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Kwanda

On May 16, 2002, Anooraq completed an agreement with Rustenberg Platinum Mines (RPM) for the right to acquire up to an 80% interest in twelve PGM properties located on the northern limb of the Bushveld Complex. Under the agreements with RPM, Anooraq acquired an initial 50% interest in the PGM rights to the twelve farms. These farms are collectively known as the Platreef Projects.

As of July 1, 2009, the joint venture agreements terminated and Kwanda Platinum Mine (Proprietary) Limited, a private company incorporated under the laws of South Africa, a wholly owned subsidiary of Bokoni Holdco, owns the respective interest in and assets relating to the Kwanda Project. As a result of the completion of the Bokoni Transaction, Anooraq effectively owns 51% of the Kwanda Project (see group structure).

Anooraq will continue with prospecting programs on the Kwanda Project and will also pursue opportunities to increase its knowledge base of the twelve properties originally earmarked for exploration, by information sharing with other parties conducting exploration activities in the area. A decision is expected to be taken in the medium term as to the strategic direction the company intends to embark on with regards to the Platreef Projects.