ARM Exploration

ARM Exploration has as its main objective to identify and assess exploration and mineral business opportunities for base metals, ferrous metals PGMs and coal in sub-Saharan Africa.

Divisional Structure

* ARM Exploration is involved in identifying and assessing exploration and mineral business opportunities in sub-Saharan Africa.

Management

Mineral Resources summary as of 30 June 2011

Mineral project	Mineral resources category	Tonnes (Mt)	Copper (%)	Contained copper (Mt)
Kalumines Copper projects1,2
Oxide Copper
Lupoto	Indicated	10.4	2.63	0.270
Kasonta	Indicated	8.73	1.74	0.152
Niamumenda	Indicated	2.07	2.46	0.051
Karu East	Indicated	6.81	2.10	0.143
Sub-total	Indicated	28.01	2.21	0.619
Oxide/Sulphide copper3
Lupoto	Indicated	12.25	2.33	0.285
Kasonta	Indicated	10.03	1.29	0.129
Niamumenda	Indicated	1.96	1.44	0.028
Sub-total	Indicated	24.24	1.83	0.443
Total	Indicated	52.25	2.03	1.061
Oxide copper
Lupoto	Inferred	0.754	2.37	0.018
Kasonta	Inferred	0.016	0.79	0.000
Niamumenda	Inferred	0.003	0.67	0.000
Karu East	Inferred	0.148	2.70	0.004
Sub-total	Inferred	0.921	2.39	0.022
Oxide/Sulphide copper3
Lupoto	Inferred	12.28	1.85	0.227
Kasonta	Inferred	4.13	1.31	0.054
Niamumenda	Inferred	0.557	1.17	0.007
Sub-total	Inferred	16.97	1.70	0.288
Total	Inferred	17.89	1.74	0.311

1. The mineralised zones were modelled on a 0.51% total copper cut-off, and were signed off by AMEC E&C Inc.
2. Resources defined at 100% ownership level (project level).
3. Mixed oxide/sulphide cut-off were defined as follows: oxides < 0.5%Ca > oxides/sulphides.