African Rainbow Minerals is a leading South African diversified mining and minerals company, with world-class long-life, low-cost assets. ARM's business model centres on forging mutually beneficial partnerships with major players in the resource sector.
| (1) | Assets held through ARM Mining Consortium’s effective interest of 41.5%, the balance held by local communities. |
| (2) | ARM’s shareholding in Two Rivers will reduce to 51% once the transfer of Kalkfontein portions 4, 5 and 6 and Tweefontein prospecting rights has been effected. |
| (3) | Platinum Australia earned 12% ownership on completion and approval of the prefeasibility study. The transfer of this ownership is in the process of being effected. Platinum Australia will earn up to 49% on completion of a bankable feasibility study. In the event that the JV acquires Anglo American’s 10%, Platinum Australia has the right to acquire 49% of the acquired 10%. |
| (4) | Konkola North was subject to a buy-in right of up to 20% (5% free-carried interest) by state-owned Zambia Consolidated Copper Mines Investment Holdings plc (ZCCM). ZCCM has exercised this right and the transfer of the 20% is in the process of being effected. |
| (5) | ARM Exploration is involved in identifying and assessing exploration and mineral business opportunities in sub-Saharan Africa. |
| (6) | Mwambashi prospecting licence has been relinquished and certain exploration licences have been incorporated into the Konkola North mining licence. |
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