AQUARIUS PLATINUM LIMITED: Financial and Production Results to 31 March 2013

AQUARIUS PLATINUM LIMITED: Financial and Production Results to 31 March 2013
Aquarius Platinum Limited                            


               Financial and Production Results to 31 March 2013               

Highlights

Attributable production from operating mines increased by 20% to 81,471 4E
ounces compared to their performance in the previous corresponding period  pcp

Revenue decreased by 20% to $100 million (Q3 2012: $125 million) due to mine
closures

Mine operating net cash flow increased by $47 million to a surplus of $29
million inflow (Q3 2012: outflow of $18 million)

Mine EBITDA increased 14 fold to $30 million (Q3 2012: $2 million)

Group cash balance at quarter end $93 million, up $10 million (Dec 2012: $83
million)

Average PGM basket price increased 4% for the quarter in Dollar terms

The Rand weakened against the US Dollar by 3% on average quarter-on-quarter and
14% compared to pcp

Cash costs at Kroondal decreased 1% to R8,312 per PGM ounce quarter-on-quarter
and decreased 7% compared to pcp

Cash costs at Mimosa decreased 3% to $870 per PGM ounce quarter-on-quarter but
increased 9% compared to pcp
                      Q3 2013 Operating Results  
                               Summary           
                                                 
                    Kroondal Mimosa Platinum Mile


                                             
4E PGM production                                 
                                             
 Total (100% basis)  105,027 51,611         3,152 


                                                 
       Attributable   52,514 25,805         3,152


                                             
4E basket price                                   


                                                 
               R/oz   11,664    n/a        11,948
                                                 
               $/oz    1,315  1,247         1,335


                                             
Cash costs (4E                                   
basis)                                            


                                                 
               R/oz    8,312    n/a         7,640
                                                 
               $/oz      937    870           854


                                             
Cash margin (%)           20     34            20 
                                             
Stay-in-business                                 
capex                                             


                                                 
               R/oz      862    n/a             -
                                                 
               $/oz       97    140             -
                                                 

Commenting on the results, Jean Nel, CEO Aquarius Platinum said:

"During the quarter under review, Aquarius' focus remained almost exclusively
on improving operational performance. It is therefore particularly pleasing to
report credible performances at both Kroondal and Mimosa. Kroondal production
exceeded 105,000 ounces for the first time since the quarter ended December
2011, while unit costs improved and 2 million fatality-free shifts were
achieved in the quarter. There was regrettably a fatal accident on 25 March,
after this milestone had been reached. Our commitment to safety remains
paramount.  Mimosa in turn managed to maintain production at above budget
levels while unit costs declined by 3%, even after the annual wage increase of
7.5%. The operational teams at Kroondal led by Wessel Phumo and Rob Schroder,
and at Mimosa, led by Winston Chitando, deserve credit for their performances.

While our operational performance improved, the operating environment remained
particularly challenging across most disciplines and was exacerbated by the
significant drop in dollar metal prices post the period end. There appears
little cause for optimism about the sectors' immediate prospects. Against this
backdrop, we remain focussed on maintaining operational stability, effecting
incremental operational improvements and preserving our treasury to ensure that
Aquarius is well positioned to respond to any uplift in PGM prices. "

Production by mine


                                     Quarter ended                       
PGMs (4E)                                                                     
               Mar 2013    Dec 2012    % Change    Mar 2012    % Change   
                                                                         
Kroondal              105,027     102,525           2      76,935          37 
                                                                         
Mimosa                 51,611      52,752          -2      52,053          -1 
                                                                         
Platinum Mile           3,152       1,349         134       3,474          -9 
                                                                         
Marikana                    -           -           -      26,405           - 
                                                                         
Everest                     -           -           -      15,926           - 
                                                                         
CTRP                        -           -           -       1,413           - 
                                                                         
Total                 159,790     156,626           2     176,206         (9) 
                                                                          
Production by mine attributable to Aquarius (Operating mines)  
                                     Quarter ended                       
PGMs (4E)                                                                     
               Mar 2013    Dec 2012    % Change    Mar 2012    % Change   
                                                                         
Kroondal               52,514      51,263           2      38,467          37 
                                                                         
Mimosa                 25,805      26,376          -2      26,026          -1 
                                                                         
Platinum Mile           3,152       1,349         134       3,474          -9 
                                                                         
Total                  81,471      78,988           3      67,967          20 
                                                                          
Aquarius Group quarterly attributable production (PGM ounces) to 31 March 2013 
See www.aquariusplatinum.com for graph 
Market Summary 
During the quarter, the PGM Rand basket price reached multi-year highs. The two
components that drove the performance were high volumes of platinum ETF buying
in January (+150,000oz) and a significant weakening of the Rand (+3% during the
quarter). The ETF buying was in response to an announcement regarding proposed
capacity cuts in the sector. An extended consultation period has delayed
implementation of the redundancies and the outcome of this process remains
uncertain. Following initial optimism of the capacity cuts, $ Dollar platinum
prices have fallen from a high of $1,738 per ounce on 6 February to $1,432 per
ounce in the third week of April, a consequence of a collapsing gold price and
weak European car demand. 
The average platinum price increased by 2%, while palladium increased by 13%
and rhodium increased by 7% quarter-on -quarter. Gold fell by 1.3% on average.
Platinum closed the quarter down 2.7% at $1,589 per ounce, while palladium rose
by 4.4% to $773 per ounce and rhodium rose by 5.4% to $1,200 per ounce. Gold
fell 1.7% to $1,602 per ounce. 
Rand-Dollar exchange rate 
The average Rand-Dollar exchange rate weakened during the quarter, falling by
3% from R8.65 to R8.87 to the US Dollar. Since then, it has traded in a narrow
range to average R9.09 in the first two weeks of April. 
The average Rand basket price for the quarter increased by 7%
quarter-on-quarter, and since quarter end the spot price has fallen by 7%. The
US Dollar weighted average group basket price increased by 4% to $1,295 per 4E
ounce compared to the previous quarter. The average South African basket price
at AQPSA's operations was R11,665 per PGM ounce for the period. Subsequent to
the end of the quarter, the PGM basket price consolidated to average R11,240
per PGM ounce for the first two weeks of April, recording a low of R10,300
during April. 
See www.aquariusplatinum.com for graphs 
Average PGM basket prices achieved at Aquarius operations 
                                         Quarter ended                  
US$ per PGM ounce (4E)                                                       
                       Mar 2013  Dec 2012  % Change  Mar 2012  % Change  
                                                                        
Kroondal                     1,315     1,261       4         1,321   (0.5)   
                                                                        
Mimosa                       1,247     1,213       3         1,199     4     
                                                                        
Platinum Mile                1,335     1,269       5         1,338   (0.2)   
                                                                        
Weighted Avg.                1,295     1,245       4         1,290    0.4    


                                                                            

Financials

Aquarius continued to restore its operational credibility during the March
quarter by recording improved production and financial results compared to the
previous corresponding period (pcp), the quarter ended March 2012. Aquarius
recorded a net loss of $1.6 million for the quarter ended March 2013 compared
to a loss of $9.4 million in the pcp.

Production from the Group's operating mines was 20% higher compared to their
performance in the pcp.

The improved performance during a difficult time in the platinum sector comes
as a direct result of the concerted effort within the Company to drive and
restore its operational performance across all operating mines. The results of
the difficult decisions made with respect to mine closures, the transition to
owner operated mines and the rollout of the revised support regime are now
starting to be evident in the operating results.

EBITDA, profit and production comparison by corresponding quarters
                                      Quarter ended  Quarter ended           
                                                                    Movement 
                                         Mar 2013       Mar 2012             


                                                                         
EBITDA                                    $30.3M         $2.2M       $28.1M   
                                                                         
Foreign exchange gain                     $2.0M          $1.8M        $0.2M   
                                                                         
Net loss after tax                       ($1.6M)        ($9.4M)       $7.8M   
                                                                         
Revenue                                  $100.4M        $124.8M     ($24.4M)  
                                                                         
PGM ozs production (in operation)         81,471         97,802     (16,331)  


                                                                             

On-mine EBITDA improved 14 fold to $30.3 million from $2.2 million in the pcp.
The increase in EBITDA despite flat PGM prices was a result of increased
production at Kroondal, up 37% compared to pcp, and the closure of loss-making
mines Everest and Marikana. On-mine cash costs at Kroondal for the quarter were
down 7% to R8,312 per PGM ounce compared to R8,965 in the pcp. despite
inflationary pressures. Unit costs at Mimosa, which is at steady state
production, were 9% higher compared to pcp due to inflationary pressures, but
were 3% lower compared to the last quarter. The decrease in costs at Mimosa
occurred despite  the annual wage increase of 7.5% implemented in January 2013.
Cost over runs recorded in Q2 at Mimosa have largely been resolved and as a
result the trend in costs variance is reverting down towards budget.

Revenue (PGM sales and including interest income of $2.4 million) was down 20%
to $100.4 million from $124.8 million in the pcp due to lower levels of
production resulting from the mine closures. On a per PGM ounce basis, revenue
was flat at $1,295 compared to $1,290 in the pcp.
                                             Quarter ended                   
                                                                             
                           Mar 2012   June 2012  Sep 2012  Dec 2012  Mar 2013


                                                                         
Revenue                     $121.9M     $118.1M    $88.9M    $93.9M    $99.2M 
                                                                         
PGM sales adjustments         $2.9M     ($9.5M)   ($1.5M)   ($2.0M)     $1.2M 
                                                                         
Total revenue               $124.8M     $108.6M    $87.4M    $91.9M   $100.4M 


                                                                             

Production from operating mines was 20% higher at 81,471 PGM ounces from 67,967
PGM ounces in the pcp. The increased production came directly from Kroondal
where production improved by 37% compared to the pcp.
                                     Quarter ended                


                                                              
Attributable ounces  Mar 2012 June 2012 Sep 2012 Dec 2012 Mar 2013 
                                                              
Operating mines        67,967    71,230   77,477   78,988   81,471 
                                                              
Non-operating mines    29,835    26,915      322        -        - 
                                                              
4PGE production        97,802    98,145   77,799   78,988   81,471 
                                                               
Total cash cost of production was 34% lower at $75.1 million compared to the
pcp, partly due to the closure of the loss-making mines Everest and Marikana
and also due to improved productivity especially at Kroondal. 
On a unit cash cost basis (PGM ounce), costs in Rand terms at the South African
operations were 1% lower quarter-on-quarter and 7% lower compared to pcp. In
Dollar terms, overall group unit costs decreased 4% quarter-on-quarter to $922
per PGM ounce and 21% compared to pcp. These reduced costs, despite the very
difficult operating environment, reflect improved production at Kroondal and
improved efficiencies achieved through the recent changes introduced at the
mine. The varying degrees of cost increases measured in differing currencies
(Rand versus Dollars) reflect exchange rate movements over the period.  
In spite of these improved results, the operating and macro environment remains
a difficult arena in which to function with continued volatility in PGM prices
since the end of the quarter placing increase pressure on operating costs. 
[DEL::DEL] 
Administrative costs of $2.0 million were in line with quarterly trends.
Finance costs for the quarter included interest paid on borrowings $4.5
million, non-cash interest accretion on convertible bond of $2.5 million and
unwinding of the rehabilitation provision, $1 million. Amortisation and
depreciation was $17.1 million. 
[DEL::DEL] 
Group cash increased $10 million to $93 million at the end of the quarter. 
Net operating cash inflow for the quarter of $29 million comprised $109 million
inflow from sales, $79 million paid to suppliers, $2 million tax paid and $1
million interest received. Development and capital expenditure for the quarter
was $10 million with net financing cash outflows of $5 million consisting of
interest paid. 
Group cash at 31 March 2013 was held as follows: 
AQP          $  38 million   
                        
AQPSA        $  29 million   
                        
ACS(SA)      $    1 million  
                        
Mimosa       $  19 million   
                        
Platmile     $    4 million  
                        
Ridge Mining $    2 million  
                        
Total        $ 93 million    


                            
                                                                           
                                                                           
                         Aquarius Platinum Limited                         
                                                                           
                       Consolidated Income Statement                       
                                                                           
                        Quarter ended 31 March 2013                        
                                                                           
                                   $'000                                   
                                                                           
                                       Quarter  Nine Months  Financial Year
                                        Ended      Ended         Ended     
                                                                           
                                Note  31/03/13*  31/03/13*      30/06/12   


                                                                       
PGM Production                           81,471      238,258        411,398 
                                                                       
Revenue                         (i)     100,400      279,661        485,736 
                                                                       
Cost of sales (including D&A)   (ii)   (92,286)    (274,864)      (531,169) 
                                                                       
Gross profit/(loss)                       8,114        4,797       (45,433) 
                                                                       
Other income                                 67          174          2,076 
                                                                       
Administrative costs           (iii)    (2,000)      (9,217)       (11,950) 
                                                                       
Foreign exchange gain/(loss)    (iv)      1,989     (18,320)       (95,001) 
                                                                       
Finance costs                   (v)     (7,751)     (23,638)       (34,674) 
                                                                       
Impairment losses               (vi)          -    (127,496)        (3,983) 
                                                                       
Closure and transition costs              (162)     (17,166)              - 
                                                                       
Community share ownership                     -      (1,500)              -
trust                                                                       
                                                                       
Profit/(loss) before income                 257    (192,366)      (188,965)
tax                                                                         
                                                                       
Income tax (expense)/benefit   (vii)    (1,853)        6,479         30,678 
                                                                       
Net loss                                (1,596)    (185,887)      (158,287) 
                                                                       
Net loss is attributable to:                                                
                                                                       
Equity holders of Aquarius              (1,625)    (185,460)      (158,227)
Platinum Limited                                                            
                                                                       
Non-controlling interests      (viii)        29        (427)           (60) 


                                                                           
                                        (1,596)    (185,887)      (158,287)


                                                                       
Earnings per share                                                          
                                                                       
Basic loss per share (cents              (0.34)      (38.73)        (33.77)
per share)                                                                  


                                                                           

* Unaudited

Notes on the March 2013 Consolidated Income Statement

Revenue decrease reflects lower production and lower prices compared to the
pcp.

Cost of sales: aggregate cost of sales is lower following closure of Everest
and Marikana mines; unit cash costs per PGM ounce decreased 1% in South Africa
in Rand quarter-on-quarter and 18% decrease compared to March 2012. Movements
in US Dollar terms differed due to exchange rates prevailing at the time. Unit
cash costs decreased 4% quarter-on-quarter and 21% compared to March 2012.
Major reductions in unit costs compared to March 2012 are due to the closure of
high cost operations Everest and Marikana and the increase in PGM production at
Kroondal. 

Administrative costs of $2 million are in line with previous periods.

Foreign exchange gain is attributable to revaluation adjustments on
intercompany loans, cash balances held in Rand, Australian Dollars and Pound
Stirling, and the revaluation of pipeline debtors in line with movements in the
Rand against the US Dollar.

Finance costs include interest paid on borrowings $4.5 million, non-cash
interest accretion on convertible bond $2.5 million and unwinding of the
rehabilitation provision $1 million.

Impairment losses arising from a review of the carrying value of non-operating
assets, namely Marikana, Ridge Mining, the tailings retreatment operation
Platmile, and several mining rights.

Income tax expense includes a $1 million deferred tax credit and $1 million
withholding tax.

Reflects the 8.3% non-controlling interest of Platinum Mile Resources (Pty)
Ltd.  Following the acquisition of an additional 41.7% during the during the
2012 financial year, the Group holds 91.7% and controls Platinum Mile Resources
(Pty) Ltd.
                           Aquarius Platinum Limited                           
                     Consolidated Statement of Cash Flows                      
                          Quarter ended 31 March 2013                          
                                     $'000                                     
                                             Quarter   Nine                     


                                                      Months Financial Year 
Ended   


                                              Ended   Ended                     
                                                                                    


                                      Note  31/03/13*      31/03/13*       
30/06/12 
                                                                             
Net operating cash inflow/(outflow)    (i)     29,421             (9,043)    
26,356 
                                                                             
Net investing cash outflow            (ii)    (9,830)            (36,582) 
(120,079) 
                                                                             
Net financing cash outflow            (iii)   (4,635)            (40,910)  
(34,525) 
                                                                             
Net increase/(decrease) in cash held           14,956            (86,535) 
(128,248) 
                                                                             
Opening cash balance                           83,330             180,088   
328,083 
                                                                             
Exchange rate movement on cash                (5,730)               (997)  
(19,747) 
                                                                             
Closing cash balance                           92,556              92,556   
180,088 
                                                                             

* Unaudited 
Notes on the March 2013 Consolidated Statement of Cash Flows 
Net operating cash flow for the March quarter includes $109 million inflow from
sales, $79 million paid to suppliers, $2 million tax paid and $1 million
interest received. 
Includes development and plant and equipment expenditure on AQPSA and Mimosa. 
Includes interest paid of $4 million. 


                                                                                
                    
                                                                                
                    
                                                                                
                    
                                                                                
                    
                           Aquarius Platinum Limited                            
                    
                                                                                
                    
                          Consolidated Balance Sheet                            
                    
                                                                                
                    
                               At 31 March 2013                                 
                    
                                                                                
                    
                                     $'000                                      
                    
                                                                                
                    
                                                                                
                    
                                     $'000                                      
                    
                                                                                
                    


                                                                            
  As at     As at    


                                                                          Note  
                    


                                                                            
31/03/13*  30/06/12  
                                                                             
                
Assets                                                                           


                    
                                                                                


                
Cash assets                                                                      


    92,556   180,088
                                                                                


                
Current receivables                                                       (i)    


    77,872    87,100
                                                                                


                
Other current assets                                                      (ii)   


    44,710    44,258
                                                                                


                
Property, plant and equipment                                            (iii)   
270,718   276,195 
                                                                             
                
Mining assets                                                             (iv)   
270,094   437,574 
                                                                             
                
Intangibles                                                               (v)    


    67,331    87,882
                                                                                


                
Other non-current assets                                                  (vi)   


    86,970    88,093
                                                                                


                
Total assets                                                                     
910,251 1,201,190 
                                                                             
                
Liabilities                                                                      


                    
                                                                                


                
Current liabilities                                                      (vii)   


    88,064   113,466
                                                                                


                
Non-current payables                                                     (viii)  


     4,023     4,204
                                                                                


                
Non-current interest-bearing liabilities                                  (ix)   
266,723   265,526 
                                                                             
                
Other non-current liabilities                                             (x)    
122,671   141,349 
                                                                             
                
Total liabilities                                                                
481,481   524,545 
                                                                             
                
Net assets                                                                       
428,770   676,645 
                                                                             
                
Equity                                                                           


                    
                                                                                


                
Issued capital                                                                   


    24,370    23,516
                                                                                


                
Unissued shares                                                                  


         -     2,436
                                                                                


                
Treasury shares                                                                 
  (26,527)  (18,128) 
                                                                             
                
Reserves                                                                         
670,703   722,734 
                                                                             
                
Accumulated losses                                                              
 (245,655)  (60,195) 
                                                                             
                
Total equity attributable to equity holders of Aquarius Platinum Limited         
422,891   670,363 
                                                                             
                
Non-controlling interests                                                 (xi)   


     5,879     6,282
                                                                                


                
Total equity                                                                     
428,770   676,645 
                                                                             
                 
* Unaudited 
Notes on the March 2013 Consolidated Balance Sheet 
Reflects debtors receivable on PGM concentrate sales. 
Reflects PGM concentrate inventory, consumables, stores and critical spares. 
Represents plant and equipment within the Group. 
Includes group's mining assets at Kroondal, Marikana, Mimosa, Everest, Blue
Ridge, CTRP and Platmile. 
Includes intangibles relating to contract value acquired on the acquisition of
equity interest in Platinum Mile Resources (Pty) Ltd. 
Includes the recoverable portion of rehabilitation provision from Anglo
Platinum of $10 million, receivable from the Reserve Bank of Zimbabwe (RBZ) of
$28 million, receivable from outside shareholders of Blue Ridge and Sheba's
Ridge of $24 million, investments in rehabilitation trusts of $17 million and
investments held for resale of $4 million. 
Includes trade creditors of $46 million, DBSA and IDC bank loans in Blue Ridge
of $36 million and leave provisions of $6 million.  
Includes rehabilitation obligations on P&SA1 and P&SA2 structures. 
Includes convertible bonds of $265 million and AQPSA lease facilities of $2
million. 
Includes deferred tax liabilities $82 million and provision for closure costs
$41 million. 
Reflects the 8.3% non-controlling interest of Platinum Mile Resources (Pty)
Ltd. Following the acquisition of an additional 41.7% during the 2012 financial
year end, the Group now holds 91.7% and controls Platinum Mile Resources (Pty)
Ltd. 
Operating Review Summary (all numbers on 100% basis) 
AQUARIUS PLATINUM (SOUTH AFRICA) (PTY) LTD (Aquarius Platinum - 100%) 
P&SA 1 at Kroondal (Aquarius Platinum - 50%) 
12-month rolling average DIIR improved to 1.05 per 200,000 man hours from 1.39
in the previous quarter 
Production decreased to 1,686,000 tonnes from 1,727,000 tonnes,
quarter-on-quarter 
Head grade deteriorated from 2.41g/t to 2.36g/t 
Recoveries improved by 0.3% to 80% 
Volumes processed increased to 1,737,000 tonnes 
Stockpiles at the end of the quarter totalled approximately 24,000 tonnes 
PGM production increased by 2% to 105,027 PGM ounces, quarter-on-quarter 
Revenue increased by 14% to R1,085 million, quarter-on-quarter, due to improved
production and a positive sales adjustment 
Mining cash costs decreased by 3% to R503 per tonne, due to improved production 
Unit cost per PGM ounce reduced 1% to R8,312 per PGM ounce due to improved
production 
Kroondal's cash margin for the period improved from 10% to 20% 
See www.aquariusplatinum.com for graph 
Commentary  
Kroondal: 
Regrettably, post quarter, a fatal accident occurred on 25 March 2013 when a
rock drill operator of Precrete, Mr. Raohang Ramakhetha, was struck by a fall
of ground during drilling operations of long anchors on Kwezi Shaft.  The DMR's
investigation into the fatal accident is ongoing. The Board and Management of
Aquarius express their sincere condolences to the family of the deceased. 
Production at Kroondal for the quarter was 1.686 million tonnes, down 2%
compared to the previous quarter, The decrease is attributed to vamping by
outside contractors being terminated at the beginning of the quarter under
review as well as a the planned Christmas break which cost 7 production days 
At Kroondal three Section 54 stoppage instructions were issued by the
Department of Mineral Resources (DMR) of which two were lifted immediately
following discussions with the Principal Inspector of Mines. The third section
54 notice was dealt with through a comprehensive investigation and action plans
that were presented to the DMR.  
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. 
Everest Mine
Similarly, given the continuing low Rand PGM basket prices, temporary
geological problems and unstable labour relations, the Everest mine remains
placed on care and maintenance until further notice. 
AQPSA Operating cash costs per ounce (Rand) 


                4E                  6E             6E net of by-products  
                                                                          
           (Pt+Pd+Rh+Au)   (Pt+Pd+Rh+Ir+Ru+Au)            (Ni&Cu)         


                                                                      
Kroondal       8,312              6,826                    6,657           


                                                                          

Capital expenditure
                                            Kroondal     


                                                     
 (R'000 unless otherwise stated)         Total  Per 4E oz 
                                                     
Ongoing establishment of infrastructure  50,717       483 
                                                     
Project capital (K6 shaft)               39,776       379 
                                                     
Mobile equipment                         13,597       129 
                                                     
Total                                   104,090       991 


                                                         

Kroondal mine: reconciliation of cash costs per 4E ounce
                                               Cost per 4E ounce (Rand)
                                                                       
                                                   Q3          HY1     


                                                                   
Total operating expenditure                         9,358        10,633 
                                                                   
Less:                                                                   
                                                                   
Ongoing capital expenditure & mobile equipment      (612)       (1,142) 
                                                                   
Project capex (K6 shaft)                            (379)         (509) 
                                                                   
Transition costs                                     (27)         (294) 
                                                                   
On mine cash costs                                  8,340         8,688 


                                                                       

Development of the K6 shaft at Kroondal continues as does design and drill work
at Everest. The K6 shaft sinking project remains on budget and is ahead of
time. The Company expects to incur R90 million in capital expenditure (R45
million attributable to Aquarius) on this project during H2, in line with the
budget. Work on the K6 shaft is currently being undertaken by a mining
contractor and Aquarius is currently preparing to take over operational
responsibility from 1 May 2013, in line with its decision to be an owner
operator.

Almost all other project and growth capital expenditure has been placed on
hold, pending improved market conditions. The Company is continuing with the
necessary maintenance capital expenditure required by its operating mines.
Capital expenditure on mobile equipment is financed by means of a lease
agreement over the life of the equipment.

MIMOSA INVESTMENTS (Aquarius Platinum - 50%)


Mimosa Platinum Mine

12-month rolling average DIIR improved to 0.12 per 200,000 man hours worked

Production decreased by 2% to 590,620 tonnes, quarter-on-quarter

Head grade deteriorated slightly to 3.66g/t

Recoveries were 78.05%

Volumes processed decreased by 2% to 563,054 tonnes

Stockpiles at the end of the quarter totalled approximately 150,657 tonnes 

PGM production decreased by 2% to 51,611 PGM ounces, quarter-on-quarter, but
was ahead of budget forecast

Revenue increased by 2% to US$69 million, due to higher PGM basket prices
realised in the quarter

Mining cash costs decreased by 3% to US$80 per tonne, and costs per PGM ounce
by 3% to $870

Stay-in-business capital expenditure was $140 per PGM ounce for the quarter

Mimosa's cash margin for the period increased from 24% to 34% due to lower
operating costs and the higher basket price.

See www.aquariusplatinum.com for graph

Operating cash costs per ounce

Unit cash costs per PGM ounce (before by-product credits) were 3% lower than
those achieved in the previous quarter. The 3% reduction was achieved despite
an annual wage increase of 7.5% implemented from January 2013, so in comparable
terms the cost reduction was significantly more than 3% compared to pcp. The
lower costs were mainly due to the reduction in excess labour costs,  a result
of the ongoing labour optimisation exercise, and the decommissioning of the
stockpile building team in January 2013, after achieving the desired surface
stock pile level.
                4E                   6E               4E net of by-products   
          (Pt+Pd+Rh+Au)     (Pt+Pd+Rh+Ir+Ru+Au)                               
                                                          (Ni, Cu & Co)       


                                                                          
Mimosa         870                  820                        556             


                                                                              

Capital expenditure

The total capital expenditure for the third quarter amounted to $7 million.
Expenditure was incurred mainly on mobile equipment, drill rigs and LHDs; the
conveyor belt extension; down dip development; housing project; and Phase VI
prefeasibility studies.

TAILINGS OPERATION

Platinum Mile (Aquarius Platinum - 91.7%)

Material processed increased 135% to 913 000 tonnes, quarter-on-quarter

Head grade decreased to 0.74 g/t

Recoveries increased to 15%

Production increased to 3,152 PGM ounces from 1,349 PGM ounces in the previous
quarter

Cash costs decreased to R7,640 per PGM ounce from R7,688 per PGM ounce in the
previous quarter

Revenue was R32 million for the quarter

The cash margin for the period was 20%, an increase from 13% in the previous
quarter

Commentary

Platinum Mile:

The results for the quarter are significantly better than those of the previous
quarter which had been negatively impacted by strikes at Anglo Platinum during
October and November.  It is not possible to draw any meaningful comparison
with the results of the previous quarter.

The coarse grinding expansion that was placed on hold during the strike has
resumed and should result in a 40% improvement in production yields from the
first quarter of 2014 onwards.

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      7,640              6,626                  6,106          
                                                                        
Chromite Tailings Retreatment Plant (CTRP) (Aquarius Platinum - 50%) 
This operation remains on care and maintenance. 
CORPORATE MATTERS  
Board Changes 
Ms Sonja Sebotsa was appointed to the Board of Aquarius on 6 February 2013. 
Ms. Sebotsa was also appointed to the Board of Aquarius' fully owned
subsidiary, AQPSA, and assumed the role of Chairman of AQPSA from acting AQPSA
Chairman, Mr. Mankazana. Mr Mankazana continues to serve as a non-executive
director. 
Mimosa Indigenisation 
On 14 December 2012, Mimosa Investment Holdings ("Mimosa Investments"), which
is held jointly in a 50:50 partnership with Impala Platinum Holdings Limited,
concluded a term sheet in respect of a proposed indigenisation implementation
plan ("IIP") with the Government of Zimbabwe (GoZ).  
Aquarius' full announcement of 14 December 2012 outlines details of the
indigenisation plan and is available on Aquarius' website. 
During the quarter under review a number of discussions took place between
Mimosa, the GoZ and shareholders of Mimosa, but progress in drafting the
indigenisation agreements was limited.  Nevertheless, Mimosa remains engaged in
discussions with the GoZ and shareholders will continue to be advised of any
progress made. 
Potential acquisition of the Booysendal reserve 
The Company remains in communication with the Department of Mining and
Resources (DMR) in South Africa and with Northam Platinum Limited in relation
to the outstanding approval from the DMR which is required to implement this
transaction. In the absence of the necessary approval being granted on or
before 30 April 2013, the agreement will lapse.  The Company will advise
shareholders accordingly in due course. 
Aquarius' full announcement dated 4 May 2011 outlines details of this
transaction and is available on Aquarius' website. 
Possible extension of the Kroondal PSA 
The Company has, for some time, been engaged in discussions with Anglo American
Platinum in relation to the merits of extending the Kroondal PSA arrangement.
The discussions are continuing and the Company will advise shareholders to the
extent that agreement is reached between the parties. 
More information on all corporate matters can be found at 
www.aquariusplatinum.com 
Statistical information: Kroondal P&SA1 
See www.aquariusplatinum.com for statistical information 
Statistical information: Mimosa 
See www.aquariusplatinum.com for statistical information 
Statistical information: Platinum Mile 
See www.aquariusplatinum.com for statistical information 
Aquarius Platinum Limited
Incorporated in Bermuda 
Exempt company number 26290 
Board of Directors 
Nicholas Sibley    Non-executive Chairman                      
                                                          
Jean Nel           Chief Executive Officer                     
                                                          
David Dix          Non-executive                               
                                                          
Tim Freshwater     Non-executive (Senior Independent Director) 
                                                          
Edward Haslam      Non-executive                               
                                                          
Kofi Morna         Non-executive                               
                                                          
Zwelakhe Mankazana Non-executive                               
                                                          
Sonja Sebotsa      Non-executive                               
                                                           
Audit/Risk Committee 
David Dix (Chairman) 
Edward Haslam 
Kofi Morna 
Nicholas Sibley 
Remuneration/Succession Planning Committee 
Edward Haslam (Chairman) 
David Dix 
Zwelakhe Mankazana 
Nicholas Sibley 
Nomination Committee 
Sonja Sebotsa (Chairman) 
Edward Haslam 
Tim Freshwater 
Kofi Morna 
Willi Boehm 
Company Secretary 
Willi Boehm 
AQPSA Management 
Sonja Sebotsa   Non-executive Chairman    
                                     
Robert Schroder Managing Director         
                                     
Jean Nel        Executive Director        
                                     
Graham Ferreira Finance Director          
                                     
Wessel Phumo    General Manager: Kroondal 
                                      
Mimosa Mine Management 
Winston Chitando   Chairman                                    
                                                          
Herbert Mashanyare Technical Director                          
                                                          
Peter Chimboza     Resident Director                           
                                                          
Fungai Makoni      General Manager Finance & Company Secretary 
                                                           
Platinum Mile Management 
Richard Atkinson Managing Director  
                               
Paul Swart       Financial Director 
                                
Issued capital 
At 31 March 2013, the Company had on issue: 486,851,336 fully paid common
shares and 120,000 unlisted options.  
Substantial shareholders 31 March 2013       Number of Shares  Percentage  
                                                                      
Chase Nominees Limited                              31,569,450        6.48 
                                                                      
JP Morgan Nominees Australia Limited                30,441,079        6.25 
                                                                      
HSBC Custody Nominees (Australia) Limited           28,201,377        5.79 
                                                                       
Primary        Australian Securities Exchange  Trading Information             
Listing:       (AQP.AX)                                                         
                                                                           
Premium        London Stock Exchange (AQP.L)   ISIN number BMG0440M1284        
Listing:                                                                        
                                                                           
Secondary      JSE Limited (AQP.ZA)            ADR ISIN number US03840M2089    
Listing:                                                                        


                                                                               
                                               Convertible Bond ISIN number    
                                               XS0470482067                    
                                                                               

Broker (LSE) (Joint) Broker (ASX)         Sponsor (JSE)                   


                                                                      
Liberum Capital                                                           
Limited                                                                   
Ropemaker Place,     Euroz Securities     Rand Merchant Bank              
Level 12             Level 18 Alluvion    (A division of FirstRand Bank    
                 58 Mounts Bay Road,  Limited)                        
25 Ropemaker Street, Perth WA 6000        1 Merchant Place                
London               Telephone: +61 (0) 8 Cnr of Rivonia Rd and Fredman    
                 9488 1400            Drive, Sandton 2196             
EC2Y 9LY                                  Johannesburg South Africa       
Telephone: +44 (0)                                                        
20 3100 2000                                                               


                                                                          

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 4, Suite 5, South Shore Centre, 85 The Esplanade, 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                                                   
+27 (0)10 001 2848                      Willi Boehm        
                                                           
                                        +61 (0) 8 9367 5211
                                                           

Glossary

A$       Australian Dollar                                                     


                                                                           
Aquarius Aquarius Platinum Limited                                             
or AQP                                                                          
                                                                           
APS      Aquarius Platinum Corporate Services Pty Ltd                           
                                                                           
AQPSA    Aquarius Platinum (South Africa) (Pty) Ltd                             
                                                                           
ACS(SA)  Aquarius Platinum (SA) Corporate Services (Pty) Ltd                    
                                                                           
BEE      Black Economic Empowerment                                             
                                                                           
BRPM     Blue Ridge Platinum Mine                                               
                                                                           
CTRP     Chrome Tailings Retreatment Operation. Consortium comprising Aquarius  


         Platinum (SA) (Corporate Services) (Pty) Limited (ASACS), Ivanhoe     
         Nickel and Platinum Limited and Sylvania South Africa (Pty) Ltd       
         (SLVSA).                                                              


                                                                           
DIFR     Disabling injury frequency rate, being the number of lost-time         
     injuries expressed as a rate per 1,000,000 man-hours worked            
                                                                           
DIIR     Disabling injury incidence rate, being the number of lost-time         
     injuries expressed as a rate per 200,000 man-hours worked              
                                                                           
DME      formerly South African Government Department of Minerals and Energy    
                                                                           
DMR      South African Government Department of Mineral Resources, formerly the 
     DME                                                                    
                                                                           
Dollar   United States Dollar                                                  
or $                                                                            
                                                                           
Everest  Everest Platinum Mine                                                  
                                                                           
Great    A PGE-bearing layer within the Great Dyke Complex in Zimbabwe         
Dyke                                                                           
Reef                                                                            
                                                                           
GoZ      Government of Zimbabwe                                                 
                                                                           
g/t      Grams per tonne, measurement unit of grade (1g/t = 1 part per million) 
                                                                           
JORC     Australasian code for reporting of Mineral Resources and Ore Reserves 
code                                                                            
                                                                           
JSE      Johannesburg Stock Exchange                                            
                                                                           
Kroondal Kroondal Platinum Mine or P&SA1 at Kroondal                            
                                                                           
LHD      Load haul dump machine                                                 
                                                                           
Marikana Marikana Platinum Mine or P&SA2 at Marikana                            
                                                                           
Mimosa   Mimosa Mining Company (Private) Limited                                
                                                                           
nm       Not measured                                                           
                                                                           
PGE(s)   Platinum group elements plus gold. Five metallic elements commonly    
(6E)     found together which constitute the platinoids (excluding Os           


         (osmium)). These are Pt (platinum), Pd (palladium), Rh (rhodium), Ru  
         (ruthenium), Ir (iridium) plus Au (gold)                              


                                                                           
PGM(s)   Platinum group metals plus gold. Aquarius reports PGMs as comprising  
(4E)     Pt+Pd+Rh plus Au (gold) with Pt, Pd and Rh being the most economic     
     platinoids in the UG2 Reef                                             
                                                                           
PlatMile Platinum Mile Resources (Pty) Ltd                                      
                                                                           
P&SA1    Pooling & Sharing Agreement between AQPSA and RPM Ltd on Kroondal      
                                                                           
P&SA2    Pooling & Sharing Agreement between AQPSA and RPM Ltd on Marikana      
                                                                           
R        South African Rand                                                     
                                                                           
Ridge    Ridge Mining Limited                                                   
                                                                           
ROM      Run of mine. The ore from mining which is fed to the concentrator      
     plant. This is usually a mixture of UG2 ore and waste.                 
                                                                           
RPM      Rustenburg Platinum Mines Limited, a subsidiary of Anglo Platinum     
Limited  Limited                                                                
                                                                           
Tonne    1 metric tonne (1,000kg)                                               
                                                                           
TARP     Trigger Action Response Procedure                                      
                                                                           
UG2 Reef A PGE-bearing chromite layer within the Critical Zone of the Bushveld  
     Complex                                                                
                                                                            
END 
-0- Apr/30/2013 06:00 GMT