AQUARIUS PLATINUM LIMITED

News Release

 This release contains details of an offering which is not for release in the  
             United States, Canada, Japan, South Africa or Bermuda             

27 November 2009

Aquarius Platinum Limited announces that its convertible bond offering will be
increased to US$300 million following exercise in full of the over-allotment
option

Following the successful offering (the "Offering") of its convertible bonds due
2015 (the "Bonds") on Tuesday, 24 November 2009, Aquarius Platinum Limited (the
"Company") today announces the exercise in full of the over-allotment option by
Goldman Sachs International, which increases the overall size of the offering
to US$300 million.

Goldman Sachs International, acting as Stabilising Manager (as defined below),
has informed Aquarius Platinum Limited that it has not to date carried out any
stabilisation activities in connection with the Offering.

The Bonds will be convertible into common shares of the Company, and settlement
and delivery of the Bonds is expected to take place no later than 18 December
2009.

Application will be made to list the Bonds on the official list of the United
Kingdom Listing Authority and to admit the Bonds to trading on the London Stock
Exchange's Professional Securities Market. The Company's common shares are
listed on the London Stock Exchange, the Australian Stock Exchange and the
Johannesburg Stock Exchange.

The Offering was lead-managed by Goldman Sachs International, acting as sole
Lead Manager and sole Bookrunner in connection with the Offering.

For further information, please contact:

United Kingdom

Stuart Murray

Tel: +27 11 656 1140

Australia

Willi Boehm

Tel: +61 8 9367 5211

South Africa

Stuart Murray

Tel: +27 11 656 1140

Stabilisation/FSA. In connection with the issue of the Bonds, Goldman Sachs
International acting as Stabilising Manager or any person acting on behalf of
Goldman Sachs International may over-allot Bonds or effect transactions with a
view to supporting the market price of the Bonds at a level higher than that
which might otherwise prevail. However, there is no assurance that Goldman
Sachs International or any person acting on behalf of Goldman Sachs
International will undertake stabilisation action. Any stabilisation action may
begin on or after the date on which adequate public disclosure of the final
terms of the offer of the Bonds is made and, if begun, may be ended at any
time, but it must end no later than the earlier of 30 days after the issue date
of the bonds and 60 days after the date of the allotment of the bonds. Any
stabilisation action or over-allotment must be conducted by Goldman Sachs
International or any person acting on behalf of Goldman Sachs International in
accordance with all applicable laws and rules.

This announcement is for general information only and does not form part of any
offer to sell, or the solicitation of any offer to buy, securities. The
distribution of this announcement and the offer and sale of the securities
described in this announcement in certain jurisdictions may be restricted by
law. Any persons reading this announcement should inform themselves of and
observe any such restrictions.

this announcement is not an offer of securities in the united states or any
other jurisdiction. the bonds (and the Company's shares) may not be offered or
sold in the united states absent registration or an exemption from registration
under the US Securities Act of 1933, as amended (the "Securities Act") AND ANY
APPLICABLE STATE SECURITIES LAWS. THE COMPANY does not intend to register any
portion of the planned offer in the united states or to conduct an offering of
securities in the united states. the offering is being conducted outside the
united states (OR ANY STATE THEREOF) in accordance with regulation s under the
securities act.

This announcement is an advertisement and not a prospectus within the meaning
of Directive 2003/71/EC of the European Parliament and the Council of 4
November 2003 (as implemented in each member State of the European Economic
Area, the "Prospectus Directive").

in member states of the european economic area, the bonds are being offered
only to qualified investors within the meaning of the prospectus directive, in
accordance with the respective regulations of each member state in which the
bonds are offered.

This announcement is directed only at the following persons in the United
Kingdom: (i) persons who have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, (ii) persons who are "high net worth
entities" and other persons to whom this ANNOUNCEMENT may be legally
distributed within the meaning of Article 49(2) (a) to (d) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (all such
persons together being referred to as "QUALIFIED PERSONS" in the united
kingdom, the BONDS are intended only for Qualified Persons and no invitation,
offer or agreement to subscribe, purchase or otherwise acquire the bonds may be
proposed or concluded other than with Qualified Persons and Any person other
than a Qualified Person may not act or rely on this announcement or any of its
contents.

Any purchase of or application for BONDS of the COMPANY pursuant to the
Offering should only be made on the basis of the information contained in the
final PROSPECTUS to be issued by the COMPANY in due course in connection with
the Offering.

THIS ANNOUNCEMENT HAS BEEN ISSUED BY AND IS THE SOLE RESPONSIBILITY OF AQUARIUS
PLATINUM LIMITED. GOLDMAN SACHS INTERNATIONAL, WHICH IS AUTHORISED AND
REGULATED IN THE UNITED KINGDOM BY THE FINANCIAL SERVICES AUTHORITY, IS ACTING
FOR THE COMPANY AND FOR NO-ONE ELSE IN RELATION TO THE OFFERING AND WILL NOT BE
RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO EACH
OF ITS RESPECTIVE CLIENTS NOR FOR PROVIDING ADVICE IN CONNECTION WITH THE
OFFERING. NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS OR WILL BE MADE
AS TO, OR IN RELATION TO, AND NO RESPONSIBILITY OR LIABILITY IS OR WILL BE
ACCEPTED BY GOLDMAN SACHS INTERNATIONAL OR BY ANY OF ITS AFFILIATES OR AGENTS
AS TO OR IN RELATION TO, THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR
ANY OTHER WRITTEN OR ORAL INFORMATION MADE AVAILABLE TO OR PUBLICLY AVAILABLE
TO ANY INTERESTED PARTY OR ITS ADVISERS, AND ANY LIABILITY THEREFORE IS
EXPRESSLY DISCLAIMED.

THE DISTRIBUTION OF THIS ANNOUNCEMENT AND THE PLACING OF THE BONDS AS SET OUT
IN THIS ANNOUNCEMENT IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW. NO
ACTION HAS BEEN TAKEN BY THE COMPANY OR GOLDMAN SACHS INTERNATIONAL THAT WOULD
PERMIT AN OFFERING OF SUCH SECURITIES OR POSSESSION OR DISTRIBUTION OF THIS
ANNOUNCEMENT OR ANY OTHER OFFERING OR PUBLICITY MATERIAL RELATING TO SUCH
SECURITIES IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED.
PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES ARE REQUIRED BY THE
COMPANY AND GOLDMAN SACHS INTERNATIONAL TO INFORM THEMSELVES ABOUT, AND TO
OBSERVE, SUCH RESTRICTIONS. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY
CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION