Mineral Resource and Mineral Reserve Statement as at September 30, 2016 Lonmin Global Footprint

Lonmin’s current productive operations are situated in South Africa, with additional PGE Mineral Resources in Canada.

Lonmin has a material investment in established mines in the world’s premier PGM deposit, the Bushveld Complex, and has developed a long-life Mineral Resource over which long-term mining rights have been granted by the South African government.

There is a significant inherent value in the existing infrastructure and the underground ore reserves that have been established.

Northern Ireland Platinum Group Element (Exploration)

Canada Platinum Group Element Sudbury (Joint Venture)

South Africa (Bushveld Complex) Marikana Limpopo Loskop Pandora Akanani

Lonmin’s Mineral Resources and Mineral Reserves (SAMREC) for 3PGE+Au (Moz)

Exploration Results

Mineral Resources Mineral Reserves Increasing Total 180.6 Moz Total 31.7 Moz level of geoscientific knowledge Reported as in situ Reported as mineable and mineralisation estimates production estimates confidence Inferred* 70.7 Moz

Indicated* Probable 102.6 Moz 29.4 Moz

Measured Proved 7.3 Moz 2.3 Moz

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’)

*Loskop and Denison 2PGE+Au

Mineral Resource and Mineral Reserves Statement, 2016 Contents

Summary Pg 1

Operations - South Africa Bushveld Complex Pg 10 Marikana Pg 12 Pandora Pg 23 Limpopo Pg 26 Akanani Pg 30 Loskop Pg 32

Operations - Canada Denison Pg 35

Appendices Committee Members Pg 38 Acronyms Pg 38 Summary

2016 Mineral Resource 2016 Mineral Reserves

Main features of the Lonmin Mineral Resources Main features of the Lonmin Mineral Reserves as at 30 September 2016: as at 30 September 2016:

Attributable Mineral Resources were 180.6 Moz of 3PGE+Au in 2016, a Attributable Mineral Reserves were 31.7 Moz of 3PGE+Au in 2016, a decrease of 2.3 Moz from 2015. Revisions to the South African Mineral decrease of 4.6 Moz from Marikana, and 0.1 Moz from Pandora from Resource estimates were confined to the Marikana and Pandora 2015. The Marikana tailings were unchanged. properties.  The Marikana attributable Mineral Reserves for 2016 are 30.1  The Mineral Resources at Marikana (excluding tailings) Moz of 3PGE+Au, a decrease of 4.6 Moz with a corresponding decreased by 2.4 Moz 3PGE+Au in 2016. This is attributed to the decrease of 32.9 Mt ore material. The change is attributed to nett effect of a decrease in the Merensky Mineral Resources (0.7 mining depletion at Marikana and mostly the reconfiguration of Moz) and a decrease of the UG2 Mineral Resources (1.7 Moz). the ore extraction at Hossy Shaft. The Merensky Measured and Indicated Mineral Resources  The Proved Mineral Reserve category (Marikana and Pandora) decreased by 0.5 Moz and the Inferred Mineral Resources decreased by 0.2 Moz of 3PGE+Au. decreased by 0.2 Moz, due to re-evaluation after consideration of  The further reassessment of the Hossy Shaft operations has depletions. The UG2 Measured and Indicated Mineral Resources resulted in a further removal of 13.1 Mt of ore material in 2016 decreased by 1.8 Moz mainly due to depletions and through the reconfiguration of the Hossy Shaft block. reassessment of geological losses. The Inferred Mineral  The Pandora attributable Mineral Reserve of 0.8 Moz 3PGE+Au Resource increased by 0.1 Moz as a result of orebody re- decreased by 0.1 Moz due to depletion and re-evaluation. evaluation.  The Pandora Mineral Resource increased by 0.04 Moz of No Mineral Reserves continue to be declared for Limpopo, and there 3PGE+Au, the result of reassessment of “white areas” previously were no revisions thereof in 2016. excluded from the Mineral Resource, which was offset by 0.06 Moz of mining depletion.

The Marikana Tailings, Akanani, Limpopo and Loskop Mineral Resources were unchanged during 2016.

There were no revisions to the non-South African platinum Mineral Resources, the Denison 109 Footwall deposit in Canada was unchanged in 2016. The Mineral Resources for the Bumbo base metal and gold in Kenya were sold to the joint venture partner in 2016.

Lonmin Attributable Proportion 3PGE+Au* Lonmin Attributable Proportion 3PGE+Au* Mineral Resource Moz by Area Mineral Reserve Moz by Area

Marikana 115.0 Marikana 30.1

Akanani 29.2 Akanani

Limpopo 16.8 Limpopo

Pandora JV 11.6 Pandora JV 0.8 Limpopo Baobab 5.8 Limpopo Baobab

Loskop JV 1.3 Loskop JV

Tailings Dams 0.8 Tailings Dams 0.7

Sudbury PGM JV 0.0 Sudbury PGM JV

0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 35 40

*Quantities rounded to one decimal place, therefore minor computational *Quantities rounded to one decimal place, therefore minor computational discrepancies may occur discrepancies may occur

Page 1 Mineral Resource and Mineral Reserves Statement, 2016 Summary

PGE Mineral Resources

Total Measured, Indicated and Inferred

30 September 2016 30 September 2015 Ore Source 3PGE+Au Pt 3PGE+Au Pt Mt Mt g/t Moz Moz g/t Moz Moz Marikana 728.6 4.91 115.0 69.3 742.2 4.92 117.4 70.6 Limpopo 128.8 4.07 16.8 8.4 128.8 4.07 16.8 8.4 Limpopo Baobab shaft 46.1 3.91 5.8 3.0 46.1 3.91 5.8 3.0 Akanani 233.1 3.90 29.2 12.0 233.1 3.90 29.2 12.0 Pandora JV 77.5 4.65 11.6 7.0 77.3 4.65 11.5 7.0 Loskop JV 10.1 4.04 1.3 0.8 10.1 4.04 1.3 0.8 Sudbury PGM JV 0.2 5.86 0.0 0.0 0.2 5.86 0.0 0.0 Tailings Dams 22.5 1.10 0.8 0.5 22.5 1.10 0.8 0.5 Total Mineral Resource 1,246.8 4.51 180.6 101.0 1,260.2 4.51 182.9 102.3

Notes: 1) All figures are reported on a Lonmin Plc attributable basis, the relative proportions of ownership per project being shown in the Key Assumptions section of this report. 2) Limpopo excludes Baobab shaft. 3) Loskop and Sudbury PGM JV exclude Rh, due to insufficient assays, and therefore 2PGE+Au are reported. 4) Tailings Dams exclude Au, due to assay values below laboratory detection limit, and therefore are reported as 3PGE. 5) Mineral Resources are reported inclusive of Mineral Reserves. 6) Quantities and grades have been rounded to one or two decimal places, therefore minor computational errors may occur.

PGE Mineral Reserves

Total Proved and Probable

30 September 2016 30 September 2015 Ore Source 3PGE+Au Pt 3PGE+Au Pt Mt Mt g/t Moz Moz g/t Moz Moz Marikana 230.9 4.06 30.1 18.3 263.8 4.10 34.7 21.2 Pandora JV 6.1 4.20 0.8 0.5 6.6 4.09 0.9 0.5 Tailings Dams 21.1 1.10 0.7 0.5 21.1 1.10 0.7 0.5 Total Mineral Reserve 258.2 3.82 31.7 19.2 291.5 3.88 36.4 22.2

Notes: 1) All figures are reported on a Lonmin Plc attributable basis, the relative proportions of ownership per project being shown in the Key Assumptions section of this report. 2) Tailings Dams exclude Au, due to assay values below laboratory detection limit, and therefore are reported as 3PGE. 3) Quantities and grades have been rounded to one or two decimal places, therefore minor computational errors may occur.

Page 2 Mineral Resource and Mineral Reserves Statement, 2016 Summary

Key Assumptions

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Lonmin Attributable Percentage Ownership by Operation Resources that are converted to Mineral Reserves are also included in or Project the Mineral Resource Statement. Pandora JV* 41 Loskop JV 41 Where relevant, the aspects of risk associated with the political, Limpopo Dwaalkop 41 economic and social issues have been considered in accordance with Sudbury PGM JV 50 the Lonmin PLC 'Principal Risk Analysis'. Akanani 74 Limpopo Doornvlei 82 All Mineral Resources and Mineral Reserves quoted reflect Lonmin's Limpopo Baobab 82 attributable portion only. Tailings Dams 82 Marikana 82 The following percentages were applied to the total Mineral Resource 0 20 40 60 80 100 *Subsequently, Lonmin will acquire a further 42.5% interest in Pandora and Mineral Reserve for each property:-  Incwala, Lonmin's Black Economic Empowerment (BEE) partner, Where grades are reported as 3PGE+Au these are a summation of the owns 18% of each of Western Platinum Limited (WPL) and Platinum, Palladium, Rhodium and Gold grades. Modelling of available Eastern Platinum Limited (EPL), and 26% of Akanani. Lonmin's assay information, obtained from drillhole core, indicates that the 23.56% holding in the share capital of Incwala is eliminated from proportion of 3PGE+Au contained in 5PGE+Au, which includes the calculations of its attributable interest. Ruthenium and Iridium, is approximately as follows:-  A series of equity empowerment transactions with two neighboring communities and employees which were concluded UG2 Merensky Platreef during the 2015 financial year have resulted in a further 5.6 % Marikana 0.81 0.92 - reduction of Lonmin's interest in WPL and EPL. However, Marikana Tailings 0.78 - - because the shares cannot be traded for the first 7 years, Lonmin Limpopo 0.86 0.93 - will continue to include the 5.6 % interest in its attributable interest Akanani - - 0.95 for a period of 7 years, and will continue to be consolidated in the Group accounts. Pandora 0.81 - -  Limpopo includes the Dwaalkop JV, which is a joint venture between Mvelephanda Resources (50%) and Western Platinum Photomicrograph of the Merensky chromitite Limited (50%) that is managed by Lonmin.  Eastern Platinum Limited has an attributable interest of 50% in the Pandora Joint Venture together with Anglo American Platinum (42.5%) and Mvelephanda Resources (7.5 %) a wholly-owned subsidiary of Northam Platinum Limited. Furthermore, a transaction whereby EPL will acquire Anglo American Platinum’s 42.5% stake in the Pandora JV has been signed, but their stake will only be transferred once all the conditions to the transaction are fulfilled.  Western Platinum Limited has an attributable interest of 50% in the Loskop Joint Venture together with Boynton Investments (50%).  Lonmin's share of the Sudbury PGM JV is currently a nominal 50 % of the product from any PGE deposit developed on the UG2 Split Reef facies participating properties. The agreement is that Lonmin will be allocated its pro-rata share in PGE's and Vale will be allocated its pro-rata share in Nickel, Copper, Cobalt, Gold and Silver. The exchange of metals will be governed by prevailing metal prices at the time of the refined metal production.  Lonmin has sold all of its interest in the Bumbo Mineral Resource in Kenya to their joint venture partner for the sum of US$ 5 million.

Page 3 Mineral Resource and Mineral Reserves Statement, 2016 Summary

Where Nickel (Ni) and Copper (Cu) grade estimates are derived from sufficient reliable information for the various Mineral Resources, they are reported as average grades in percent.

These grades represent acid soluble proportions. Acid soluble percentages of Ni and Cu are closely correlated to the metals present as sulphide minerals.

Mineral Resources are reported as "in-situ" tonnes and grade and allow for geological losses such as faults, dykes, potholes and Iron Rich Ultramafic Pegmatite (IRUP) and are estimated using a minimum true width of at least 90 cm and therefore may include some diluting material.

Proved and Probable Mineral Reserves are reported as tonnes and grade expected to be delivered to the mill, are inclusive of diluting materials and allow for losses that may occur when the material is mined.

A Mineral Resource estimate of the Eastern Platinum No 1 tailings dam has been included. The remaining tailing dams will be considered as the relevant studies are conducted.

For economic studies and the determination of pay limits, consideration was made of both short and long term revenue drivers. The following long term global assumptions were used:-  Base Metals (per metric tonne): Ni USD15,308 and Cu USD5,992.  Average exchange rate of USD1 to ZAR12.78.  PGE prices in USD per ounce are shown in the figure below.

Commodity Price per Ounce

Rh 2369

Pt 1622

Au 1191

Pd 889

Ir 521

Ru 86

0 500 1,000 1,500 2,000 2,500

Commodity price per ounce (USD)

Page 4 Mineral Resource and Mineral Reserves Statement, 2016 Summary

Mineral Rights Compliance

At Marikana, all of WPL and EPL active mining and prospecting rights The 2016 Lonmin Mineral Resources and Mineral Reserves Report for have been converted. This permits WPL and EPL to mine for PGM's the South African areas was prepared in accordance with the guidelines and all associated minerals and metals until 2037. The Schaapkraal as defined in the 2007 version (amended July 2009) of the South prospecting right for the down-dip area at Marikana has been renewed African Code for Reporting of Mineral Resources and Mineral Reserves and is valid until April 2018. (the 'SAMREC Code'). The SAMREC Code sets out minimum standards, recommendations and guidelines for Public Reporting of Pandora applied for both a converted mining right and a mining right. Exploration Results, Mineral Resources and Mineral Reserves in South The DMR has notarially executed the converted mining right but Africa. It has been drawn up by the Working Group of the SSC registration thereof at the Mining Titles Registration Office (MTRO) Committee under the joint auspices of the Southern African Institute of remains outstanding. The mining right granted has been both notarially Mining and Metallurgy (SAIMM) and the Geological Society of South executed and registered at the MTRO. Africa (GSSA).

The Doornvlei and Voorspoed applications for conversion of mining A revision of the SAMREC Code was launched in 2016 by the SAIMM rights have both been notarially executed and registered at the Mining and the Geological Society of South Africa (GSSA) and will be effective Titles Registration Office. The converted mining rights entitle for reporting purposes as at 1 January 2017. Voorspoed and Doornvlei to mine PGM's and associated minerals and metals. We continue to await confirmation that the Dwaalkop mining Concurrently with the evolution of the SAMREC Code, the Committee right application has been successful (in the interim we continue to hold for Mineral Reserves International Reporting Standards (CRIRSCO), a prospecting right over this property). Updated SLPs have been initially a committee of the Council of Mining and Metallurgical submitted to the DMR and we are in the process of finalizing these Institutions (CMMI), has, since 1994, been working to create a set of documents. Updated MWPs and EMPS are to be submitted in early- standard international definitions for the reporting of Mineral Resources 2017 once there is clarity as to whether the share purchase agreement and Mineral Reserves. As a result of the CRIRSCO/CMMI initiative, with Phembani is to proceed. considerable progress has been made towards widespread adoption of globally consistent reporting standards. Applications for renewal of our prospecting rights within the Akanani and Limpopo areas are being assessed by the DMR. Renewed These are embodied in similar Codes, guidelines and standards prospecting rights enjoy a renewal period of three years from date of published and adopted by the relevant professional bodies around the approval. world. The definitions in the 2007 edition (amended July 2009) of the SAMREC Code are either identical to, or not materially different from, The legal dispute in respect of the Loskop prospecting area in those existing international definitions. Mpumalanga (a joint venture between WPL and Boynton) was resolved in WPL's favour resulting in WPL acquiring a larger interest in certain of Mineral Resources reported for the Canadian areas were reported the joint venture properties. In the interim, it is likely that an application using Canadian Institute of Mining and Metallurgy and Petroleum (CIM) for a mining right over the Akanani prospecting area will be submitted in Definition Standards on Mineral Resources and Reserves (CIM 2017. Definition Standards). These standards establish definitions and guidelines for the reporting of exploration information, Mineral The mineral rights in respect of the off-shore projects in the Sudbury Resources and Mineral Reserves in Canada. The Mineral Resource Igneous Complex remain unchanged. Lonmin recently sold its and Mineral Reserve Definitions were incorporated, by reference, in shareholding in its Kenyan project for the sum of US$5 million. National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). Lonmin considers that the CIM definitions of Mineral Resources and their categories are not materially different for those defined by SAMREC.

Page 5 Mineral Resource and Mineral Reserves Statement, 2016 Summary

The definitions of Mineral Resources and Mineral Reserves as mineral content can be estimated with a reasonable level of confidence. contained in the 2007 edition (amended July 2009) of the SAMREC It is based on information from exploration, sampling and testing of Code are as follows:- material gathered from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately A 'Mineral Resource' is a concentration or occurrence of material of spaced to confirm geological or grade continuity but are spaced closely economic interest in or on the Earth's crust in such form, quality and enough for continuity to be assumed. quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other A 'Measured Mineral Resource' is that part of a Mineral Resource for geological characteristics of a Mineral Resource are known, or which tonnage, densities, shape, physical characteristics, grade and estimated from specific geological evidence, sampling and knowledge mineral content can be estimated with a high level of confidence. It is interpreted from an appropriately constrained and portrayed geological based on detailed and reliable information from exploration, sampling model. Mineral Resources are subdivided, and must so be reported, in and testing of material from locations such as outcrops, trenches, pits, order of increasing confidence in respect of geo-scientific evidence, workings and drill holes. The locations are spaced closely enough to into Inferred, Indicated or Measured categories. confirm geological and grade continuity.

A 'Mineral Reserve' is the economically mineable material derived from A 'Probable Mineral Reserve' is the economically mineable material a Measured or Indicated Mineral Resource or both. It includes diluting derived from a Measured or Indicated Mineral Resource or both. It is and contaminating materials and allows for losses that are expected to estimated with a lower level of confidence than a Proved Mineral occur when the material is mined. Appropriate assessments to a Reserve. It includes diluting and contaminating materials and allows minimum of a Pre-Feasibility Study for a project or a Life of Mine Plan for for losses that are expected to occur when the material is mined. an operation must have been completed, including consideration of, Appropriate assessments to a minimum of a Pre-Feasibility Study for a and modification by, realistically assumed mining, metallurgical, project or a Life of Mine Plan for an operation must have been carried economic, marketing, legal, environmental, social and governmental out, including consideration of, and modification by, realistically factors (the modifying factors). Such modifying factors must be assumed mining, metallurgical, economic, marketing, legal, disclosed. environmental, social and governmental factors. Such modifying factors must be disclosed. An 'Inferred Mineral Resource' is that part of a Mineral Resource for which volume or tonnage, grade and mineral content can be estimated A 'Proved Mineral Reserve' is the economically mineable material with only a low level of confidence. It is inferred from geological derived from a Measured Mineral Resource. It is estimated with a high evidence and sampling and assumed but not verified geologically or level of confidence. It includes diluting and contaminating materials through analysis of grade continuity. It is based on information and allows for losses that are expected to occur when the material is gathered through appropriate techniques from locations such as mined. Appropriate assessments to a minimum of a Pre-Feasibility outcrops, trenches, pits, workings and drill holes that may be limited in Study for a project or a Life of Mine Plan for an operation must have scope or of uncertain quality and reliability. been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, An 'Indicated Mineral Resource' is that part of a Mineral Resource for legal, environmental, social and governmental factors. Such modifying which tonnage, densities, shape, physical characteristics, grade and factors must be disclosed.

The Relationship between Exploration Results, Mineral Resources and Mineral Reserves (SAMREC)

Exploration Results

Increasing level of Mineral Resources Mineral Reserves geoscientific knowledge Reported as in situ Reported as mineable and mineralisation estimates production estimates confidence Inferred

Indicated Probable

Measured Proved

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’)

Page 6 Mineral Resource and Mineral Reserves Statement, 2016 Summary

Audit Exploration

Lonmin's audit approach is that external audits are carried out on active Lonmin continues to explore on three continents to improve the Mineral Resources and Mineral Reserves at least every three years. confidence in the mineral resources or testing for new mineralisation. In Where material differences to the estimates occur within this South Africa, the focus has been predominantly routine mineral timeframe, either as a result of additional data or a change in resource upgrading through infill drilling campaigns, particularly at assumptions, the areas subjected to these changes are audited by an Marikana and Akanani. In contrast, in Ireland and Canada the approach Independent Expert. Internal reviews by Lonmin's Competent Persons has been on exploring for new deposits or mineral resource extension are completed prior to publication of the estimates. In 2015, the of existing deposits with our joint venture partners. Marikana, Pandora, Limpopo and Akanani mineral resources, and the Marikana and Pandora mineral reserves were subject to a review by Bushveld Complex SRK. This entailed the necessary verification of the mineral resource and mineral reserve information used in support of compiling their In the Bushveld Complex, Lonmin continues to explore at the Marikana competent persons report for the 2015 prospectus. No external audit operations and the Akanani Project where infill surface diamond drilling was thus conducted in 2016. An external audit will be conducted in examines areas of unresolved or complex geological features. This infill 2017, which will verify compliance of the reported Marikana mineral drilling is necessary to improve the confidence of the mineral resource resources and mineral reserves with the requirements of the newly that underpins the future project pipeline. updated SAMREC code that is effective 1 January 2017. No data acquisition exploration activity was conducted at Marikana, The most recent external audits completed relevant to Lonmin's Pandora, Limpopo and Loskop during 2016. At Akanani, the continuing Mineral Resources and Mineral Reserves are as follows:- drilling program with a single drill rig completed 1,933 metres from two  Coffey Mining performed an independent audit of Lonmin's boreholes and four deflections which is infill definition drilling of the Marikana Mineral Resource and Mineral Reserve estimates in existing boreholes spaced 250 metres apart. 2013 and no substantial findings were identified. No external audits were conducted during the 2016 reporting period. In addition, in 2016 a further 2,577 metres from 27 deflections out of four  Snowden Mining Industry Consultants performed an boreholes at Akanani were drilled to obtain three tonnes of bulk sample independent audit of the Pandora Mineral Resources in 2012 and material for metallurgical testing. no substantial findings were identified. No external audits were completed during the 2016 reporting period. International  Lonmin's Akanani Mineral Resource was updated in 2015 by an external specialist. No external audit was completed on this Lonmin is exploring for PGM deposits around the Sudbury Basin in mineral resource but was subject to internal review by the Lonmin Ontario, Canada in joint ventures with Wallbridge Mining Company competent person. No external audits were conducted during the Limited and Vale S.A. Drilling programmes are at varying stages of 2016 reporting period. completion on the Vale JV's Denison 109FW and 9400 Zones together  SRK completed an audit of the Lonmin Limpopo Mineral with further studies to better define PGM mineral resources. Resource and Mineral Reserve estimates in 2008 for the Baobab Greenfields exploration, geophysical surveys and drilling continued to Mine and Phase 2 Project. The 2008 estimates were endorsed by generate targets for follow up in the coming year both in Canada and SRK. These estimates remain largely unchanged since 2008. In Northern Ireland. 2013, Snowden Mining Industry Consultants have performed an independent audit of the Dwaalkop and Doornvlei mineral Non-platinum Projects resources for the purposes of a mining study.  No changes have been made to the Loskop 2007 Mineral Lonmin has discontinued the partnership on the Kenyan gold project by Resource estimates. RSG Global's (subsequently known as selling its interest in the project to our joint venture partner. Coffey Mining) independent audit and their endorsement of the Mineral Resource estimate of the Rietfontein area in September As at October 2014, Lonmin entered into a joint venture to work with a 2007 remains applicable to the estimates reported in 2016. partner on our Northern Ireland gold and silver Crown Estates options  Snowden Mining Industry Consultants performed an and we continue to carry out greenfield exploration on the licence independent audit of the Eastern Platinum No 1 Tailings Dam in areas. 2012. Their recommendation for the mineral resource classification was adopted.

Page 7 Mineral Resource and Mineral Reserves Statement, 2016 Summary

Competent Persons

Various persons assisted in the preparation of the Mineral Resource Jurgens Visser and Mineral Reserve estimates. These estimates were reviewed and signed off by the Lonmin Competent Persons; Dennis Hoffmann (Mineral Resources) and Leon Koorsse (Mineral Reserves).

Jurgens Visser takes overall accountability for the Mineral Resources and Mineral Reserves.

The Sudbury Mineral Resources were signed off by Dennis Hoffmann as stated in the Sudbury section of this report.

Dennis Hoffmann (MSc) is a Competent Person as defined by the SAMREC Code, being registered as a Professional Natural Scientist with the South African Council for Natural Scientific Professions Dennis Hoffmann (SACNASP) and a member of the Geological Society of South Africa (GSSA).

Dennis Hoffmann has 25 years' experience in the base and precious metals mining industry and with more than five years' experience relevant to PGE Mineral Resource estimation.

Leon Koorsse is a Competent Person as defined by the SAMREC Code, being registered as a Professional Mine Surveyor with the South African Council for Professional and Technical Surveyors (PLATO) as well as a member of the Institute of Mine Surveyors of South Africa (IMSSA). Leon Koorsse Leon Koorsse has over 25 years' experience in the precious metals mining industry with more than 5 years relevant experience in precious metal Mineral Reserve estimation.

Jurgens Visser (MSc) is a Competent Person as defined by the SAMREC Code being registered as a Professional Mine Surveyor with the South African Council for Professional and Technical Surveyors (PLATO).

Jurgens Visser has over 35 years' experience in the precious metals mining industry with more than five years relevant experience in precious metal Mineral Resource and Mineral Reserve estimation.

Page 8 Mineral Resource and Mineral Reserves Statement, 2016 South Africa

Page 9 South African operations

Bushveld Complex

Lonmin's entire South African Platinum Group Element (PGE) Mineral The Merensky Reef is a mineralised layer that occurs within, or in close Resources and Mineral Reserves are contained within the Bushveld association with, the Merensky Pyroxenite Unit. The UG2 Reef consists Complex, located in the Republic of South Africa. The Bushveld of the UG2 Chromitite Layer, containing most of the PGE Complex hosts the world's largest known resources of PGE's, mineralisation, and may include less well mineralised units or portions Chromium, and Vanadium. The PGE's (Platinum, Palladium, Rhodium, of these units either underlying or overlying the main UG2 Chromitite Ruthenium, Osmium and Iridium) are intimately associated with Gold, Layer. Nickel, and Copper and in some instances Chromium, which form important bi-products of PGE mining in South Africa. At the Loskop Joint Venture, several mineralised units have been identified that are contained within a sequence that Lonmin considers to The Bushveld Complex intruded into the supercrustal sedimentary be stratigraphically equivalent to the Upper Critical Zone of other areas sequence of the Transvaal Supergroup 2.06 billion years ago, and is the of the Bushveld Complex. Lonmin's Mineral Resources at Loskop are largest known layered intrusion on earth, underlying an area of contained within the Upper Mineralised Pyroxenite (UMP). approximately 66,000 km². PGE mining occurs in three major limbs of the Bushveld Complex, Lonmin's Mineral Resources being contained Lonmin's PGE Mineral Resources in the Northern Limb are contained within all of the major limbs:- within the Platreef Pyroxenite unit that is considered to represent the  the Western Limb (Marikana and Pandora); Upper Critical Zone in this area. The Platreef Pyroxenite can be in the  the Eastern Limb (Limpopo and Loskop); and order of 100's of metres thick and contains zones of PGE mineralisation  the Northern Limb (Akanani). that are associated with various lithological sub-divisions of the Platreef Pyroxenite. Lonmin's Mineral Resources in the Eastern and Western Limbs are, with the exception of Loskop, hosted within the well-known Merensky Bushveld PGE Mineral Resources are frequently disturbed by and UG2 reefs. Both of these narrow tabular stratigraphic units occur in geological conditions which may result in losses to the Mineral the Upper Critical Zone of the Rustenburg Layered Suite, which is a Resource area. The areas affected are classified as geological losses, series of mafic and ultramafic cyclic units within which all of the known which are commonly caused by potholes, faults, intrusive dykes and economic PGE mineralised layers in these areas occur. Iron Rich Ultramafic Pegmatite (IRUP).

The Locations of Lonmin’s South African Mineral Resources

Polokwane

Pretoria Northern Limb

Akanani Polokwane Eastern Limb

Mokopane Cape Town Limpopo Western Limb

N 11

N 1 Steelpoort

+ + + Pilanesberg Complex

Bushveld Complex + + Lebowa Granite Suite + + + + Rashoop Granophyre Suite + + Loskop Rustenburg Layered Suite (mafic rocks) Marikana Pandora Rooiberg Group

Rustenburg N (lava) 4 Pretoria National Routes 0 50km Fault

Page 10 Mineral Resource and Mineral Reserves Statement, 2016 South African operations

Iron rich fluids associated with the IRUP have metasomatically altered Merensky Reef Facies the mineralogy of some formations and in some instances result in a Brakspruit geological loss. IRUP tends to affect the Merensky Reef more severely + RPM than the UG2 Reef. Although prevalent throughout the Eastern and / + + + + + + Marikana Western Limb PGE deposits, neither potholes nor IRUP replacement + + + Westplats have been recognised in the Platreef at the Akanani Project. + + + Eastplats + + +

Mined Out X+2835000 + + + + Geological Setting + + + + + Pegmatoidal + + + The Marikana Operations (Western Platinum Limited and Eastern + + Platinum Limited) are located in the Marikana district to the east of the + + town of Rustenburg in the North West Province of the Republic of South X+2840000 Africa.

The Marikana mining rights areas are underlain by the Merensky Reef and the UG2 Reef over a strike length of approximately 27 km. Both the Merensky and the UG2 reefs sub-outcrop below a thin layer of black X+2845000 0 3km cotton soil along the strike length of the lease area, although most of the Y-45000 Y-50000 Y-55000 Y-60000 near outcrop ore has been removed by open pit mining. The strata and reefs strike in an approximately east-west direction and generally dip between 8°N in the west, gradually increasing to 13°N in the extreme east of the property. The UG2 Reef underlies the Merensky Reef by between 130 m and 210 m, the middling between the two reefs gradually increasing across the mining right from west to east. The layered nature of the Bushveld Complex makes it possible to identify different lithological and stratigraphic units, which facilitates the interpretation of geological disturbances such as dykes, faults, potholes and IRUP.

At the Marikana Operations, the UG2 Reef normally comprises a narrow tabular chromitite layer, which varies in thickness between 1.0 m and 1.4 m. Localised internal waste comprising pyroxenite or anorthosite can occur which is included in the Mineral Resource. To the west of the property the Leader Chromitite layer separates from the main UG2 Chromitite creating a zone of “split reef”. This affects the far western areas of K3 and K4 and the future K5 shaft blocks.

The Merensky Reef varies across the Marikana mining right area. This variability is used to define several facies (or reef sub-types) based on the occurrence of distinct lithological units within the reef. Two major types, pegmatoidal and non-pegmatoidal facies, occur. These have been separated further into a total of five different facies based on the occurrence of thin chromitite layers in the order of several millimetres thick. It has long been recognised that grade and thickness characteristics are controlled by the facies and it is important that this is recognised in correctly modelling the Mineral Resource.

All Merensky Reef Mineral Resource cuts at Lonmin are therefore referenced on distinct and continuous layers within the Merensky package. In general, the facies change from east south-east to west north-west. Lower grade non-pegmatoidal types (Marikana, Westplats, and Eastplats) occur in the central and east; whereas the higher grade pegmatoidal types (Brakspruit, RPM) occur in the western and deeper areas of the property.

Page 11 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora Marikana

Exploration 3D seismic surveys allow for significantly higher confidence in long term planning than what can be achieved on the basis of drilling and Limpopo Extensive mining, surface diamond drilling and a number of seismic aeromagnetic surveys alone. This has allowed for a significant increase and magnetic surveys have aided in establishing the geological in our understanding of the structural geology of the deeper portions of characteristics of the UG2 and Merensky reefs at Marikana. the Mineral Resource. The data from the third 3D seismic survey was finalized in 2011. Together with information from the survey completed A total of over 1,000 surface diamond drillholes have been completed in over the K4 area in 2000 and the survey completed over the areas prior years and drilling continues with mining project advancement in within and to the north of the Hossy and Saffy Shaft blocks in 2008, Akanani order to improve confidence and extend the area of the Mineral much of the future mining area at Marikana has now been surveyed Resource. using this technique.

At least four reef cuts are obtained from each surface drillhole, During 2013, the earlier K4 seismic data was reprocessed and providing material for assay as well as mineralogical, metallurgical and integrated with the seismic data from the K5 area allowing for improved Loskop geotechnical test-work. Standard procedures are used to acquire the resolution of the continuity of the reef horizons. geological data, which are stored in a relational database. Tailings dams are residual deposits comprised of the rejected material During 2016, no surface exploration drilling was conducted. However, from the process that converts ore into concentrate. The tailings dams the historical surface drillhole data previously excluded from the grade contain quantities of PGE's, base metals and chromium. Lonmin has estimation due to non-representation of selected deflections was embarked upon a programme of tailings dam evaluation in order to subject to review, the results thereof are to be included in the 2017 assess their metal content and economic viability for re-processing. mineral resource estimate. The first tailings dam to be fully assessed is the EPL Number 1 (ETD1) dam that was formed from UG2 Reef tailings. Tailing dams are The entire footprint of the mining rights and prospecting right areas has evaluated using a spiral auger drilling process. As part of Lonmin's on- now been covered by airborne or ground magnetic surveys. These going tailings dam evaluation programme, approximately 150 of these surveys are useful for indicating the positions of the larger faults and holes were drilled and sampled during 2011 and 2012. No drilling of dykes and broad trends in some major lithological layers. tailings dams was done in years 2013 to 2016.

3D Seismic Survey Coverage

/ Schaapkraal Prospecting Right EPL Mining Right

WPL Mining Right X+2835000

K5 Area Pandora

MK3

MK2 SI Saffy Deeps Hossy Deeps Saffy SI

X+2840000 K4 Shaft Hossy SI

MK2 Saffy Shaft E3 Incline Rowland Shaft

K3 Shaft Hossy Shaft E2 Incline E1 Incline Drillholes Newman Incline Shafts W1 Shaft 1B/4B Incline Shaft Block Boundaries X+2845000 0 Seismic Survey3km Coverage: 2011 2009 2000 Y-45000 Y-50000 Y-55000 Y-60000 Y-65000 Y-70000

Page 12 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Mineral Rights Precious Metal Refinery (PMR) in Brakpan for final treatment. The PMR produces the final precious metal products. Lonmin successfully converted its Marikana mining rights in 2007 and subsequently, where appropriate, amended these rights to include an Lonmin currently has eight contributing shafts of which the primary

entitlement to mine associated minerals and metals as well as PGM's. vertical shaft complexes account for the largest portion of the mineral Limpopo These mining rights therefore entitle Western Platinum Limited and reserves. The incline and vertical shafts that service the mining blocks Eastern Platinum Limited to the exclusive right to mine for Platinum are categorised into three types, being Generation 1 (operations in Group Metals and all minerals and metals found in mineralogical decline), Generation 2 (operations in steady state) and Generation 3 association therewith within most of the designated Marikana property (operations preparing for build-up). The Generation 1 operations have boundaries for 30 years (i.e. until 2037), with a right to apply for renewal high unit costs, whereas lower unit cost occurs in Generation 2; with thereafter for a further 30 years. Generation 3 having high capital requirements. Akanani

A converted prospecting right in respect of the farm Schaapkraal and The Merensky and the UG2 reefs are mined simultaneously at an various portions of the farm Zwartkoppies has been granted, executed average depth of 500 metres and are accessed via infrastructure and registered. The Schaapkraal prospecting right covers the western consisting of shallow incline and deep vertical shafts. The underground down-dip area at Marikana and was renewed during 2015 and is valid mining methods at Marikana are conventional up-dip, down-dip and Loskop until April 2018. Eastern Tailings Dam 1 is located within the area breast stoping as well as a hybrid stoping method (a combination of covered by new order mining right 16/2008MR on the farm Turffontein mechanised and conventional methods). Ore sourced from shafts 462JQ. using conventional stoping methods accounts for approximately 87 % of the Marikana ore production, 13 % from mechanised/hybrid Nature of Business methods.

The ore mined at the Marikana Operations is processed through eight The Marikana operation extracts approximately 50,000 m² of Merensky concentrators on site with a combined milling capacity of approximately Reef and 135,000 m² of UG2 Reef per month, generating 1.2 million tonnes of ore per month. Of these concentrators, one is a approximately 230,000 tonnes of Merensky (excluding surface pits) dedicated Merensky Plant with the Karee A Plant having a dual ore-type and 830,000 tonnes of UG2 Reef per month. The predominant mining processing capability. The concentrate produced is dispatched to the method employed is up-dip/down-dip mining. This method ensures smelter where a sulphide-rich matte is produced for further processing minimal scraping and rigging cross-overs. A pre-developed mining at the Base Metal Refinery (BMR). At the BMR, base metals (Nickel and block resulting in a higher confidence of geology enables improved Copper) are removed and the resulting PGM-rich residue is sent to the extraction and safer mining around the large number of potholes exists.

Marikana Shafts /

Pandora K5 Area

MK3

MK2 SI Saffy Deeps Hossy Deeps Saffy SI K4 Shaft Hossy SI MK2 Saffy Shaft E3 Incline Rowland Shaft

K3 Shaft Hossy Shaft E2 Incline Marikana Shafts: E1 Incline Future Newman Incline Generation 1 1B/4B Incline W1 Shaft Generation 2 Generations 3

Page 13 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Generation 1 shafts - Curtailing operations K3 shaft which continues to have the largest ore production is an older vertical shaft with a depth of 809 metres. A sub-incline from the K3 The Generation 1 shafts have passed their peak production output and infrastructure is also used to access mineral reserves at deeper levels, approach their end of life or may have the infrastructure used for which it expects to have its economic life extended until around 2037.

extracting Merensky Reef. Newman, Hossy, E3, E2, E1 and W1 shafts Limpopo in this category are expected to be mined out in the next one to three Saffy shaft is a vertical shaft, with a depth of 804 metres. The original years. These shafts have extracted the UG2 Reef in the shallow depths, mining infrastructure was designed for conventional mining, and in (surface to 500 metres), and now predominantly focus on mining either 2008 was subsequently converted to a fully mechanised operation. At extensions of the orebody or remnant areas. the end of 2008 with the onset of lower platinum prices, a revised strategy was implemented with the conversion of the mining layout

Newman shaft has been in a planned decline over the last two years reverting back to a full conventional design. The production build up at Akanani with an orderly closure in progress. The future mining operations will be the Saffy shaft has been strong with steady state being achieved while the removal of the remnant areas. Despite productivity improvements, it's economic life would be extended to 2052 by sinking the Saffy sub- the ore production with mechanised mining at the Hossy shaft remains incline. at a high unit cost. The Hossy shaft continues with the orderly closure and is planned for care and maintenance in 2017. A significant portion Rowland shaft is a vertical shaft with a depth of 949 metres. The Loskop of the ore from the Hossy shaft block has been reconfigured for economic life of this shaft will be extended to around 2052 with the extraction from the Saffy infrastructure. The E1 and W1 shafts are extension of the haulages through the Elandsdrift Fault zone to access contractor based shafts, with remnant mining. Their continued viability the mineral reserves in the adjoining Middelkraal property. is dependent on these operations being cash generative. E2 is a shallow incline shaft, with a shaft depth of 345 metres, and has a 4B/1B shaft is an incline shaft complex with a depth of 445 metres, planned economic life until the end of 2018. Potential future access to which has an economic life until 2033. The 1B portion was placed on Merensky Reef exists at several of these Generation 1 shafts. care and maintenance in 2014 due to the high unit cost of mechanised production. Generation 2 Shafts - Steady state operations Generation 3 shafts - Build-up operations K3, Saffy, Rowland and 4Belt shafts are at steady state operations and are termed Generation 2 shafts. The operations are expected to be Generation 3 shafts have the shaft available but still require mining for the next 10 to 25 years. Ore productions at these shafts are development of ore reserves. These shafts are at start-up level and close to the hoist design capacity and have low unit costs. The would have high unit costs and capital requirements. K4 is a Generation extension of the Generation 2 shafts life from defined mineral reserves 3 vertical shaft with a depth of 1,331 metres. This shaft has reached the along strike or down dip from the existing infrastructure is planned for early stages of production ramp-up prior to being placed on care and Rowland and Saffy. maintenance in 2012. The restart-up of K4 shaft is planned for 2020 and has a potential life up to 2081 with inclusion of the K4 sub-incline.

K3 Shaft Saffy Shaft K4 Shaft

Page 14 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Attributable Mineral Resources 3PGE+Au

40 Marikana Shafts: 35.63 35 Generation 1 Merensky UG2

30 Generation 2 Merensky UG2 Limpopo Generation 3 Merensky UG2 25 Future Merensky UG2

20 17.35

Moz 16.88 15

10.67 10.77 Akanani 10

4.83 5 3.91 4.64 2.97 1.56 1.59 1.84 0.33 0.36 0.73 0.96 0 E3 E2 E1 K3 K4 K5 U2 MK3 4Belt Hossy Loskop Rowland Newman Saffy Deep Saffy Hossy Deep Rowland MK2 Saffy & Saffy SI & Saffy Saffy

Attributable Mineral Reserves 3PGE+Au

14 12.99 13 Marikana Shafts: 12 Generation 1 Merensky UG2 11 Generation 2 Merensky UG2 10 Generation 3 Merensky UG2 9 8 7 Moz 6 5 4.73

4 3.37 3 2.62 2.56 2 1.65 1.01 1 0.85 0.05 0.08 0.14 0.04 0.06 0 1,000m below Depth 2,000m surface K3 K4 E1 E2 E3 W1 Saffy 4 Belt Hossy Saffy SI Saffy Rowland Newman Rowland MK2

Marikana Shaft Life Cycle

Saffy Rowland K3 4B

K3 UG2 Sub-Incline E3

E2 Newman UG2 Hossy (Stoping Only)

E1 Rowland MK2 W1 K4 Pandora E4 Newman Mer E3 60ktpm Reef Production % of Capacity

Build-up Steady-state Wind down High Cost & Capital Requirement Low Unit Costs Increased Unit Costs

Page 15 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora / Y-70000 Limpopo Inferred Resource Indicated Resource Measured Resource Probable Reserves Proved Reserves Lonmin Mining Right Lonmin Prospecting Right Fault Dyke Mined Out IRUP Akanani Y-65000 Loskop Y-60000 Y-55000 Y-50000 Y-45000

X+2835000 X+2840000 X+2845000 Merensky Reef Mineral Resource Confidence Plan

Page 16 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora / Y-70000 Limpopo Inferred Resource Indicated Resource Measured Resource Probable Reserves Proved Reserves Lonmin Mining Right Lonmin Prospecting Right Fault Dyke Mined Out IRUP Akanani Y-65000 Loskop Y-60000 Y-55000 Y-50000 Y-45000

X+2835000 X+2840000 X+2845000 UG2 Reef Mineral Resource Confidence Plan

Page 17 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Mineral Resources result of mining depletion (1.0 Moz), a decrease of 0.8 Moz from additions and reassessment of geological losses, and an More notable changes to the Marikana Mineral Resource estimates increase of 0.1 Moz as a result of orebody re-evaluation. were:-  The grade of the UG2 Reef Mineral Resource increased overall 

Attributable Mineral Resources at Marikana (excluding tailings) by 0.2 % due to effect of additional surface drillhole intersections Limpopo were 115.0 Moz of 3PGE+Au in 2016, a decrease of 2.4 Moz with from 2015; and channel sample grade intersections collected 2015. which affected the Measured Mineral Resource.  The decreased Mineral Resources at Marikana (excluding  The grade of the Merensky Reef Mineral Resource decreased tailings) of 2.4 Moz 3PGE+Au in 2016 is attributed to the nett overall by 1 % mainly due to a change in re-evaluation of the effect of a decrease in the Merensky Mineral Resources (0.7 Marikana and Brakspruit facies types located in the intermediate

Moz) and UG2 Mineral Resources (1.7 Moz). The Merensky and deeper western portions of Marikana. Akanani Measured and Indicated Mineral Resources decreased by 0.5  The expected geological losses, over and above those known Moz and Inferred Mineral Resources decreased by 0.2 Moz, due areas of geological loss that have already been excluded from the to re-evaluation after consideration of depletions. The UG2 mineral resource area, had no significant change. For the Measured and Indicated Mineral Resources decreased by 1.8 Merensky Reef, the average geological loss was 14 % whereas Moz, and the Inferred Mineral Resources increased by 0.1 Moz. the UG2 Reef was 15 %. Loskop The decrease in UG2 Mineral Resources of 1.7 Moz is the nett

Marikana Mineral Resources Mineral Resources 30 September 2016 30 September 2015 3PGE+Au Pt 3PGE+Au Pt Ore Source Category Mt g/t Moz Moz Mt g/t Moz Moz Measured 12.9 4.77 2.0 1.3 13.9 4.77 2.1 1.4 Merensky West Indicated 63.2 5.78 11.7 7.5 64.0 5.88 12.1 7.7 Inferred 55.2 6.39 11.3 7.1 55.3 6.46 11.5 7.2 Sub Total 131.2 5.94 25.1 15.9 133.2 6.00 25.7 16.3 Indicated 103.0 3.69 12.2 7.3 103.0 3.69 12.2 7.3 Merensky East Inferred 58.5 4.20 7.9 4.9 58.5 4.20 7.9 4.9 Sub Total 161.5 3.87 20.1 12.1 161.5 3.87 20.1 12.1 Measured 12.9 4.77 2.0 1.3 13.9 4.77 2.1 1.4 Indicated 166.2 4.48 24.0 14.7 167.0 4.53 24.3 15.0 Total Merensky Measured and Indicated 179.0 4.51 25.9 16.0 180.9 4.55 26.4 16.3 Inferred 113.7 5.26 19.2 12.0 113.8 5.30 19.4 12.1 Total Merensky 292.8 4.80 45.2 28.0 294.7 4.84 45.8 28.4 Measured 22.6 4.80 3.5 2.2 28.6 4.77 4.4 2.6 Indicated 240.6 4.94 38.2 22.5 246.1 4.94 39.1 23.1 UG2 Measured and Indicated 263.2 4.93 41.7 24.8 274.7 4.92 43.5 25.7 Inferred 172.7 5.06 28.1 16.5 172.8 5.05 28.0 16.5 Total UG2 435.9 4.98 69.8 41.3 447.5 4.97 71.5 42.2 Measured 35.5 4.78 5.5 3.5 42.5 4.77 6.5 4.0 Indicated 406.8 4.76 62.2 37.3 413.1 4.77 63.4 38.0 Total Marikana Measured and Indicated 442.2 4.76 67.7 40.8 455.6 4.77 69.9 42.0 Inferred 286.4 5.14 47.3 28.5 286.6 5.15 47.4 28.6 Total Resources 728.6 4.91 115.0 69.3 742.2 4.92 117.4 70.6

2015to 2016 3PGE+Au Moz - Merensky Mineral Resources 2015to 2016 3PGE+Au Moz - UG2 Mineral Resources Marikana Operations Total (Attributable) Marikana Operations Total (Attributable)

46.0 73.0

-0.3 -0.1 45.0 -0.2 71.0 44.0 -1.0 0.0 -0.8 43.0 45.8 69.0

4E Moz 45.2 4E Moz 71.5 42.0 69.8 67.0 41.0

40.0 65.0 30 Sept 15 Mining Losses and Grade and 30 Sept 16 30 Sept 15 Mining Losses and Grade and 30 Sept 16 Depletion Additions Width Estimate Depletion Additions Width Estimate

Page 18 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Mineral Reserves The overall 3PGE+Au mineral reserve grade declined by 1 %, this being due to a 3 % decrease in the Merensky grade and a slight increase in The total Marikana Mineral Reserves decreased by 4.6 Moz 3PGE+Au, the UG2 grade. The decrease in the Merensky mineral reserve grade is which comprised a decrease of 0.2 Moz Proved and 4.4 Moz Probable attributed to a lower mineral resource grade in the west, and increased

Mineral Reserves. The decrease in the Proved Mineral Reserve is due dilution applied in the modifying factors. Limpopo to depletion and changes to the modifying factors. In contrast, the decrease in the Probable Mineral Reserve is due to the reconfiguration of the Hossy Shaft block.

Marikana Mineral Reserves 30 September 2015 30 September 2015 Akanani 3PGE+Au Pt 3PGE+Au Pt Ore Source Category Mt Mt g/t Moz Moz g/t Moz Moz Proved 5.6 4.39 0.8 0.5 5.6 4.36 0.8 0.5 Merensky West Probable 61.3 4.31 8.5 5.4 68.2 4.47 9.8 6.1 Sub Total 66.9 4.32 9.3 5.9 73.8 4.46 10.6 6.6 Probable 10.0 3.04 1.0 0.6 10.5 3.01 1.0 0.6 Merensky East Loskop Sub Total 10.0 3.04 1.0 0.6 10.5 3.01 1.0 0.6 Total Merensky 76.9 4.15 10.3 6.4 84.3 4.28 11.6 7.2 Proved 11.0 3.89 1.4 0.8 12.9 3.90 1.6 1.0 UG2 Probable 143.0 4.03 18.5 11.0 166.6 4.02 21.5 13.0 Total UG2 154.0 4.02 19.9 11.8 179.5 4.01 23.1 14.0 Proved 16.6 4.06 2.2 1.3 18.5 4.04 2.4 1.4 Total Marikana Probable 214.3 4.06 28.0 16.9 245.3 4.10 32.3 19.7 Total Mineral Reserves 230.9 4.06 30.1 18.3 263.8 4.10 34.7 21.2

2015 to 2016 3PGE+Au Moz - Merensky Reef Reserves 2015 to 2016 3PGE+Au Moz - UG2 Reef Reserves Marikana Operations Total (Attributable) Marikana Operations Total (Attributable)

12.0 25.0 11.5 0.0 0.2 0.05 11.0 23.0

10.5 0.0 10.0 1.1 21.0 0.8 0.3 9.5 0.4 11.6 4E Moz 9.0 4E Moz 19.0 1.7 0.1 8.5 10.3 23.1 8.0 17.0 19.9 7.5 7.0 15.0 30 Sep Depletions Re Modifying Design/ Other 30 Sep 30 Sep Depletions Re Modifying Design/ Other 30 Sep 2015 Classification Factors Scheduling 2016 2015 Classification Factors Scheduling 2016

Microscopic image of Merensky chromitite layer 5mm

Page 19 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Notes on the Marikana Mineral Resources and Mineral Reserves 10) Remnant areas enclosed by stoped out areas (otherwise known as white areas) are not part of the Measured Mineral Resource or The Marikana Mineral Resources and Mineral Reserves information Proved Reserve until it has been established that there is a was prepared on the following basis: reasonable intention and prospect of extracting ore from these

1) The Marikana Mineral Resources and Mineral Reserves include areas. Limpopo only Lonmin's 82% attributable portion. 11) An average of 14% unknown geological loss has been applied for 2) The eastern Merensky area represents the area east of the the Merensky Reef and 15% for the UG2 Reef. Geological losses Elandsdrift Fault that separates the Newman and Hossy blocks include those from dykes, fault loss, potholes and IRUP. from the Rowland Shaft block. The western area comprises the Geological losses are applied to resource block areas in addition various Karee and Rowland Shaft blocks and the areas down-dip to those areas removed as a result of known major geological

from them. The eastern Merensky has a lower grade mineral structures in which no Mineral Resources are believed to be Akanani resource than the western Merensky. developed. 3) Merensky Reef widths used for Mineral Resource estimates are 12) Merensky Mineral Resources are reported for blocks estimates based on a practical mining cut of not less than 90 cm and above a minimum grade of 2.5 g/t 3PGE+Au. Block estimates therefore may include some diluting material. below this grade are situated in portions of the eastern area of the 4) The UG2 Reef width used for Mineral Resource estimates are Mine Lease, where no underground mining of Merensky Reef has Loskop based on a practical mining cut of not less than 90 cm. This cut taken place, and are of thick pyroxenite Eastplats Facies. consists of the UG2 Chromitite Layer and internal waste partings 13) All UG2 block estimates are greater than 2.82 g/t 3PGE+Au. No and may include some external dilution in order to honour the UG2 estimates have been excluded from the Mineral Resource practical minimum mining cut width. solely on the basis of grade. 5) Measured Resources are typically declared in and immediately 14) Modifying factors applied to convert Mineral Resources to Mineral adjacent to areas where the reef has been exposed in Reserves are derived from the Mineral Reserve Management underground development and sampling has taken place. system on Lonmin Platinum's current operations. All survey, Channel samples are taken from underground reef intersections sampling, stope-width control and geological data are stored in using a diamond saw and are assayed at Lonmin's Marikana electronic databases and mine plans are captured electronically in laboratory. The channel samples are composited into individual a three dimensional information system. reef intersections, which are used to evaluate resource blocks by 15) Proved Reserves are converted from developed Measured applying an Ordinary Kriging estimation method. Resources allowing for an accurate assessment of modifying 6) Indicated and Inferred Resources are estimated from the results of factors for the individual mining block. Probable Reserves are surface diamond drillhole reef intersections and may incorporate converted from Indicated and undeveloped Measured Resources underground channel sample data where these resources occur using estimated dilution and extraction factors for the individual close to mined areas. At least four reef intersections are drilled area taking cognisance of the reef type and planned mining from each drillhole and three of these intersections are sampled method. It should be noted that Proved Reserves only include and assayed at a commercial laboratory. The samples of each stoping areas. valid deflection are composited into individual reef intersections, 16) Mineral Reserve estimates are supported by the output of digital which are used to evaluate resource blocks by applying an mine planning systems. Ordinary Kriging estimation method. 17) Average dilution applied to the Merensky Reef is 23% and to the 7) Where Pt content has been reported, these are derived from UG2 is 20%. drillhole core assays, and indicate the estimated proportion of Pt 18) Average losses applied as a result of both mining losses and pillar contained in 3PGE+Au, and is indicative of the global proportion. designs are approximately 19% for the Merensky Reef and 8) Confidence in the geological model, reef continuity, drilling density approximately 21% for the UG2. and geostatistical analysis is used to define resource classes. 19) All Mineral Reserves are shallower than 1,400 metres below Indicated Resources at Marikana are considered in areas where surface. drillhole spacing is less than 800 m. Inferred Mineral Resources 20) All projects that are classified as Mineral Reserves have passed are considered in areas where reef intersections are spaced the economic test as required by the SAMREC code. All economic between 800 m and 1,600 m. The Inferred Resources at Marikana evaluations were done on a consistent basis using the Lonmin are generally constrained by the sparse drillhole grid and are economic model. extrapolated by a maximum distance of 800 m from the drillhole 21) Appropriate assessments to a level of at least Pre-Feasibility or grid into the down dip areas. Life of Mine Plan have been carried out in order to declare Mineral 9) The Mineral Resources at Marikana occur at near surface to less Reserves. than 2,000 m below surface. The average width of the UG2 Reef is 1.24 m and the average width of the Merensky Reef is 1.06 m.

Page 20 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

2016 Attributable Mineral Resources 3PGE+Au relative to Infrastructure

140

120 115.0 Limpopo

100 45.2

80 70.3 Akanani Moz 60 21.8 44.7 40 23.4 69.8

48.5 Loskop 20 21.3

- Within Infrastructure Future Infrastructure Total

Merensky UG2

Page 21 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Marikana Mineral Resources and Mineral Reserves - Tailings Dam Percentage Indicative Prill Split for Marikana Tailings Dam

Tailings dams are residual deposits comprising the rejected material Pt 61.06% from the process that converts ore into concentrate. The tailings dams

contain quantities of PGE's, base metals and chromium. All tailings Pd 27.21% Limpopo deposits are considered part of Lonmin's future Mineral Resources. Lonmin has embarked upon a programme of tailings dam evaluation in Rh 11.73% order to assess their metal content and economic viability for re- Au 0.00% processing. The first tailings dam assessed was the EPL Number 1 (ETD1) tailings dam, which was formed from UG2 Reef tailings. 0 10 20 30 40 50 60 70 Akanani

Tailings Dam Mineral Resources 30 September 2016 30 September 2015 3PGE+Au Pt 3PGE+Au Pt Ore source Category Mt g/t Moz Moz Mt g/t Moz Moz Measured 0.0 4.80 0.0 0.0 0.0 4.80 0.0 0.0 Loskop Indicated 22.5 1.10 0.8 0.5 22.5 1.10 0.8 0.5 UG2 Measured & Indicated 22.5 1.10 0.8 0.5 22.5 1.10 0.8 0.5 Inferred 0.0 4.73 0.0 0.0 0.0 4.73 0.0 0.0 Total Mineral Resource 22.5 1.10 0.8 0.5 22.5 1.10 0.8 0.5

Tailings Dam Mineral Reserves 30 September 2016 30 September 2015 3PGE+Au Pt 3PGE+Au Pt Ore source Category Mt g/t Moz Moz Mt g/t Moz Moz Proved 0.0 3.81 0.0 0.0 0.0 3.78 0.0 0.0 UG2 Probable 21.1 1.10 0.7 0.5 21.1 1.10 0.7 0.5 Total Mineral Reserve 21.1 1.10 0.7 0.5 21.1 1.10 0.7 0.5

Notes on the Tailings Dam Mineral Resources and Mineral Reserves

1. The reported EPL Number 1 Tailings Dam (ETD1) Mineral Resources precious metal grade is 3PGE, which equals Pt+Pd+Rh. This differs from most of Lonmin's other Mineral Resources where 3PGE+Au is reported. Au mineralisation is present in negligible quantities and the assayed Au values occur mostly below the laboratory's assay detection limit. 2. The Mineral Resources and Mineral Reserves quoted for the Tailings Dam includes only Lonmin's 82 % attributable portion. 3. The evaluation samples were taken from 82 auger holes completed during 2011 and 2012 at an interval of at least one per hectare. 4. The samples were assayed by Setpoint Technologies, a commercial laboratory accredited for PGE assay. The samples were assayed by lead fire assay with a silver co-collector, for Pt, Pd, Rh and Au using an ICP-OES finish. A lesser number of samples were also assayed using a Nickel-Sulphide collection technique that provides Ru and Ir assays, as well as the Pt, Pd, Rh and Au. 5. The volume of the tailings dam was surveyed using differential GPS and the subsequent 3D model was estimated with PGE grades using an Ordinary Kriging method. 6. No cut-off-grade or size fraction was used in the reporting.

Page 22 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora Pandora Joint Venture

Geological Setting Mineral Rights Limpopo The Pandora Joint Venture is located in the Brits District of the North Pandora applied for both a converted mining right and a mining right. West Province of South Africa. It is immediately east and down dip These rights cover the entire Pandora area. The DMR has notarially (north) of the eastern area of Lonmin's Marikana mining operations. executed the converted mining right but registration thereof at the The Pandora JV area is underlain by the Merensky Pyroxenite and the Mining Titles Registration Office (MTRO) remains outstanding. The UG2 Chromitite Layer over a strike length of approximately 12 km. mining right granted has been both notarially executed and registered

These mineralised layers sub-outcrop below a thin layer of black cotton at the MTRO. Akanani soil along 5 km of the strike length of the lease area that is contiguous to the Marikana mining operations, although most of the near outcrop Nature of Business UG2 Reef has been removed by open pit mining. The E3 Shaft is situated towards the eastern limit of Marikana, adjacent The layers strike in an east-north-east direction and have a dip to the Pandora JV property, and consists of a single incline shaft Loskop approximately 13° to the north. The layered nature of the Bushveld currently down to 10 Level. The access consists of a material and a belt Complex makes it possible to identify different lithological and conveyor with a separate chairlift decline. stratigraphic units, which facilitates the interpretation of geological disturbances; dykes, faults, potholes and IRUP. The occurrence of The 60 ktpm Project which would extend the shaft depth from 11 to 14 IRUP at Pandora is rare. levels has been scheduled in the Pandora LTP, however, the project re- start has been deferred to beyond 2018. At the Pandora JV, the UG2 Reef normally comprises a massive chromitite layer, which varies in thickness over the property but is The UG2 Reef at E3 is the only ore body extracted in a conventional generally between 1.0 m and 1.4 m thick. Localised areas of internal breast mining configuration. At the shaft complex, approximately waste can occur and the internal waste is necessarily included in the 12,000 m² per month are mined, targeting approximately 60 000 tonnes Mineral Resource. per month.

The Merensky Reef at Pandora is a thick, low grade, non-pegmatoidal E4 Project pyroxenite type. No Mineral Resources have yet been defined for the Pandora JV as continuity of potentially economic mineralisation in this A high level of confidence in the future mining exists for the Pandora E4 variably mineralised unit at Pandora has not yet been established. project as revealed by the significant measured Mineral Resources. This orebody has good geological continuity as defined from the Exploration surface drilling.

The continuity of the UG2 Reef has been established by underground The E4 Project which has shallow UG2 Reef (from surface to ± 600 m and open pit mining, underground sampling, surface trenching, surface depth) is contiguous with the Lonmin's E3 mining operations towards drilling and magnetic surveys. The drilling of multiple reef intersections the eastern boundary. The shallow depth presents a good opportunity in each surface drillhole is standard practice and provides material for for lower cost ore extraction. This project is currently at the pre- assay, geotechnical, mineralogical and metallurgical testing. Logging feasibility study stage. and sampling of drillholes are conducted according to standard procedures and drillhole data are electronically stored in a relational Mineral Resources and Mineral Reserves database. Subsequent to the updated Mineral Resource estimate for the Pandora Over 300 surface diamond drillholes have been completed at Pandora. JV completed in the 2012, no significant change in the Mineral The complete property has been covered by airborne or ground Resources has been conducted up to now. The increased Mineral magnetic surveys. No surface drilling was conducted at Pandora in Resources of 0.04 Moz 3PGE+Au in 2016 is the result of the 2016. reassessment of some of the “white areas”. In contrast, the decrease in the Mineral Reserves of 0.04 Moz 3PGE+Au in 2016 is the result of tail management during the later life of the shaft. Post 31 September 2016, an agreement has been entered into where Lonmin will acquire the 42.5% interest of Anglo American Platinum. This would increase the attributable mineral resource by 9.8 Moz 3PGE+Au.

Page 23 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Mineral Resource and Mineral Reserve Confidence Plan / Limpopo

PANDORA DEEPS E4 PROJECT Akanani

60KT HARTIES PLAN 4 WEST X+2840000

Inferred Resource Loskop Indicated Resource Measured Resource Probable Reserves Proved Reserves Lonmin Mining Right Fault Dyke Drillholes Mined Out X+2845000 Y-65000 Y-70000 Y-75000

Pandora Attributable Mineral Resource 3PGE+Au (Inclusive)

6

5 4.91

4

3 Moz 2.45

2 1.41 1.49

1 0.76 0.57

0 Pandora Plan 4 Pandora 60Kt Pandora E4 Harties West Harties West SI Pandora Deeps

UG2 Resources

Page 24 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Pandora Mineral Resources 30 September 2016 30 September 2015 3PGE+Au Pt 3PGE+Au Pt Ore source Category Mt g/t Moz Moz Mt g/t Moz Moz Measured 10.6 4.80 1.6 1.0 10.1 4.80 1.6 0.9

Indicated 57.4 4.61 8.5 5.2 57.7 4.61 8.5 5.2 Limpopo UG2 Measured & Indicated 68.0 4.64 10.1 6.1 67.8 4.63 10.1 6.1 Inferred 9.5 4.73 1.4 0.9 9.5 4.73 1.4 0.9 Total Mineral Resource 77.5 4.65 11.6 7.0 77.3 4.65 11.5 7.0

Pandora Mineral Reserves Akanani 30 September 2016 30 September 2015 3PGE+Au Pt 3PGE+Au Pt Ore source Category Mt g/t Moz Moz Mt g/t Moz Moz Proved 0.9 3.85 0.1 0.07 0.88 3.81 0.1 0.07 UG2 Probable 5.2 4.26 0.7 0.4 5.70 4.14 0.8 0.5 Total Mineral Reserve 6.1 4.20 0.8 0.5 6.6 4.09 0.9 0.5 Loskop

Notes on the Pandora JV Mineral Resources and Mineral Reserves 6) Where Pt content has been reported, these are derived from drillhole core assays, and indicate the estimated proportion of Pt The Pandora JV Mineral Resources information was prepared on the contained in 3PGE+Au, and is indicative of the global proportion. following basis: 7) The Mineral Resources at Pandora occur from surface to 1) Eastern Platinum Limited (82% owned by Lonmin) has an interest approximately 1,200 m below surface. The average width of the of 50% in the Pandora JV. The Mineral Resources and Mineral UG2 Reef is approximately 1.29 m. Reserves quoted for Pandora include only Lonmin's attributable 8) An average of 7.5 % geological losses has been applied. portion. Geological losses include those from dykes, fault loss, potholes 2) Mineral Resources are reported for the UG2 Reef, which consists and IRUP. of the UG2 Chromitite Layer and minor internal waste partings. 9) All UG2 Reef block estimates are greater than 3.75 g/t 3PGE+Au. 3) Measured Resources are declared in, and immediately adjacent No UG2 Reef estimates have been excluded from the Mineral to, areas where reef has been exposed in underground Resource solely on the basis of grade. development or open pits, or where close spaced near surface 10) Proved Reserves are converted from developed Measured diamond drilling has been conducted. Channel samples are taken Resources. Modifying factors applied to convert Mineral from underground reef intersections using a diamond saw and are Resources to Mineral Reserves are derived from the Mineral assayed at Lonmin Platinum's laboratory. The results of this Resource Management system on Lonmin's current operations. sampling are combined with the results of the surface drilling and All survey, sampling, stope-width control and geological data are interpolated using Ordinary Kriging into Measured Resource stored in electronic databases and mine plans are captured blocks immediately adjacent to the underground exposures. electronically in a three dimensional information system. 4) Indicated and Inferred Resources are estimated from the results of 11) For Mineral Reserve estimation, the Pandora Mineral Resources surface diamond drilling. Currently, at least four reef intersections have been diluted by an average of approximately 14%. Average are drilled from each drillhole and three of these intersections are losses as a result of mining losses and underground pillar design sampled and assayed at a commercial laboratory. The individual are approximately 18%. reef composites are estimated into block models using Ordinary 12) All Mineral Reserves are shallower than 600 metres below Kriging. surface. 5) Confidence in the geological model, reef continuity, drilling density 13) Appropriate assessments to a level of at least Pre-Feasibility or and geostatistical analysis is used to define resource classes. Life of Mine Plan have been carried out in order to declare Mineral Indicated Resources at Pandora are considered in areas where Reserves. The following table highlights the status of the project drill spacing is less than 800 metres. Inferred Mineral Resources pipeline with particular relevance to the conversion of Mineral are declared in areas where drilling is sparser than 800 metres and Reserves from Mineral Resources. are extrapolated to the northern farm boundary approximately 600 metres down dip from the deepest drillholes.

Page 25 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora Limpopo Operations

Lonmin's Limpopo Operations division is located on the Northern The reef dip is relatively steep in this area, with the dip in the Baobab Sector of the Eastern Limb of the Bushveld Complex in the Limpopo and Dwaalkop-Doornvlei blocks being approximately 60° to the south. Limpopo Province of South Africa. The Mineral Resources occur over a strike The reef strike is close to east-west. The layered nature of the Bushveld length of approximately 15 km and are dislocated by several faults, Complex makes it possible to identify different lithological units, which which form the lateral boundaries of the delineated resource blocks facilitates the interpretation of geological disturbances such as dykes, namely:- faults, potholes and IRUP.  Baobab, and

 Dwaalkop, Doornvlei and Baobab East. Exploration Akanani

The Dwaalkop mineral resource block forms a Joint Venture in which The nature of both the Merensky and UG2 reefs in the area has been both Western Platinum and Mvelephanda Resources each have a 50% established by underground mining, underground sampling, surface interest. The Dwaalkop JV area includes portions of the farms trenching, surface drilling and an airborne magnetic survey. The drilling Dwaalkop, Rooibokbult and Turfpan. of multiple reef intersections in each drillhole is standard practice and Loskop provides material for assay, geotechnical, mineralogical and The Mineral Reserves at Limpopo continue to be the subject of a metallurgical testing. Logging and sampling of drillholes are conducted feasibility study on Baobab and Dwaalkop conducted by Shanduka according to standard procedures and drillhole data are electronically Resources, Lonmin's BEE partner. stored in a commercial database.

Between the 1960's and 2009 numerous phases of drilling were Limpopo Ownership Project Plan conducted by various mining companies (Anglo American Corporation, / Rooibokbult Messina Limited, Impala Platinum Limited, Southern Platinum 121KS Corporation and Lonmin). The depths of the drillholes vary from a few Turfpan 122KS metres to 1,550 m below surface. No exploration work has been conducted over the Lonmin Limpopo properties in the 2010 to 2016 Doornvlei Dwaalkop 456KS financial years. 455KS Voorspoed 458KS Mineral Rights Zuiping Vogelstruisvlakte 487KS 498KS At Limpopo, the following Mineral Rights information has relevance: Zebedielas Turflaagte Location 489KS  A lodgement for conversion of Mining Right was submitted to the 123KS DME (now DMR) in respect of Voorspoed (Baobab Shaft) in March 2007. This right has subsequently been granted, executed Farm Boundary and registered with the Mining Titles Registration Office; Baobab Mining Area  Doornvlei Project Area A lodgement for conversion of Mining Right was submitted to the Dwaalkop Project Area (Mvelaphanda JV) DMR in respect of Doornvlei in April 2009. This right has Zebediela’s Prospecting Right subsequently been granted, executed and registered with the Mining Titles Registration Office;  An application for Mining Right was lodged with the DMR in respect of Dwaalkop in April 2009 (currently Dwaalkop has a Geological Setting converted prospecting right which is subject to a renewal application). We are currently awaiting assessment; Both the Merensky and UG2 reefs at Lonmin Limpopo are composite  As regards that area previously subject to an old order layer mineral resources consisting of several well and less well prospecting right (i.e. primarily Zebediela's Location), a new mineralised layers and are therefore generally considerably thicker order prospecting right has been granted, executed and than at Marikana and elsewhere in the Eastern and Western Limbs of registered. Lonmin subsequently disposed of the western portion the Bushveld Complex. The UG2 Reef Mineral Resources in the of this prospecting right to Phembani, its BEE partner. Lonmin Northern Sector of the Eastern Limb differ from other areas in the retains the prospecting right over the eastern portion of the Bushveld Complex in that the concentrations of both Copper and Nickel property and has applied for renewal of the prospecting right over are relatively high, visible sulphide mineralisation being a feature of this this portion for a period of three years. Lonmin anticipates that this UG2 ore type. These base metals form an important bi-product of PGE renewal application will be granted in due course. mining.

Page 26 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Nature of Business strike length to the boundary above 350 Level is planned to be mined using the Conventional Down-Dip Stoping method. Due to the high The date for completion of the proposed transaction between Lonmin safety risk associated with the steep orebody where people are to enter and Phembani, our BEE partner, was extended to 30 April 2017. A and work in the steep stopes, the best future mining practice would be to

number of conditions precedent to the completion of the transaction implement the mechanised long hole stoping method. Limpopo need to be satisfied including completion of a bankable feasibility study, The steep dip of the UG2 and Merensky reefs allows mechanised the securing of funding and obtaining all necessary approvals. This will mining methods to be implemented with relative ease. Equipment and not be completed by 30 April 2017, therefore, at that point, Lonmin will operators are not required to enter the narrow excavations. The steep need to decide whether to once again extend the completion date or to dip allows broken ore to gravitate to the level below where it can be implement alternative options, including a re-negotiation of the loaded with mechanized equipment and transferred to a materials agreement. handling system. Akanani

Mining Limpopo Mineral Reserves

The mining methods applied since the mine started was Conventional No Mineral Reserves continue to be declared for Limpopo, the mineral Down-dip stoping, Conventional Apparent Dip Raise Long Hole Stoping reserves being removed in 2015. The Limpopo Baobab mine remains Loskop and Mechanised Long Hole Stoping. Due to the location of the IRUP on care and maintenance from January 2010. and potholes on both the UG2 and Merensky reef, the remaining 250 m

Merensky Reef Mineral Resource Confidence Plan Voorspoed 458KS /

Rooibokbult 121KS

X+2 895 000 Inferred Resource Indicated Resource Measured Resource Doornvlei Dwaalkop 456KS Lonmin Mining Right 455KS Lonmin Mining Turfpan Zuiping 487KS 122KS Authorisation IRUP Vogelstruisvlakte Mined Out Turflaagte 489KS 489KS Fault Voorspoed 458KS Dyke Zebedielas Location 123KS Y-50 000 Farm Boundary

UG2 Reef Mineral Resource Confidence Plan Voorspoed 458KS /

Rooibokbult 121KS

X+2 895 000 Inferred Resource Indicated Resource Measured Resource Doornvlei Dwaalkop 456KS Lonmin Mining Right 455KS Lonmin Mining Turfpan Zuiping 487KS 122KS Authorisation IRUP Vogelstruisvlakte Mined Out Turflaagte 489KS 489KS Fault Voorspoed 458KS Dyke Zebedielas Location 123KS Y-50 000 Farm Boundary

Page 27 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Limpopo Attributable Mineral Resources 3PGE+Au

10 8.69

8 Limpopo 7.32

6 5.79 Moz

4 Akanani

2 0.85

0 Baobab Baobab East Dwaalkop JV Doornvlei Loskop

UG2 Merensky

Limpopo Mineral Resources 30 September 2016 30 September 2015 3PGE+Au Pt 3PGE+Au Pt Reef Category Area Mt g/t Moz Moz Mt g/t Moz Moz Baobab 0.9 3.86 0.1 0.1 0.9 3.86 0.1 0.1 Measured Total Measured 0.9 3.86 0.1 0.1 0.9 3.86 0.1 0.1 Baobab 4.4 3.88 0.6 0.3 4.4 3.88 0.6 0.3 Baobab East 0.5 4.05 0.1 0.0 0.5 4.05 0.1 0.0 Indicated Dwaalkop JV 17.9 2.89 1.7 0.9 17.9 2.89 1.7 0.9 Doornvlei 6.6 3.74 0.8 0.4 6.6 3.74 0.8 0.4 Merensky Total Indicated 29.4 3.25 3.1 1.7 29.4 3.25 3.1 1.7 Reef Total Measured and Indicated 30.3 3.27 3.2 1.8 30.3 3.27 3.2 1.8 Baobab 10.4 3.95 1.3 0.8 10.4 3.95 1.3 0.8 Baobab East 2.1 3.87 0.3 0.1 2.1 3.87 0.3 0.1 Inferred Zebediela 0.0 - 0.0 0.0 0.0 - 0.0 0.0 Dwaalkop 13.3 3.10 1.3 0.7 13.3 3.10 1.3 0.7 Doornvlei 9.3 3.94 1.2 0.7 9.3 3.94 1.2 0.7 Total Inferred 35.1 3.62 4.1 2.3 35.1 3.62 4.1 2.3 Total Merensky 65.4 3.46 7.3 4.1 65.4 3.46 7.3 4.1 Baobab 0.9 4.45 0.1 0.1 0.9 4.45 0.1 0.1 Measured Total Measured 0.9 4.45 0.1 0.1 0.9 4.45 0.1 0.1 Baobab 11.4 4.04 1.5 0.7 11.4 4.04 1.5 0.7 Baobab East 0.9 4.10 0.1 0.1 0.9 4.10 0.1 0.1 Indicated Dwaalkop 17.1 4.35 2.4 1.1 17.1 4.35 2.4 1.1 Doornvlei 24.8 4.60 3.7 1.7 24.8 4.60 3.7 1.7 Total Indicated 54.2 4.40 7.7 3.6 54.2 4.40 7.7 3.6 UG2 Total Measured and Indicated 55.2 4.40 7.8 3.7 55.2 4.40 7.8 3.7 Baobab 18.1 3.78 2.2 1.0 18.1 3.78 2.2 1.0 Baobab East 3.1 4.05 0.4 0.2 3.1 4.05 0.4 0.2 Inferred Zebediela 0.0 - 0.0 0.0 0.0 - 0.0 0.0 Dwaalkop 13.7 4.35 1.9 0.9 13.7 4.35 1.9 0.9 Doornvlei 19.4 4.89 3.0 1.4 19.4 4.89 3.0 1.4 Total Inferred 54.3 4.34 7.6 3.6 54.3 4.34 7.6 3.6 Total UG2 109.4 4.37 15.4 7.2 109.4 4.37 15.4 7.2 Measured 1.8 4.16 0.2 0.1 1.8 4.16 0.2 0.1 Total Indicated 83.7 3.99 10.7 5.3 83.7 3.99 10.7 5.3 Inferred 89.4 4.06 11.7 5.9 89.4 4.06 11.7 5.9 Total Mineral Resource 174.8 4.03 22.6 11.4 174.8 4.03 22.6 11.4

Page 28 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Notes on the Limpopo Mineral Resources and Mineral Reserves 7) The Mineral Resources at Dwaalkop and Doornvlei occur from surface to a maximum depth of 2,000 metres. The Baobab The Limpopo Mineral Resources information was prepared on the Mineral Resources occur to a depth of 1,500 m for Merensky following basis: Reef and 1,650 m for the UG2. Isolated drillholes have

1) Western Platinum Limited (82% owned by Lonmin) has an interest confirmed the presence of the UG2 at greater than 1,500 m Limpopo of 50% in the Dwaalkop JV and 100% of the remainder. The below surface at Baobab, and in all areas the mineralisation Mineral Resources quoted for Limpopo include only Lonmin's remains open at depth. attributable portion. 8) The widths of the individual layers that comprise the reef vary 2) The Dwaalkop JV area includes portions of the farms Dwaalkop, across the property and the reef widths also vary according to Rooibokbult and Turfpan. the layers incorporated into the reef cut. The average width of 3) Mineral Resources are estimated from the results of surface the UG2 Reef for each property varies between approximately Akanani diamond drilling and from underground channel samples. 1.90 m and 3.05 m and the average width of the Merensky Reef Channel samples are taken from underground reef intersections for each property varies between approximately 0.90 m and 2.25 using a diamond saw and are assayed at Lonmin's Marikana m. laboratory. For the surface drillholes, at least four reef 9) Where Pt content has been reported, these are derived from intersections are drilled from each drillhole per reef and three of drillhole core assays, and indicate the estimated proportion of Pt Loskop these intersections are sampled and assayed at a commercial contained in 3PGE+Au, and is indicative of the global proportion. laboratory. 10) An average of approximately 20% geological loss has been 4) The grades and/or metal accumulations, density and thicknesses applied to the Merensky and UG2 Reef areas. Geological of the individual reef layers are estimated into block models using losses are applied to individual areas and vary according to Ordinary Kriging. The Mineral Resource cut is then selected from known and anticipated geological conditions. Geological losses the individual reef layers and therefore may include some diluting include those from dykes, fault loss, potholes and IRUP. material. 11) Remnant areas enclosed by stoped out areas (otherwise known 5) Mineral Resource estimates are based on a practical mining cut of as white areas) are not part of the Measured Mineral Resource not less than 90 cm. until it has been established that there is a reasonable intention 6) Confidence in the geological model, reef continuity, drilling density and prospect of extracting ore from these areas. and geostatistical analysis is used to classify the Mineral Resources. Typically, the Measured Resource estimates are declared in, and immediately adjacent to, areas where the reef has been exposed by underground development and has been sampled. Indicated and Inferred Resource estimates are predominantly informed by surface diamond drillholes. Indicated Resources at Limpopo are typically declared in areas where drill spacing is less than 600 metres.

Page 29 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora Akanani Project

The Akanani Project comprises a massive conformable mineralised In the 2016 financial year, 4,510 metres of drilling were completed. This zone, typically 20-40 metres thick, known as the Platreef which is consisted of completing two mother drill holes from 1,933 metres; the Limpopo suitable for mechanized mining. The Platreef at the Akanani Project remainder of the drilling was deflection drilling metres comprising 2,577 starts at a depth of 800 metres below surface and occurs downdip of the metres from 27 deflections to obtain a bulk metallurgical test sample. Mogalakwena open pit. A review of the geological interpretation during the past year has concluded a less complex structure model which Mineral Rights forms the basis of an updated grade model in preparation.

The new order Akanani prospecting right was granted and stated to be Akanani Geological Setting valid until June 2011. An application to renew this prospecting right for a further period of three years was submitted in March 2011 and is The Akanani Project is located on the Northern Limb of the Bushveld expected to be renewed in due course. The renewal period will be three Complex in the Limpopo Province of South Africa. The mineralisation is years from the date of grant of renewal. In the interim, it is likely that a hosted within the Platreef Pyroxenite. At Akanani, the lithological mining right application will be submitted over the Akanani area in 2017. Loskop layering in the Platreef appears to be less continuous than that of the Critical Zone in the Eastern and Western Limbs. P2 and P1 Unit Mineral Resource Confidence Plan Inferred Resource The higher grade mineralisation is generally well constrained within a / Indicated Resource geological unit towards the top of the Platreef known by Lonmin as the Fault P2 Unit that has an average thickness of approximately 20 metres. The Dyke hangingwall of this unit is readily identifiable in core samples and well Drillhole Prospecting Right defined, whereas the footwall merges into the immediately underlying Boundary P1 Unit mineralisation.

Mineralisation in the P1 Unit occurs over a wider interval and appears to

be less continuous than that of the P2 Unit. The P1 Unit is generally of -2 653 000 lower grade than the P2 Unit.

Potholes, such as those that occur on the Merensky Reef and UG2 Reef, and IRUP intrusions, have not been recognised on the Platreef at the Akanani Project. Losses in the Mineral Resource area are anticipated to occur as a result of dykes and veins, faults and localised alteration, particularly calc-silicate alteration. Such alteration is rare in the P2 Unit and more common in the P1 Unit.

The large thickness of the orebody makes the Mineral Resource -2 655 000 amenable to fully mechanised bulk mining methods. The nature of the P1 Mineral Resource grade profile may allow for selective mining of -13 000 -11 000 higher grade zones. This will be considered should this mineralisation be converted to a Mineral Reserve.

Exploration

The locations of major discontinuities, such as faults and dykes, have been established by interpretation of magnetic survey and diamond drilling information. During the period 2005 and 2009, 122 diamond drillholes were completed. Infill and resource extension drilling in the southern area of the Zwartfontein farm at the Akanani Project re- commenced during the latter part of the 2011 financial year. Subsequently, 21,179 metres have been drilled, with 12 mother drill holes and 41 deflections drilled.

Page 30 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Mineral Resources Mineral Reserves

The revision of the Mineral Resources at Akanani was completed in No Mineral Reserves have been declared. 2015 in which the interpretation of the geological structure and the

grade models has been updated. Limpopo

Akanani Mineral Resources 30 September 2016 30 September 2015 3PGE+Au Pt Cu Ni 3PGE+Au Pt Cu Ni Reef Category Mt g/t Moz Moz % % Mt g/t Moz Moz % % Indicated 91.1 4.90 14.4 6.1 0.14 0.27 91.1 4.90 14.4 6.1 0.14 0.27 P2 Akanani Inferred 37.9 4.07 5.0 2.1 0.11 0.21 37.9 4.07 5.0 2.1 0.11 0.21 Total 128.9 4.66 19.3 8.1 0.13 0.25 128.9 4.66 19.3 8.1 0.13 0.25 P1 Indicated 60.8 3.06 6.0 2.3 0.11 0.19 60.8 3.06 6.0 2.3 0.11 0.19 Inferred 43.3 2.82 3.9 1.6 0.09 0.15 43.3 2.82 3.9 1.6 0.09 0.15 Total 104.2 2.96 9.9 3.8 0.10 0.17 104.2 2.96 9.9 3.8 0.10 0.17 Indicated 151.9 4.17 20.4 8.4 0.14 0.27 151.9 4.17 20.4 8.4 0.14 0.27 Total

Inferred 81.2 3.40 8.9 3.6 0.10 0.18 81.2 3.40 8.9 3.6 0.10 0.18 Loskop Total Mineral Resource 233.1 3.90 29.2 12.0 0.13 0.24 233.1 3.90 29.2 12.0 0.13 0.24

Notes on the Akanani Project Mineral Resources and Mineral Reserves 6) Geostatistical estimation criteria were used to guide the definition of the P2 and P1 Indicated Mineral Resource area. These were The Akanani Mineral Resources information was prepared on the typically declared where drillhole spacing is less than 200 m and following basis: within the variogram range, depending on knowledge of the 1) Lonmin has an interest of 74% in the Akanani Project. The Mineral orebody continuity in individual areas. Resources quoted for Akanani include only Lonmin's attributable 7) Inferred Mineral Resources were extrapolated a maximum of 465 portion. metres in the reef plane outside the drillhole grid to a maximum 2) Over seventy diamond drillholes intersected P2 mineralisation depth below surface of 2,000 metres, depending on knowledge of within the declared Mineral Resource. the reef continuity in individual areas. 3) PGE and base metal assays were completed by Set Point 8) The Mineral Resources in the project occur from approximately Technologies Limited and were confirmed by SGS Lakefield 800 m below surface and are shallower than 2,000 m below Research Africa. Base metal grades represent acid soluble Ni and surface. The average thickness of the P2 Unit Mineral Resource is Cu. approximately 20 m. The thickness of the P1 Unit mineralisation 4) The Mineral Resource estimates were completed for both the P2 declared as Mineral Resource is very variable due to its irregular and P1 Units at Akanani using 3D modelling techniques and shape, but is typically in the order of 30 m thick on average. Ordinary Kriging. 9) Mineral Resources were estimated within a mineralised envelope. 5) A percentage of the area has been removed as an allowance to The P2 Unit hangingwall was defined by a lithological boundary cater for anticipated geological losses. Geological losses include and the footwall normally forms the P1 hangingwall. There being those from dykes and veins, fault loss and localised alteration. no distinct change in lithology, the footwall of the P1 mineralisation 10% geological losses were applied to the P2 model. 20% was defined by a 2 g/t 3PGE+Au assay cut off using Indicator geological losses were applied to the P1 model, in order to account Kriging. for the greater occurrences of calc-silicate in this unit. 10) There are currently no Mineral Reserves estimated for the Akanani Project. intention and prospect of extracting ore from these areas.

Percentage Indicative Prill Split for Akanani P2 Platreef Percentage Indicative Prill Split for Akanani P1 Platreef Mineral Resources Mineral Resources

Pd 48.25% Pd 51.95%

Pt 42.09% Pt 39.13%

Au 5.99% Au 5.51%

Rh 3.67% Rh 3.41%

0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70

Page 31 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora Loskop Joint Venture

The Loskop exploration prospect is a joint venture between Western Sampled intersection data from diamond drillholes was used to assist in Platinum Limited and Boynton Investments (Pty) Limited and is located the evaluation of the mineralisation on the properties. The mineral Limpopo 20 km south of the town Groblersdal. Western Platinum Limited has an resource cut was taken from a selected high grade portion of the UMP attributable interest of 50 % in the Loskop Joint Venture. The Loskop where continuity of the selected cut was assumed. exploration prospect has progressed towards an advanced exploration stage which has enabled an Inferred Mineral Resource to be declared. Exploration

Geological Setting Exploration activities conducted since 2002 include surface geological Akanani mapping, geochemical soil sampling survey, and geological structure The Mineral Resources for the Loskop Joint Venture are located on the modelling and aeromagnetic surveys. Earlier percussion boreholes farms Rietfontein 70JS and De Wagendrift 79JS which are situated in drilled in 2003 were followed up with 72 diamond drilled drillholes the poorly exposed southern extension of the Eastern Limb of the managed by the Boynton Lonmin JV and by Lonmin. During 2016, no Bushveld Complex. The area is considered to be more geologically data acquisition activities took place. Loskop complex than elsewhere in the Bushveld Complex, and has also been affected by regional structure effects from the Dennilton Dome and the Mineral Rights Steelpoort Fault zone. The results of a high resolution aeromagnetic survey covering 210 km2 were used to assist in the structural Boynton Investments, in its capacity as the manager of the joint interpretation of the geology in the area. venture, has applied for renewal of the Loskop prospecting rights in Mpumalanga. Should the application be successful, the prospecting The Mineral Resources are contained within a mineralised zone, the right is expected to be renewed for a further period of three years from “Upper Mineralised Pyroxenite” (UMP) that is contained within a the date of grant. The legal dispute in respect of the Loskop prospecting sequence that is considered to be stratigraphically equivalent to the area in Mpumalanga (a joint venture between WPL and Boynton) was Upper Critical Zone of the Eastern and Western Limbs of the Bushveld resolved in WPL's favour resulting in WPL acquiring a larger interest in Complex. Chromitite and PGM-mineralised layers or zones are certain of the joint venture properties. present, but have not been fully correlated with the classic PGE- mineralised layers elsewhere in the Bushveld Complex.

Page 32 Mineral Resource and Mineral Reserves Statement, 2016 South African operations Marikana Pandora

Loskop JV Drillhole Integration and Mineral Resource Confidence Plan

/ Inferred Resource Rietfontein 70JS Permit Boundary Drillhole Limpopo Fault Road Akanani

Dewagendrift 79JS O 25 21'S Loskop

0 2km Scale 29O 24'E

Loskop Mineral Resources 30 September 2016 30 September 2015 2PGE+Au Pt 2PGE+Au Pt Ore Source Category Area Mt g/t Moz Moz Mt g/t Moz Moz Rietfontein 6.5 3.91 0.8 0.5 6.5 3.91 0.8 0.5 UMP Inferred De Wagendrift 3.6 4.28 0.5 0.3 3.6 4.28 0.5 0.3 Total Mineral Resource 10.1 4.04 1.3 0.8 10.1 4.04 1.3 0.8

Notes on the Loskop Mineral Resources and Mineral Reserves 5) A cut-off-grade of 2 g/t 2PGE+Au was used to define optimum cuts of greater than 100 cm. 1) The reported Loskop Mineral Resources precious metal grade is 6) The Inferred Mineral Resource was informed by the results of 61 2PGE+Au, which equals Pt+Pd+Au. This differs from most of drillholes that intersected the Upper Mineralized Pyroxenite Lonmin's other Mineral Resources where 3PGE+Au is reported. (UMP). Although Rh mineralization is present, there are insufficient Rh 7) The Mineral Resources at Loskop occur from surface to assayed intersection data to report any Mineral Resources for this approximately 865 m below surface. The average width of the element. selected reef cut is approximately 1.35 m. 2) The Mineral Resources quoted for Loskop includes only Lonmin's 8) An average of 25% geological losses has been applied to the 41% attributable portion. mineralised area. Geological losses will include those from dykes, 3) Half core samples were taken from diamond drillholes and fault loss and other geological disturbances. assayed at commercial laboratories for 2PGE+Au using lead 9) Inferred Mineral Resources are constrained by the current drill collector fire assay techniques. coverage and the deposit is open down dip and to the west. 4) An optimum cut at a minimum true width of 100 cm was calculated 10) There are currently no Mineral Reserves estimated for the Loskop for each drillhole and the resulting composites were averaged to Project. estimate the grade and width of the Mineral Resource.

Page 33 Mineral Resource and Mineral Reserves Statement, 2016 Canada

Page 34 Canadian operations

Denison

Lonmin's only Platinum Group Element (PGE) Mineral Resource Geological Setting outside of the Bushveld Complex is located in the Sudbury Igneous Complex (SIC) near Sudbury, Ontario, Canada. The SIC hosts world Lonmin's Mineral Resources on the Denison property are hosted in the class mineral resources of nickel, copper, cobalt and PGE's. The PGE's Huronian metasediment and metavolcanic sequence immediately to (mostly platinum, palladium, with minor amounts of rhodium, the south of the SIC contact. The contact of the SIC with the host ruthenium, osmium and iridium) as well as gold, are intimately sequence is near vertical in this area and the PGE mineralisation is associated with nickel and copper massive sulphides, which historically located along two intersecting linear structures close to this contact. have been the main metals exploited in the SIC. The mineralisation referred to as the 109 FW zone plunges approximately 70 degrees to the east-northeast. The mineralisation Lonmin's Sudbury Joint Ventures with partners, Vale and Wallbridge has been continually traced by drilling from its surface outcrop to a Mining, are targeting lower sulphide bearing lithology with high grade depth of 400 m below surface. PGE mineralisation, which is known to occur in offset dykes and certain footwall settings of the SIC. Much of this style of mineralisation also The approximately 'V-shaped' orebody comprises two linear zones of contains low concentrations of copper, nickel, cobalt and silver. The approximately 80 m and 150 m in length, which vary between geological setting of PGE mineralisation in the SIC is unlike the majority approximately 3 m and 30 m in thickness. The Mineral Resource is at its of Lonmin's mineral deposits in that it is associated with veins and widest point where the zones intersect. irregular disseminations of base metal sulphides rather than in layered reefs. The SIC was formed as the result of a meteorite impact 1.85 The current mineral resource has been restricted to a depth of 100 m billion years ago, intruding into older granites, gneisses and from surface, the deeper mineralisation not yet being included due to metasediment. It is the second largest known meteorite impact the assessment of its prospects for eventual economic assessment. structure on earth, underlying an area of approximately 1,540 km². The Furthermore, given the greater variability in the nature of the SIC is geographically divided into two main areas, the North and South mineralisation at Denison, drilling on which the mineral resource has Ranges. Lonmin's JV exploration properties are situated peripheral to been based; is necessarily more closely spaced than those used to the SIC, with the first Mineral Resource located within the Denison determine Bushveld-type reef mineralisation. The average drillhole property on the South Range. spacing in the Denison mineral resource area is between 20 m and 35 m.

The Location of Lonmin’s Canadian Mineral Resources / ONTARIO, CANADA

Sudbury Ottawa Toronto

Sudbury

Denison

0 5km Sudbury Igneous Complex Scale

Page 35 Mineral Resource and Mineral Reserves Statement, 2016 Canadian operations

Exploration Various Mineral Exposures in SIC

In 2014 and 2015, a programme of infill evaluation drilling was completed consisting of 53 drillholes for 14,652 m of drilling. A second area of known PGE mineralisation, elsewhere on the Denison property (the 9400 Zone), was tested with a further six drillholes for 3,847 m in 2015.

Subsequently in 2016, two programmes of larger diameter metallurgical drilling were undertaken on the 109FW and 9400 zones with 13 drill holes completed for 3,198 m in total.

Mineralisation at both prospects continues to be open at depth and remains a target for future exploration. Elsewhere on the Denison property, 30 additional drill holes were drilled for 1,909 m on another PGM target.

Two further drill holes were drilled on other Vale joint venture properties for 1,619 m.

Mineral Resource

The Denison 109 FW Zone has a portion of the Mineral Resource that is considered partly amenable to extraction by open-pit mining to a depth of 100 m followed by cut-and-fill mining of the deeper portion. These mining assumptions formed the basis of the assessment for prospects of economic extraction.

In 2015, the drillhole information from the 2011 and 2014-2015 exploration campaigns was used to update the geological and grade models. This has resulted in improved confidence of the mineral resource for a large portion of the upper 240 m of the deposit. Reporting of the Mineral Resources from this geological update has been declared here only for the upper 100 metres of the deposit within an open pit shell.

The Mineral Resources previously reported below the open pit shell have been excluded from the current inventory and is the subject of future economic assessment.

The mineralisation below the pit shell is categorired as an exploration target of between 0.7 and 2.1 Mt with a 2PGE+Au grade between 1 and 2 g/t.

The Denison Mineral Resource was prepared and classified by Lonmin geologists. The Denison Mineral Resource has been prepared under the guidance of D Hoffmann (MSc) of Lonmin, who is a Competent Person as defined by requirements of the SAMREC 2007 code.

Mineral Rights

The Vale Lonmin Joint Venture property in Denison Township consists of parts of Lots 2 to 6 Concession 4 and Lots 3 to 6 Concession 5. All the parcels are patented for surface and mining rights.

Page 36 Mineral Resource and Mineral Reserves Statement, 2016 Canadian operations

Denison Mineral Resources 30 September 2016 30 September 2015 3PGE+Au Pt 3PGE+Au Pt Ore Source Category Mt g/t Moz Moz Mt g/t Moz Moz Indicated 0.19 5.92 0.04 0.02 0.19 5.92 0.04 0.02 109FW Inferred 0.00 2.88 0.00 0.00 0.00 2.88 0.00 0.00 Total Mineral Resource 0.19 5.86 0.04 0.02 0.19 5.86 0.04 0.02

Notes on the Denison Mineral Resources and Mineral Reserves to standard QAQC procedures performed by ALS Chemex, Vale Technology Development (Canada) Limited and Lonmin Canada 1) The reported Denison Mineral Resources precious metal grade is Inc. personnel conduct in-house QAQC procedures. 2PGE+Au, which equals Pt+Pd+Au. This differs from most of 6) Mineral Resources were estimated by Ordinary Kriging within a Lonmin's other Mineral Resources where 3PGE+Au is reported. mineralised envelope. The mineralisation extents were defined by 2) The Mineral Resources quoted for Denison includes only Lonmin's examination of mineralisation in the drillhole intersections and 50 % attributable portion of the PGE's. interpreted using 3D modelling techniques utilising assumed 3) 117 diamond drillholes were used for grade estimation within the geological continuity between drillholes. modelled wireframe. 7) Mineral Resources that have reasonable prospects for economic 4) Half core samples were taken from diamond drillholes and extraction were extracted from the grade model based on an assayed at ALS Chemex laboratories Pt, Pd and Au using a fire economic test, on a Net Smelter Return basis. This was conducted assay fusion preparation followed by analysis by inductively for a pit shell designed by specialists from RPA. coupled plasma - atomic emission spectrometry. 8) Indicated and Inferred Mineral Resources were reported from 5) Diamond drill core is logged and sampled in a secure Vale within the drillhole grid and there was no extrapolation either Technology Development (Canada) Limited facility in Sudbury, down-dip or along strike from the drillhole grid. Ontario. Diamond drill core samples are prepared at the ALS 9) The Mineral Resources in the project occur from surface and were Chemex preparation facility in Sudbury, Ontario. The resulting restricted to 100 m below surface. The mineral resources resting pulps are shipped to the ALS Chemex laboratory in Vancouver, below the pit shell have not been included. The thickness of the British Columbia for analysis. ALS Chemex's Vancouver Mineral Resource varies from approximately 3 m to 30 m. laboratory has received ISO 17025:2005 accreditation from the 10) There are currently no Mineral Reserves estimated for the Standards Council of Canada under CAN-P-1579 “Guidelines for Denison Project. Accreditation of Mineral Analysis Testing Laboratories”. In addition

View of Denison open pit area

Page 37 Mineral Resource and Mineral Reserves Statement, 2016 Appendices

Lonmin Mineral Resource and Mineral Reserve Compilation Members

NAME COMPANY OPERATION/PROJECT FUNCTION J Visser Lonmin Lonmin Overall Responsibility D Hoffmann Lonmin Lonmin Competent Person Mineral Resources L Koorsse Lonmin Lonmin Competent Person Mineral Reserves N Wansbury Lonmin Marikana, Pandora Mineral Resource Estimation S Pillai and R Smit Lonmin Karee Mine Mineral Resource and Reserve R Knipe and J Smit Lonmin Saffy Mine Mineral Resource and Reserve J Marais and T Machaba Lonmin 4B Mine Mineral Resource and Reserve C Modiri and M Tyeni Lonmin Eastern Mines Mineral Resource and Reserve V Nelwamondo & M Henning Lonmin Hossy & Newman Mineral Resource and Reserve P van Zyl and J Prinsloo Lonmin Rowland Mine Mineral Resource and Reserve V Heera Lonmin Marikana Geological Losses B Kloppers Lonmin Marikana, Pandora Economics Long Term Plan D Clarke Lonmin Marikana, Pandora Mine Budget Plan G Smith Lonmin ETD1 Tailings Mineral Reserves D Gray Snowden Mining Consultants Dwaalkop & Doomvlei Mineral Resources J Witley MSA Group Akanani Project Mineral Resources A Baker Lonmin Denison, Canada Mineral Resources

Acronyms 2PGE+Au Also known as 3E, comprises two platinum group elements plus gold and is a summation of Pt, Pd and Au. 3PGE+Au Also known as 4E, comprises three platinum group elements plus gold and is a summation of Pt, Pd, Rh, and Au. 3PGE Comprises three platinum group elements and is a summation of Pt, Pd and Rh. 5PGE+Au Also known as 6E, comprises five platinum group elements plus gold and is a summation of Pt, Pd, Rh, Ru, Ir and Au. BEE Black Economic Empowerment BBBE Broad Based Black Economic Empowerment CIM Canadian Institute of Mining and Metallurgy and Petroleum DME Department of Minerals and Energy DMR Department of Mineral Resources (formerly the DME). g/t Grams per tonne. A unit of grade expressing concentration that is equal to parts per million (ppm). IRUP Iron Rich Ultramafic Pegmatite. JORC Australasian Joint Ore Reserves Committee JV Joint Venture Koz Thousands of troy ounces. One troy ounce is equal to 31.10348 metric grams. Moz Millions of troy ounces. One troy ounce is equal to 31.10348 metric grams. MR Merensky Reef; refers to the portion of the Merensky Pyroxenite Unit (and in some areas immediately adjacent units) that contains significant PGE, nickel and copper mineralisation. Mt Millions of metric tonnes; a metric tonne equals one thousand kilograms. NI 43-101 National Instrument 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. PGE Platinum Group Element. Elements belonging to this group consist of Platinum (Pt), Palladium (Pd), Rhodium (Rh), Ruthenium (Ru), Iridium (Ir) and Osmium (Os) PGM Platinum Group Mineral. Those minerals that contain PGE's. May also refer to Platinum Group Metal and is then synonymous with PGE. SAMREC The South African Mineral Resources Committee SAMVAL The South African Mineral Asset Valuation Committee SSC SAMREC/SAMVAL Committee UG2 Upper Group 2. A unique stratigraphic unit comprised mostly of a massive chromitite layer that normally contains significant PGE mineralisation, but little nickel and copper. UMP Upper Mineralised Pyroxenite. The geological unit that contains PGE, nickel and copper mineralisation at the Loskop Project.

Page 38 Mineral Resource and Mineral Reserves Statement, 2016 London – Registered Office

Lonmin Plc 4 Grosvenor Place London SW1X 7YL

Tel: +44 (0)20 7201 6000 Fax: +44 (0)20 7201 6100

Registered in England and Wales. Company number 1003002

South Africa – Operational Headquarters

Physical Address 1st Floor 34 Melrose Boulevard Melrose Arch Johannesburg Republic of South Africa

Postal Address PO Box 98811 Sloane Park 2152 Johannesburg Republic of South Africa Tel: +27 (0)11 218 8300 Fax: +27 (0)11 218 8310

www.lonmin.com

Photographs supplied by Lonmin.

Page 39 Page 40