Glossary of terms

Where applicable, terms with a technical meaning related to mineral extraction are defined by the Canadian Institute of Mining, Metallurgy and Petroleum – Definitions Adopted by CIM Council.

2PGE+Au

Platinum, palladium and gold (Au).

3PGE+Au

Platinum (Pt), palladium (Pd), rhodium (Rh), and gold (Au).

AA

The analytical technique, atomic absorption spectroscopy technique.

Admission

The date of admission of the Common Shares on AIM.

AFL Entities

African Lion Limited and African Lion 2 Limited.

AIM

The Alternative Investment Market, operated by the London Stock Exchange plc..

AIM Rules

The rules published by the London Stock Exchange plc from time to time governing the admission to and operation of AIM.

AMIC

Anglo American Industrial Corporation.

amsl

Above mean sea level.

Anglo American

Anglo American plc.

Anglo Platinum

Anglo Platinum Limited.

aqua regia

An analytical technique using an acid leach to extract sulphide nickel and copper from mineralised samples.

Anglovaal

Anglovaal Limited, a corporation incorporated in the United States.

Aquarius

Aquarius Platinum Limited.

Assignment Agreement

The assignment agreement signed between Boynton and Sephaku on February 14, 2006.

Au

Gold.

BEE

Black Economic Empowerment.

BHP

BHP Billiton SA Limited.

Board of Directors

The board of directors of Platmin.

Boynton

Boynton Investments (Pty) Ltd., a South African incorporated company, the shareholders of which are Ixia Trading 350 (Pty) Ltd (6.5%); Lekgotla Investments (Pty) Ltd (3.0%); Tshilo Mining (Pty) Ltd (3.0%); Ngululu Holdings (Pty) Ltd (5.5%); and PRL (82%).

BQ

Diamond drill core of 36.5mm diameter.

Bushveld Complex

A mafic intrusive complex situated in the north eastern part of South Africa.

CBCA

The Canadian Business Corporations Act.

Cdn$

Canadian dollars.

Chalcopyrite

A common sulphide ore of copper, CuFeS2 .

Chromitite Layer

Thick accumulations of chromite grains which form almost a monomineralic band, typically between 30cm and 2m thick.

CIM

The Canadian Institute of Mining, Metallurgy and Petroleum.

CIM Standards

The Mineral Resources and Reserves Definitions and Guidelines adopted by the CIM Council on August 20, 2000, as those definitions may be amended from time to time by the CIM.

cm

Centimetre.

CMA

The Common Market Area.

Co

Cobalt.

Common Shares

The common shares of the Company.

Company

Platmin Limited.

Cr

Chromium.

Critical Zone

A stratigraphic zone within the Bushveld Complex where a wide variety of different igneous rock types occur which host the bulk of the significant PGM and Cr mineralization (i.e. Merensky Reef and UG2 Chromitite Layer) in the Bushveld Complex.

Cr2O3

Chromite.

CRA

The Canada Revenue Agency.

Cu

Copper.

Diabor

The diamond drilling company Diabor (Pty) Ltd.

dip

The angle at which a bed, layer or reef is inclined from the horizontal.

DME

Department of Minerals and Energy.

dunite

A peridotite consisting almost wholly of the mineral olivine.

dyke

A tabular body of intrusive igneous rock, crosscutting the host strata at a high angle.

Exchange Act

The U.S. Securities Exchange Act of 1934, as amended.

felsic

Light coloured rocks containing an abundance of any of the following – feldspars, feldspathoids and silica.

footwall

The mass of rock below a fault, vein or zone of mineralization.

Fugro Airborne

Fugro Airborne Surveys (Pty) Ltd.

g

Grams.

g/t

Grams per metric tonne.

GAAP

Generally accepted accounting principles.

Genalysis

Genalysis Laboratory Services (Pty) Ltd.

Gencor

Gencor Limited.

GeoSearch

The drilling company GeoSearch (pty) Ltd.

GFSA

Goldfields of South Africa Limited.

ha

Hectares.

HDSA

Historically disadvantaged South Africans.

HQ

Diamond drill core of 63.5mm diameter.

ICP-OES

An analytical technique, Inductively Coupled Plasma – Optical Emission Spectroscopy.

ICP-MS

An analytical technique, Inductively Coupled Plasma – Mass Spectrometry.

Impala

Impala Platinum Limited.

indicated mineral resource

That part of a mineral resource for which quantity, grade or quality, densities, shape, and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes that are spaced closely enough for geologic or grade continuity to be reasonably assumed.

IRUP

Iron-rich ultramafic pegmatite – these rocks are typically intruded into the Rustenburg Layer Suites, generally after the main mineralised layers were formed. They can replace the normal stratigraphic sequence over extensive areas, and can have a greater or lesser effect on the mineralised layers. They occur as pipes, dykes and sheets.

JCI

Johannesburg Consolidated Company (Pty) Ltd.

JORC Code

The Australasian Code for Reporting of Mineral Resources and Ore Reserves.

kg

Kilogram.

km

Kilometre.

Key Projects

Collectively, Pilanesberg, M’Phatlele, Grootboom, and Loskop.

Lakefield

SGS-Lakefield Research Africa (Pty) Ltd. in Johannesburg, South Africa.

Landsat imagery

Photographs of the earth’s surface collected by satellite and commonly processed to enhance particular features.

Lavino

E.J. Lavino and Company, a company incorporated in the United States.

LCZ

The lower critical zone, a stratigraphic horizon within the Bushveld Complex where a wide variety of different igneous rock types (such as pyroxenite, norite and anorthosite) occur which host the bulk of the significant chrome mineralization i.e. Lower (LG) and Middle (MG) Group Chromitites.

LMP

The Lower Mineralised Pyroxenite.

LPR

The Lower Pseudo Reef.

Lonmin

Lonmin Plc and its subsidiaries.

Lower Zone

A stratigraphic horizon at the base of the Bushveld Complex and below the Critical Zone, composed mainly of mafic and ultramafic rocks.

m

Metre.

mafic

Descriptive of rocks composed dominantly of magnesium and iron rock-forming silicates.

Magaliesberg Quartzite

A specific stratigraphic unit within the Pretoria Group of the Transvaal Supergroup composed of quartzite and typically forming the floor to the Bushveld Complex.

Mahube

Mahube Mining (Pty) Ltd., a South African based company which holds a 95% interest in Tameng Mining and Exploration Pty Ltd., the remaining 5% shareholding in Tameng is to be held by a community development trust. Boynton holds 73.7% interest in Mahube with the BEE shareholders being Limpopo Development Corporation (21.0%) and Lembede Resources (Pty) Limited (5.3%).

Marginal Zone

The lowermost zone of the Bushveld Complex, composed predominantly of norite.

measured mineral resource

That part of a mineral resource for which quantity, grade or quality, densities, shape, physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes that are spaced closely enough to confirm both geological and grade continuity.

Memorandum of Agreement

The memorandum of agreement signed between Boynton and Sephaku on February 14, 2006.

Merensky Reef

A pegmatoidal felspathic pyroxenite which is tabular or banded, within the Bushveld Complex and contains economic concentrations of PGMs and base metals. The Merensky Reef is one of the principle PGM orebodies within the Bushveld Complex and is mined extensively.

MI 52-110

Multilateral Instrument 52-110 – Audit Committees.

mineral resource

A concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge.

mineral reserve

The economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. Mineral reserve includes diluting materials and allowances for losses which may occur when the material is mined.

mineralization

The concentration of minerals in a body of rock.

Minerals Act

The Mineral Act, No. 50 of 1991.

Mining Charter

The Broad-Based Socio-Economic Empowerment Charter for the South African Mining Industry.

Minister of Minerals and Energy

The Minister of the Department of Minerals and Energy.

Mintek

The Council for Mineral Technology.

Mixed Zone

A local term from the Loskop Project referring to the basal unit of the Bushveld Complex where several inclusions of the host rocks have been caught up in the igneous rocks.

mm

Millimetre.

MPRDA

The Mineral & Petroleum Resources Development Act, No. 28 of 2002.

mt

Metric tonne.

Ni

Nickel.

NI 43-101

National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

NQ

Diamond drill core of 47.6mm diameter.

Offering Price

Diamond drill core of 47.6mm diameter.

Offered Shares

The • Common Shares of Platmin being offered pursuant to this Offering.

Offering

The distribution of • Common Shares of the Company being qualified by this prospectus.

olivine

An olive green magnesium-iron silicate (Mg, Fe)2SiO4, common in mafic and ultramafic igneous rocks.

Options

Options to purchase Common Shares.

Over-Allotment Option

The option granted to the Over-Allotment Shares, exercisable at any time from time to time for a period of 30 days following the closing of the Offering.

Over-Allotment Shares

The additional Common Shares equal to up to 15% of the underwritten Offered Shares available pursuant to the Over-Allotment Option.

PCH

The Platchro ‘reef’.

Pegmatoidal Feldspathic Pyroxenite

Very course grained pyroxenite with interstitial feldspar (plagioclase).

Pentlandite

A common sulphide ore of nickel, iron, nickel sulphide.

PGE

An abbreviation for platinum group element. The platinum group elements include, in a roughly decreasing order or abundance: platinum (Pt), palladium (Pd), ruthenium (Ru), rhodium (Rd), iridium (Ir), and osmium (Os).

PGM

An abbreviation for platinum group metals, being any one or more of, Pt, Pd, Rh, Os, Ir, and Ru.

Platmin

Platmin Limited.

Potholed Reef

A facies of the Merensky Reef where the reef has dropped from its normal stratigraphic level to lie directly on the UPR.

ppm

Parts per million.

Pretoria Group

A specific stratigraphic unit within the Transvaal Supergroup composed mainly of quartizites and shales with some volcanic rocks. The Pretoria Group typically forms the floor to the Bushveld Complex.

PRL

Platmin Resources Ltd., a corporation incorporated in the British Virgin Islands.

probable mineral reserve

The economically mineable part of an indicated, and in some circumstances a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

prospecting right

A right to prospect granted by the DME under the MPRDA.

prospecting permit

A permit to prospect granted by the DME under the Minerals Act.

proven mineral reserve

The economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. The study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.

Pseudo Harzburgite

An igneous rock composed of olivine and orthopyroxene located between the Upper and Lower Pseudo Reefs.

Pt

Platinum.

PTM

Platinum Group Metals (RSA) (Pty) Ltd.

Pyrrhotite

A sulphide mineral of iron, nickel sulphide.

RAB

Reverse air blast.

Ranger

Ranger Minerals Ltd.

RC

Reverse circulation.

Reef

A geologically discrete horizon where PGM mineralization is concentrated.

Rh

Rhodium.

Royalty Bill

The Mineral and Petroleum Royalty Bill.

RPM

Rustenburg Platinum Mines, a subsidiary of Anglo Platinum.

RSG Global

RSG Global Pty Ltd.

Samancor

Samancor Limited.

SAMREC Code

The South African Code for Reporting of Mineral Resources and Mineral Reserves.

scree

A sheet of loose fragmental material lying at or near the base of a slope.

Sengani Family Mining and Exploration Holdings (Pty) Ltd.

Is a South Africa based company which holds an 11% interest in Taung Minerals and the shareholders of which are Boyton with 49%, with the remaining 51% held by a group of more than 30 HDSAs.

Sephaku

Sephaku Development (Proprietary) Limited.

Series A Preferred Shares

Series A preferred shares of Platmin.

Shareholder

Mans a shareholder of Common Shares who deals at arm’s length with the Company and the Underwriters and is not affiliated with the Company or the Underwriters, and hold Common Shares as capital property.

Shell

The Shell Company of Australia (metals division).

SRK

SRK Consulting.

ST265

A fresh rock, low sulphide, PGE standard. Prepared by Gannet Holdings Pty Ltd. of Australia.

Stock Option Plan

The stock option plan of the Company.

Tameng

Tameng Mining and Exploration Holdings (Pty) Ltd., an indirect subsidiary of Platmin, with registration number 2001/001602/07, a company incorporated in South Africa.

Taung Minerals

Taung Minerals (Pty) Ltd., a South African based company the current shareholders of which are Boyton (47%), Sengani (11%) and BEE shareholders (42%) which include Kgodiso Investments, Ngululu Resources (Pty) Ltd., Sengani Family Mining and Explorations Holdings (Pty) Ltd., Lelau Mohuba, Tshililo Christopher Luvhani, Mantombi Gloria Maphanzela and Rose Shibe Matjiu.

Tax Act

The Income Tax Act (Canada).

Technical Report

The technical report prepared by RSG Global and its employees dated May 15, 2006.

Transvaal Sequence

A South African stratigraphic term referring to all ricks that formed in the Transvall Sedimentary Basin approximately 2.2 billion years ago.

TSX

The Toronto Stock Exchange.

UCZ

The Upper Critical Zone, a stratigraphic zone within the Bushveld Complex in which various igneous rock types (such as pyroxenite norite and anorthosite) occur and which hosts the bulk of the significant PGM mineralization. The Merensky Reef and UG2 Chromitite Layer are in the Upper Critical Zone.

UG1 Chromitite Layer

The lower level of the three Upper Group Chromitite Layers.

UG2 Chromitite Layer

The second level of the three Upper Group Chromitite Layers.

Ultratrace Laboratories

The second level of the three Upper Group Chromitite Layers.

UK

The United Kingdom.

UK Convention

The Canada-United Kingdom Income Tax Convention.

UMP

Upper Mineralised Pyroxenite.

Underwriters

Upper Mineralised Pyroxenite.

Upper Group Chromitite Layers

Upper group 1, 2 and 3 chromitite layers which occur within the UCZ of the Bushveld Complex.

UPR

The Upper Pseudo Reef.

US$

United States dollars.

U.S. Securities Act

The United States Securities Act of 1933, as amended.

VIE

variable interest entities.

ZAR

The South African rand.