Mineralisation characteristics:

• The J-M Reef is a magmatic reef type PGM deposit defined as the palladium-platinum rich stratigraphic interval, mainly occurring within a troctolite (OB-I zone) of the Lower Banded Series.

• Palladium and platinum are the main PGMs, both constituting between 7g/t to 40g/t over a variable thickness with economic mineralised thickness ranging from 0.9m – 2.7m and averaging 1.8m.

• Ratios of palladium to platinum in metallurgical concentrate are known to range from 3.4:1 (in situ 3.5:1) at Stillwater to 3.5:1 (in situ 3.6:1) at East Boulder.

• By-products of gold, rhodium, copper and nickel are recovered at the concentrators, smelter and refinery.

• Other associated PGMs such as iridium, ruthenium and osmium occur in low quantities and are generally not evaluated by Stillwater.

• The visual identification of the J-M Reef is facilitated by the presence of approximately 0.25% to locally 3% visible associated disseminated copper-nickel pathfinder sulphide minerals.

The two principal mining methods are: • mechanised ramp and fill (both overhand and underhand) (80% – 90%) • sub-level extraction by long hole, open stoping with hydraulic backfilling (10% – 20%).

- subscription is required.