Reviewed Condensed Consolidated Interim Financial Statements
for the six months ended 31 March 2014

OUTLOOK

The economic demand fundamentals for both PGMs and chrome remain sound underpinned by supply constraints providing a platform for more favourable commodity prices. Since 31 March 2014, the PGM basket price and chrome concentrate prices have increased and continue to show signs of strengthening.

The capital projects being undertaken by the Group are being implemented as planned.

The production outlook for the current financial year is between 80,000oz and 90,000oz of PGMs (5PGE + Au) and between 1,150,000t and 1,300,000t of chrome concentrates.

The Group remains on track to achieve steady state annualised production during the 2016 financial year.

On behalf of the Board

Phoevos Pouroulis
Chief Executive Officer
  Michael Jones
Chief Finance Officer
11 June 2014    

Preparation of condensed consolidated interim financial statements

The condensed consolidated interim financial statements as set out within this report have been prepared and presented in accordance with International Accounting Standard, (IAS) 34 Interim Financial Reporting. Their preparation was supervised by the Chief Finance Officer, Michael Jones, a Chartered Accountant (SA).

The condensed consolidated interim financial statements were published on 17 June 2014.