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NORTHAM PLATINUM LIMITED - Condensed reviewed interim financial results for the six months ended 31 December 2018

Release Date: 22/02/2019 07:05
Code(s): NHM NHM002 NHM004 NHM005 NHM003     PDF:  
 
Wrap Text
Condensed reviewed interim financial results for the six months ended 31 December 2018

Northam Platinum Limited
Incorporated in the Republic of South Africa
Registration number 1977/003282/06
Share code: NHM ISIN: ZAE000030912
Debt issuer code: NHMI
Bond code: NHM002
Bond ISIN: ZAG000129024
Bond code: NHM003
Bond ISIN: ZAG000129032
Bond code: NHM004
Bond ISIN: ZAG000150764
Bond code: NHM005
Bond ISIN: ZAG000151242

CONDENSED REVIEWED INTERIM FINANCIAL RESULTS
These condensed reviewed interim financial results have been prepared under the supervision of the chief financial officer, AH Coetzee
CA(SA).

The condensed interim financial results of the group have been reviewed by Ernst & Young Inc., under the supervision of E Dhorat
CA(SA), a registered auditor. A copy of their unmodified reviewed report is available for inspection at the company's registered office.

The condensed reviewed interim financial results of the group will be available on the company's website at http://www.northam.co.za on
Friday, 22 February 2019.

Interim condensed consolidated statement of profit or loss and other comprehensive income

                                                                                                                     Reviewed       Reviewed       Audited
                                                                                                                     6 months       6 months     12 months
                                                                                                                        ended          ended         ended
                                                                                                                  31 December    31 December       30 June
                                                                                                                         2018           2017          2018
                                                                                                                         R000           R000          R000

Sales revenue                                                                                                       4 982 761      3 353 270     7 552 181   
Cost of sales                                                                                                     (3 951 981)    (3 014 497)   (6 728 867)   
Operating costs                                                                                                   (3 543 074)    (3 129 727)   (6 318 000)   
Concentrates purchased                                                                                               (94 062)      (430 052)   (1 410 506)   
Refining and other costs                                                                                             (71 902)       (56 563)     (123 840)   
Depreciation and write-offs                                                                                         (251 762)      (218 117)     (441 865)   
Change in metal inventories                                                                                             8 819        819 962     1 565 344   
Gross profit                                                                                                        1 030 780        338 773       823 314   
Share of earnings from associate                                                                                        6 174          6 428         4 162   
Investment income                                                                                                      23 992         28 860        52 633   
Finance charges excluding preference share dividends                                                                (101 149)       (25 532)      (68 481)   
Net foreign exchange transaction gains/(losses)                                                                         6 649        (8 203)         2 368   
Sundry income                                                                                                          39 235        161 421       217 005   
Sundry expenditure                                                                                                  (210 060)      (183 741)     (380 944)   
Profit before preference share dividends                                                                              795 621        318 006       650 057   
Amortisation of liquidity fees paid on preference shares                                                              (8 195)        (8 195)      (16 390)   
Preference share dividends                                                                                          (611 761)      (460 762)   (1 106 684)   
Loss on derecognition of preference share liability                                                                         -              -           (8)   
Profit/(loss) before tax                                                                                              175 665      (150 951)     (473 025)   
Tax                                                                                                                 (239 502)      (132 822)     (231 973)   
Loss for the period/year                                                                                             (63 837)      (283 773)     (704 998)   
Other comprehensive income                                                                                                                                   
Other comprehensive income to be reclassified to profit or loss in
subsequent periods (net of tax):                                                         
Exchange differences on translation of foreign operations                                                               8 211          (258)         (364)   
Total comprehensive income for the period/year                                                                       (55 626)      (284 031)     (705 362)   


                                                                                                                     Reviewed       Reviewed      Audited
                                                                                                                     6 months       6 months    12 months
                                                                                                                        ended          ended        ended
                                                                                                                  31 December    31 December      30 June
                                                                                                                         2018           2017         2018


Loss per share - R cents                                                                                               (18.2)         (81.1)      (201.5)
Fully diluted loss per share - R cents                                                                                 (18.2)         (81.1)      (201.5)


Interim condensed consolidated statement of financial position
                                                                                                       Reviewed      Restated*    Restated*
                                                                                                       6 months       6 months    12 months
                                                                                                          ended          ended        ended    Restated*
                                                                                                    31 December    31 December      30 June       1 July
                                                                                                           2018           2017         2018         2017
                                                                                                           R000           R000         R000         R000

Assets                                                                                                                                                   
Non-current assets                                                                                   20 436 302     17 633 764   19 108 944   15 483 553   
Property, plant and equipment                                                                        13 276 555     10 345 224   11 874 146    9 022 260   
Mining properties and mineral resources                                                               6 751 030      6 777 623    6 765 390    5 772 572   
Investment held in escrow                                                                                18 974              -            -            -   
Interest in associate                                                                                    41 320         37 412       35 146       30 984   
Land and township development                                                                            64 749         57 638       65 680       48 529   
Long-term receivables                                                                                    86 570         79 405       86 897       83 745   
Investments held by Northam Platinum Restoration Trust Fund                                             115 073        106 224      110 626      102 233   
Environmental Guarantee investment                                                                       33 556         72 697       68 899       68 104   
Buttonshope Conservancy Trust                                                                            12 460         11 857       12 203       11 126   
Long-term prepayments                                                                                    36 015        140 229       89 608      336 409   
Other financial assets                                                                                        -              -            -        7 591   
Deferred tax asset                                                                                            -          5 455          349            -   
Current assets                                                                                        4 484 398      3 701 949    4 715 090    4 103 337   
Inventories                                                                                           3 426 562      2 564 747    3 386 795    1 729 102   
Trade and other receivables                                                                             410 129        757 120      924 085      548 997   
Cash and cash equivalents                                                                               639 660        379 233      388 702    1 786 865   
Tax receivables                                                                                           8 047            849       15 508       38 373   
Non-current assets held for sale                                                                              -              -            -       49 222   
Total assets                                                                                         24 920 700     21 335 713   23 824 034   19 636 112   


* Restated after the adoption of IFRS 15 Revenue from Contracts with Customers, as well as the retrospective amendment of the mining properties
  and mineral resources relating to the Dwaalkop Joint Arrangement.

                                                                                                    Reviewed      Restated*     Restated*
                                                                                                    6 months       6 months     12 months
                                                                                                       ended          ended         ended     Restated*
                                                                                                 31 December    31 December       30 June        1 July
                                                                                                        2018           2017          2018          2017
                                                                                                        R000           R000          R000          R000

Equity and liabilities                                                                                                                                   
Total equity                                                                                       7 329 727      7 808 010     7 386 679     8 092 041   
Stated capital                                                                                    13 778 114     13 778 114    13 778 114    13 778 114   
Treasury shares                                                                                  (6 556 123)    (6 556 123)   (6 556 123)   (6 556 123)   
Accumulated loss                                                                                   (774 559)      (288 171)     (709 396)       (4 398)   
Foreign currency translation reserve                                                                   7 847          (258)         (364)             -   
Equity settled share-based payment reserve                                                           874 448        874 448       874 448       874 448   
Non-current liabilities                                                                           14 365 462     11 981 770    12 832 267     9 929 685   
Deferred tax liability                                                                             1 060 634        718 741       824 794       585 883   
Long-term provisions                                                                                 670 752        320 607       640 128       304 829   
Preference share liability                                                                        10 065 456      8 834 124     9 445 500     8 279 825   
Long-term loans                                                                                      177 722        132 915       182 063       249 428   
Long-term share-based payment liability                                                               77 743         63 061        78 999        88 639   
Domestic medium term notes                                                                           174 414        421 978       174 288       421 081   
Revolving credit facility                                                                          2 138 741      1 490 344     1 486 495             -   
Current liabilities                                                                                3 225 511      1 545 933     3 605 088     1 614 386   
Current portion of long-term loans                                                                    24 540         17 682        24 540        13 434   
Current portion of domestic medium term notes                                                      1 247 288              -     1 243 440             -   
Short-term share-based payment liability                                                              50 652         92 005        78 340        75 026   
Tax payable                                                                                               86          7 159           117       102 550   
Trade and other payables                                                                           1 652 796      1 234 862     1 963 202     1 203 596   
Provisional pricing derivatives                                                                        8 106         12 192         2 773        64 576   
Bank overdraft                                                                                             -              -        95 535             -   
Short-term provisions                                                                                242 043        182 033       197 141       155 204   
Total equity and liabilities                                                                      24 920 700     21 335 713    23 824 034    19 636 112   

* Restated after the adoption of IFRS 15 Revenue from Contracts with Customers, as well as the retrospective amendment of the mining properties
  and mineral resources relating to the Dwaalkop Joint Arrangement. 

Interim condensed consolidated statement of changes in equity

                                                                                                              Equity settled        Foreign
                                                                                                                 share-based       currency
                                                                                     Stated      Accumulated         payment    translation
                                                                                    capital             loss         reserve      reserve**       Total
                                                                                       R000             R000            R000           R000        R000

Closing balance as at 30 June 2017                                                7 221 991          (4 398)         874 448              -   8 092 041   
Restatement*                                                                              -                -               -              -           -   
Restated opening balance as at 1 July 2017                                        7 221 991          (4 398)         874 448              -   8 092 041   
Total comprehensive income for the period                                                 -        (283 773)               -          (258)   (284 031)   
Loss for the period                                                                       -        (283 773)               -              -   (283 773)   
Other comprehensive income for the period                                                 -                -               -          (258)       (258)   
Restated balance as at 31 December 2017                                           7 221 991        (288 171)         874 448          (258)   7 808 010   
Total comprehensive income for the period                                                 -        (421 225)               -          (106)   (421 331)   
Loss for the period                                                                       -        (421 225)               -              -   (421 225)   
Other comprehensive income for the period                                                 -                -               -          (106)       (106)   
Restated balance as at 30 June 2018                                               7 221 991        (709 396)         874 448          (364)   7 386 679   

Impact of the adoption of IFRS 9                                                          -          (1 326)               -              -     (1 326)   
Restated opening balance as at 1 July 2018                                        7 221 991        (710 722)         874 448          (364)   7 385 353   
Total comprehensive income for the period                                                 -         (63 837)               -          8 211    (55 626)   
Loss for the period                                                                       -         (63 837)               -              -    (63 837)   
Other comprehensive income for the period                                                 -                -               -          8 211       8 211   
Balance as at 31 December 2018                                                    7 221 991        (774 559)         874 448          7 847   7 329 727   

* Restated after the adoption of IFRS 15 Revenue from Contracts with Customers.
** The foreign currency translation reserve has been created to account for the foreign exchange gain or loss on translation of a foreign operation.

Interim condensed consolidated statement of cash flows
                                                                                                                 Reviewed       Reviewed       Audited
                                                                                                                 6 months       6 months     12 months
                                                                                                                    ended          ended         ended
                                                                                                              31 December    31 December       30 June
                                                                                                                     2018           2017          2018
                                                                                                                     R000           R000          R000

Cash flows from/(utilised in) operating activities                                                              1 297 758      (562 729)     (342 232)   
Profit/(loss) before tax                                                                                          175 665      (150 951)     (473 025)   
Adjusted for the following non-cash items as well as disclosable items                                                                                   
Depreciation and write-offs                                                                                       255 117        218 117       441 865   
Changes in provisions                                                                                              44 902       (75 071)        49 493   
Changes in long-term receivables                                                                                      327          4 340       (3 152)   
Investment income                                                                                                (23 992)       (28 860)      (52 633)   
Finance charges excluding preference share dividends                                                              101 149         25 532        68 481   
Preference share dividends                                                                                        611 761        460 762     1 106 684   
Loss on derecognition of preference share liability                                                                     -              -             8   
Amortisation of liquidity fees paid on preference shares                                                            8 195          8 195        16 390   
Movement in share-based payment liability                                                                        (28 944)        (8 599)       (6 326)   
Share of earnings from associate                                                                                  (6 174)        (6 428)       (4 162)   
(Profit)/loss on sale of property, plant and equipment                                                            (3 898)          5 471         4 706   
Net foreign exchange difference                                                                                   (6 649)        (8 458)       (2 368)   
Other                                                                                                             (2 614)          (258)      (13 774)   
Change in working capital                                                                                         145 283    (1 064 886)   (1 547 247)   
Movement relating to land and township development                                                                    931        (9 109)      (17 151)   
Investment income received                                                                                         22 582         28 860        61 058   
Tax refund received                                                                                                 4 117         38 614        28 921   


                                                                                                                 Reviewed       Reviewed       Audited
                                                                                                                 6 months       6 months     12 months
                                                                                                                    ended          ended         ended
                                                                                                              31 December    31 December       30 June
                                                                                                                     2018           2017          2018
                                                                                                                     R000           R000          R000

Cash flows utilised in investing activities                                                                   (1 450 510)    (2 190 721)   (3 580 937)   
Property, plant, equipment, mining properties and mineral reserves                                                                                       
Additions to maintain operations                                                                                 (61 906)      (118 928)     (385 609)   
Additions to expand operations                                                                                (1 245 447)    (2 307 921)   (3 036 727)   
Disposal proceeds                                                                                                  21 169             41         5 133   
Investment held in escrow                                                                                        (18 974)              -             -   
Amounts paid in terms of long-term prepayments                                                                  (175 991)              -     (202 691)   
Movement in long-term prepayments                                                                                       -        196 180             -   
Additional investment made in associate/cash calls                                                                      -        (1 347)       (1 347)   
Refunds received on the cancellation of the Environmental Guarantee investment
policy                                                                                                             66 406              -             -   
Payments made and movements on the investments held by the Environmental
Guarantee investment                                                                                             (31 063)        (4 593)         (795)   
Movement in investment held by the Northam Platinum Restoration Trust Fund                                        (4 447)        (3 991)       (8 393)   
Movement in investments held by the Buttonshope Conservancy Trust Fund                                              (257)          (731)       (1 077)   
Proceeds received from the sale of the non-current asset held for sale                                                  -         50 569        50 569   
Cash flows from financing activities                                                                              499 245      1 337 360     2 421 486   
Interest paid                                                                                                   (150 344)       (49 166)     (158 170)   
Draw down on revolving credit facility                                                                            650 000      1 497 935     2 000 000   
Repayment of revolving credit facility                                                                                  -              -     (500 000)   
Issue of domestic medium term notes                                                                                     -              -     1 000 000   
Issue of long-term loans                                                                                                -              -       100 000   
Repayment of long-term loans                                                                                            -      (111 368)       (9 400)   
Transaction fees paid                                                                                               (411)              -       (9 267)   
Acquisition of Zambezi Platinum (RF) Limited preference shares                                                          -           (41)       (1 677)   
Increase/(decrease) in cash and cash equivalents                                                                  346 493    (1 416 090)   (1 501 683)   
Net foreign exchange difference on cash and cash equivalents                                                            -          8 458         7 985   
Cash and cash equivalents at the beginning of the period/year                                                     293 167      1 786 865     1 786 865   
Cash and cash equivalents at the end of the period/year                                                           639 660        379 233       293 167   

NOTES TO THE CONDENSED REVIEWED INTERIM FINANCIAL RESILTS

1. Accounting policies and the basis of preparation
The interim condensed financial statements have been prepared on the historical cost basis, except for the financial instruments to the extent required or
permitted under International Financial Reporting Standards (IFRS) and as set out in the relevant accounting policies detailed in Northam's Annual Integrated
Report, which includes the annual financial statements for the year ended 30 June 2018. These condensed interim financial statements incorporate the
accounting policies which are in terms of IFRS and have been applied on a basis consistent with the previous year, with the exception of the policies adopted
during the period as more fully set out below.

The condensed interim financial statements have been prepared in accordance with and containing the information required by the framework concepts
and the measurement and recognition requirements of IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee, presentation and disclosures as required by Financial Pronouncements as issued by the Financial Reporting Standards
Council, the JSE Limited Listings Requirements and were reviewed in accordance with the requirements of the Companies Act No. 71 of South Africa
(Companies Act) including the adoption of the following standards, amendments or interpretations with effect from 1 July 2018:

- IFRS 9 Financial Instruments

- IFRS 15 Revenue from Contracts with Customers

- Amendments to IFRS 2 Share-based Payment - Classification and Measurement of Share-Based Payment Transactions

- IFRIC 22 - Foreign Currency Transactions and Advance Consideration

The group has adopted IFRS 15 and IFRS 9 for the first time with a date of initial application of 1 July 2018. The nature and effect of the changes as a result
of adoption of these new accounting standards are described below.

The adoption of all other standards, amendments or interpretations, other than IFRS 15 and IFRS 9 had no impact on the interim condensed consolidated
results.

IFRS 9 Financial Instruments

IFRS 9 Financial Instruments is the International Accounting Standards Board (IASB)'s replacement of IAS 39 Financial Instruments: Recognition and
Measurement. The Standard includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting of financial
instruments.

The new Standard contains substantial changes from the previous financial instruments Standard (IAS 39) with regards to the classification, measurement,
impairment and hedge accounting requirements.

IFRS 9 establishes a new model for recognition and measurement of impairments in financial assets that are measured at amortised cost or fair value
though other comprehensive income (FVOCI), the so-called expected credit loss model. This is the only impairment model that applies in IFRS 9 because
all other assets are classified and measured at fair value through profit or loss (FVPL) or, in the case of qualifying equity investments, FVOCI with no
recycling to profit or loss.

Expected credit losses are calculated by: identifying scenarios in which a financial asset defaults; estimating the cash shortfall that would be incurred in
each scenario if a default were to happen; multiplying that loss by the probability of the default happening; and summing the results of all such possible
default events. Because every financial asset has at least some probability of defaulting in the future, every financial asset has an expected credit loss
associated with it from the moment of its origination or acquisition.

IFRS 9 does not require an entity to restate prior periods. Restatement is permitted, if and only if, it is possible without the use of hindsight and the restated
financial statements reflect all of the requirements of IFRS 9. If the entity does not restate prior periods, any difference between previous carrying amounts
and those determined under IFRS 9 at the date of initial application should be included in the current year opening retained earnings (or other equivalent
component of equity).

IFRS 9 has been applied for the current period presented and comparatives have not been restated.

Below is a summary of the impact that IFRS 9 has had on the statement of financial position:

Classification

The group completed a detailed assessment of its financial assets and liabilities. The following table represents the original classification according to
IAS 39 and the new classification according to IFRS 9:

                                                                                                                      Original
                                                                                                                      classification per      New classification
                                                                                                                      IAS 39                  per IFRS 9



  Financial assets
  Long-term receivables                                                                                               Amortised cost          Amortised cost
                                                                                                                                              Fair value through
  Investments held by Northam Platinum Restoration Trust Fund                                                         Amortised cost          profit or loss
                                                                                                                                              Fair value through
  Environmental Guarantee Investment                                                                                  Amortised cost          profit or loss
                                                                                                                                              Fair value through
  Buttonshope Conservancy Trust                                                                                       Amortised cost          profit or loss
  Trade and other receivables (excluding Provisional pricing receivable)                                              Amortised cost          Amortised cost
  Provisional pricing receivable included in trade and other receivables (previously included in trade and other      Fair value through      Fair value through
  receivables and not disclosed separately)                                                                           profit or loss          profit or loss
  Cash and cash equivalents                                                                                           Amortised cost          Amortised cost


  Financial liabilities
  Long-term loans                                                                                                     Amortised cost          Amortised cost
  Domestic medium term notes                                                                                          Amortised cost          Amortised cost
  Preference share liability                                                                                          Amortised cost          Amortised cost
  Revolving credit facility                                                                                           Amortised cost          Amortised cost
  Trade and other payables                                                                                            Amortised cost          Amortised cost
  Provisional pricing derivatives (previously included in trade and other payables, but now disclosed as a separate   Fair value through      Fair value through
  line item on the statement of financial position)                                                                   profit or loss          profit or loss
  Bank overdraft                                                                                                      Amortised cost          Amortised cost



Financial assets
The characteristics of Long-term receivables, Trade and other receivables and Cash and cash equivalents were reassessed based on the requirements of
IFRS 9 and it was concluded that they meet the criteria for amortised cost measurement. Therefore reclassification of these instruments was not required.

The characteristics of the Investments held by Northam Platinum Restoration Trust Fund, Environmental Guarantee Investment and the Buttonshope
Conservancy Trust were reassessed based on the requirements of IFRS 9. These financial assets are not considered to derive contractual cash flows which
are solely principal and interest on the principal amount, they therefore are not classified as at amortised cost, and default into the fair value through profit
or loss measurement category.

Provisional pricing receivables measured at fair value through profit or loss relate to financial assets recognised as a result of satisfaction of performance
obligations relating to revenue from contracts with customers. The group therefore has an unconditional right to the consideration that is due. The value of
the receivable fluctuates in line with market factors, resulting in this class of financial asset being measured at fair value through profit or loss. The balance
of this financial asset was previously recognised within Trade and other receivables but has been separated out for better disclosure. The balance of the
financial asset was previously recognised within trade and other receivables, but has now been separately disclosed for improved disclosure.

Financial liabilities

There were no changes to the recognition and measurement criteria of financial liabilities. Therefore all existing financial liabilities remain at their original
classification and measurement.

A Provisional pricing derivative is recognised when payment by the customer made on provisionally priced goods results in an effective overpayment due
to fluctuations in market factors until final pricing is confirmed. Provisional pricing derivatives measured at fair value through profit or loss relate to financial
liabilities recognised as a result of the satisfaction of performance obligations relating to revenue from contracts with customers.

The value of the payable fluctuates in line with market factors, resulting in this class of financial liability being measured at fair value through profit or loss.
The balance of this financial liability was previously recognised within Trade and other payables but has been separated out for better disclosure.

Once pricing on goods are finalised and no further market fluctuations affect the value of consideration refundable to the customer, the balance of Provisional
pricing derivatives is transferred to Trade and other payables.

Impairment

Previously under IAS 39, impairment or credit losses are only recognised when a credit loss event occurs (incurred loss model). Under IFRS 9, the new
impairment requirements are based on expected credit losses (expected credit loss model). Expected credit losses (ECLs) are an estimate of credit losses
over the life of a financial instrument, and are recognised as a loss allowance or provision. The amount of ECLs to be recognised depends on the extent of
credit deterioration since initial recognition.

IFRS 9 requires an entity to apply the expected credit loss model to all debt instruments classified as measured at amortised cost, or at fair value through
other comprehensive income, including lease receivables and contract assets.

In applying the IFRS 9 requirement of assessment of impairment, the group considers both approaches: the general approach and the simplified approach.
For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the group applies the simplified approach in
calculating ECLs, as permitted by IFRS 9. Therefore, the group does not track changes in credit risk, but instead, recognises a loss allowance based on
the financial asset's lifetime ECL at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience,
adjusted for forward-looking factors specific to the debtors and the economic environment.

The general approach requires the assessment of financial assets to be split into 3 stages:

Stage 1: no significant deterioration in credit quality. This identifies financial assets as having a low credit risk, and the asset is considered to be performing
as anticipated. At this stage, a 12 month expected credit loss assessment is required.

Stage 2: significant deterioration in credit quality of the financial asset but no indication of a credit loss event. This stage identifies assets as under-
performing. Lifetime expected credit losses are required to be assessed.

Stage 3: clear and objective evidence of impairment is present. This stage identifies assets as non-performing financial instruments. Lifetime expected
credit losses are required to be assessed.

Once a default has occurred, it is considered a deterioration of credit risk and therefore an increase in the credit risk.

The group considers a wide variety of indicators when assessing the increase in credit risk as well as the probability of the default happening for impairment
purposes. Some indicators considered include: Significant changes in the expected performance and behaviour of the debtor; past due information;
significant changes in external market indicators including market information related to the debtor, existing or forecast adverse changes in business,
financial or economic conditions; an actual or expected significant adverse change in the regulatory, economic, or technological environment; actual or
expected significant internal credit rating downgrade or decrease; actual or expected significant change in the operating results of the debtor.

The expected credit loss value is determined as the estimated cash shortfall that would be incurred, multiplied by the probability of the default occurring.

The group has assessed the expected credit losses on the following financial assets as at 30 June 2018 as follows, which is over and above any previous
impairments provided for in prior years:

                                                                                                                                       Additional impairment
                                                                                                                                                       value
                                                                                                                                                        R000


Long term receivables (net of tax)                                                                                                                   1 326

All other financial assets have been assessed for expected credit losses, and the effect is considered to be negligible due to the group's history of recovery
of these balances; as well as the credit rating of the various financial institutions that some of the balances are held with.

The probability of a shortfall being incurred is considered remote in the current economic environment, and the group therefore does not account for any
credit losses relating to the other financial assets.

Impact of adopting IFRS 9

In adopting IFRS 9 in the current period, the group's carrying value of financial instruments was only impacted with the impairment disclosed above. Minor
amendments were accounted for on the disclosure requirements on adoption of IFRS 9.

For financial instruments where the classification under IFRS 9 changed from the previous classification under IAS 39, the values were approximately
the same.

The group applies the following policies in line with the adoption of IFRS 9.

Measurement

Amortised cost

Financial instruments accounted for at amortised cost will remain at amortised cost with no adjustments required. The group continues to utilise the effective
interest method for financial instruments designated at amortised cost.

The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating interest income or
expense over the period of the instrument. Effectively, this method determines the rate that exactly discounts the estimated future cash payments or receipts
through the expected life of the financial instrument or, if appropriate, a shorter period, to the net carrying amount of the financial asset or liability.

All movements relating to financial instruments measured at amortised cost are accounted for in profit or loss. Interest is accounted for in line with the
effective interest method and impairment gains and losses are accounted for in line with the policy for impairment.

Fair value through profit or loss

Financial assets with provisional pricing arrangements (provisional pricing receivables) are recognised as a separate category of trade and other receivables.

These instruments represent all movements after the date of sale, which are determined to be fair value gains or losses on provisionally priced sales
throughout the quotational period until the sale value is finalised. The balance represents amounts owing to the group.

The movements are therefore not considered to be contractual cash flows of principal and interest on the principle. Therefore this financial asset is required
to be classified and measured as at fair value through profit or loss.

Financial liabilities with provisional pricing arrangements (provisional pricing derivatives) are recognised as a separate category of
financial liability.

These instruments represent all movements after the date of sale, which are determined to be fair value gains or losses on provisionally priced sales
throughout the quotational period until the sale value is finalised. The balance represents amounts owing by the group.

This financial liability is classified and measured at fair value through profit or loss.

These financial instruments are subsequently measure at fair value with all gains or losses recognised directly in profit or loss in line with the requirements
of IFRS 9.

The measurement principles applied by the group in line with IFRS 9 disclosed above are relatively consistent with the IAS 39 measurement principles
which were previously applied.

Derecognition

A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised when: the rights to receive
cash flows from the asset have expired; the group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a 'pass through' arrangement; and either: (a) the group has transferred substantially
all the risks and rewards of the asset or (b) the group has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced
by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts
is recognised in profit or loss.

Impairment

Impairment policy relating to financial instruments are considered in line with the expected credit loss model utilising the general approach.

IFRS 15 Revenue from Contracts with Customers

IFRS 15 outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue recognition
guidance. The core principle is that an entity recognises revenue based on a five-step model to reflect the transfer of goods or services, measured at the
amount to which the entity expects to be entitled in exchange for those goods or services.

The application of the five-step model in IFRS 15 has required the exercise of judgement, considering all facts and circumstances relative to each contract.
Judgements and estimates relating to IFRS 15 have been disclosed in the notes to the condensed interim financial statements. The standard
also provides guidance on the accounting treatment of costs attributable to fulfilling the contract, as well as the incremental costs of obtaining the contract.

In terms of IFRS 15, the group identifies each separate performance obligation contained in the contract and allocates a portion of the contract revenue to
each performance obligation. Revenue is then only recognised on the satisfaction of each of the relevant performance obligations. Revenue from contracts
with customers is recognised when control is transferred to the customer.

IFRS 15 Revenue from Contracts with Customers has been adopted using the full retrospective method, making use of some of the practical expedients,
and therefore comparative information has been restated in line with the new accounting standard. IFRS 15 replaces IAS 18 Revenue and all related
amendments and interpretations.

Below is a summary of the impact of the adoption of IFRS 15:

The group undertook a detailed assessment of the impact of the new revenue standard based on a review of the contractual terms of its principal revenue
streams with the primary focus being to identify differences in the timing and amount of revenue recognised under IFRS 15. For all of the revenue streams,
the nature and timing of satisfaction of the performance obligations, and, hence, the amount and timing of revenue recognised under IFRS 15, is the same
as that under IAS 18.

There were however some disclosure reclassifications required as a result of the adoption of IFRS 15 (in conjunction with IFRS 9) and additional impact on
presentation requirements. The adoption of IFRS 15 did not have an impact on the opening retained earnings balance.

The following 2 practical expedients which are available in IFRS 15 have been utilised in the preparation of the financial information:

-      Significant financing components

       Sales terms are for payment from the customer to be made shortly after delivery. IFRS 15 contains a practical expedient where the promised amount
       of consideration (the transaction price) need not be adjusted for the effects of the time value of money and a significant financing component if the
       entity expects, at contract inception, that the period between transfer of the goods and receipt of payment for those goods will be one year or less.
       This would therefore not result in the recognition of any significant financing component contained within the sales agreement due to the short-term
       nature of the time between delivery of the metal and receipt of cash as all contracts are finalised within one to four months.

-      Future performance obligations

       IFRS 15 requires entities to disclose information relating to remaining performance obligations on current open contracts. Disclosures relating to the
       nature, timing and amount, as well as any specific terms contained in the open contract, are required. IFRS 15 provides a practical expedient when
       the performance obligations on contracts are expected to be completed within one year from inception of the contract. The group's contracts are all
       finalised within one to four months of inception and therefore are considered to be short-term.

       The practical expedient has therefore been applied to this disclosure as any future performance obligations on open contracts are expected to be
       finalised shortly after the reporting period. This is in line with the contractual terms, standard business operations, as well as historical information
       on open contracts.

Most contracts' performance obligations are satisfied at a point in time when product is delivered. The INCO terms utilised in most contracts within the group
are DAP and Ex-works. Delivery takes place, either at the determined location, or at the customer's premises. This is also the point at which control transfers
to the customer.

Precious metal sales

Revenue from platinum group metal (PGM) sales are recognised based on contractual terms specific to each transaction. The contractual terms stipulate
a fixed price relating to the commodity as well as exchange rates in the month in which the product is purchased. Platinum and palladium sales are recorded
at the daily London Metal Exchange: LBMA price. Rhodium, iridium and ruthenium sales are recorded at the weekly Platts New York Dealer price.

No adjustments are accounted for relating to volume of product or price on PGM sales as all these inputs are finalised on delivery date, which is the date
on which revenue is recognised. Therefore there were no changes identified relating to the timing or amount of revenue recognition.

Base metal sales

Revenue from base metal sales are recognised based on the initial assayed quantity of product; prevailing market prices and exchange rates. Revenue is
accounted for when control has transferred to the customer on delivery. Revenue accounted for, is the estimation of the amount of consideration to which
the group will be entitled at the date of sale. Revenue is estimated at contract inception (when control transfers) and is based on initial assays, prevailing
metal prices and current exchange rates. Movement in assay amounts were assessed in detail and were found to be immaterial and are therefore included
in the disclosure of all other movements relating to fair value adjustments which are separately disclosed in Revenue.

Payment on base metal sales is only made once provisional pricing has been finalised. Adjustments to the provisional pricing value occurs at the reporting
date and on finalisation of the sales transaction. A Provisional pricing receivable is recognised, in line with IFRS 9, to account for the fluctuations in market
factors until final pricing is confirmed. All fair value movements after the date of sale relating to provisionally priced amounts are recognised separately
within revenue as Revenue from fair value adjustments. There were no changes identified relating to the timing or amount of revenue recognition.

Chrome sales

Revenue from chrome sales are recognised based on the initial assayed quantity of product; prevailing market prices and exchange rates. Revenue is
accounted for when control has transferred to the customer on delivery and is based on the provisional pricing value which is the amount that reflects the
best estimate of the consideration to which the group expects to be entitled in terms of the calculation of revenue in line with IFRS 15 to the end of the
quotational period.

Payment on chrome sales is made based on the initial assayed quantity of product and related market inputs. Adjustments to the provisional pricing value
occurs at the reporting date and on finalisation of the sales transaction. A Provisional pricing derivative is recognised, in line with IFRS 9, when payment by
the customer made on provisionally priced goods results in an effective overpayment due to fluctuations in market factors until final pricing is confirmed.
 A provisional pricing receivable is recognised when the initial payment by the customer on the provisionally priced goods resulted in an underpayment due
to the fluctuations in market factors until final pricing is confirmed.

All fair value movements after the date of sale relating to provisionally priced amounts are recognised separately within revenue as Revenue from fair value
adjustments. There were no changes identified relating to the timing or amount of revenue recognition.

Contract balances

Provisional pricing receivables are recognised in line with IFRS 9, when the group has satisfied its performance obligation relating to delivery of the product
and has an unconditional right to the consideration that is due. This will be recognised when only the passage of time is required before payment is made
by the customer. All fair value adjustments relating to the movements in this balance are recognised within revenue from fair value adjustments.

A Provisional pricing derivative is recognised in line with IFRS 9, when payment by the customer made on provisionally priced goods results in an effective
overpayment due to fluctuations in market factors until final pricing is confirmed. All fair value adjustments relating to the movements in this balance are
recognised within revenue from fair value adjustments.

Provisional pricing receivables are reallocated to trade and other receivables at the end of the quotational period once the consideration relating to the sale
is no longer variable. The finalised consideration receivable is therefore no longer subject to fair value fluctuations.

Provisional pricing derivatives are reallocated to trade and other payables at the end of the quotational period once the consideration relating to the sale is
no longer variable. The finalised consideration refundable is therefore no longer subject to fair value fluctuations.

Impact of adopting IFRS 15

The groups' base metal and chrome sale agreements contain terms which allow for price adjustments based on the market price at the end of a relevant
quotational period stipulated in the contract, referred to as provisionally priced sales agreements.

Under previous accounting standards (IAS 18 and IAS 39), provisionally priced sales were considered to contain an embedded derivative, which was
required to be separated from the host contract for accounting purposes from the date of delivery. Revenue was initially recognised for these arrangements
at the date of delivery (which was when risks and rewards passed) and was based on the most recently determined estimate of metal in concentrate (based
on initial assay results) and the estimated price which was expected to receive at the end of the quotational period, determined at the date of delivery.
Subsequent changes in the fair value of the embedded derivative were recognised in profit or loss each period until the end of the quotational period, and
were presented as part of revenue.

Under IFRS 15, the accounting for revenue will remain unchanged in that revenue will be recognised when control passes to the customer (which will
continue to be the date of delivery) and will be measured at the amount to which the group expects to be entitled. This will be the estimate of the price
expected to be received at the end of the quotational period. It will be the impact of the requirements of IFRS 9 that will lead to a changes in the disclosure
of the results of the group.

While the group will continue to present such movements as part of revenue on the face of the statement of profit or loss and other comprehensive income,
presentation and disclosure changes are required. This is because the movements throughout the quotational period are not within the scope of IFRS 15,
and therefore required to be disclosed separately from revenue from contracts with customers within the scope of IFRS 15.

In adopting IFRS 15 in the current period, the only impact affecting the group is the disclosure requirements of revenue from contracts with customers being
separately presented from other revenue items in the notes to the financial statements, as well as the expanded disclosures on disaggregated revenue in
the notes to the financial statements. IFRS 15 did not impact profit or loss for the period, there was no impact on the statement of cash
flows, or EPS, and there was no required adjustment to the opening balance of retained earnings.

IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration

The interpretation clarifies that in determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on
the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which an
entity initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts
in advance, the group must determine a date of the transaction for each payment or receipt of advance consideration. The amendments are intended to
eliminate diversity in practice, when recognising the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-
monetary liability relating to advance consideration received or paid in a foreign currency.

This interpretation did not have an impact on the condensed reviewed interim financial results.

The following new standards, interpretations and amendments to standards are not effective and have not been early adopted, but will be adopted once
these new standards, interpretations and amendments become effective:

IFRS 16 Leases

The new standard provides a comprehensive model to identify lease-arrangements and the treatment thereof in the financial statements of both lessees
and lessors.

IFRS 16 requires lessees to recognise most leases on their statement of financial position as lease liabilities with corresponding right-of-use assets. Lessees
will apply a single model for most leases (with certain exemptions). Generally, the profit or loss recognition pattern will change as interest and depreciation
expenses are recognised separately in profit or loss (similar to current finance lease accounting). However, lessees can make accounting policy elections
to apply accounting similar to operating lease accounting under IAS 17 Leases to short-term leases and leases of low-value assets.

Lessor accounting is substantially unchanged from the current lease statement. As with IAS 17, IFRS 16 requires lessors to classify their leases into two
types: finance leases and operating leases. Lease classification determines how and when a lessor recognises lease revenue and what assets a lessor
records.

IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Lessees must apply IFRS 16 using either a full retrospective or a modified
retrospective approach.

The group has limited lease arrangements and the impact is therefore expected to be minimal, however this is still in the process of being assessed.

IFRIC 23 Uncertainty over Income Tax Treatment

The IASB issued IFRIC Interpretation 23 Uncertainty over Income Tax Treatments (the Interpretation). The Interpretation clarifies application of recognition
and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax treatments. The Interpretation specifically addresses
the following: whether an entity considers uncertain tax treatments separately, the assumptions an entity makes about the examination of tax treatments by
taxation authorities, how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates and how an entity
considers changes in facts and circumstances.

The interpretation is effective for periods beginning on or after 1 January 2019.

This interpretation is currently not considered to have a material impact on the group results, however this will be assessed on a
continuous basis.

Amendments to IAS 23 Borrowing costs

The amendments clarify that an entity treats, as part of general borrowings, any borrowing originally made to develop a qualifying asset when substantially
all of the activities necessary to prepare that asset for its intended use or sale are complete.

An entity applies those amendments to borrowing costs incurred on or after the beginning of the annual reporting period in which the entity first applies
those amendments.

An entity applies those amendments for annual reporting periods beginning on or after 1 January 2019.

This amendment will be taken into account when determining general borrowing costs which can be capitalised to qualifying assets, in accordance with the
transitional provisions.

Definition of a Business - Amendments to IFRS 3

The IASB issued amendments to the definition of a business in IFRS 3 Business Combinations to help entities determine whether an acquired set of
activities and assets is a business or not. They clarify the minimum requirements for a business, remove the assessment of whether market participants
are capable of replacing any missing elements, add guidance to help entities assess whether an acquired process is substantive, narrow the definitions of
a business and of outputs, and introduce an optional fair value concentration test. New illustrative examples were provided along with the amendments.

The amendments must be applied to transactions that are either business combinations or asset acquisitions for which the acquisition date is on or after
the beginning of the first annual reporting period beginning on or after 1 January 2020. Consequently, entities do not have to revisit such transactions that
occurred in prior periods. Early application is permitted and must be disclosed.

Since the amendments apply prospectively to transactions or other events that occur on or after the date of first application, the group will be affected by
these amendments on transition.

Definition of Material - Amendments to IAS 1 and IAS 8

In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors to align the definition of material across the standards and to clarify certain aspects of the definition. The new definition states that,
information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose
financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.

The amendments clarify that materiality will depend on the nature or magnitude of information, or both. An entity will need to assess whether the information,
either individually or in combination with other information, is material in the context of the financial statements.

The definition of material in the Conceptual Framework and IFRS Practice Statement 2: Making Materiality Judgements were amended to align with the
revised definition of material in IAS 1 and IAS 8.

The amendments must be applied prospectively. Early application is permitted and must be disclosed.

Although the amendments to the definition of material is not expected to have a significant impact on the group's financial statements, the introduction of
the term obscuring information in the definition could potentially impact how materiality judgements are made in practice, by elevating the importance of
how information is communicated and organised in the financial statements.

The amendment is effective for annual periods beginning on or after 1 January 2020.

Conceptual Framework

The IASB has revised its Conceptual Framework. The primary purpose of the Framework is to assist the IASB (and the Interpretations Committee) by
identifying concepts that it will use when setting standards. Key changes include:

-      increasing the prominence of stewardship in the objective of financial reporting, which is to provide information that is useful in making resource
       allocation decisions

-      reinstating prudence, defined as the exercise of caution when making judgements under conditions of uncertainty, as a component of neutrality

-      defining a reporting entity, which might be a legal entity or a portion of a legal entity

-      revising the definition of an asset as a present economic resource controlled by the entity as a result of past events

-      revising the definition of a liability as a present obligation of the entity to transfer an economic resource as a result of past events

-      removing the probability threshold for recognition, and adding guidance on derecognition

-      adding guidance on the information provided by different measurement bases, and explaining factors to consider when selecting a measurement
       basis

-      stating that profit or loss is the primary performance indicator and that, in principle, income and expenses in other comprehensive income should be
       recycled where the relevance or faithful representation of the financial statements would be enhanced.

The Board and Interpretations Committee will immediately begin using the revised Framework, and the group will consider it when needed in terms of the
IAS 8 hierarchy dealing with selecting accounting policies not covered by an IFRS standard.

The revised Conceptual Framework is effective for period beginning on or after 1 January 2020.

RESULTS COMMENTARY
Northam's growth strategy of developing low-cost, long-life operations remains firmly in place. Project execution is on track and we are
confident that the group is in a position to deliver a strong financial performance even in subdued market conditions going forward.

We maintain a strong statement of financial position and significant empowerment credentials.

Both operating mines performed well during a challenging year. Our focus remains on project execution, sustainable cost control and
creating long-term value for all stakeholders.

Zondereinde
The lost time injury incidence rate improved to 1.27 per 200 000 hours worked (H1 F2018: 1.31). Regrettably on 25 October 2018,
Mr Stepher van Niekerk, a site manager for a contracting company, lost his life in an engineering related accident at the concentrator
dewatering plant. We extend our sincere condolences to Mr van Niekerk's family, friends and colleagues.

Zondereinde produced a solid operating performance with increased production from both the Merensky and UG2 reefs. Merensky
tonnage milled increased by 5.7% to 400 686 tonnes while UG2 increased by 2.8% to 606 450 tonnes for the period. The Merensky
head grade was 6.02 g/t 4E and the UG2 head grade increased marginally to 4.28 g/t 4E.

The UG2 stockpile increased to 290 969 tonnes.

Chrome concentrate tonnes increased by 4.9% due to the higher UG2 tonnage milled and improved yields.

Equivalent refined metal produced from own operations was similar to the corresponding prior period at 154 078 4E oz. Equivalent
refined metal from external parties was significantly lower as a third party concentrate purchase agreement expired.

Total refined metal produced increased by 41.1% to 299 323 4E oz, as a result of the strong operational delivery and commencement
of destocking of excess inventory.

Cash cost per equivalent refined platinum ounce for Zondereinde increased by 8.4% to R23 614 Pt/oz (H1 F2018: R21 775 Pt/oz).

During the period under review a three year wage agreement was concluded, effective 1 July 2018.

Ore reserve development in the western extension is making good progress. On the first raise line, two reef raises have holed with the
balance between three and twelve levels expected to be holed by the end of the financial year. Ground conditions are generally very
good and the predominant reef is the higher grade P2 sub-facies.

The deepening project continues with the conveyor decline halfway between 17 and 18 levels. Lateral development has started on
17 level while stoping is in progress on 16 level.

Booysendal North UG2 and Merensky mine
Booysendal achieved 4 million fatality free shifts on 31 October 2018 and during the six month period under review only two lost time
injuries were recorded. The lost time injury incidence rate was 0.10 per 200 000 hours worked. (H1 F2018: 0.31), a commendable
67.7% improvement.

The square metres mined for both Merensky and UG2 production increased by 42.3% and 7.3% respectively. At the Merensky North
mine a third crew was employed to increase stoping production.

An increased focus on stoping width control had a positive impact on head grade.

During the period under review metal in concentrate produced from own operations and ore stockpiles increased by 8.9% to
105 285 4E oz (H1 F2018: 96 650 4E oz). Metal in concentrate purchased from third parties increased from 2 272 4E oz to 3 576 4E
oz during the period under review.

Production of chrome concentrate increased by 33.9% to 193 360 tonnes mainly due to the contribution from the South Tailings Storage
Facility (TSF) Retreatment project as well as the improved yields at the North mine.

The cash cost per platinum ounce in concentrate produced increased by 1.9% to R16 772 Pt/oz (H1 F2018: R16 459 Pt/oz).

Booysendal South
Construction of Booysendal South's central mining complex and ancillary infrastructure is well advanced and on track to reach steady
state in F2022.

Key project milestones during the reporting period include:

-       Commissioning of the aerial rope conveyor and the first ore transported from the central complex to the South concentrator
        stockpile.
-       Re-commissioning the PGM circuit of the South concentrator and ramping up the rate of tailings re-treatment from the south
        TSF to produce chrome concentrate and PGMs.
-       Ongoing development of the BS1 and BS2 mining modules which are currently producing 20 000 tonnes per month of
        UG2 ore.
-       Re-establishment of underground access to the BS4 module for future tailings deposition.

Eland
At Eland the re-commissioning of the concentrator is well advanced. Mining of the tailings dam is expected to start in March 2019 along
with the recovery of chrome. Recovery of PGMs is expected to start in May 2019. Trial mining at the Kukama shaft to test stoping and
ore transport methodologies is expected to start before the end of the financial year. In addition, we are pursuing other opportunities
including the treatment of third party ore.

US recycling assets
The US recycling assets are still on care and maintenance. However during the period under review small batches of salvaged catalytic
convertors were sourced from third parties and processed on a trial basis. The PGM bearing material arising from these recycled
convertors will be processed at the Zondereinde metallurgical operations. Once this trial process has been bedded down, options to
re-establish the recycling operations will be considered, taking into account the working capital requirements and capital allocation for
the group.

Normalised headline earnings
Normalised headline earnings increased by 192.6% to R553.3 million (H1 F2018: R189.1 million), which equates to a normalised
earnings per share of 108.5 cents (H1 F2018: 37.1 cents) based on the total number of 509 781 212 issued shares.

Normalised headline earnings, our main measure of performance have been calculated taking into account the headline loss per share
adjusted for non-cash items relating to the 2015 black economic empowerment (BEE) transaction. These include the preference share
dividends associated with the BEE financing structure.

Revenue
Sales revenue increased by 48.6% from R3.4 billion in H1 F2018 to R5.0 billion in the period under review. The increase is attributable
to a combination of a 40.5% increase in the volumes of 4E oz sold, an increase of 4.2% in the basket price to USD1 013 per 4E oz and
a 5.7% weaker ZAR/USD exchange rate realised. The average US dollar sales price achieved improved on all metals, except platinum
and gold which averaged USD820/oz (H1 F2018 USD937/oz) and USD1 222/oz (H1 F2018 USD1 280/oz) respectively. The price of
palladium increased by 13.0%, and the price of rhodium was 95.7% higher.

Base metal prices were generally lower with the exception of nickel which was 4.0% higher. The average copper price achieved
decreased by 12.2%. The price of chrome in US dollar terms decreased by 37.1% and in South African rand terms decreased by
32.6%, which negatively impacted the rand value of chrome sales from R368.2 million in H1 F2018 to R293.8 million in the current
period under review.

Overall total revenue per platinum ounce sold increased by 3.8% from R26 516/Pt oz to R27 524/Pt oz. Due to the festive season, not
all available refined metal was sold at the period end.

Adoption of IFRS 15 Revenue from Contracts with Customers
The group's base metal and chrome sale agreements contain terms which allow for price adjustments based on the market price at the
end of a relevant quotational period stipulated in the contract, referred to as provisionally priced sales agreements.

There was no impact on the net profit or loss arising from the adoption of IFRS 15, with the only impact being presentation and
disclosure requirements for provisionally priced sales agreements.

Cost of sales and operating margin
Cost of sales increased by 31.1%, in comparison with the 48.6% increase in revenue which resulted in operating profit increasing
from R338.8 million in H1 F2018 to R1.0 billion in the period under review, an all-time record for the group for an interim period.
This translates to an operating margin of 20.7% (H1 2017: 10.1%).

Movements of the individual elements making up cost of sales are discussed below:

-      Mining costs increased by 9.4%, which is attributable to the increase in labour costs together with an increase in total square
       metres mined.
-      Concentrating costs increased by 20.2% with the start-up of the concentrator at Booysendal South which resulted in additional
       working cost of R55.0 million spent during the period under review.
-      Smelter and base metal removal plant costs increased significantly owing to additional power consumed as a result of the
       second furnace, and reflecting the 41.1% increase in refined metal produced.
-      Higher chrome processing costs are associated with the growth in the group's chrome output, which was 18.4% higher.
       The bulk of the higher production emanates from the chrome circuit at the Booysendal South TSF.
-      Included in sales and administration overheads are costs incurred relating to the corporate office and group services as well as
       all marketing costs incurred by the group.
-      Royalty charges are based on a number of inputs, including the ratio between revenues generated from own operations and
       custom material, EBITDA and capital expenditure incurred. Zondereinde and Booysendal paid royalties at the minimum royalty
       rate of 0.5% based on revenue from own operations due to the significant amounts of capital expenditure incurred during the
       period under review. The royalty charge increased in line with the increase in revenue.
-      Share-based payment expenses and profit share scheme costs relate to expenses incurred in respect of the group's share plan
       and contributions made to the Toro Employee Empowerment Trust. The main inputs in calculating the share-based payment
       liability is the number of outstanding performance, retention and LIM shares as well as the share price at the reporting date.
       The Toro Employee Empowerment Trust is an employee profit share scheme for Zondereinde employees based on 4% of after
       tax profit contributions from Zondereinde.
-      Concentrates purchased decreased by 78.1%, owing to a contract with a third party concentrate supplier expiring at the end of
       June 2018. Ounces from external parties decreased by 73.3% to 7 962 4E oz (H1 F2018: 29 770 4E oz).
-      Refining including sampling and handling charges increased by 27.1%, even though the total refined metal production increased
       by 35.7%, this is because of a change in the nickel sales agreement. Going forward the nickel refining charges will be offset
       against sales revenue and not charged separately as done previously.
-      Depreciation is based on the unit of production depreciation method. With the increased production and additional capital
       expenditure incurred by the group, depreciation increased.
-      The commencement of destocking was offset by the increase in the cost of production which is reflected in the change in metal
       inventories.

In the current price environment, our main focus is on cost control, and growing our production base, thereby creating long-term value
for our stakeholders.

Taxation
During the period under review, the group paid tax on non-mining income which comprises mainly interest and sundry income earned.
During the period, tax receivable balances and interest to the value of R4.3 million was received from the South African Revenue
Services.

Higher capital expenditure results in increased deferred tax. The balance of unredeemed capital available for utilisation against future
taxable mining profits for Northam Platinum Limited (Zondereinde) approximates R885.2 million and for Booysendal Platinum
Proprietary Limited approximates R6.9 billion.

Capital expenditure
During the period under review the group incurred R1.5 billion in the execution of its growth strategy. Projects are generally ahead of
schedule. The following significant amounts were spent on expansionary capex:

-      R877.3 million was spent on the development of Booysendal South. In total, R2.8 billion has now been spent on the project
       and an amount of R36.0 million was prepaid for the construction of the North aerial rope conveyor system. During December
       2018, commissioning of the South rope conveyor commenced, with the first ore being transported to the stacker pad at South
       mine. The crusher feed conveyor and crusher are scheduled for completion by the end of February 2019. A surface stockpile
       in excess of 120 000 tonnes has accumulated. Capital development at the Central mine is progressing well with 1 133 metres
       being achieved against a plan of 1 121 metres at the end of December 2018. The Booysendal South mine should sustain
       annual production up to 300 000 oz of refined 4E oz for more than 25 years. Given Booysendal's favourable cost profile, this
       will enable the group to grow down the cost curve.
-      It is important that value is extracted from the massive Booysendal resource through various growth initiatives. Both the UG2
       North deepening project and the development of the Booysendal Merensky North mine will add substantial additional capacity
       from the original nameplate capacity of 160 000 oz. The development of the capital footprint relating to the Merensky North
       mine is nearing completion, with R11.4 million spent (H1 F2018: R75.0 million). Construction relating to the installation of strike
       3 belt, the construction of dip belt 2, dirty water dam 1 and the underground sub-station is planned to be completed by
       June 2019.
-      The Booysendal UG2 deepening project is also nearing completion with R26.5 million spent (H1 F2018: R48.6 million) and the
       construction of reef dam 1 and strike belts nine North and South is scheduled for completion in June and August 2019
       respectively. On completion, two half levels will be added to the two already operational namely eight North and eight South.
-      An amount of R48.7 million (H1 F2018: R73.6 million) was also spent on the South TSF Retreatment project.
-      The Zondereinde western extension project is advancing well. Two of the ten planned raise lines in the 11 line holed. The
       remainder of the raise lines will hole during the next six months. Six of the levels are busy with the development of crosscuts
       on the 10 line, which is the second stoping line. During the period R69.6 million was spent.
-      The Merensky reef relating to the current mine (excluding the western extension) has been largely depleted on the upper levels
       of the mine and future production will come from the deepening project extending from 13 level to 18 level. Development of the
       decline system has progressed beyond the 17 level while stoping commenced on 16 level. The belt decline is currently being
       developed to 18 level. For the period under review R52.9 million has been spent and the project remains on schedule for
       completion by 2020.
-      During the reporting period R50.1 million was spent on the concentrator storage and dewatering optimisation project at the
       Zondereinde metallurgical facility. The project entails the installation of three solid bowl decanter units and ancillary equipment
       to replace the current concentrate thickeners and the Delkor vacuum belt filter at the smelter. The project will allow a once-off
       reduction in stock at the concentrator and will result in increased dryer capacity, flexibility, efficiency and decoupling of the
       concentrator and smelter.

In addition, R25.3 million (H1 F2018: R93.7 million) and R36.6 million (H1 F2018: R25.2 million) was spent on sustaining capital
expenditure at Zondereinde and Booysendal respectively.

Capital expenditure for the current financial year is forecasted to amount to R550.0 million for Zondereinde, R1.5 billion for Booysendal
and R300.0 million for Eland, which include amounts spent to date.

Working capital
The working capital lock up is mainly as a result of the high inventory levels. During the reporting period ore stockpile inventory
increased due to the mill capacity being limited at Zondereinde. Management is currently looking at various options to monetise the
value of the UG2 stockpile.

As previously reported, significant surplus concentrate was built up at Zondereinde in anticipation of commissioning the second furnace.
The concentrate stockpile was processed and the working capital lock-up was released during the period under review, with all other
inventory moving on in the pipeline.

There are still large amounts of reverts which require reprocessing. Reverts are an intermediate high value product that require a
significant degree of material handling effort.

The normal pipeline inventory is considered to be between 80 000 and 90 000 4E oz of metal at any given time. All inventory over and
above pipeline material (140 000 oz) is considered excess inventory.

The value of excess inventory at the period end amounted to R1.9 billion at cost, with a potential sales value in excess of R2.3 billion,
using the sales prices and exchange rate at 31 December 2018, only taking into account 4E oz.


Cash flow and net debt
The group's net debt position has been calculated as follows:

                                                                                   Reviewed               Reviewed               Audited
                                                                                   6 months               6 months             12 months
                                                                                      ended                  ended                 ended
                                                                                31 December            31 December               30 June
                                                                                       2018                   2017                  2018
                                                                                       R000                   R000                  R000


  Cash and cash equivalents                                                         639 660                379 233               388 702
  Bank overdraft                                                                          -                      -              (95 535)
  Domestic medium term notes                                                    (1 421 702)              (421 978)           (1 417 728)
  Revolving credit facility                                                     (2 138 741)            (1 490 344)           (1 486 495)
                                                                                (2 920 783)            (1 533 089)           (2 611 056)

During the period under review cash to the value of R1.3 billion was generated from operating activities (H1 F2018: utilisation of
R562.7 million). R1.5 billion of capital expenditure was paid for in cash, R650.0 million was drawn down on the revolving credit facility
and R150.3 million was paid relating to interest on the domestic medium term notes and the revolving credit facility, resulting in an
increase in cash and cash equivalents of R346.5 million, to R639.7 million.

The group's net debt position is expected to be alleviated with the processing of the excess inventory, whilst taking into account the
forecast capital expenditure of the group.

The group's future cash generation is vulnerable to exchange rate volatility and metal price fluctuations. It is the policy of the group not
to hedge currency or metal. Should changes be required to this policy, these will be timeously communicated to the market.

During the next six months, domestic medium term notes to the value of R1.25 billion become repayable. The payments are scheduled
as follows: R450.0 million in April 2019, R550.0 million in May 2019 and R250.0 million in June 2019. The group intends to refinance
the domestic medium term notes and to continuously review and optimise the quantum of its available debt facilities in view of the
group's increasing production profile and the impact thereof on working capital requirements and exposure to metal price fluctuations.

Booysendal is on track to achieve steady state production in F2022. Northam intends to direct surplus free cash flow associated with
this production increase and completion of the capital expenditure programme to shareholders by way of an ordinary share repurchase
programme, the purchase of Zambezi preference shares or a combination of both, dependent on the respective pricing of these
instruments.

Key accounting estimates, assumptions and judgements
The preparation of the condensed reviewed interim financial results requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at
the reporting date.

However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the
carrying amount of assets or liabilities affected in future.

These estimates and assumptions are continually evaluated and are based on historical experience and expectations of future events
that are believed to be reasonable under the circumstances.

Information relating to the individual estimates, assumptions and judgements made by management have been included in the notes
to the condensed reviewed interim financial results.

Market review
The average platinum price realised during the reporting period was USD820/oz, 12.5% lower than the USD937/oz achieved in the
previous corresponding period. This lacklustre performance is attributable to declining demand from light duty diesel vehicles,
particularly in Western Europe following the 'dieselgate' scandal and lower Chinese jewellery demand.

Platinum demand in the autocatalyst sector is expected to increase as tighter emissions legislation is introduced in China and India.
Real driving emissions legislation (RDE) will become more onerous for original equipment manufacturers as emissions limits will need
to be maintained over the lifecycle of a vehicle and is likely to lead to increased loadings per vehicle. Industrial demand is also expected
to grow in the petrochemicals sector and as support for fuel cell development increases.

On the supply side, underinvestment in the South African industry over the past decade and rationalisation of the industry going forward
is likely to lead to lower production.

The deficit in the palladium market continued during the reporting period resulting in the average price received gaining 13.0% to
USD1 071/oz (H1 2018: USD948/oz).

Autocatalyst demand for palladium is expected to increase, particularly in China with the introduction of China VI legislation, and in
Western Europe loadings in gasoline vehicles are expected to increase significantly owing to the strict application of RDE standards.

The palladium market remains in meaningful deficit estimated at 1 million oz due to the increasing demand for autocatalysts. It is fair
to conclude that at some point in the future, platinum will substitute palladium.

The price received for rhodium averaged USD2 427/oz during the period under review, an increase of 95.7% from the previous
corresponding period (H1 2018: USD1 240/oz).

The increased deficit expected in rhodium will continue as supplies contract and demand in the autocatalyst sector follows a similar
trajectory as palladium with the exception that in the case of rhodium, there is no real substitute.

The ruthenium price increased by 226.9% during the period under review to USD255/oz (H1 2018: USD78/oz).

The increased demand for ruthenium in specifically the chemical and communication sectors will add to the substantial deficit envisaged
for this metal in the near future.

The iridium price received increased 49.8% to USD1 432/oz (H1 2018: USD956/oz).

The processing of ballast water in the shipping industry accounts for large increase in the demand for iridium, creating a deficit in a
relatively small market.

Mineral resources and reserves
The mineral resources and mineral reserves statements comply with the provisions of the South African Code for Reporting of Mineral
Resources and Mineral Reserves of 2016.

Mineral resources and reserves for the wholly owned Northam assets have been prepared under the guidance of the group's
competent persons who have reviewed and approved the information contained in this document, as it relates to
mineral resources and mineral reserves. Contact details for Northam's competent persons are available in the Northam
Platinum Limited annual integrated report for the year ended 30 June 2018, which is available on the group's website
http://www.northam.co.za/investors-and-media/publication/annual-reports.

In addition to the existing internal review process, Northam has scheduled independent external audits on the mineral resources and
mineral reserves, the outcome of the first review from the Booysendal mine is to be reported at year-end.

Mineral resources for Dwaalkop have been prepared by Lonmin plc and are reported as at the end of September 2017, there being no
change during the current period.

The various competent persons are:


  Company                            Operation                    Function                         Competent person
  Northam Platinum Limited           Zondereinde (inclusive       Mineral Resources &              Charl van Jaarsveld
                                     of Middeldrift and           Mineral Reserves
                                     Tumela portions)

                                     Booysendal                   Mineral Resources                Meshack Mqadi

                                                                  Mineral Reserves                 Willie Theron

                                     Eland                        Mineral Resources                Paula Preston

                                                                  Mineral Reserves                 Coenie Roux

                                     Northam Platinum             Mineral Resources &              Damian Smith
                                     Limited group                Mineral Reserves

  Lonmin plc                         Dwaalkop                     Mineral Resources                Snowden Mining Industry
                                                                                                   Consultants

The total mineral resources and mineral reserves are as at 31 December 2018, these being derived from the depletion of six months'
production from the annual assessment in June 2018. The mineral resources (total measured, indicated and inferred) are reported
inclusive of the mineral reserves (proved and probable) for 4E. The individual element ratios for Pt, Pd, Rh and Au are indicative of the
Northam group global proportions for the total mineral resource in the Merensky and UG2 reefs.

The following tables summarise the mineral resources and reserves attributable to the group for both the current period and
previous year.

Mineral resources are reported inclusive of mineral reserves.


Northam group reserves estimate (combined proven and probable)*

                                                             31 December 2018                                        30 June 2018
                                                                    4E                                                    4E
  Reef            Operation                                Mt             g/t              Moz              Mt               g/t      Moz


  Merensky        Booysendal North mine                18.76             2.88             1.74           18.99              2.87     1.75
                  Booysendal South mine                 9.84             2.59             0.82            9.84              2.59     0.82
                  Eland                                 5.04             0.86             0.14            5.04              0.86     0.14
                  Zondereinde                          27.98             5.56             5.00           28.38              5.57     5.08
                  Total                                61.62             3.89             7.70           62.25              3.89     7.79


  UG2             Booysendal North mine                50.33             2.97             4.81           51.85              2.95     4.92
                  Booysendal South mine                77.54             2.64             6.57           77.54              2.64     6.57
                  Eland                                 3.77             3.14             0.38            3.77              3.14     0.38
                  Zondereinde                          63.93             4.26             8.75           64.54              4.26     8.83
                  Total                               195.57             3.26            20.51          197.70              3.26    20.70


  Combined        Booysendal North mine                69.09             2.95             6.55           70.84              2.93     6.67
                  Booysendal South mine                87.38             2.63             7.39           87.38              2.63     7.39
                  Eland                                 8.81             1.84             0.52            8.81              1.84     0.52
                  Zondereinde                          91.91             4.65            13.75           92.92              4.66    13.91
                  Total                               257.19             3.41            28.21          259.95              3.41    28.49
* Quantities and grades have been rounded to two decimal places and therefore minor computational errors may occur.

Northam group resources estimate (combined measured, indicated and inferred)*

                                                                As at 31 December 2018                               As at 30 June 2018
                                                                          4E                                                 4E
  Reef               Operation                                 Mt             g/t             Moz             Mt              g/t            Moz


  Merensky           Booysendal North                       86.12            5.06           14.00          86.12             5.06          14.00
                     Booysendal South                      187.55            3.55           21.41         187.55             3.55          21.41
                     Booysendal North mine                  21.47            3.20            2.21          21.71             3.19           2.23
                     Booysendal South mine                  11.98            2.78            1.07          11.98             2.78           1.07
                     Dwaalkop**                             38.05            2.98            3.64          38.05             2.98           3.64
                     Eland                                   4.82            1.03            0.16           4.82             1.03           0.16
                     Zondereinde                           208.29            7.46           49.94         208.88             7.45          50.05
                     Total                                 558.28            5.15           92.43         559.11             5.15          92.56


  UG2                Booysendal North                      145.43            4.86           22.73         145.43             4.86          22.73
                     Booysendal South                      235.67            3.20           24.26         235.67             3.20          24.26
                     Booysendal North mine                  44.60            4.59            6.58          46.12             4.53           6.72
                     Booysendal South mine                 129.05            3.05           12.64         129.05             3.05          12.65
                     Dwaalkop**                             37.56            4.35            5.25          37.56             4.35           5.25
                     Eland                                 147.43            4.04           19.16         147.43             4.04          19.16
                     Zondereinde                           339.05            5.05           55.03         340.00             5.05          55.16
                     Total                               1 078.79            4.20         145.65        1 081.26             4.20         145.92


  Combined           Booysendal North                      231.55            4.93           36.73         231.55             4.93          36.73
                     Booysendal South                      423.22            3.36           45.67         423.22             3.36          45.67
                     Booysendal North mine                  66.07            4.14            8.79          67.83             4.10           8.95
                     Booysendal South mine                 141.03            3.02           13.71         141.03             3.02          13.71
                     Dwaalkop**                             75.61            3.66            8.89          75.61             3.66           8.89
                     Eland                                 152.25            3.95           19.32         152.25             3.95          19.32
                     Zondereinde                           547.34            5.97          104.97         548.88             5.96         105.21
                     Total                                1637.07            4.52          238.08       1 640.37             4.52         238.48
* Quantities and grades have been rounded to two decimal places and therefore minor computational errors may occur.
** Current and previous year's resources and reserves for Dwaalkop are quoted as at 30 September 2017.


 Prill splits %                                 Pt             Pd              Rh              Au         Cr2O3%             Cu%            Ni%


 Merensky                                    60.9            30.3             4.0             4.9            0.6           0.095          0.209
 UG2                                         59.5            29.6             9.5             1.4           25.6           0.016          0.100

Changes to the board of directors
During the period under review the following changes to the board occurred:

Mr MH Jonas and Mr JJ Nel were appointed as independent non-executive directors, with effect from 6 November 2018.

Ms AH Coetzee was appointed as the chief financial officer and an executive director, with effect from 15 November 2018. Ms Coetzee
replaced Mr AZ Khumalo following his resignation effective 1 November 2018.

Corporate governance
The group has adopted the King IV Report on Corporate Governance for South Africa, 2016 (King IV). The board and board
sub-committee charters, code of ethics and various internal policies and procedures are in place to both regulate and guide the group's
conduct as a responsible corporate citizen. Northam's application and explanation of the King IV principles is available on the Northam
website at http://www.northam.co.za/downloads/send/92-2017/1162-king-iv.

Going concern
Mining operations have a finite life and are dependent amongst other things on geological, technical as well as economic factors such
as commodity prices and exchange rates. The global economic outlook and low US dollar metal prices are a concern as the group is
an exporter of PGMs to global markets. Operations continue to be under pressure due to increasing input costs and low metal prices.

The group manages its capital to ensure that it will be able to continue as a going concern, to maximise the return to stakeholders
through the optimisation of the debt and equity balance, and to ensure that all externally imposed capital requirements are complied
with. The capital structure of the group consists of debt, which includes borrowings disclosed in these condensed reviewed interim
results, issued capital, reserves and retained earnings.

The condensed reviewed interim results have been prepared using appropriate accounting policies, supported by reasonable and
prudent judgements and estimates. The board of directors believes that the group will continue to have adequate financial resources
and access to capital to continue operating for the foreseeable future and, accordingly, the condensed reviewed interim results have
been prepared on a going concern basis.

Dividends
The company's dividend policy is to consider an interim and final dividend for each reporting period. At its discretion, the board of
directors (board) may consider a special dividend, where appropriate. Depending on the perceived need to retain funds for expansion
or operating purposes, the board may pass a resolution for the payment of a dividend.

The quantum of any dividend would ultimately be subject to expected future market and capital commitments at the time of consideration
by the board.

Given the continuing difficult conditions in the platinum mining industry, and taking into consideration the cash requirements to fund
the development of the group's project pipeline and growth strategy, the board has resolved not to declare an interim dividend
(H1 F2018: R Nil per share).

Outlook and key factors impacting future financial results
The following key factors will impact future financial results:

-      Management of production and performance targets to ensure the successful execution of our business strategy -
       Management sets realistic strategic targets for the business. The success of the strategy will affect shareholders and
       stakeholders alike.
-      Continuing to improve the safety performance and health and wellness of our workforce - The group strives to improve
       the safety performance and health and wellness of all employees. By continuously seeking to reduce injuries, applying
       appropriate technologies, communication and training and reinforcing operational standards and responsibilities we seek to
       improve the safety performance and health and wellness of our workforce.
-      Effective project execution - The group has a large capital expansion programme in place to secure its future through the
       creation of long-life, low-cost operations. Successful project execution is key to creating a sustainable business for the long-
       term benefit of all our stakeholders.
-      Effective cost control - The platinum sector remains under pressure from low metal prices and hence cost containment is
       key to the group's sustainability. We continue to strive to maintain our relative position in the lower half of the industry cost
       curve.

The global economic outlook remains uncertain resulting in volatile metal markets and exchange rates. The group's financial
performance will depend on achieving higher metal sales prices and a stable operating performance. Management is confident that the
group's strong financial position, prudent financial controls and the development of shallow, mechanisable operations at Booysendal
and Eland will place the group in a position to take advantage of improved market conditions going forward.

Cost control will continue to remain a key focus area and management is confident that through various initiatives and increasing the
production base that the unit cost will be well contained going forward.

On behalf of the board

KB Mosehla                                                                      PA Dunne
Chairman                                                                        Chief executive

Johannesburg
19 February 2019

Directors

KB Mosehla                    DH Brown*
(non-executive chairman)
                              CK Chabedi*
R Havenstein                  HH Hickey*
(lead independent director)
                              Dr NY Jekwa*
PA Dunne
(chief executive officer)#     MH Jonas*

AH Coetzee                    TE Kgosi*
(chief financial officer)     TI Mvusi*

#British                       JJ Nel*
*Independent
non-executive director        JG Smithies#*
  

                                               Bankers                                       Sponsor and debt sponsor
                                               Standard Bank of South Africa Limited         One Capital
                                               30 Baker Street                               17 Fricker Road
                                               Rosebank                                      Illovo, 2196
                                               Johannesburg, 2196                            Johannesburg
                                               South Africa                                  South Africa
                                            
                                               PO Box 61029                                  PO Box 784573
                                               Marshalltown, 2107                            Sandton, 2146
                                               South Africa                                  South Africa
                                            
                                               Nedbank Group Limited
                                               135 Rivonia Road                              Investor relations
                                               Sandton, 2196                                 LC van Schalkwyk
                                               South Africa
                                                                                             Telephone: +27 11 759 6000
                                               
Registered office                                                                            e-mail: leon.vanschalkwyk@norplats.co.za
Building 4, 1st Floor, Maxwell Office Park
Magwa Crescent West                           PO Box 1144
Waterfall City                                Johannesburg, 2000                             R&A Strategic Communications
Jukskei View, 2090                            South Africa                                   PO Box 1457
South Africa                                                                                 Parklands, 2121
                                                                                             South Africa
                                                                           
                                                                                 
                                               Auditors
PO Box 412694                                  Ernst & Young Incorporated                    Telephone +27 11 880 3924
Craighall, 2024                                102 Rivonia Road                              e-mail: marion@rasc.co.za
South Africa                                   Sandton, 2146
                                               Johannesburg
Telephone +27 11 759 6000                      South Africa

http://www.northam.co.za                              Private Bag X14
                                               Sandton, 2146
                                               South Africa
Company secretary
PB Beale
Building 4, 1st Floor, Maxwell Office Park     Transfer secretaries
Magwa Crescent West                            Computershare Investor Services Proprietary
Waterfall City                                 Limited
Jukskei View, 2090                             Rosebank Towers
South Africa                                   15 Biermann Avenue
                                               Rosebank, 2196
PO Box 412694                                  South Africa
Craighall, 2024
South Africa                                   PO Box 61051
                                               Marshalltown, 2017
e-mail:trish.beale@norplats.co.za              South Africa

                                               Telephone +27 11 370 5000
                                               Facsimile +27 11 688 5238

Johannesburg
22 February 2019

Sponsor and Debt Sponsor
One Capital



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