, lithology or geological structure would be different to that encountered at the Everest orebody.

This prospect resides under the mining right granted to Everest and exploration will only commence after completion of the Hoogland project.

Exploration target (as at June 2011)

	Sterkfontein
Category	Mt	4E g/t	4E Moz
Inferred	13.00	3.50	1.46
Total	13.00	3.50	1.46

g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)

Hoogland Project

The Hoogland resource is located approximately 1.2km directly south of the Everest orebody. The UG2 Reef occurs as an outcrop or sub-outcrop around most of the perimeter of the two erosional outliers. The UG2 Reef intersected in the exploration boreholes resembles that of the Everest orebody in that it consists of an upper chromitite and a lower chromitite seam, with or without an internal waste band occurring within the chromitite.

The application for a mining right has been submitted with the DMR.

Mineral Resources after application of geological losses (as at 30 June 2011)

	Hoogland Project
Category	Mt	4E g/t	4E Moz
Indicated	2.71	3.16	0.28
Inferred	3.89	2.68	0.33
Total	6.60	2.88	0.61

g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)

Notes on the Mineral Resource statement:

• The Mineral Resource tonnages and PGEgrades are reported exclusive of external waste dilution.
• The in situ corrected 4E PGE-grade is used for the estimation of Mineral Resources.
• The geostatistically estimated density is used.
• A buffer zone of 10 m either side of the major dykes has been EXCLUDED.
• The Mineral Resource includes the upper and the lower chromitite layers.

Geological losses applied:

10%

Buttonshope Project (Booysendal)

As described in the first part of the Mineral Resource and Reserve Statement, in May 2011, AQPSA entered into a binding sale of rights agreement with Northam Platinum Limited and its subsidiaries to acquire the platinum group metals and associated base metals mineral rights on farms adjacent to Aquarius’ Everest mine on the eastern limb of the Bushveld Complex. The mineral rights to be acquired comprise several farms underlain by both the UG2 and Merensky Reefs, collectively called Buttonshope.

The UG2 orebody at Buttonshope is contiguous with Aquarius’ Everest mine, and as a result Aquarius is uniquely placed to access this reef horizon in the short to medium term from the existing Everest infrastructure. The closing of this transaction is subject to several conditions precedent, as stated above.

The Mineral Resources stated here are as received from Northam Platinum. AQPSA is currently in the process of evaluating the orebody and will update the resource statement accordingly, following closure of the transaction.

Mineral Resources after application of geological losses (as at 30 June 2011)

	Booysendal Merensky
Category	Mt	4E g/t	4E Moz
Measured	3.80	2.74	0.30
Indicated	16.00	3.21	1.60
Inferred	70.80	3.69	8.40
Total	90.60	3.55	10.40

Mineral Resources after application of geological losses (as at 30 June 2011)

	Booysendal UG2
Category	Mt	4E g/t	4E Moz
Measured	14.60	3.31	1.60
Indicated	52.90	3.44	5.80
Inferred	140.70	2.95	13.30
Total	208.10	2.92	20.70

g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)

Chieftains Plain Project

The Chieftains Plain Project consists of two contiguous prospecting rights on the farms Chieftains Plain and Walhalla. The project lies to the west of the Everest mine with the Buttonshope project abutting on its southern border. To date four boreholes with a total core length of 9,531.27m have been completed. All boreholes intersected both the Merensky and UG2 reefs of the Bushveld Complex.

The current Mineral Resource has excluded an area in the southern half of the project where the borehole intersected a potholed Merensky Reef intersection. Due to the search radii, the area around this borehole could not be included in the Mineral Resource, but has been described as an exploration target in the expanded Mineral Resource and Mineral Reserve Technical Statement 2011 which will be available on the Aquarius corporate website, www.aquariusplatinum.com.

Mineral Resource

The tables below encompass the Mineral Resources after application of geological losses.

The aerial extent of the Merensky Inferred Resource is smaller than that for UG2 and is related to the potholed intersection in borehole WD1. The results of the sampling of this borehole were NOT included in the estimation of the resource.

Mineral Resources after application of geological losses (as at 30 June 2011)

	Chieftains Merensky
Category	Mt	4E g/t	4E Moz
Inferred	88.26	5.93	16.82
Total	88.26	5.93	16.82

Mineral Resources after application of geological losses (as at 30 June 2011)

	Chieftains UG2
Category	Mt	4E g/t	4E Moz
Inferred	171.55	5.91	32.61
Total	171.55	5.91	32.61

g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)

Notes on the Mineral Resource statement:

• All internal waste, encompassing mineralised internal waste, is included in the Mineral Resource estimations.
• The in situ corrected 4E PGE-grade is used for the estimation of Mineral Resources.
• The geostatistically estimated density is used.
• A buffer zone of 10 m either side of the major dykes has been EXCLUDED.

Geological losses applied:

30.0%

Sheba’s Ridge project

The Sheba’s Ridge project is situated approximately 30km south of the town Groblersdal in Mpumalanga, South Africa. The base metal and precious metal mineralisation is located in the Groblersdal bulge connected to the eastern limb of the Bushveld Complex. Following the acquisition of Ridge Mining plc, Aquarius officially took over management of the Sheba’s Ridge project on 1 August 2009. Ownership is split, with Aquarius currently holding a 39% interest in the project, Anglo Platinum 35% and the Industrial Development Corporation (IDC), 26%. Exploration at the Sheba’s Ridge project began in April 2001 (Phase 1 – 34 boreholes) and identified three distinct units of mineralisation: a layer similar to the UG2 termed the ’Platchro unit’, an upper mineralised pyroxenite (UMP) analogous to the Merensky Reef and a wide zone of mineralised pyroxenite and associated mafic rock types. This unit, termed the Sheba’s Reef, was interpreted to be within lithologies analogous to the Lower Zone of the Bushveld Complex.

Evaluation of Phase 1 drilling indicated that the UMP and Platchro units did not constitute economically viable targets due to the lack of continuity of the mineralisation and the severe disruption of the units by a late intrusive norite body. Consequently, subsequent exploration focused on sulphide mineralisation in the Sheba’s Reef, which is largely unaffected by the late intrusive norite body. The Phase 2 exploration programme began in July 2002 and included 126 diamond boreholes of which 104 boreholes (totalling 32,600m) were drilled on a 100m grid along an arc of 5.5km in length. In 2004, Phase 4 involved the drilling of 45 boreholes to investigate the oxide zone together with some exploration of extensions to the mineralisation. By 2007, after eight phases of exploration including geotechnical drilling, drilling for metallurgical test work, drilling to ensure that no sterilisation of the orebody occurs, the borehole database consisted of 382 boreholes totalling 113,616m.

The project area is divided into the ’core area’, the ’eastern extension’ and the ’Kameeldoorn section’. The Sheba’s orebody in the core area dips at 30° to the south. The Mineral Resource identified lies within the approximately 250m-thick sulphide mineralised Sheba’s Reef which is hosted in a pyroxenite unit. The Sheba’s Reef contains a higher grade mineralised continuous zone approximately 80m thick (termed Sheba’s Sulphide Zone or SSZ). The Mineral Resource has been modelled to 450m below surface and excludes overburden and oxidised material to a depth of 40m. The feasibility study completed in December 2007 envisaged mining 18Mt of Sheba’s Reef (predominantly from the SSZ) per annum over a 20-year mine-life based on using conventional open-pit mining. This study examined the project in considerable detail and included: environmental and social impact studies, geology, mineral resource and reserve estimation, a groundwater study, mine planning, engineering geology, mining equipment and method, waste storage infrastructure, experimental metallurgy, planning for the concentrator, smelter, convertors and acid plant, further treatment of matte and a detailed financial model. The project, however, is currently under review.

Mineral Resource

The table overleaf encompasses the Mineral Resources after application of geological losses contained in the core area and eastern extension of the Sheba's Ridge orebody.

Mineral Resources after application of geological losses (as at 30 June 2011)

	Total			Attributable to Aquarius
Category	Mt	3E g/t	3E Moz	Mt	3E g/t	3E Moz	Ni %	Cu %
Measured	79.86	0.88	2.26	31.15	0.89	0.88	0.20	0.07
Indicated	97.22	0.85	2.67	37.91	0.85	1.04	0.18	0.07
Inferred	428.26	0.96	13.28	167.02	0.99	5.18	0.19	0.08
Total	605.34	0.94	18.20	236.08	0.95	7.10

g/t = 3E PGE-grade (Pt+Pd+Rh)

Notes on the Mineral Resource statement:

• The oxide and transition zones have been EXCLUDED from the Mineral Resource.
• The in situ corrected 3E PGE-grade is used for the estimation of Mineral Resources.
• A cut of grade of 0.5g/t 3E PGE was used for the Mineral Resource tabulation.
• The geostatistically estimated density is used.

Geological losses applied:

10%

Rooikraal Project

The Rooikraal Project lies to the east of the Blue Ridge mine on the farms Blaauwbank and Rooikraal, in Mpumalanga, South Africa. To date, 25 boreholes have been drilled with a total length of 6,937m. The exploration results to date will be re-evaluated. The project area is overlain by the mafic phase of the Bushveld Complex, which hosts the economically important Critical Zone. Exploration at Rooikraal has targetted the Rooikraal Unit, a zone described by Genmin’s geologists as a ”Merensky Reef-type horizon”, as well as unique mineralisation originally reported by Wagner in 1929.

Fonte Verde Project

The mineralisation at the Fonte Verde project is contained within a Bushveld Complex satellite body located close to the town of Delmas in Mpumalanga, South Africa. To date, 70 boreholes have been drilled for a total length of 4,351m. Future plans for this project include a pre-feasibility report and Whittle optimisation.

Hoedspruit Project

The Hoedspruit project is located near the town of Rustenburg in North West Province and is underlain by both the Merensky and UG2 reefs. The property comprises an almost square block of ground about 4km down-dip from RPM’s Brakspruit Shaft and 4km along strike from the Siphumelele Shaft (Bleskop) on Turffontein. Both the Merensky and UG2 Reefs have been developed on the property with the Merensky Reef developed at depths ranging from 898m to 1,315m while the depth of the UG2 reef varies from 1,042m to 1,408m.

In total, 13 boreholes have been drilled to date for a total length of 33,747m.

Mineral Resources after application of geological losses (as at 30 June 2011)

	Hoedspruit Merensky			Attributable to Aquarius
Category	Mt	4E g/t	4E Moz	Mt	4E g/t	4E Moz
Indicated	12.46	6.01	2.45	12.46	6.01	2.45
Inferred	2.86	5.72	0.53	2.86	5.72	0.53
Total	15.32	5.99	2.98	15.32	5.99	2.98

g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)

Mineral Resources after application of geological losses (as at 30 June 2011)

	Hoedspruit UG2			Attributable to Aquarius
Category	Mt	4E g/t	4E Moz	Mt	4E g/t	4E Moz
Indicated	15.60	4.98	2.53	15.60	4.98	2.53
Inferred	1.64	5.36	0.28	1.64	5.36	0.28
Total	17.24	5.00	2.81	17.24	5.00	2.81

Notes on the Mineral Resource statement:

• A minimum width of 1.00m has been applied to the resource selections.
• The in situ corrected 4E PGE-grade is used for the estimation of Mineral Resources.
• The geostatistically estimated density is used.
• Geological losses applied: 20.0%
• The Mineral Resources stated here is as received from Afarak. AQPSA is currently in the process of evaluating the orebody and will update the Resource Statement accordingly.

Kruidfontein Project

The Kruidfontein project is located north of the Pilanesberg Complex. The property is underlain by both the Merensky and UG2 Reefs which have been developed on the property with the Merensky Reef developed at depths ranging from 1,135m to 2,395m while the depth of the UG2 reef varies from 1,150m and 2,409m.

In total, 28 boreholes have been drilled to date.

Mineral Resources after application of geological losses (as at 30 June 2011)

	Kruidfontein Merensky			Attributable to Aquarius
Category	Mt	4E g/t	4E Moz	Mt	4E g/t	4E Moz
Indicated	5.05	8.37	1.36	2.52	8.37	0.68
Inferred	53.33	8.37	14.36	26.67	8.37	7.18
Total	58.38	8.37	15.72	29.19	8.37	7.86

Mineral Resources after application of geological losses (as at 30 June 2011)

	Kruidfontein UG2			Attributable to Aquarius
Category	Mt	4E g/t	4E Moz	Mt	4E g/t	4E Moz
Indicated	9.07	5.64	1.65	4.53	5.64	0.82
Inferred	81.34	5.51	14.42	40.67	5.51	7.21
Total	90.41	5.53	16.07	45.20	5.53	8.03

g/t = corrected 4E PGE-grade (Pt+Pd+Rh+Au)

Notes on the Mineral Resource statement:

• A minimum width of 1.00m has been applied to the resource selections.
• The in situ corrected 4E PGE-grade is used for the estimation of Mineral Resources.
• The geostatistically estimated density is used.

Geological losses applied:

30.0%

• The Mineral Resources stated here is as received from Afarak. AQPSA is currently in the process of evaluating the orebody and will update the resource statement accordingly.