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1 16 February 2012 The Manager Company Announcements Australian Securities Exchange Exchange Plaza 2 The Esplanade PERTH WA 6000 Via E Lodgement NKWE REACHES SIGNIFICANT MILESTONE MINING RIGHT GRANTED Key Highlights: ANNOUNCEMENT FOR REINSTATEMENT South African DMR grants Mining Right for three key platinum farms International consulting group DRA completing Definitive Feasibility Study Mining, environmental, social and labour plans approved Nkwe moving from Explorer towards Producer The Board of Directors of Nkwe Platinum Limited ( Nkwe or the Company ) together with its major shareholder Genorah Resources (Pty) Ltd ( Genorah ) are delighted to announce that the Department of Mineral Resources South Africa ( DMR ) has granted a Mining Right in respect of three platinum farms controlled by Nkwe on the eastern limb of the Bushveld Complex. The farms are Garatau, DeKom and Hoepakrantz. The granting of the Mining Right is of great significance as: It is major milestone in the Company s development and transformation from an explorer, with a current Mineral Resource of 60.5 Moz 3PGE+Au (JORC compliant) 18.1 Moz Measured, to becoming one of the world s largest platinum group metal producers (see annexure 1 for current Resource tables); and Confirms the Company s title it has over the three farms. The further significance of the granting of the Mining Right is that, based on legal advice received, it confirms the legal tenure of the Company over the three farms. The Mining Right application was submitted in The award of the Mining Right required the DMR to undertake an extensive examination of the process, commencing with historic tenure achieved by initial issue of the Prospecting Right, exhaustive consultation with communities, detailed examination of the mining plan, review of the environmental plan and significantly the Social and Labour Plan for the future advancement of the local communities. All hurdles were comprehensively met by Nkwe and Genorah in its application. AUSTRALIAN OFFICE Ground Floor, 1 Havelock Street West Perth WA 6005 Australia PO Box 684 West Perth WA 6872 Australia Tel: +61 (0) Fax: +61 (0) NKWE PLATINUM LIMITED ARBN REGISTERED OFFICE Clarendon House 2 Church Street Hamilton HM11 PO Box HM666 Hamilton HMCX BERMUDA NKWE PLATINUM LIMITED Bermuda Regn Number Web:

2 BEE Producer Nkwe now epitomises entirely the concept of black emancipation and empowerment expressed by the South African government. It has in partnership with its Australian shareholders overcome daunting hurdles in moving to this important milestone. It has achieved this using equity for its development and is not burdened with debt. In line with Government policy, Nkwe is the vehicle whereby mining in the area will bring owners/investors and local communities together in a substantial enterprise benefiting the fabric of the country s economic base. Dispute Settlement Nkwe has previously reported DMR sponsored negotiations with Anglo Platinum Ltd ( APL ) and African Rainbow Minerals ( ARM ) to resolve a long standing dispute as to tenure. The Company has maintained that the dispute was resolved by agreement between the parties in 2008 but has pursued negotiations in good faith and in deference to efforts by the DMR to negotiate a quick and equitable resolution. It is the intention of Nkwe and Genorah to continue to negotiate in good faith and attempt to resolve the final settlement issues outstanding. Nkwe maintains that the legal tenure of the three farms cannot be disputed. Joint Venture To help achieve the above goals, the Company, through its Advisors, is finalising negotiations with suitable Joint Venture partners who apart from contributing financially, will also supplement our management with top tier technical and commercial skills. Nkwe and Genorah recognise the need to bring in experienced, qualified and competent senior personnel into all areas of operational management and are moving aggressively to make this transition. The Board and management believe it is about to embark on an exciting and profitable era in the migration of the company from being an aggressive exploration company to an equally competent miner and producer, said Managing Director, Maredi Mphahlele. Definitive Feasibility Study Underway Attached is a current presentation outlining the final stages of the optimised Bankable Feasibility Study ( BFS ) being completed by DRA. The Garatau Project is supported by a previously completed BFS, with the optimisation scheduled for completion in May For and on behalf of the Board Maredi Mphahlele Managing Director

3 The geological information in this announcement (and the incorporated presentation) has been prepared by Mr Andre van der Merwe, Operations Manager and geologist with 21 years experience in the minerals industry. Mr van der Merwe has sufficient experience which is relevant to the style of the mineralisation and type of deposit under consideration and is registered as Pr. Sci. Nat. under the South African Council for Natural Scientific Professions. He is also a member of the AusIMM. He qualifies as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting for Exploration Results, Minerals Resources and Ore Reserves (the JORC Code). This report accurately reflects the information compiled by Mr van der Merwe. Mr van der Merwe has consented to the inclusion of this information in the form and context in which it appears in this announcement (with attached presentation). The information in this announcement (and the incorporated presentation) that relates to Mineral Resources for the Garatau Project and updated Hoepakrantz Mineral Resource is based on a resource estimate completed by Dr Carina Lemmer who is employed by Geological & Geostatistical Services. Dr Lemmer is a Geostatistician with 33 years experience in the Mining Industry and sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and the Ore Reserves. Dr Lemmer is registered as Pr. Sci. Nat. under the South African Council for Natural Scientific Professions, a Fellow of the South African Geological Society and a Member of the Geostatistics Association of South Africa. Dr Lemmer consents to the inclusion of this information in the form and context in which it appears in this announcement (with attached presentation). All Mineral Resources stated in this announcement (and the incorporated presentation) are in accordance with the requirements of the JORC Code (2004). For further information please contact: Maredi Mphahlele Peter Landau Managing Director Executive Director Tel.: /3/7 Tel.: Em: mmphahlele@nkweplatinum.co.za Em: plandau@nkweplatinum.com

4 Annexure 1 Current Resource Tables Garatau Project Mineral Resource Statement (February 2010) Tonnage after Geological Loss (M) Mining cut (m) Estimated 4E Bulked Grade (g/t) 4E Metal Content (Moz) MEASURED Merensky Reef UG2 Reef TOTAL MEASURED INFERRED Merensky Reef UG2 Reef TOTAL INFERRED TOTAL TOTAL Tubatse Project Eerste Geluk and Nooitverwacht Inferred Mineral Resource Statement (July 2009)* Farms Eerste Geluk / Nooitverwacht ** Tonnage after Geological Loss (M) Width (m) INFERRED Estimated 4E Bulked Grade (g/t) 4E Metal Content (Moz) UG2 Reef Merensky Reef TOTAL TOTAL * Interests in Eerste Geluk farm subject to third party appeal to be heard during 1H 2012 Tubatse Project Hoepakrantz Mineral Resource Statement (January 2011) Tonnage after 20% Geological Loss (M) Mining cut (m) Estimated 4E Bulked Grade (g/t) 4E Metal Content (Moz) MEASURED UG2 Reef Total Measured INDICATED Merensky Reef Total Indicated INFERRED UG2 Reef Merensky Reef Total Inferred TOTAL TOTAL

Huge Resource with Potential to Develop Three Mines Geology well understood, Reefs dipping at ~6-9 and adjacent to three operating PGM mines Garatau Project Total Resource of 23.

5 Huge Resource with Potential to Develop Three Mines Geology well understood, Reefs dipping at ~6-9 and adjacent to three operating PGM mines Garatau Project Total Resource of 23.3 Moz 3PGM+Au Bank Feasibility Study completed by TWP (BFS), being reviewed and optimised by DRA (DFS) BFS estimates: Monthly production of 300,000 tonnes of ore for 400,000ozs PGM per annum Recoveries Merensky 90-92% and UG % Tubatse Project, Eerste Geluk Total Resource of 37.2 Moz 3PGM+Au FS studies indicating significant upside potential Potential for decline development Recent restructure of interest in key farm (Eerste Geluk)

The Garatau Project: Resource Boreholes Meters

78 95 200 320 319 9 200 Structurally relatively

2m thick from a depth of 350m Situated at 350m

6 The Garatau Project: Resource Boreholes Meters Drilled MR Intersections UG2 Intersections Assays Structurally relatively undisturbed Merensky Reef: ~2.2m thick from a depth of 350m Situated at 350m above the UG2 Chromitite Seam UG2 Chromitite Seam: ~65cm thick from a depth of 700m

7 DFS: Rationale for Review of MR Mining Zone BFS DFS 3PGM_Au (g/t) Base Metals (Equivalent g/t) Mining Zone 1.1 m 2.2 m (ave) Mining Method Conventional Board and pillar Mining Cost (ZAR/t) Capital Cost (ZAR/Annual production ton)

8 BFS / DFS Comparison BFS DFS Project CAPEX (US$ M) PGM_Au (g/t) (indicative ounces per month) 4.4 (35 400) 3.1 (34 000) Base Metals (Equivalent g/t) Mining Zone 1.1 m 2.2 m (ave) Mining Method Conventional Board and pillar Mining Cost (ZAR/t) Mining Capital Cost efficiency (ZAR/Annual production ton) Gross Revenue per annum (US$ M)

9 DFS: Proposed Access For personal use only

10 DFS: Optimisation (MR) Mine Layout Vertical Main Shaft Establish 3 on-reef declines Phase 1 - to refrigeration horizon (initial capital) - 19 years Phase 2 - below refrigeration horizon & UG2-28 years

11 DFS: Current Review of BFS PURPOSE: Minimise capital outflow and accelerate time to positive cash flow DRA appointed as technical advisor To review the project design (expected by May 2012) Only the MR, above the refrigeration line, potentially resulting in: years before next capital injection to extend to UG2 Positive cash flow within 30 months from commencement of shaft (decreased from 6-7 years) Significant reduction in capital (>50%) Increase MR mining width, significantly reducing cost without compromising grade The ability to access UG2 is not compromised through separate underground shafts and access to areas requiring refrigeration plant remain in future growth plans To be considered as operator of mine Currently operator of large platinum processing plants and mining operations They have proposed to offset the BFS cost in NKP shares demonstrating an unparalleled faith of confidence in the project

12 DFS: Current Status of Garatau Garatau Resource = 23.3 Moz Bulk Power Supply Garatau mine to receive 75 MVA of power from Eskom Applications submitted for power to be provided in two main phases 19MVA to be supplied to the mine by MVA (remainder) to be supplied by 2016 Bulk Water Supply Mine may require 3 million kilolitres of water per annum Bulk water from Lebolelo pipeline Portable water to be stored at plant and mine All applications already submitted Dedicated MMF processing plant circuit for Merensky UG2 requires MF2 Testwork shows good PGM recoveries: 90 92% MR and 85 87% UG2

Merensky Reef on Garatau Medium crystalline

above the UG2 chromitite MH1 Merensky top Cr

13 Merensky Reef on Garatau Medium crystalline pyroxenite bound by two chromitite stringers ~2.2 metres thick Platinum loaded Shallowest depth of 350 metres Situated 370 metres above the UG2 chromitite MH1 Merensky top Cr stringer Merensky bottom Cr stringer MR Peg FPYX

14 Merensky Reef Variation Outcrops at Eerste Geluk and from 350m depth at Garatouw MR separation to UG2 thins from N to S: ~360m at GRT ~290m at HPK ~250m at EST and NVT MR thickness thins from N to S i.e. ~2.2m at GRT ~2.0m at HPK and NVT ~1.9m at EST Cr stringers thicken from N (~1-2mm) to S (~3 8mm)

15 Average Grade Distribution Curves Merensky Eerste Geluk Nooitverwacht Hoepakrantz Garatouw UG2 Eerste Geluk Nooitverwacht Hoepakrantz Garatouw

Diversification into the exciting South Africa Platinum Industry

MORNING STAR HOLDINGS (AUSTRALIA) LTD ASX/Media Release 18 November 2009 Key Points Diversification into the exciting South Africa Platinum Industry The company is completing the acquisition of three platinum