TRADING STATEMENT

The following Trading Statement has been issued in compliance with the Listing Requirements of the JSE Securities Exchange. The Company is currently finalising its results for the year ended 31 March 2005, which should be released before the end of May 2005. In this regard, shareholders are advised that earnings per share and headline earnings per share will be between 45% and 65% lower than the corresponding reporting period of the previous year.

Approximately two thirds of this impairment is attributable to the strengthening rand exchange rate and the remainder to increased exploration activities. Trans Hex is in a growth phase but expenses all exploration expenditure.

The forecast financial information on which this Trading Statement is based has not been reviewed and reported on by the Company’s auditors.

Cape Town
1 April 2005

Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE