Pallinghurst Resources Limited

Pallinghurst Resources Limited (“PRL”) was incorporated on 4 September 2007 in accordance with Guernsey Law and initially listed on the Bermuda Stock Exchange (“BSX”) on 26 September 2007. It subsequently inward listed on the securities exchange of the JSE Limited (“JSE”) on 20 August 2008, with the JSE becoming the primary listing and the BSX becoming the secondary listing.

PRL monitors opportunities across the commodities spectrum, with a primary focus on underperforming assets, businesses that lack direction, are poorly managed, stranded or distressed. The Company targets investments in businesses that hold mines, smelters, refineries and processing plants. A number of investments have been made to date. The Fabergé luxury goods brand, was acquired in January 2007. The intention is to restore the Fabergé name as an exclusive luxury goods brand, that will be true to the heritage of Peter Carl Fabergé, one of the world’s foremost designers and purveyors of luxury items.1( Peter Carl Fabergé manufactured luxury jewellery in St Petersburg in the 19th century, and is best known for the famous Fabergé eggs supplied to Russian royalty). A key element of this part of the strategy for the Fabergé investment is the involvement of the two great-granddaughters of Peter Carl Fabergé, Sarah Fabergé and Tatiana Fabergé, who now have key roles in the Fabergé business and have been appointed alongside Fabergé experts to the Fabergé Heritage Council. The first Fabergé collection was unveiled during September 2009.

Gemfields

A further investment has been made to acquire a 75% stake in a Zambian emerald mining company, Kagem Mining Limited. Kagem is located on the Fwaya-Fwaya emerald belt, near Kitwe, and is the largest emerald mine in Africa. In June 2008, the Kagem asset was used as the key asset facilitating the reverse takeover of Gemfields plc. Gemfields previously owned the rights to a number of other mines on the Fwaya- Fwaya belt. The reverse takeover resulted in Kagem being vended into Gemfields (together with a license to use the Fabergé name on high-quality coloured gemstones) in exchange for an interest of 55% in the enlarged group.2

Gemfields intends to become the leading producer of coloured gemstones by pursuing consolidation and vertical integration of the sector on an international scale. Gemfields’ operating scope will include acquiring and running scalable mines, in-house [...] and polishing of its high grade material and suitable marketing and branding programmes for coloured gemstones. Gemfields is listed on AIM.

Platinum Group Metals (“PGMs”)

PRL has entered into various platinum investments, including into Platmin Limited (“Platmin”) , a mineral exploration, development and producing company engaged in the exploration and the development of PGM projects located in the Bushveld Igneous Complex of South Africa. Platmin’s sole asset is its 72.39% interest in Boynton, the remaining 27.61% interest being held by the Moepi Group of companies. Boynton’s flagship Pilanesberg Platinum Mine (“PPM”) is currently in the process of ramping up production to full capacity of 250,000 PGM ounces per annum plus gold, with a life of mine of 16 years. In addition, Boynton owns new order mining rights over a number of other PGM properties.

Platmin inward listed on the JSE under the share code PLN with effect from 22 July 2009.

Steel Feed Corporation

Competition for raw material supplies (particularly iron ore, coking coal and manganese) to the global steel industry is intensifying and the major steel producers are seeking to secure their raw material supplies through equity ownership of mining companies.

PRL is developing a Steel Feed Materials Investment Platform through two vehicles, Tshipi é Ntle Manganese Mining (Proprietary) Limited (“Tshipi”) and Jupiter Mines Limited (a company listed on the Australian Stock Exchange). This strategy is at an early stage of development.

Tshipi

South Africa contains approximately 80% of the world’s known economic manganese resources and is a major contributor to global manganese ore production. The Kalahari Manganese Basin in South Africa spans approximately 400 square kilometres and contains an estimated 20 billion tonnes of manganese resources at grades of between 20 to 48% manganese. The Kalahari Manganese Basin’s size and geological simplicity render it amongst the most important manganese resources in the world.

The Investment Manager, for and on behalf of PRL and certain of its co-investors, concluded an agreement to form a joint venture with Ntsimbintle, a Black Economic Empowerment consortium with new order manganese prospecting rights covering two properties located in the north and south of the Kalahari Manganese Basin. Subject to the requisite approvals by the South African Department of Minerals and Energy, Ntsimbintle, Pallinghurst and certain co-investors will exploit and develop the resources through Tshipi, with the aim of creating a world-class manganese producer within the next three year period.

Jupiter

A second initiative in the Steel Feed Corporation strategy is the pursuit of an iron ore consolidation opportunity in the Central Yilgarn area of Western Australia. The objective is to promote the consolidation of a number of small, fragmented, early stage iron ore companies and projects in the Central Yilgarn area of Western Australia, which individually are not economically viable, and bring them to production.

PRL currently owns a significant stake in Jupiter Mines Limited. Jupiter’s main exploration interests include iron ore projects in the Central Yilgarn and Brockman in Western Australia and a manganese project in the vicinity of the Oakover River in the Marble Bar mining district.