Aquarius Platinum Limited   2004 
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      Annual report 2004  Commentary   Mineral Resources and Ore Reserves
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    The Mineral Resource is inclusive of the Ore Reserve.
 
   
  Commentary
   
  Chairman's statement
   
  Chief Executive Officer’s report
   
  Review of operations
   
  Market report
   
  Investor relations
   
  Sustainable development
   
  Mineral Resources and Ore Reserves
 
Kroondal mine
Marikana mine
Everest
Mimosa
Summary
Exploration prospects
Comparison
  Director’s report
   
  Glossary of terms
   
  Corporate governance statement
   
  Key financials
   
  Consolidated income statement

Consolidated balance sheet

Consolidated statement of cash flows
 
     
  Mineral Resources and Ore Reserves  
     
  COMPARISON  
     
  Mineral Resources  
 
Category
June 2003
June 2004
June 2003
Kroondal Mine
Kroondal Block
Kroondal Mine
Kroondal Block
Kroondal Mine
Waterval Block
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Measured
11.32
5.16
1.88
8.08
5.57
1.45
-
-
-
Indicated
-
-
-
-
-
-
4.79
5.19
0.80
Inferred
-
-
-
-
-
-
-
-
-
Total
11.32
5.16
1.88
8.08
5.57
1.45
4.79
5.19
0.80
 
     
 
Category
June 2003
June 2004
June 2003
Marikana Mine
Marikana Mine
Everest
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Measured
13.12
3.96
1.67
13.22
3.83
1.63
21.77
3.63
2.54
Indicated
8.54
4.28
1.17
6.70
4.24
0.91
20.04
3.50
2.26
Inferred
0.87
3.29
0.09
3.77
3.04
0.37
3.94
3.44
0.44
Total
22.53
4.06
2.93
23.69
3.82
2.91
45.75
3.56
5.24
 
     
 
Category
June 2003
June 2004
June 2003
Mimosa Mine
Mimosa Mine
Mimosa Mine
Attributable to AquariusPlatinum
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Measured
-
-
-
31.79
4.07
4.16
-
-
-
Indicated
-
-
-
31.65
3.81
3.88
-
-
-
Inferred
-
-
-
18.17
3.95
2.31
-
-
-
Inferred (Oxides)
-
-
-
7.19
3.81
0.88
-
-
-
Total
-
-
-
88.80
3.93
11.23
-
-
-
 
Not reported
Not reported
 
     
  Ore Reserves  
 
 Category
June 2003
June 2004
June 2003
Kroondal Mine
Kroondal Mine
Kroondal Mine
Kroondal Block
Kroondal Block
Waterval Block
Mt
4E PGE g/t
4E PGE Moz
Mt
4E PGE g/t
4E PGE
Moz
Mt
4E PGE g/t
4E PGE Moz
Opencast Proved
2.06
4.73
0.31
1.14
4.57
0.17
-
-
-
Probable
-
-
-
-
-
-
0.51
4.90
0.08
Underground Proved
9.49
3.71
1.13
8.38
2.95
0.79
-
-
-
Probable
-
-
-
-
-
-
4.09
3.09
0.41
Total
11.55
3.89
1.44
9.52
3.14
0.96
4.60
3.29
0.49

Category
June 2003
June 2004
June 2003
Marikana Mine
Marikana Mine
Everest
Mt
4E PGE g/t
4E PGE Moz
Mt
4E PGE g/t
Moz
Mt
4E PGE g/t
4E PGE Moz
Opencast Proved
13.60
3.59
1.57
12.14
3.52
1.37
0.61
5.40
0.11
Probable
2.78
3.93
0.32
0.99
3.98
0.13
0.84
4.16
0.11
Underground Proved
-
-
-
-
-
-
14.53
3.23
1.51
Probable
-
-
-
1.26
3.34
0.14
10.81
3.12
1.08
Total
16.38
3.65
1.89
14.39
3.53
1.64
26.79
3.26
2.81

  Category
June 2003
June 2004
June 2003
Mimosa Mine
 
Mimosa Mine
 
Mimosa Mine
Attributable to AquariusPlatinum
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Opencast Proved
-
-
-
-
-
-
-
-
-
Probable
-
-
-
-
-
-
-
-
-
Underground Proved
-
-
-
16.07
3.75
1.94
-
-
-
Probable
-
-
-
13.65
3.51
1.54
-
-
-
Total
69.82
3.92
8.80
29.72
3.64
3.48
34.91
3.92
4.40
 
 
Mineral Resources
June 2004
June 2003
June 2004
Kroondal Mine
PSA Blocks
Kroondal Mine
Attributable to AQP SA
Kroondal Mine
Attributable to AQP SA
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
51.64
5.39
8.95
11.32
5.16
1.88
29.86
5.42
5.20
9.91
5.53
1.76
4.79
5.19
0.80
4.95
5.53
0.88
1.50
5.55
0.27
-
-
-
0.75
5.55
0.13
63.05
5.42
10.98
16.11
5.17
2.68
35.56
5.43
6.21

June 2004
June 2003
June 2004
Everest
Total AQP(SA)
Total AQP(SA)
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
21.77
3.63
2.54
46.21
4.10
6.09
64.85
4.49
9.37
20.04
3.50
2.26
33.37
3.94
4.23
31.70
3.97
4.05
3.94
3.44
0.44
4.81
3.41
0.53
8.46
3.45
0.94
45.75
3.56
5.24
84.39
4.00
10.85
105.01
4.25
14.36

June 2003
June 2004
June 2003
Mimosa Mine
Attributable to AquariusPlatinum
Total
Aquarius Platinum
Total
Aquarius Platinum
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
15.90
4.07
2.08
-
-
-
80.75
4.41
11.45
15.83
3.81
1.94
-
-
-
47.52
3.92
5.99
9.09
3.95
1.15
-
-
-
17.54
3.71
2.09
3.60
3.81
0.44
-
-
-
3.60
3.81
0.44
44.42
3.93
5.61
-
-
-
149.41
4.16
19.97
 
 
Ore Reserves
June 2004
June 2003
June 2004
Kroondal Mine
PSA Blocks
Kroondal Mine
Attributable to AQP(SA)
Kroondal Mine
Attributable to AQP(SA)
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
4E PGE
Moz
0.12
4.97
0.02
2.06
4.73
0.31
0.63
4.61
0.09
1.43
4.92
0.23
0.51
4.90
0.08
0.71
4.92
0.11
58.59
2.85
5.36
9.49
3.71
1.13
33.48
2.86
3.08
8.55
3.07
0.84
4.09
3.09
0.41
4.27
3.07
0.42
68.69
2.92
6.45
16.15
3.72
1.93
39.09
2.95
3.70

June 2004
June 2003
June 2004
Everest
Total AQP(SA)
Total AQP(SA)
Mt
4E PGE
g/t
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
Moz
0.61
5.40
0.11
16.27
3.80
1.99
13.38
3.65
1.58
0.84
4.16
0.11
4.13
4.09
0.51
2.54
4.30
0.35
14.53
3.23
1.51
24.02
3.42
2.64
48.01
2.97
4.59
10.81
3.12
1.08
14.90
3.11
1.49
16.34
3.12
1.64
26.79
3.26
2.81
59.32
3.49
6.63
80.27
3.16
8.16

June 2004
June 2003
June 2004
Mimosa Mine
Attributable to AquariusPlatinum
Total
Aquarius Platinum
Total
Aquarius Platinum
Mt
4E PGE
g/t
Moz
Mt
4E PGE
g/t
4E PGE
Moz
Mt
4E PGE
g/t
Moz
-
-
-
16.27
3.80
1.99
13.38
3.65
1.58
-
-
-
4.13
4.09
0.51
2.54
4.30
0.35
8.04
3.75
0.97
24.02
3.42
2.64
56.05
3.08
5.56
6.83
3.51
0.77
14.90
3.11
1.49
23.17
3.24
2.41
14.87
3.64
1.74
94.24*
3.65*
11.03*
95.14
3.23
9.90
 
     
  * Total includes Mimosa 2003 whereas individual categories
excluded Mimosa as it was subject to review.		  
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  Glossary of terms  
 
Reporting Codes and
Competent Persons:
 
Reporting Codes and Competent Persons: