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AQP
AQP
Aquarius Platinum Limited - Third Quarter Results: 31 March 2006
Aquarius Platinum Limited
(Incorporated In Bermuda)
Registration number: EC26290
Share code on JSE: AQP
ISIN: BMG0440M1029
Share code on ASX: AQP. AXISIN: BMG0440M1029
26 APRIL 2006
THIRD QUARTER RESULTS: 31 MARCH 2006
EVEREST TAKES GROUP PRODUCTION TO RECORD HIGHS
Highlights
* Quarterly cash profit climbs to $26.7 million, resulting in a net profit of
$18.6 million
* Year to date net profit at $44.6 million
* Record quarterly group attributable production: 120,105 PGM ounces, up 27%
quarter on quarter
* Year to date group attributable production: 318,531 PGM ounces
* Average PGM basket prices rise 9% at South African and 13% at Zimbabwean
operations
Kroondal (P&SA1)
* 107,501 PGM ounces produced for the quarter (Aquarius attributable 53,751 PGM
ounces)
* Decline sinking at No. 5 Shaft on Townlands commenced
* Cash margin increases 5% quarter on quarter to 61%
Marikana (P&SA2)
* Open pit production hampered by the pattern and intensity of rainfall.
Primary opencast contractor MCC performed well despite adverse weather
* Production build-up schedule on P&SA2 plan
* Trial underground mining infrastructure underway
* Production 5,810 PGM oz (Aquarius attributable 2,905 PGM ounces): cash margin
4% for the quarter
Everest
* Strong ramp-up continues with production increasing to 46,081 PGM ounces
* Opencast mining continues ahead of schedule, with underground mine
establishment on target
* First quarter at fully operational status, reporting a gross cash margin at
53%
Mimosa
* Production 33,252 PGM ounces (Aquarius attributable 16,626 PGM ounces)
* Cash costs steady at $331 per PGM ounce, $108 per PGM ounce after by-product
credits
* Gross cash margin rises to 66% on relatively stable costs and higher PGM
basket price
* Wedza Phase IV Upgrade, commissioning commenced 8th April, ahead of schedule
and to budget
CTRP
* PGM production marginally down 3% to 1,484 PGM ounces (Aquarius attributable
742 PGM ounces)
* Significant operational improvement as recoveries increase to 51% from 27% in
the previous quarter
* Improvement in unit costs, down 42% lower than previous quarter at R2000 per
PGM ounce
* Gross cash margin improves to 65% from 43% in the previous quarter
Commenting on the results, Stuart Murray, CEO said. "The group has achieved
record quarterly production, notably with the new Everest mine contribution, at
a time of good platinum group metal basket prices, to deliver a significant net
profit. I believe that this performance is satisfactory, notwithstanding
certain operational difficulties that we encountered at both at Kroondal and
Marikana. Whilst rain is always welcome in Africa, for open pit miners like
Aquarius at Marikana, the abnormally high rainfall during the quarter has hurt
production. Encouragingly, trial underground mining at Marikana is progressing
well and we are confident that the long-term solution for this operation is now
assured through the P&SA2 and underground operations in general."
Production by Mine
PGMs (4E) Quarter Ended
Jun 2005 Sep 2005 Dec 2005 March 2006
Kroondal 116,669 115,362 117,175 107,501
Marikana 26,940 27,322 20,789 5,810
Mimosa 35,644 36,368 35,394 33,252
CTRP 1,473 1,363 1,533 1,484
Everest - - 7,111 46,081
Total 180,726 180,415 182,002 194,128
Production by Mine Attributable to Aquarius
PGMs (4E) Quarter Ended
Jun 2005 Sep 2005 Dec 2005 March 2006
Kroondal 58,335 57,681 58,588 53,751
Marikana 26,940 27,322 10,394 2,905
Mimosa 17,822 18,184 17,697 16,626
CTRP 737 682 767 742
Everest - - 7,111 46,081
Total 103,834 103,869 94,557 120,105
Aquarius announces consolidated earnings for the quarter to 31 March 2006 of
$18.6 million (US 22.2 cents per share) on a 27% increase in attributable
production. The newly commissioned Everest mine made a significant contribution
in the quarter. Cash earnings (before depreciation and amortisation) were $26.7
million.
Aquarius Attributable Production and Net Profit Summary
Quarter Quarter Quarter
: : :
Sep Dec Mar
2005 2005 2006
PGM Production (4E) (attributable 103,869 94,557 120,105
ounces)
Net Profit After Tax & Outside $9.9 m $16.0 m $18.6 m
Equity Interests
Production of PGMs attributable to shareholders of Aquarius was 120,105 PGM
ounces, up 27% from the previous quarter ended December 2005.
Revenue for the quarter, net of currency adjustments, was $115 million, up 46%
from the previous quarter. Net finance costs for the quarter were $0.6 million.
Depreciation was $3.7 million for the quarter. Amortisation arising from the
fair value uplift of mineral rights at $4.3 million reflects increased
production.
Aquarius Group cash balances at 31 March 2006 were $119.4 million, an increase
of $34.4 million since December 2005. The increased cash balance reflects lower
capital expenditure of $25 million incurred in the quarter and significantly
higher PGM revenue, up 46% from the previous quarter, due to higher metal prices
and production.
Over the quarter, the Rand strengthened 6% against the US Dollar impacting on
costs in US Dollar terms. This was, however, offset by increased production and
higher US Dollar PGM basket prices achieved during the quarter, contributing to
the improved quarterly profit performance.
Kroondal"s cash costs per ROM ton increased 2% to R181 compared with the
previous quarter due to fewer working days as a result of Christmas and New Year
holidays. Cash costs per PGM ounce for the quarter increased by 3% to R2,514.
These costs include R219 per PGM ounce of decline development costs comprising
ledging and sinking. Development costs on a PGM ounce basis represented R34 per
PGM ounce.
Marikana"s cash costs for the quarter were negatively impacted by low production
due to very heavy rains. Because of the low levels of production in the
quarter, the implementation of the P&SA2 and the mobilisation of the new mining
contractor, on mine cash costs on a PGM ounce basis do not reflect steady state
production and are not comparable to previous quarters.
Mimosa realised a cash cost per PGM ounce of US$331 ($108 per ounce after by-
product credits) compared with the previous quarter"s figure of US$325 per ounce
($94 per ounce after by-product credits). The 2% increase in costs is
attributable to a lower volume realised in this quarter compared with the
previous quarter, due to the Christmas and New Year holidays.
Metals Prices
The value of the South African PGM basket continued to rise during the quarter
to close at R7,188 per PGM ounce, an 18% increase since the end of December
2005. This price strength has continued into the current quarter, having at one
point broken through the historic highs of 2001. The average Zimbabwean PGM
basket over the quarter was 13% higher at US$750 per PGM ounce, and went on to
close 18% higher quarter on quarter at US$877 per PGM ounce.
Although the country basket prices underwent similar increases, the reasons were
different. The South African basket is heavily biased towards platinum and
rhodium, the prices for which increased 12% and 14% respectively over the
quarter. In Zimbabwe, where the basket is less platinum rich and more balanced
with lower priced palladium, the overall basket price nonetheless increased 18%
over the quarter owing to a quarter on quarter 29% increase in the palladium
price to close at US$332 per ounce.
Financials
Aquarius Platinum Limited
Consolidated Income Statement
Quarter ended 31 March 2006
US$"000
Quarter Nine Financia
ended* months l year
ended* ended
31/03/06 31/03/06 30/06/05
Aquarius PGM Production 120,105 318,531 327,669
(attributable ounces)
Not
e
Revenue (i) 116,939 276,645 222,327
Forex sales adjustments (ii (1,900) (4,197) 2,797
)
Total revenue 115,039 272,448 225,124
Cost of sales (ii (58,798) (157,348 (174,936
i) ) )
Gross profit 56,241 115,100 50,188
Amortisation of fair value (4,289) (8,014) (6,745)
uplift of mineral properties
Gross profit after 51,952 107,086 43,443
amortisation of fair value
uplift
Admin & other costs (3,218) (5,201) (5,976)
Finance costs (iv (573) 634 484
)
FX movements (v) (3,638) (5,962) (9,889)
Profit before tax 44,523 96,557 28,062
Income tax expense (12,860) (25,441) (3,446)
Profit after tax 31,663 71,116 24,616
Minority interest (vi (13,019) (26,557) (3,666)
)
Net profit for the period 18,644 44,559 20,950
Earnings per share (basic - 22.2 53.1 25.3
cents)
* Unaudited
Notes on the Consolidated Income Statement
(i) Revenue is up 46% from the previous quarter due to increased production and
higher PGM prices
(ii) Reflects effects of adjusting revenue recorded at time of production to
cash received at the end of the four month pipeline
(iii)Cost of sales on a per PGM ounce basis (Aquarius Group) are in line with
previous quarter"s performance
(iv) Finance costs reflect interest expense on Group interest bearing borrowings
(v) Reflects foreign exchange movements on translation of net monetary assets
(vi) Minority interests reflects 29.5% and 20% outside equity interest of
Savannah Consortium and Impala Platinum Holdings Limited (Implats) in AQPSA
Aquarius Platinum Limited
Consolidated Cash Flow Statement
Quarter ended 31 March 2006
US$"000
Quarter Nine Financi
ended* months al year
ended* ended
31/03/06 31/03/06 30/06/0
5
Note
Net operating cash inflow (i) 56,678 115,378 31,458
Net investing cash outflow (ii) (25,010) (100,417 (88,152
) )
Net financing cash inflow (iii 2,915 26,412 54,921
)
Net increase (decrease) in 34,583 41,373 (1,773)
cash held
Opening cash balance 84,954 75,251 77,942
Exchange rate movement on (154) 2,759 (918)
cash
Closing cash balance 119,383 119,383 75,251
* Unaudited
Notes on the YTD Consolidated Cash Flow Statement
(i) Net operating cash flow includes $129.4 million net inflow from
operations, $0.4 million net finance costs and $13.6 million income tax
payments
(ii) Reflects payments for mine construction costs relating mainly to the new
Everest operation
(iii) Reflects net proceeds from redraw of finance facilities of $28.1 million,
conversion of options $5.0 million, dividends paid of $9.2m and repayment
of share plan loans and option conversion $2.5 million
.Aquarius Platinum Limited
Consolidated Balance Sheet
at 31 March 2006
US$"000
Note 31 March 06 30 June 05
*
Assets
Cash assets (i) 119,383 75,251
Current receivables (ii) 50,144 44,695
Other current assets (iii) 21,463 16,312
Non-current receivables (iv) 295 2,928
Mining assets (v) 501,643 408,765
Other non-current assets 663 541
Total Assets 693,591 548,492
Liabilities
Current liabilities (vi) 44,415 35,480
Non-current payables (vii) 160,316 150,735
Non-current interest- (viii 44,705 16,037
bearing liabilities )
Other non-current (ix) 100,708 78,315
liabilities
Total Liabilities 350,144 280,567
Net Assets 343,447 267,925
Equity
Parent entity interest 281,730 235,352
Minority interest 61,717 32,573
Total Equity 343,447 267,925
* Unaudited
Notes on the Consolidated Balance Sheet
(i) Cash balance rose due to strong operating cash flows during the quarter
(ii) Reflects debtors receivable on PGM concentrate sales
(iii) Increase reflects stockpile build up to accommodate the Everest expansion
(iv) Reduction attributable to the repayment of employee share plan loans
(v) Increase in mining assets mainly relates to Everest construction
(vi) Includes tax payable ($10 million) and creditors ($34 million)
(vii) Reflects deferred income from BEE transaction ($10.6 million) and portion
of Implats and Savcon non interest bearing shareholder loans (Impala
Platinum $66.9 million and Savcon $82.8 million)
(viii)Reflects non-current portion of interest bearing debt payable to RMB
($27.2 million) and interest bearing shareholder loan to Savcon ($17.5
million)
(ix) Reflects deferred tax liabilities $66 million and provision for closure
costs $35 million
Operations
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum 50.5%)
Kroondal Mine
Safety
The (12 month rolling average) DIIR improved marginally to 0.93 from 0.96 in the
previous quarter. The Mine achieved 800,000 fatality-free man shifts.
Mining
* Underground operations hoisted 1.32 million tons from 192,000 square meters
mined, with a further 72,000 tons from opencast mining
* Decline development at the No. 5 Shaft is on track, expecting to intersect UG2
reef in late 2006
Processing
* Plant feed was 1.49 million tons processed, including 106,000 tons from the
stockpile
* Due to shorter working quarter, PGM production down 8% to 107,501 PGM ounces
* Concentrator plants performed well with recoveries improving 2% to 78%
Revenue
The PGM basket price for the quarter increased 12% to $1,064 per PGM ounce,
resulting in mine revenue of R686m for the quarter (AQPSA share R343m). The
gross cash margin rose to 61%, reflecting the higher PGM prices.
Kroondal: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs PGMs
ended attributable
to Aquarius
March 06 64,248 31,372 11,342 539 107,501 53,751
Dec 05 69,830 34,332 12,422 591 117,175 58,588
Sept 05 69,129 33,420 12,250 563 115,362 57,681
Jun 05 69,875 33,728 12,499 567 116,669 58,335
Operations
The mining operations were impacted by the Christmas and New Year holiday breaks
with a slower than desired ramp up in the New Year. This resulted in 85
operating days in the quarter, 6 days less than the previous quarter. Operations
produced a total 1.4 million ROM tons, and a 25,000 ton stockpile remains on the
surface for processing. PGM production for the quarter was 8% lower at 107,501
PGM ounces (Aquarius attributable 53,751 PGM ounces).
Plant head grade was 3% lower at 2.85g/t due to higher than normal potholing at
No. 3 Shaft. Increased development is ongoing to overcome this problem.
Although negatively impacting on production, this was partly offset by excellent
plant performance. Following ongoing re-engineering, overall recoveries
improved 2% despite the reduced head grade to the K2 plant. The K1 concentrator
achieved recoveries of 80%+ during the last two month"s of the quarter following
adjustments to the circuit. The K2 concentrator also underwent a phase of
re-engineering to improve plant performance.
Cash costs per ROM ton increased 2% to R181 compared with the previous quarter
in part due to lower comparable period on period production. Cash costs per PGM
ounce for the quarter increased by 3% to R2,514. Importantly, these costs
include R219 per PGM ounce of decline development costs comprising ledging and
sinking. Development costs on a PGM ounce basis represented R34 per PGM ounce.
Development and equipping of additional underground mining areas continues at
the Central, East and No. 3 and No. 5 Shafts. Decline sinking is approximately
1,000 metres ahead of schedule which will ensure that P&SA1 is able to sustain
production going forward pending the production ramp-up at the new No. 5 shaft.
No. 4 Shaft
No. 4 shaft was transferred to P&SA2 at the start of the quarter under review as
part of the P&SA2 Agreement and the associated capital expenditures were also
transferred to the P&SA2 books.
Project Management and Capital Expenditure
Capital expenditure for the next quarter is expected to be R23 million
comprising the following:
a) Ongoing Mine Equipping: The ongoing installation of conveyors and associated
equipment is progressing well against schedule.
b) Chairlifts: Chairlift installations at Central and East mines are nearing
completion. This will reduce the travelling time of the workforce resulting
in a positive effect on productivity.
c) No. 5 Shaft (Townlands): Sinking of this decline commenced in February 2006
and is at 148m at the end of the quarter. It is expected that reef will be
intersected in October this year. R51m of the R131m budget has been
committed to date and the project is expected to be completed on budget.
Marikana Mine
Comparatives between the current quarter and the previous quarter are not
meaningful owing to the appointment of a new open pit mining contractor, MCC in
January 2006 (currently in ramp-up mode) in place of the previous contractor
whose contract was rescinded in December 2005.
Safety
The (12 month rolling average) DIIR rate improved to a record 0.23 from 0.72 in
the previous quarter. The Mine recorded 627,946 fatality-free shifts.
Mining
* Open pit mining contractor MCC has mobilised to schedule, recording a good
performance in the face of adverse weather conditions
* No. 4 shaft underground production build-up & service infrastructure is on
schedule
* Trial mining at No. 1 shaft continues to advance, with favourable mining
conditions continuing
* ROM Stockpiles at the end of the quarter totalled 124,000 tons
Processing
* Concentrator throughput for the quarter was 178,000 tons (94,000 from P&SA2
and including 84,000 tons treated on behalf of Anglo Platinum)
* Recoveries improved to 66% for the quarter (62% previous quarter)
* New contractor in ramp-up mode produced 5,810 PGM ounces for the quarter from
94,000 tons, (AQPSA attributable 2,905 PGM ounces)
* ROM stockpiles built up in March contain an estimated recoverable 6,400 PGM
ounces
Revenue
The PGM basket price for the quarter increased 11% to $1,028 per PGM ounce,
resulting in mine revenue of R51m for the quarter (AQPSA share R25 million).
The cash margin decreased to 4% and cash costs increased to R8,416 per ounce.
Marikana: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs
ended
March 06 3,591 1,642 534 43 5,810
Dec 05 12,887 5,879 1,861 162 20,789
Sept 05 17,244 7,409 2,466 203 27,322
Jun 05 16,893 7,402 2,428 217 26,940
Operations
94,000 ROM tons were processed resulting in PGM production for the quarter of
5,810 PGM ounces. Due to open pit water issues, an opportunity to toll mill
84,000 tons of ore on behalf of Anglo Platinum was undertaken.
ROM stockpiles were built up from 54,000 tons to 124,000 tons by the end of the
quarter, containing an estimated 6,400 recoverable PGM ounces. In April, 60% of
this stockpile yielding approximately 4,000 PGM ounces is scheduled to be
treated, in addition to planned production.
The low production rate for the quarter was the result of both the pattern of
rainfall and the unusually high rainfall in January and February which flooded
the main open-pit bottom. Over one week at the beginning of January, 300 mm (12
inches) of rain fell at the operation. Some four weeks later, 230mm (9 inches)
of rain then again fell over one week, an amount approximating the typical
annual rainfall for the area over a rainy season, and an amount almost four
times as much as would fall on average for January and February combined.
During this period, three 1-in-10 year flood events were recorded in the
surrounding area. In-pit pumping capacity was increased five fold to allow MCC
access to pit bottom for reefing operations during the month of March. Access,
however, was denied to reefing operations for nearly two-thirds of the available
time during January and February.
MCC have mobilised on site and are on schedule to deliver the full production
schedule for the main pit by the end of the financial year despite the flooding
setback that occurred during the quarter. The toll milling has allowed the
process plant to operate during March whilst the open pit was being de-watered
and reefing operations were being re-established with the objective of building
an ore stockpile.
Cash costs for the quarter were negatively impacted as a result of poor
production affected by the heavy rains.
Due to the very low levels of production in the quarter, on mine cash costs on a
PGM ounce basis do not reflect steady state production and are not comparable to
previous quarters.
Marikana Pool & Share Agreement (P&SA2)
Production from No. 4 Shaft during the quarter progressed to plan. Underground
development and construction infrastructure are also progressing on schedule.
The upgrading of the process plant to 250,000 tons per month capacity by the
incorporation of a dense media separator commenced during the quarter and
remains on schedule.
Project Management and Capital Expenditure
Capital expenditure for the next quarter is expected to be R15 million.
Trial Underground Mining (No. 1 Shaft)
The declines have progressed approximately 200 metres with favourable mining
conditions persisting. The portal highwall was permanently supported during the
quarter with shotcrete. Belt and services infrastructure installations have
commenced. Production and service construction, delayed due to heavy rains, has
been revised to ensure that the program remains on schedule.
Contractor dispute with Moolman Mining
AQPSA resiled from the mining contract with Moolman Mining during December 2005
on the basis of a misrepresentation on the part of Moolman Mining when the
mining contract was originally concluded. This misrepresentation became
apparent to AQPSA after the audit, conducted by KPMG during October 2005, into
the rise and fall formula applied in the mining contract.
In the notice of rescission, AQPSA advised Moolman Mining that AQPSA would be
instituting a damages claim against Moolman Mining arising from the rescission.
Summons for the damages claim in an amount of R 963,775,098 was served on
Grinaker-LTA on 18 April 2006.
Everest Mine
Safety
The (12 month rolling average) DIIR deteriorated to 0.82 from 0.77 in the
quarter. Corrective action initiated early in the quarter has had positive
results with no disabling injuries occurring during the last month of the
quarter. The Department of Minerals and Energy has issued its investigation
report into the fatality that occurred in the previous quarter. The report
concluded that the deceased had failed to secure himself appropriately although
he had been provided with a safety harness and been trained in the use of a
safety harness.
Mining
* Opencast operations are ahead of schedule with 217,052 tons produced during
the period
* Underground development continues, producing 157,362 tons in the period
* Stockpiles at the end of the quarter totalled 143,000 tons
Processing
* Concentrator throughput ramp-up remains ahead of schedule, with 674,720 tons
processed during the period
* Overall recoveries increased by 10% to 65%, exceeding expectations for the
ramp-up period
* 46,081 PGM ounces were produced during the period
Revenue
The realised PGM basket price for the quarter was $964 per PGM ounce, resulting
in mine revenue of R225 million for the quarter (AQPSA share 100%).
Everest: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs (4E)
ended
Mar-06 27,257 14,913 3,472 439 46,081
Dec-05 4,161 2,351 532 67 7,111
Operations
Opencast mining remained ahead of programme, with a total of 217,000 tons
produced during the quarter. The opencast mining operation continues to perform
well in terms of production and cost, providing the bulk of the plant feed to
date.
Underground mining also progressed well during the period, with on-reef decline
development and the establishment of stoping sections continuing. The
underground production ramp-up was as planned with an 85% increase in production
to 157,000 tons of underground ROM tons produced during the quarter. Equipping
of the underground mining remains on track with conveyor installations,
ventilation and mining services completed on schedule. The underground mining
is ramping up as planned within budget, and no significant geological or mining
problems have been experienced.
The ramp-up of the concentrator proceeded well with 674,720 tons milled during
the period. Plant head grade improved to 3.22 g/t from 3.12 g/t in the previous
quarter, with 70 % of the plant feed consisting of opencast material. The
improvement in operational stability following commissioning was reflected in
the metallurgical recoveries, which improved by 10% to 65%. This yielded
production of 46,081 PGM ounces for the period.
Process plant availability and the throughput ramp-up remain encouraging. A
stockpile of 143,000 ROM tons remained at the end of the quarter.
The quarter was the first operational quarter, achieving on mine cash costs of
R156 per ROM ton milled and R2,280 per PGM ounce. This is inclusive of ledging
and sinking costs, of R215 per PGM ounce.
Project Capital Expenditure
The project capital expenditure commitments totalled R672 million at the end of
the quarter with capital expenditure to date of R609 million.
It is anticipated that the Everest project which was originally budgeted at R819
million will be completed for R707 million, a saving of R112 million.
Mimosa Mine (Aquarius Platinum 50%)
Safety
The good safety record was marred by three disabling injuries incurred in the
quarter compared with one in the previous quarter, resulting in a (12-month
rolling average) DIIR for the quarter was 0.23, compared with 0.13 in the
previous quarter.
Operations
PGM production for the quarter was 6% above targeted levels at 33,252 PGM
ounces. ROM tonnage for the quarter was 399,000 tons compared with 429,000 for
the previous quarter. The decrease is attributable to less operating days
arising from the holiday season. Tons milled during the quarter at 365,000 were
4% below the previous quarter"s level of 279,000 tons as a result of a 5-day
plant shutdown for mill relining. Plant feed grade remained almost at par at
3.69g/t and 3.72g/t for the current and previous quarter respectively.
Revenue
The average basket price realised in the quarter at $750 per PGM ounce, 13%
stronger than the previous quarter price of $662 per PGM ounce. Together with
the contribution from base metals (approximately 27% of gross revenue), this
generated sales revenue of $27.3 million compared with $27.8 million for the
previous quarter.
Mimosa: Metal in concentrate produced (PGM ounces)
Quarter Pt Pd Rh Au PGMs PGMs (4E)
ended (4E) attributable
to Aquarius
March 06 16,820 12,809 1,306 2,317 33,252 16,626
Dec 05 17,961 13,582 1,390 2,461 35,394 17,697
Sept 05 18,548 13,915 1,407 2,498 36,368 18,184
Jun 05 18,269 13,518 1,406 2,451 35,644 17,822
Mimosa: Base Metals in concentrate produced (tons)
Mine Production Attributable to Aquarius
Quarter Ni Cu Co Ni Cu Co
ended
March 06 452 383 14 226 191 7
Dec 05 488 410 15 244 205 8
Sept 05 512 422 15 256 211 8
Jun 05 514 420 15 257 210 8
Operating costs
Mimosa realised a cash cost per PGM ounce of US$331 ($108 per ounce after by-
product credits) compared with the previous quarter"s figure of US$325 per ounce
($94 per ounce after by-product credits). The 2% increase in costs is
attributable to a lower volume realised in the quarter compared with the
previous quarter.
Wedza Phase IV Upgrade
Work on the Wedza Phase IV Upgrade project has progressed well. Commissioning
has commenced subsequent to the end of the quarter on 8th April, 6 weeks ahead
of schedule.
Proposed Amendments to the Mines and Minerals Bill
The Zimbabwe Minister of Mines and Mining Development issued a statement during
the quarter proposing radical changes to the Mines and Minerals Act which would
impact negatively on the business environment in Zimbabwe. Following further
representations by the Company and the Chamber of Mines of Zimbabwe, it has
since been clarified that the statement was no more than an expression of an
opinion on an issue that is still work in progress. Meanwhile the company is
pursuing its indigenisation agenda for discussion with the relevant authorities
once the work has been finalised.
AQUARIUS PLATINUM (SA) CORPORATE SERVICES (PTY) LTD
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum 50%)
Safety
No accidents or lost time injuries have occurred since the start-up of the CTRP
in February 2005.
Processing
* 26,422 tons processed for the quarter, significantly reduced due to the
decision to not treat poor recovery materials
* 1,484 PGM ounces produced, a decrease of 3% on the previous quarter despite
58% decrease in tons processed
* Recoveries up to 51% from 27% in the previous quarter
Operations
During the quarter only current arisings from the Kroondal Chrome Mine were fed
to the CTRP. The feed of dump material from Bayer Chrome Mine was stopped due
to poor recoveries achieved in the second quarter. The effect was that
recoveries rose to 51% against 27% in the previous quarter. Consequently, unit
costs decreased by 42% to R2,000 per PGM ounce from R3,441 per PGM ounce in the
previous quarter.
Following the results of the initial Mintek testwork, a small expansion project
is planned to increase plant throughput and production. This expansion will add
dump material from the Kroondal Chrome Mine to the CTRP feed. It is anticipated
that this project will be completed in the first quarter of the 2007 Financial
Year at a cost of approximately R2 million.
Additional testwork has also been commissioned at Mintek to further optimise the
recoveries achievable with the various feed sources.
CORPORATE MATTERS
Conversion of South African mining and prospecting rights
a) Mining Rights: The conversion applications for Kroondal and Marikana have
been submitted by the Regional Office of the Department of Minerals and
Energy to their Head Office in Pretoria for approval.
The conversion for Everest will be submitted to the DME Head Office during
May 2006.
b) Prospecting Rights: All prospecting right conversions have been granted.
Appointment of Anton Wheeler
In May 2006, Anton Wheeler will join the AQPSA team as Operations Director.
Anton is a qualified mining engineer and brings a wealth of knowledge in
opencast and underground platinum mining experience. He has a track record
including implementing "best practice" at Impala Platinum, and laterly worked at
Zimplats in Zimbabwe. All AQPSA mining operations will report to him.
Dividend paid to Aquarius shareholders"
On 23rd March 2006, an interim dividend of 6 US cents per share (2005: 3 US
cents per share) was paid to shareholders registered on 2 March 2006.
Statistical Information: Kroondal P&SA1
Statistical Information: Kroondal
Data reflects 100% Previous %
of mine operations Current Change
Unit Quarter Quarter
Quarter Dec on
March 2005 Quarter
2006
Safety
DIIR Rate/200,000 0.93 0.96 (3)
man hours
Revenue
Gross Revenue R"M 686 654 5
PGM basket Price $/oz 1,064 946 12
Gross cash margin % 61 56 9
Nickel Price $/lb 6.72 5.74 17
Copper Price USc/lb 224 195 15
Ave R/$ rate 6.13 6.51 (6)
Cash Costs on-mine
Per ROM ton R/ton 181 177 2
$/ton 30 27 9
Per PGM oz (3E+Au) R/oz 2,514 2,429 3
$/oz 410 373 10
Per PGE (5E+Au) R/oz 2,075 2,303 (10)
$/oz 339 354 (4)
Capex
Current/Sustaining R"000s 5,237 17,003 (69)
100%
$"000s 854 2,612 (67)
Expansion 100% R"000s (14631) 25,301
*
$"000s (2386) 3,886
*
Mining Processed
Underground ROM Ton "000 1,420 1,446 (2)
Open Pit ROM Ton "000 72 160 (55)
Total ROM Ton "000 1,492 1,606 (7)
Grade
Plant Head g/t 2.85 2.96 (4)
Recoveries % 78 77 2
PGM Production
Platinum Ozs 64,247 69,830 (8)
Palladium Ozs 31,372 34,332 (9)
Rhodium Ozs 11,342 12,422 (9)
Gold Ozs 540 591 (9)
Total PGM (3E+Au) Ozs 107,501 117,175 (8)
Total PGE (5E+Au) Ozs 130,222 142,650 (9)
Base Metals
Production
Nickel Tons 104 112 (7)
Copper Tons 49 50 (2)
Chromite (000) Tons (000) 115 145 (21)
Statistical Information: Kroondal
Data reflects 100% Current Previous +/- % YTD
of mine operations
Unit 9 months 9 months Year 9 months
to Mar to March on to March
06 05 Year 2006
Safety
DIIR Rate/200,0 0.93 0.72 29 0.93
00 man
hours
Revenue
Gross Revenue R"M 1,912 784 144 1,912
PGM basket Price $/oz 942 700 35 942
Gross cash margin % 56 37 51 56
Nickel Price $/lb 6.35 6.56 (3) 6.35
Copper Price USc/lb 197 139 41 197
Ave R/$ rate 6.39 6.12 4 6.39
Cash Costs on-mine
Per ROM ton R/ton 180 185 (3) 180
$/ton 28 30 (6) 28
Per PGM oz (3E+Au) R/oz 2,476 2,369 5 2,476
$/oz 388 387 0 388
Per PGE (5E+Au) R/oz 2,039 2,281 (11) 2,039
$/oz 319 373 (14) 319
Capex
Current/Sustaining R"000s 38,761 2068 1,774 38,761
100%
$"000s 6,070 338 1,696 6,070
Expansion 100% R"000s 43,306 395,176 (89) 43,306
$"000s 6,782 64,607 (90) 6,782
Mining Processed
Underground ROM Ton 4,331 2,454 76 4,331
"000
Open Pit ROM Ton 357 206 73 357
"000
Total ROM Ton 4,688 2,660 76 4,688
"000
Grade
Plant Head g/t 2.90 3.07 (6) 2.90
Recoveries % 78 80 (3) 78
PGM Production
Platinum Ozs 203,207 124,416 63 203,207
Palladium Ozs 99,124 60,256 65 99,124
Rhodium Ozs 36,014 22,416 61 36,014
Gold Ozs 1,694 973 74 1,694
Total PGM (3E+Au) Ozs 340,039 208,061 63 340,039
Total PGE (5E+Au) Ozs 412,890 252,147 64 412,890
Base Metals
Production
Nickel Tons 326 195 67 326
Copper Tons 147 89 65 147
Chromite (000) Tons (000) 373 189 98 373
Note:
* Capital expenditure reversal on expansion reflects the transfer of No. 4 Shaft
to P&SA2.
Statistical Information: Marikana P&SA2
Statistical Information:
Marikana
Data reflects 100% Current Previous % Change
of mine operations
Unit Quarter Quarter Quarter
March 2006 Dec 2005 on
Quarter
Safety
DIIR Rate/200,00 0.23 0.72 (68)
0 man hours
Revenue
Gross Revenue R"M 51 70 (27)
PGM basket Price $/oz 1,028 925 11
Gross cash margin % 4 24 (85)
Nickel Price $/lb 6.72 5.74 17
Copper Price USc/lb 224 195.00 15
Ave R/$ rate 6.13 6.51 (6)
Cash Costs on-mine
Per ROM ton R/ton 520 334 56
$/ton 85 51 (5)
Per PGM oz (3E+Au) R/oz 8,416 5,132 64
$/oz 1,373 788 74
Per PGE (5E+Au) R/oz 6,974 4,879 43
$/oz 1,138 749 52
Capital expenditure
Current/Sustaining R"000s 1,202 3,312 (64)
100%
$"000s 196 509 (61)
Expansion 100% R"000s 50,591 8,147 521
$"000s 8,253 1,251 560
Mining Processed
Underground ROM Ton 43 28 54
"000
Open Pit ROM Ton 51 291 (82)
"000
Total ROM Ton 94 319 (71)
"000
Grade
Plant Head g/t 2.93 3.24 (10)
Recoveries % 66 62 6
PGM Production
Platinum Ozs 3,591 12,887 (72)
Palladium Ozs 1,642 5,879 (72)
Rhodium Ozs 534 1,861 (71)
Gold Ozs 43 162 (73)
Total PGM (3E+Au) Ozs 5,810 20,789 (72)
Total PGE (5E+Au) Ozs 7,011 24,999 (72)
Base Metals
Production
Nickel Tons 8 32 (75)
Copper Tons 4 17 (76)
Chromite (000) Tons (000) 13 44 (70)
Statistical Information:
Marikana
Data reflects 100% of Current Previous +/- % YTD
mine operations
Unit 9 9 months Year 9
months to March on months
to Mar 05 Year to Mar
06 06
Safety
DIIR Rate/200, 0.32 1.09 (71) 0.32
000 man
hours
Revenue
Gross Revenue R"M 297 259 15 297
PGM basket Price $/oz 918 701 31 918
Gross cash margin % 1 (17) n/a 1
Nickel Price $/lb 6.35 6.56 (3) 6.35
Copper Price USc/lb 197 139 41 197
Ave R/$ rate 6.39 6.12 4 6.39
Cash Costs on-mine
Per ROM ton R/ton 353 273 29 353
$/ton 55 45 23 55
Per PGM oz (3E+Au) R/oz 5,427 4,206 29 5,427
$/oz 850 688 24 850
Per PGE (5E+Au) R/oz 4,509 4,027 12 4,509
$/oz 706 658 7 706
Capital expenditure -
Current/Sustaining R"000s 7,948 13,309 (40) 7,948
100%
$"000s 1,245 2,176 (43) 1,245
Expansion 100% R"000s 58,738 - n/a 58,738
$"000s 9,199 - n/a 9,199
Mining Processed
Underground ROM Ton 79 - n/a 79
"000
Open Pit ROM Ton 751 1,111 (32) 751
"000
Total ROM Ton 830 1,111 (25) 830
"000
Grade
Plant Head g/t 3.22 3.72 (14) 3.22
Recoveries % 63.00 55 15 63
PGM Production
Platinum Ozs 33,721 46,975 (28) 33,721
Palladium Ozs 14,930 19,012 (21) 14,930
Rhodium Ozs 4,861 5,633 (14) 4,861
Gold Ozs 408 602 (32) 408
Total PGM (3E+Au) Ozs 53,920 72,222 (25) 53,920
Total PGE (5E+Au) Ozs 64,899 85,566 (24) 64,899
Base Metals
Production
Nickel Tons 80 87 (8) 80
Copper Tons 45 46 (1) 45
Chromite (000) Tons 117 169 - 117
(000)
Statistical Information: Everest
Statistical Information: Everest
Data reflects 100% of Current Previous % Change
mine operations
Unit Quarter Quarter Quarter
March 2006 Dec 2005 on
Quarter
Safety
DIIR Rate/200,0 0.82 0.77 6
00 man
hours
Revenue
Gross Revenue R"M 225 31 626
PGM basket Price $/oz 964 886 9
Gross cash margin % 53 28 89
Nickel Price $/lb 6.72 6.09 10
Copper Price USc/lb 224 208.00 8
Ave R/$ rate 6.14 6.35 (3)
Cash Costs on-mine
Per ROM ton R/ton 156 168 (7)
$/ton 25 27 (5)
Per PGM oz (3E+Au) R/oz 2,280 3,136 (27)
$/oz 371 494 (25)
Per PGE (5E+Au) R/oz 1,974 2,635 (25)
$/oz 321 415 (23)
Capital expenditure
Current/Sustaining R"000s - -
100%
$"000s -
Expansion 100% R"000s 67,094 203,272 (67)
$"000s 10,927 32,047 (66)
Mining Processed
Underground ROM Ton 202 39 418
"000
Open Pit ROM Ton 473 89 431
"000
Total ROM Ton 675 129 423
"000
Grade
Plant Head g/t 3.22 3.12 3
Recoveries % 65 55 18
PGM Production
Platinum Ozs 27,257 4,161 555
Palladium Ozs 14,913 2,351 534
Rhodium Ozs 3,472 532 553
Gold Ozs 439 67 555
Total PGM (3E+Au) Ozs 46,081 7,111 548
Total PGE (5E+Au) Ozs 53,202 8,223 547
Base Metals Production
Nickel Tons 54 8 591
Copper Tons 28 5 464
Chromite (000) Tons (000) - -
Statistical Information: Everest
Data reflects 100% of Curren Previo +/- % YTD
mine operations t us
Unit 9 9 Year on 9
months months Year months
to Mar to to Mar
06 March 06
05
Safety
DIIR Rate/200,0 0.82 - - 0.82
00 man
hours
Revenue
Gross Revenue R"M 225 - - 225
PGM basket Price $/oz 964 - - 964
Gross cash margin % 53 - - 53
Nickel Price $/lb 6.72 - - 6.72
Copper Price USc/lb 224 - - 224
Ave R/$ rate 6.14 - - 6.14
Cash Costs on-mine
Per ROM ton R/ton 156 - - 156
$/ton 25 - - 25
Per PGM oz (3E+Au) R/oz 2,280 - - 2,280
$/oz 371 - - 371
Per PGE (5E+Au) R/oz 1,974 - - 1,974
$/oz 321 - - 321
Capital expenditure -
Current/Sustaining R"000s - - - -
100%
$"000s - - -
Expansion 100% R"000s 67,094 - - 67,094
$"000s 10,927 - - 10,927
Mining Processed
Underground ROM Ton 202 - - 202
"000
Open Pit ROM Ton 473 - - 473
"000
Total ROM Ton 675 - - 675
"000
Grade
Plant Head g/t 3.22 - - 3.22
Recoveries % 65 - - 65
PGM Production
Platinum Ozs 27,257 - - 27,257
Palladium Ozs 14,913 - - 14,913
Rhodium Ozs 3,472 - - 3,472
Gold Ozs 439 - - 439
Total PGM (3E+Au) Ozs 46,081 - - 46,081
Total PGE (5E+Au) Ozs 53,202 - - 53,202
Base Metals Production
Nickel Tons 54 - - 54
Copper Tons 28 - - 28
Chromite (000) Tons (000) - - - -
Statistical Information: Mimosa
Data reflects 100% of mine Previo %
operations Curre us Change
nt
Unit Quarte
Quart Quarte r on
er r Quarte
Mar Dec r
2006 2005
Safety
DIIR - 12 Month rolling Rate/200,0 0.40 0.13 208
Average 00 man
hours
Revenue
Gross Revenue US$M 27 28 (2)
PGM basket Price $/oz 750 662 13
Gross cash margin % 66 64 3
Nickel Price $/lb 6.14 6.13 0
Copper Price USc/lb 201 171 18
Cash Costs on-mine
Per ROM ton $/ton 30 30 -
Per PGM oz (3E+Au) $/oz 331 325 2
after by-product credits $/oz 108 94 15
Capital expenditure
Current/Sustaining 100% $"000s 705 1,895 (63)
Expansion 100% $"000s 6,526 1,050 522
Mining
Underground ROM Ton 399 429 (7)
"000
Grade
Plant Head g/t PGM 3.69 3.72 (1)
Recoveries % 77 78 (1)
PGM Production
Platinum Ozs 16,82 17,961 (6)
0
Palladium Ozs 12,80 13,582 (6)
9
Rhodium Ozs 1,306 1,390 (6)
Gold Ozs 2,317 2,461 (6)
Total PGM (3E+Au) Ozs 33,25 35,394 (6)
2
Base Metals Production
Nickel Tons 452 488 (7)
Copper Tons 383 410 (7)
Cobalt Tons 14 15 (7)
Statistical Information: Mimosa
Data reflects 100% of mine Curren Previo +/- %
operations t us
Unit 9 9 Year
months months on
to Mar to Mar Year
06 05
Safety
DIIR - 12 Month rolling Rate/200,0 0.21 0.3 (30)
Average 00 man
hours
Revenue
Gross Revenue US$M 83 61 36
PGM basket Price $/oz 672 585 15
Gross cash margin % 62 61 2
Nickel Price $/lb 6.41 6.31 2
Copper Price USc/lb 172 115 50
Cash Costs on-mine
Per ROM ton $/ton 32 31 3
Per PGM oz (3E+Au) $/oz 339 346 (2)
after by-product credits $/oz 102 132 (23)
Capital expenditure
Current/Sustaining 100% $"000s 5,032 11427 (56)
Expansion 100% $"000s 7,576 738 927
Mining
Underground ROM Ton 1,261 1037 22
"000
Grade
Plant Head g/t PGM 3.73 3.67 2
Recoveries % 78 77 1
PGM Production
Platinum Ozs 53,328 48,473 10
Palladium Ozs 40,305 35,741 13
Rhodium Ozs 4,102 3,750 9
Gold Ozs 7,277 6,559 11
Total PGM (3E+Au) Ozs 105,01 94,523 11
2
Base Metals Production
Nickel Tons 1,452 1,382 5
Copper Tons 1,215 1,143 6
Cobalt Tons 44 41 7
Statistical Information: Chromite Tailings Retreatment Project
Data reflects 100% of Current Previous % Change
mine operations
Unit Quarter Quarter Quarter on
March 2006 Dec 2005 Quarter
Safety
DIIR Rate/200,000 - - -
man hours
Revenue
Gross Revenue R"M 8 9 (7)
PGM basket Price $/oz 1,276 1,099 16
Gross cash margin % 65 43 51
Nickel Price $/lb 6.72 5.74 17
Copper Price USc/lb 224 195 15
Ave R/$ rate 6.13 6.51 (6)
Cash Costs on-mine
Per ROM ton R/ton 113 87 30
$/ton 18 13 (5)
Per PGM oz (3E+Au) R/oz 2,000 3,441 (42)
$/oz 326 529 (38)
Per PGE (5E+Au) R/oz 1,386 2,346 (41)
$/oz 226 360 (37)
Capital expenditure
Current/Sustaining R"000s - -
100%
$"000s - -
Expansion 100% R"000s -
$"000s -
Feed Processed
Feed Processed ROM Ton "000 26 61 -
Total ROM Ton "000 26 61 (57)
Grade
Plant Head g/t 2.76 2.98 (7)
Recoveries % 51 27 89
PGM Production
Platinum Ozs 887 937 (5)
Palladium Ozs 334 350 (5)
Rhodium Ozs 260 243 7
Gold Ozs 3 3 (2)
Total PGM (3E+Au) Ozs 1,484 1,533 (3)
Total PGE (5E+Au) Ozs 2,142 2,248 (5)
Base Metals Production
Nickel Tons 1 1 -
Copper Tons 0 1 -
Chromite (000) Tons (000) - -
Statistical Information: Chromite Tailings Retreatment Project
Data reflects 100% Current Previous +/- % YTD
of mine operations
Unit 9 9 months Year 9
months to March on months
to Mar 05 Year to Mar
06 06
Safety
DIIR Rate/200,000 - - - -
man hours
Revenue
Gross Revenue R"M 24 0.4 5,900 24
PGM basket Price $/oz 1,105 812 36 1,105
Gross cash margin % 49 30.0 63 49
Nickel Price $/lb 6.35 - - 6.35
Copper Price USc/lb 197 - - 197
Ave R/$ rate 6.39 - - 6.39
Cash Costs on-mine
Per ROM ton R/ton 95 13 632 95
$/ton 15 400 (96) 15
Per PGM oz (3E+Au) R/oz 2,839 - - 2,839
$/oz 445 - - 445
Per PGE (5E+Au) R/oz 1,998 - - 1,998
$/oz 313 - - 313
Capital expenditure -
Current/Sustaining R"000s - - -
100%
$"000s - - -
Expansion 100% R"000s - - -
$"000s 3,676 - -
Feed Processed
Feed Processed ROM Ton "000 131 20 553 131
Total ROM Ton "000 131 20 553 131
Grade
Plant Head g/t 3.21 2.97 8 3.21
Recoveries % 35.00 34 3 35
PGM Production
Platinum Ozs 2,687 401 570 2,687
Palladium Ozs 966 136 610 966
Rhodium Ozs 718 106 577 718
Gold Ozs 9 1 795 9
Total PGM (3E+Au) Ozs 4,380 644 580 4,380
Total PGE (5E+Au) Ozs 6,225 - - 6,225
Base Metals
Production
Nickel Tons 3 - - 3
Copper Tons 1 - - 1
Chromite (000) Tons (000) - - - -
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
Edward Haslam Non-executive
Sir William Purves Non-executive (senior independent director)
Patrick Quirk Non-executive
Zwelakhe Sisulu 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
Issued Capital
At 31 March 2006, the Company had on issue:
83,889,892 fully paid common shares
2,721,402 unlisted options
Substantial Shareholders 31 March Number of Percentage
2006 Shares
Impala Platinum Holdings Ltd. 7,141,966 8.6
National Nominees Limited 5,473,050 6.5
Nutraco Nominees Limited 5,162,850 6.2
Chase Nominees Limited 4,341,154 5.2
Broker (LSE)
Williams de Broe
6 Broadgate
London EC2M 2RP
Telephone: +44 (0)20 7588 7511
Facsimile: +44 (0)20 7588 8860
Broker (ASX)
Euroz Securities
Level 14, The Quadrant
1 William Street
Perth WA 6000
Telephone: +61 (0)8 9488 1400
Facsimile: +61 (0)8 9488 1478
Sponsor (JSE)
Investec Bank Limited
100 Grayston Drive
Sandown Sandton 2196
Telephone: +27 (0)11 286 7326
Facsimile: +27 (0)11 291 1066
Aquarius Platinum (South Africa) Aquarius Platinum Corporate
(Proprietary) Ltd. Services Pty Ltd
50.5% Owned 100% Owned
(Incorporated in the Republic of South (Incorporated in Australia)
Africa) ACN 094 425 555
Registration Number 2000/000341/07
Level 4, Suite 5, South Shore
Block A, 1st Floor, The Great Wall Group Centre,
Building 85 The Esplanade, South Perth, WA
5 Skeen Boulevard, Bedfordview 6151,
South Africa 2007 Australia
P O Box 1282 PO Box 485
Bedfordview South Africa 2009 South Perth, WA 6151, Australia
Telephone: +27 (0)11 455 2050 Telephone: +61 (0)8 9367 5211
Facsimile: +27 (0)11 455 2095 Facsimile: +61 (0)8 9367 5233
Email: info@aquariussa.co.za Email:
info@aquariusplatinum.com
AQPSA Management
Stuart Murray Executive Chairman
Gert Ackerman Managing Director
Ayanda Khumalo Finance Director
Neil Collett General Manager Business Development
Graham Ferreira General Manager Finance & Company Secretary
Hugo Holl General Manager Everest
Robert Mallinson General Manager Marikana
Gordon Ramsay General Manager Projects
Dave Starley General Manager Kroondal
Gabriel de Wet General Manager Engineering
Mimosa Mine Management
Alex Mhembere Managing Director
Winston Chitando Finance Director
Herbert Mashanyare Technical Director
Peter Chimboza Operations Director
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
ASACS Aquarius Platinum (SA) (Corporate Services) (Pty) Limited
CTRP Chromite Ore Tailings Retreatment Operation
DIFR Disabling Injury Incidence 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
EMPR Environmental Management Programme Report
Everest Everest Platinum Mine
Great Dyke Reef A PGE bearing layer within the Great Dyke Complex in
Zimbabwe
g/t Grams per tonne, measurement unit of grade (1g/t = 1 part per million)
JORC code Australasian code for reporting of Mineral Resources and Ore
Reserves
JSE JSE Securities Exchange South Africa
Kroondal Kroondal Platinum Mine
LHD Load Haul Dump machine
Marikana Marikana Platinum Mine
Mimosa Mimosa Mining Company (Private) Limited
NOSA National Occupational Safety Association
PGE(s) (6E) Platinum Group Elements. Six metallic elements commonly
found together which constitute the platinoids. These are Pt (platinum), Pd
(palladium), Rh (rhodium), RU (ruthenium), Ir (iridium) and Os (osmium)
PGM(s) (4E) Platinum Group Metals. Aquarius reports the composite grade
comprising Pt+Pd+Rh+Au (gold), 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
RK1 Consortium comprising Aquarius Platinum (SA) (Corporate Services)
(Pty) Limited (ASACS), GB Mining and Exploration (SA) (Pty) Limited (GB) and
Sylvania South Africa (Pty) Ltd (SLVSA)
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
TKO TKO Investment Holdings Limited
Ton 1 Metric tonne (1 000kg)
UG2 Reef A PGE bearing chromite layer within the Critical Zone of the
Bushveld Complex
$ United States Dollars
Z$ Zimbabwe Dollar
For further information please visit www.aquariusplatinum.com or contact:
In Australia:
Willi Boehm / Anne Cully
Aquarius Platinum Corporate Services Pty Ltd
+61 (0)8 9367 5211
In the United Kingdom:
Alex Buck
BuckBias Limited
+44 (0)7392 740 452
In South Africa:
Gert Ackerman
Aquarius Platinum (South Platinum) (Pty) Ltd
+27 (0)14 536 4001
Charmane Russell
Russell & Associates
+27 (0)11 880 3924
Date: 26/04/2006 03:37:04 PM Produced by the JSE SENS Department
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