TIDMAQP 
 
AQUARIUS PLATINUM LIMITED 
 
                      Production Results to 30 June 2015 
 
Highlights 
 
  * Attributable production from operating mines up 5% quarter-on-quarter, up 
    6% compared to previous corresponding period, quarter ended June 2014 (pcp) 
  * Both Kroondal and Mimosa production at fourth quarter record levels 
  * Average US$ PGM basket price decreased 4% for the quarter - down 16% 
    compared to pcp 
  * Kroondal PGM basket price decreased 3% on average to R12,120 per PGM ounce 
    quarter-on-quarter -  down 5% compared to the pcp 
  * Mimosa PGM basket price decreased 3% on average to $1,010 per PGM ounce 
    quarter-on-quarter - down 13% compared to the pcp 
  * The Rand weakened against the US Dollar 3% on average quarter-on-quarter - 
    down 14% compared to the pcp 
  * Cash costs at Kroondal down 4% to R9,201 per PGM ounce quarter-on-quarter - 
    down 2% compared to the pcp 
  * Cash costs at Mimosa unchanged at $797 per PGM ounce quarter-on-quarter - 
    down 1% compared to the pcp 
  * Sale proceeds from sale of Everest mine $33 million (Part A) received 
    during the quarter 
  * Attributable group closing cash at 30 June $201 million ($196 million on 
    Balance Sheet with a further $5 million attributable to Aquarius held in JV 
    entities) 
 
                     Q4 2015 Operating Results 
                              Summary 
 
                    Kroondal     Mimosa  PlatMile 
 
4E PGM production 
 
      Total (100%    112,024     60,035     2,773 
           basis) 
 
     Attributable     56,012     30,018     2,773 
 
4E basket price 
 
             R/oz     12,120          -    11,756 
 
             $/oz      1,005      1,010       978 
 
Cash costs (4E 
basis) 
 
             R/oz      9,201          -     7,671 
 
             $/oz        763        797       638 
 
Cash margin (%)            6         23        14 
 
Stay-in-business 
capex 
 
             R/oz      1,086          -         0 
 
             $/oz         90        118         0 
 
Commenting on the results, Jean Nel, CEO Aquarius Platinum said: 
 
The fourth quarter was characterised by a particularly good performance from 
both Aquarius operating mines. Both Kroondal and Mimosa again improved safety, 
delivered all time fourth quarter production records and reduced costs, in what 
remains a challenging operating environment. The performance is testimony to a 
disciplined approach to operations and the operating teams at Kroondal and 
Mimosa deserve much credit for this. From a macro perspective, the lower metal 
prices which prevailed during the period and especially post quarter end will 
not only require an increased focus on safety, cost and production discipline, 
an approach which Aquarius will remain committed to, but also a focussed 
assessment of the viability of each shaft at each operating mine to ensure the 
sustainability of the business in a low metal price environment. 
 
Production by mine attributable to Aquarius (Operating mines) 
 
PGMs (4E)                             Quarter ended 
 
              June 2015       Mar 2015     % Change     Jun 2014     % Change 
 
Kroondal       56,012          53,544         5          53,090         6 
 
Mimosa         30,018          28,696         5          30,409        (1) 
 
PlatMile        2,773          2,552          9            -           (42) 
 
Total          88,803          84,792         5          83,499         6 
 
Average PGM basket prices achieved at Aquarius operations updated Braam 
 
US$ per PGM                           Quarter ended 
ounce (4E) 
              June 2015       Mar 2015     % Change     Jun 2014     % Change 
 
Kroondal        1,005          1,062         (5)         1,215         (17) 
 
Mimosa          1,010          1,036         (3)         1,156         (13) 
 
PlatMile         978           1,039         (6)           0            0 
 
Weighted        1,006          1,053         (4)         1,194         (16) 
Avg. 
 
Aquarius Group quarterly attributable production (PGM ounces) to 30 June 2015 
 
See http://www.aquariusplatinum.com/ for graph 
 
PGM markets update 
 
Precious metals suffered a weak end to the quarter, with the price of Palladium 
decreasing to almost a two-year low, ending the quarter at $675 per ounce (down 
8%). Platinum also moved lower across the quarter, but avoided the weakness 
towards the end of June, stabilising to finish the quarter at $1,080 per ounce 
(down 6%), and continued to weaken post quarter end. The fall across both 
precious metals was largely driven by ETP outflows and weaker than expected 
Chinese consumption. 
 
Platinum imports in China declined for the second straight month in May and 
fell 15% m/m, but rose a modest 2% y/y. Volumes traded on the Shanghai Gold 
Exchange rose 50% y/y and 18% m/m in May, as local prices fell 21% y/y. 
Although some positivity was seen as appetite responded to a lower price 
environment, concerns increased as it was insufficient to offer a firmer 
cushion. 
 
Palladium imports in China also continued to fall, declining for the eighth 
straight month in June. Imports fell by 27% y/y and 36% m/m, falling to their 
lowest level since February. Imports at 36koz takes this year's run rate to 
48.6koz from 63koz last year, and the year-to-date imports are down 30% y/y. 
Underlying demand from the auto sector has softened further in recent months. 
Palladium has now fallen below $700/oz, to its lowest level since July 2013. 
ETP outflows resumed in June after a two-month hiatus, and outflows reached 
106.3koz for the year. 
 
The average Rand-Dollar exchange rate weakened during the quarter by 1.5% from 
R11.97 to R12.15.  Since then, the Rand has weakened further 2% in the first 
two week of July, and trending around a level of R12.5. 
 
12-month individual PGM prices to 30 June 2015 (US$/oz) 
 
See http://www.aquariusplatinum.com/ for graph 
 
12-month PGM basket prices to 30 June 2015 (US$ and ZAR per PGM basket ounce) 
 
See http://www.aquariusplatinum.com/ for graph 
 
Operating Review Summary (all numbers on 100% basis) 
 
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum - 100%) 
 
P&SA1 at Kroondal (Aquarius Platinum - 50%) 
 
  * 12-month rolling average DIIR per 200,000 man hours remained stable at 0.65 
    from the previous quarter 
  * Production increased to 1,755,000 tonnes from 1,576,000 tonnes, 
    quarter-on-quarter 
  * Head grade increased marginally to 2.48 g/t from 2.46 g/t 
  * Recoveries decreased by 1% to 79% 
  * Volumes processed higher at 1,775,000 tonnes 
  * Stockpiles at the end of the quarter totalled approximately 27,000 tonnes 
  * PGM production increased by 5% to 112,024 PGM ounces, quarter-on-quarter, a 
    fourth quarter record; 
  * Revenue in Rand terms increased by 0.4% to R1,097 million, 
    quarter-on-quarter, albeit after the significant reduction in dollar prices 
    in the last month of the quarter resulting in a negative sales adjustment 
    for the last month in the quarter. 
  * Mining cash costs decreased by 4% to R581 per tonne, due to improved volume 
  * Unit cost per PGM ounce decreased 4% to R9,201 per PGM ounce in line with 
    increased production 
  * Kroondal's cash margin for the period remained at 6% 
 
Kroondal: Production, Cash Cost and Price Analysis 
 
See http://www.aquariusplatinum.com/ for graph 
 
   Capital Expenditure 
 
                                Kroondal 
 
   (R'000 unless otherwise   Total  Per 4E oz 
   stated) 
 
   Ongoing establishment of 119,676     1,068 
   infrastructure 
 
   Project capital (K6        2,012        18 
   shaft) 
 
   Mobile equipment          36,015       321 
 
   Total                    157,703     1,407 
 
Commentary 
 
Kroondal: 
 
There were no fatalities during the quarter. The 12 month rolling DIIR remained 
stable at 0.65 from the previous quarter but the 3 months DIIR rate improved to 
0.47 from 0.70. One Section 54 instruction was issued during the quarter. 
 
Production at Kroondal for the quarter was up 11% to 1,755,000. 
 
Kroondal achieved its tenth consecutive +105,000 PGM production quarter. Unit 
costs in Rand terms continued to respond positively down 4% quarter on quarter 
and down 2% compared to the previous corresponding period June 2014 in spite of 
South Africa's inflation rate of approximately 6%. 
 
Operations at K6 Shaft remained challenging.  During the quarter the 
installation of two new conveyor belts and a tip were completed, which is 
expected to positively impact production in coming quarters. Kwezi shaft still 
have reduced ends due to poor ground conditions and continue to mine 
consistently during the quarter. Simunye shaft's TMM fleet stabilized during 
the quarter with the addition of the last replacement machines. The newly 
installed chairlift at Simunye was licensed during the quarter and will enhance 
efficiencies. Bambanani production volumes were stable during the quarter. 
Recently installed chairlift are expected to be licensed during Q1 of FY16. 
Ventilation constraints continue to be resolved at Kopaneng with the raise 
boring of the new ventilation shaft now under way. 
 
Successful trials now completed to mitigate the treating of iron-rich 
ultramafic pegmatite (IRUP) ore being mined at Kwezi have resulted in a new 
reagent regime being implemented. Recoveries are constant and the blending of 
Kwezi ore is constant as well. The processing plants produced stably throughout 
the quarter. 
 
During the quarter the Kroondal work force maintained a positive outlook with 
open communication channels on all levels. 
 
AQPSA Operating cash costs per ounce (Rand) 
 
              4E - (Pt+Pd+Rh+Au)          6E -          6E net of by-products - 
                                   (Pt+Pd+Rh+Ir+Ru+Au)          (Ni&Cu) 
 
Kroondal            9,201                 7,566                  7,357 
 
Kroondal mine: reconciliation of cash costs per 4E ounce 
 
                                      Cost per 4E ounce 
                                            (Rand) 
 
                                      Q3 2015    Q4 2015 
 
Total operating expenditure              10,106    10,536 
 
Less: 
 
Ongoing capital expenditure & mobile    (1,034)   (1,390) 
equipment 
 
Project capex (K6 shaft)                   (45)      (18) 
 
Transferred from/(to) stockpile             533        73 
 
On mine cash costs                        9,560     9,201 
 
MIMOSA INVESTMENTS (Aquarius Platinum - 50%) 
 
  * 12-month rolling average DIIR was 0.03 per 200,000 man hours worked 
  * Production increased by 9% to 666,170 tonnes, quarter-on-quarter 
  * Head grade increased by 1% to 3.67g/t, quarter-on-quarter 
  * Recoveries static at 78.7% 
  * Volumes processed increased by 7% to 662,787 tonnes 
  * Stockpiles at the end of the quarter marginally up at 173,984 tonnes 
  * PGM production increased by 5% to 60,035 PGM ounces quarter-on-quarter, a 
    fourth quarter record 
  * Revenue decreased by 2% to $62 million, from $64m in the previous quarter 
  * Mining cash costs decreased by 4% to $72 per tonne, and costs per PGM ounce 
    decreased slightly to $797 
  * Stay-in-business capital expenditure was $118 per PGM ounce for the quarter 
  * Gross cash profit margin for the period increased from 21% to 23% 
 
Mimosa: Production, Cash Cost and Price Analysis 
 
See http://www.aquariusplatinum.com/ for graph 
 
Operating cash costs per ounce 
 
Unit cash costs per PGM ounce (before by-product credits) were slightly below 
the previous quarter. 
 
                      4E                     6E           4E net of by-products 
                (Pt+Pd+Rh+Au)       (Pt+Pd+Rh+Ir+Ru+Au)       (Ni, Cu & Co) 
 
Mimosa               797                    752                    575 
 
Capital expenditure 
 
The total capital expenditure for the quarter was $7.2 million. Expenditure was 
incurred mainly on mobile equipment, drill rigs and LHDs, the conveyor belt 
extension and down dip development. 
 
TAILINGS OPERATION 
 
Platinum Mile (Aquarius Platinum - 91.7%) 
 
  * Material processed decreased 14% to 1,053 million tonnes 
  * Head grade  decreased to 0.57 g/t from 0.59 g/t - quarter on quarter 
  * Recoveries increased to 15%, up from 12% quarter on quarter 
  * Production increased to 2,773 PGM ounces as explained below 
  * Cash costs decreased 18% to R7,671 per PGM ounce 
  * Revenue was consistent at R25 million for the quarter 
  * Cash margin for the quarter was 14%, up from 3% in the previous quarter 
 
The maintenance work as reported upon in the previous quarter has had the 
desired effect of increased plant availability and as a result recoveries and 
production yields increased accordingly. 
 
Revenue for the quarter remained consistent despite lower basket prices due to 
higher production. 
 
Operating cash costs per ounce 
 
                      4E                   6E           4E net of by-products 
                 (Pt+Pd+Rh+Au)     (Pt+Pd+Rh+Ir+Ru+Au)      (Ni, Cu& Co) 
 
Platinum Mile        7,671                6,606                 6,143 
 
MINES UNDER CARE AND MAINTENANCE 
 
P&SA2 at Marikana (Aquarius Platinum - 50%) 
 
Given the continuing low Rand PGM basket prices, Marikana 4 shaft, the 
remaining operating shaft, and the processing plant at Marikana continue on 
care and maintenance until further notice. 
 
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%) 
 
This operation remains on care and maintenance. 
 
CORPORATE MATTERS 
 
Sale of Assets: Everest 
 
Aquarius announced on 10 February 2015 that its subsidiary, AQPSA, had entered 
into an agreement to sell its entire interest in the Everest Mine and ancillary 
mining and processing infrastructure and immovable properties to Northam 
Platinum Limited, for an aggregate cash consideration of R450 million, to be 
completed in two parts, being R400 million for the concentrator and other 
mining assets of Everest Mine (Part A) plus R50 million for the Everest Mining 
Right (Part B).  On 26 June 2015, R400 million and a further R55 million 
representing VAT collected on sale of Everest (Part A) was received by 
Aquarius. The R55 million which forms part of the Group's present cash will be 
paid out in July 2015. 
 
Part B of the disposal process is subject to the consent of the Minister of 
Mineral Resources in terms of section 11 of the Mineral and Petroleum Resources 
Development Act. The section 11 application has been submitted to the 
Department of Mineral Resources. Should the Ministerial Consent not be 
obtained, the first part of the Disposal will not be unwound. 
 
Statistical information: Kroondal P&SA1 
 
See http://www.aquariusplatinum.com/ for table 
 
Statistical information: Mimosa 
 
See http://www.aquariusplatinum.com/ for table 
 
Statistical information: Platinum Mile 
 
See http://www.aquariusplatinum.com/ for table 
 
Issued capital 
 
At 30 June 2015, the Company had on issue: 1,505,339,079 fully paid common 
shares. 
 
Substantial shareholders 30 June 2015    Number of Shares     Percentage 
 
HSBC Custody Nominees (Australia)              106,668,932             7.09 
Limited 
 
HSBC Global Custody Nominee (UK) Limited        36,400,000             2.42 
(897467) 
 
 
 
Primary       Australian Securities       Trading Information 
Listing:      Exchange (AQP.AX) 
 
Premium       London Stock Exchange       ISIN number BMG0440M1284 
Listing:      (AQP.L) 
 
Secondary     JSE Limited (AQP.ZA)        ADR ISIN number US03840M2089 
Listing: 
 
                                          Convertible bond ISIN number 
                                          XS0470482067 
 
 
 
Broker (LSE)             Broker (ASX)            Sponsor (JSE) 
 
Barclays                 Euroz Securities        Rand Merchant Bank 
5 The North Colonnade    Level 18 Alluvion       (A division of FirstRand 
Canary Wharf             58 Mounts Bay Road,     Bank Limited) 
London E14 4BB           Perth WA 6000           1 Merchant Place 
Telephone: +44 (0) 20    Telephone: +61 (0) 8    Cnr of Rivonia Rd and 
7623 2323                9488 1400               Fredman Drive, Sandton 
                                                 2196 
                                                 Johannesburg South 
                                                 Africa 
 
 
 
 
 
 
Aquarius Platinum (South Africa) (Proprietary) Ltd 
 
100% owned 
(Incorporated in the Republic of South Africa) 
 
Registration Number 2000/000341/07 
 
1st Floor, Block C, Rosebank Office Park, 181 Jan Smuts Avenue, Rosebank, South 
Africa 
Postal Address:          PO Box 7840, Centurion, 0046, South Africa 
 
Telephone:                 +27 (0)10 001 2848 
 
Facsimile:                  +27 (0)12 001 2070 
 
Aquarius Platinum Corporate Services Pty Ltd 
 
100% Owned 
 
(Incorporated in Australia) 
 
ACN 094 425 555 
 
Level 1, Suite 6, SOUTHPOINT, 100 Mill Point Road, South Perth WA 6151, 
Australia 
 
Postal Address:          PO Box 485, South Perth, WA 6951, Australia 
 
Telephone:                 +61 (0)8 9367 5211 
 
Facsimile:                  +61 (0)8 9367 5233 
 
Email:                        info@aquariusplatinum.com 
 
For further information please visit www.aquariusplatinum.com or contact: 
 
In the United Kingdom and South Africa: In Australia: 
Jean Nel                                Willi Boehm 
+27 (0)10 001 2848                      +61 (0) 8 9367 5211 
 
 
 
 
 
 
END