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Annual Information Form ANNUAL INFORMATION FORM for the year ended December 31, 2016 Dated : March 31, 2017 EMPOWERED TO PRODUCE TABLE OF CONTENTS 1. PRELIMINARY INFORMATION AND DEFINITIONS ..................................................... 3 Documents Incorporated by Reference ...................................................................................... 3 Cautionaries .............................................................................................................................. 3 Currency and Measurement ....................................................................................................... 6 Glossary .................................................................................................................................... 6 Definitions for Mineral Symbols .............................................................................................. 10 Definitions of Geological and Exploration Terms .................................................................... 10 Resource Category Classification ............................................................................................ 11 2. CORPORATE STRUCTURE ............................................................................................... 12 Name, Address and Incorporation ............................................................................................ 12 Intercorporate Relationships .................................................................................................... 12 Ownership of Bokoni Holdco .................................................................................................. 13 3. GENERAL DEVELOPMENT OF THE BUSINESS ........................................................... 14 Restructure Plan ...................................................................................................................... 14 Over Complement of Employees ............................................................................................. 15 Amended Loan Facilities ......................................................................................................... 15 4. DESCRIPTION OF BUSINESS ........................................................................................... 17 General ................................................................................................................................... 17 Mineral Projects ...................................................................................................................... 20 Projects ................................................................................................................................... 41 Risk Factors ............................................................................................................................ 45 5. DIVIDENDS .......................................................................................................................... 64 6. DESCRIPTION OF CAPITAL STRUCTURE .................................................................... 64 7. MARKET FOR SECURITIES ............................................................................................. 64 8. ESCROWED SECURITIES ................................................................................................. 65 9. DIRECTORS AND OFFICERS ........................................................................................... 66 Name, Occupation and Security Holdings ................................................................................ 66 Cease Trade Orders, Bankruptcies, Penalties or Sanctions ....................................................... 72 Conflicts of Interest ................................................................................................................. 73 10. LEGAL PROCEEDINGS AND REGULATORY ACTIONS ............................................. 73 11. INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .... 73 12. TRANSFER AGENTS AND REGISTRARS ....................................................................... 74 13. MATERIAL CONTRACTS .................................................................................................. 74 14. INTERESTS OF EXPERTS ................................................................................................. 75 15. ADDITIONAL INFORMATION ......................................................................................... 76 16. AUDIT COMMITTEE AND EXTERNAL AUDITOR ....................................................... 76 APPENDIX A - AUDIT AND RISK COMMITTEE CHARTER ............................................... 78 1. PRELIMINARY INFORMATION AND DEFINITIONS Documents Incorporated by Reference Audited consolidated financial statements of Atlatsa Resources Corporation (“Atlatsa” or the “Company”) for the year-ended December 31, 2016, together with the auditor’s report thereon, a copy of which can be found on SEDAR at www.sedar; Management’s Discussion and Analysis of the Company for the year-ended December 31, 2016, a copy of which can be found on SEDAR at www.sedar; and The independent technical report entitled “An Independent Qualified Persons’ Report on the Bokoni Platinum Mine, in the Mpumalanga Province, South Africa” dated April 24, 2013 and filed on SEDAR at www.sedar.com.1 Cautionaries Note to U.S. Investors Regarding U.S. Delisting and Deregistration On July 20, 2015, the Company filed a Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) with the U.S. Securities and Exchange Commission (the “SEC”) to voluntarily withdraw its shares from listing on the NYSE MKT. The delisting was effective 10 days following the filing of the Form 25. On July 8, 2016, the Company filed a Form 15 with the SEC to terminate the registration of its common shares under Section 12(g) of the Exchange Act, and its reporting obligations under Section 13(a) of the Exchange Act. The termination of the Company’s registration was effective 90 days after the date of filing of the Form 15 with the SEC. Upon filing of the Form 15, the Company’s reporting obligations under the Exchange Act were suspended. While the Company’s prior filings with the SEC, including its Annual Report on Form 20-F, continue to be available on the SEC’s Electronic Document Gathering and Retrieval System at www.sec.gov, the Company no longer files information with, or furnishes information to, the SEC. The Company’s common shares continue to trade on the TSX and the JSE, and the Company will continue to meet its Canadian and South African continuous disclosure obligations through filings with the applicable Canadian and South African securities regulators. All of the Company’s filings can be found on SEDAR at www.sedar.com and also on www.atlatsa.com. Cautionary Note Regarding Forward-Looking Statements Certain statements in this Annual Information Form (the “AIF”) constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws, including without limitation, statements relating to potential acquisitions and/or disposals, future production, reserve potential, exploration drilling, exploitation activities and events or developments that Atlatsa expects such statements appear in a number of different places in this AIF and can be identified by words such as “anticipate”, “estimate”, “project”, “expect”, “intend”, “believe”, “plan”, “forecasts”, “predicts”, “schedule”, “forecast”, “predict”, “will”, “could”, “may”, or their negatives or other comparable words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Atlatsa’s actual results, performance or achievements to be materially different from 1 Bokoni Mine is situated in the Limpopo Province and incorrectly referenced as Mpumalanga in the referenced report above. No material change has occurred and there is therefore no need for an updated report. any future results, performance or achievements that may be expressed or implied by such forward- looking statements. Atlatsa believes that such forward-looking statements are based on material factors and reasonable assumptions, including the following assumptions: maintaining production levels at Bokoni Mine in accordance with mine operating plan; anticipated financial and operational improvements expected as a result of the Restructure Plan; the Company’s ability to refinance its debts as and when due; the provision of goods and/or services by contracted parties on the agreed timeframes; availability of equipment available as scheduled; absence of material labour slowdowns, strikes or community unrest; proper functioning of plant and equipment functions; absence of mine plan changes resulting from a change in geological or financial parameters; and absence of geological or technical problems. Forward-looking statements, however, are not guarantees of future performance and actual results or developments may differ materially from those projected in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include: uncertainties related to the achievement of the anticipated financial and operational improvements expected as a result of the Restructure Plan; uncertainties related to the continued implementation of the Bokoni Mine operating plan; uncertainties related to the termination and rehabilitation of the
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