1、Legal Due Diligence Report on The Eastplats GroupXX集團法律盡職調查報告INTRODUCTION1.簡介We understand that Hebei Taiheng Jiye Mineral Resources Co. Limited or its nominee (“Taihang”) has agreed to acquire all of the South African mining interests of Eastern Platinum Limited (“Eastplats”).1.1我方特此承諾XX礦產資源有限公司或其簡

2、稱（太行）取得XX有限公司（以下簡稱XX）在南非的所有礦產權益。We have been requested to conduct a legal due diligence investigation into the affairs of the South African subsidiaries of Eastplats, more particularly in relation to the status of the various prospecting rights and mining rights granted to those entities by the DMR.

3、 1.2我方將對XX公司南非分公司的具體事務進行法律盡職調查，主要針對DMR授權實體的探礦權以及采礦權。DEFINITIONS AND INTERPRETATION2.定義及說明In this report, the following terms shall have the meanings assigned to them hereunder, namely 在本報告中，以下術語應具有如下規定的含義：“Afriminerals” means Afrimineral Holdings (Pty) Limited;2.1Afriminerals：Afrimineral控股有限公司“BBBEE

4、 Act” means the Broad-Based Black Economic Empowerment Act, xx;2.2BBBEE法案：XX經濟振興法案，xx“BIL” means Barplats Investments Limited registration number 1987/004830/06, a public company duly registered and incorporated in accordance with the laws of South Africa;2.3BIL：指XX投資有限公司，注冊號1987/004830/06，此公司為一家根據南

5、非法律合法注冊及設立的上市公司。“BML” means Barplats Mines Limited, registration number 1986/005057/06, a public company duly registered and incorporated in accordance with the laws of South Africa;2.4BML：XX礦業有限公司，注冊號X，此公司為一家根據南非法律合法注冊及設立的上市公司。“Boschkloof Farm” means Portions 1 and 2 and the Remaining Extent of the

6、 farm Boschkloof 331 KT situated in Limpopo Province and measuring 1892.0391 hectares in extent;2.5Boschkloof礦區：林波波省1區、2區以及Boschkloof331KT礦區的剩余部分，總測量面積為1892.0391公頃。“Boschkloof Prospecting Right” means the converted prospecting right granted to Rhodium Reefs on 18 September xx under reference number

7、92 PR, in terms of which Rhodium Reefs was granted the right to prospect for PGMs, Chrome, Cobalt, Copper, Gold and Nickel on the Boschkloof Farm This right was subsequently restricted to only the Southern Portion of Boschkloof Farm. This aspect is dealt with in more detail below.根據后續限制，本勘探權利僅限于在 Th

8、is right was subsequently restricted to only the Southern Portion of Boschkloof Farm. This aspect is dealt with in more detail below.根據后續限制，本勘探權利僅限于在Boschkloof礦區的南部開展，具體詳情見下文。2.6Boschkloof探礦權：于xx年9月18日根據92PR號參考授予銠礁公司的修改后的探礦權，根據相關條款，銠礁公司有權勘探坐落于Boschkloof礦區的鉑族金屬、鉻、鈷、銅、金和鎳1。“Commissioner” means the Com

9、missioner of the Companies and Intellectual Farm Commission appointed in terms of section 189 of the Companies Act;2.7委員：指根據公司法第189節相應條款指派的公司及智能礦區委員會的委員“Companies Act” means the Companies Act, No 71 of xx;2.8公司法：指xx年第71號公司法。“De Goedeverwachting Prospecting Area” means Portion 1 and the Remaining Ext

10、ent of the farm De Goedeverwachting 332 KT situated in Limpopo Province and measuring 3230.0878 hectares in extent;2.9De Goedeverwachting探礦區：林波波省1區以及De Goedeverwachting332KT礦區的剩余部分，總測量面積為3230.0878公頃。“De Goedeverwachting Prospecting Right” means the converted prospecting right granted to Rhodium Reef

11、s over the De Goedeverwachting Prospecting Area under reference number 1104 PR;2.10De Goedeverwachting探礦權：根據1104PR參考號授予銠礁公司對De Goedeverwachting探礦區擁有的修改后的探礦權。“Digby Wells” means Digby Wells & Associates (South Africa) (Pty) Limited, a subsidiary of Digby Wells & Associates (Pty) Limited, a company du

12、ly registered and incorporated in accordance with the company laws of the Republic of South Africa;2.11迪格比威爾斯：迪格比威爾斯（南非）聯合有限公司，其為迪格比威爾斯聯合有限公司的分公司，一家根據南非共和國公司法合法注冊及設立的公司。“DMR” means the Department of Mineral Resources (formerly the Department of Minerals and Energy) of the South African Government;2.

13、12DMR：南非政府礦產資源部（原礦業和能源部）“EACL” means Eastplats Acquisition Co. Limited, a public company duly registered and incorporated in accordance with the laws of the British Virgin Islands;2.13EACL：XX收購有限公司，一家根據英屬維爾京群島法律合法注冊及設立的上市公司。“Eastplats” means Eastern Platinum Limited, a public company duly registered

14、 and incorporated in accordance with the laws of Canada;2.14XX：指XX有限公司，一家根據加拿大法律合法注冊及設立的上市公司。“EPHL” means Eastern Platinum Holdings Limited, a public company duly registered and incorporated in accordance with the laws of the British Virgin Islands;2.15EPHL：XX控股有限公司，一家根據英屬維爾京群島法律合法注冊及設立的上市公司。“EHL” m

15、eans Eastplats Holding Limited, a public company duly registered and incorporated in accordance with the laws of the British Virgin Islands;2.16EHL：Eastplats（XX）控股有限公司，一家根據英屬維爾京群島法律合法注冊及設立的上市公司。“Gubevu” means Gubevu Consortium Investment Holdings (Pty) Ltd, a private company duly registered and inco

16、rporated in accordance with the laws of South Africa;2.17Gubevu：Gubevu聯營投資控股有限公司，一家根據南非法律合法注冊及設立的非上市公司。“HDSAs” means historically disadvantaged South Africans, being South African citizens, category of persons or community, disadvantaged by unfair discrimination before the Constitution of the Republ

17、ic of South Africa Act, No 200 of xx came into operation which should be representative of the demographics of the country;2.18HDSA人：指南非歷史上的弱勢群體，他們為生活在南非的公民、族群或部落，在xx年第200號南非共和國憲法法案頒布前受到不公平待遇的群體，他們為該國人口統計學的典型代表。“Kennedys Vale Mining Right Application” means the application submitted to the DMR : Lim

18、popo Province by Rhodium Reef on 21 November xx under reference number 10009 MR, in terms of which 銠礁 applied for the right to mine PGMs, Gold, Chrome, Copper, Cobalt and Nickel on the Kennedys Vale Prospecting Area;2.19肯尼迪谷采礦權申請：指Rhodium Reef公司于xx年11月21日根據10009MR參考號向林波波省DMR提交的申請，Rhodium Reef公司據此申請在

19、肯尼迪谷探礦區進行鉑族金屬、金、鉻、銅、鈷和鎳的采礦權。“Kennedys Vale Prospecting Area” means the prospecting area comprising the following farms:2.20肯尼迪谷探礦區：指包含以下礦區的探礦區：Portions 8, 9, 12, 15, 19, 22, 25, 27, 28, and 29 of the Farm Kennedys Vale 361 KT;2.20.1肯尼迪谷361KT礦區8、9、12、15、19、22、25、27、28及29區the Remaining Extent of Porti

20、ons 1, 2, 3, 4, 6 and 17, Portions 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 18, 19, 20, 22, 24, 25, 26, 27, and 29, and the Remaining Extent of the Farm Belvedere 362 KT; and2.20.21、2、3、4、6和17區的剩余部分，7、8、9、10、11、12、13、14、15、16、18、19、20、22、24、25、26、27和29區，Belvedere362KT礦區的剩余部分Portion 8, the Remaining Exte

21、nt of Mining Area 3 and the Remaining Extent of the Farm Tweefontein 360 KT,all situated in the Limpopo Province of South Africa and together measuring 4009.3465 hectares in extent; 2.20.3坐落于南非林波波省的8區、3礦區剩余部分、Tweefontein360KT礦區剩余部分，總測量面積為4009.3465公頃。“Kennedys Vale Prospecting Right” means the conver

22、ted prospecting right granted to Rhodium Reefs on 23 November xx, in terms of which 銠礁 was granted the right to prospect for Precious Metals and Base Minerals on the Kennedys Vale Prospecting Area;2.21肯尼迪谷探礦權：xx年11月23日授予銠礁公司的修改后的探礦權，據此條款，銠礁公司有權勘探坐落于肯尼迪谷探礦區的貴金屬及基礎礦產。“Lions Head” means Lions Head Plat

23、inum Proprietary Limited, registration number xx/012190/07, a company duly registered and incorporated in accordance with the company laws of the Republic of South Africa;2.22Lions Head：Lions Head鉑金有限公司，注冊號xx/012190/07，一家根據南非共和國法律合法注冊及設立的公司。“Mareesburg Farm” means portions 1, 2 and the remaining ext

24、ent of the farm Mareesburg 8JT, situated in the Lydenburg Magisterial District measuring 2129.158 hectares in extent;2.23 Mareesburg礦區：坐落于萊登堡地方行政管轄區內1區、2區以及Mareesburg8JT礦區的剩余區域，總測量面積為2129.158公頃。“Mareesburg Mining Right” means the new order mining right granted to Lions Head on 1 September xx under r

25、eference number 88 MR, in terms of which Lions Head was granted the right to mine for PGMs, Copper, Nickel and Chrome (limited to Chrome in the UG2) on the Mareesburg Farm;2.24Mareesburg采礦權：根據88MR參考號于xx年9月1日授予獅子頭公司的新采礦權，據此條款，獅子頭公司有權在Mareesburg礦區開采鉑族金屬、銅、鎳和鉻（限于UG2的鉻）。“Mareesburg Prospecting Right” me

26、ans the converted prospecting right granted to Lions Head over the Mareesburg Farm under reference number MP 30/5/1/1/2/1142PR;2.25Mareesburg探礦權：根據MP 30/5/1/1/2/1142PR參考號授予獅子頭公司在Mareesburg礦區的修改的探礦權。“Minister” means the Minister of Mineral Resources (formerly the Minister of Minerals and Energy);2.26

27、部長：礦產資源部部長（原礦產及能源部部長）“MOI” means a memorandum of incorporation as contemplated in terms of the Companies Act;2.27MOI：公司法條款中涉及的公司備忘錄“MPRDA” means the Mineral and Petroleum Resources Development Act, 28 of xx;2.28MPRDA：礦產及石油資源開發法案（xx年第28號）“MSA” means MSA Geoserve (Pty) Limited, a company duly register

28、ed and incorporated in accordance with the company laws of the Republic of South Africa;2.29MSA：MSA Geoserve有限公司，一家根據南非共和國法律合法注冊及設立的公司。“Old Companies Act” means the South African Companies Act 61 of 1973, which was replaced by the Companies Act with effect from 1 May xx;2.30舊公司法：指1973年第61號南非公司法，該法案由

29、xx年5月1日生效的公司法取代。“PGMs” means platinum group metals, being Platinum, Palladium, Rhodium, Iridium, Osmium and Ruthenium;2.31鉑族金屬：指鉑族金屬，包括鉑、鈀、銠、銥、鋨和釕“Registrar” means the Registrar of Companies and Close Corporations, being the predecessor to the Commissioner.2.32注冊主任：指企業及封閉型公司的注冊主任，為委員的前身“Rhodium Reef

30、s” means Rhodium Reefs Limited, a public company duly registered and incorporated in accordance with the company laws of the Republic of South Africa;2.33銠礁：指銠礁有限公司，一家依據南非共和國法律合法注冊及設立的上市公司。“Royal Anthem” means Royal Anthem Investments 134 (Pty) Ltd, a private company duly registered and incorporated

31、 in accordance with the company laws of South Africa;2.34Royal Anthem：Royal Anthem投資134有限公司，一家依據南非共和國法律合法注冊及設立的非上市公司。“Spitzkop Farm” means the Farm Spitzkop 333 KT situated in Limpopo Province and measuring 4087.7 hectares in extent;2.35Spitzkop礦區：坐落于林波波省的Spitzkop333KT礦區，總測量面積為4087.7公頃。“Spitzkop Min

32、ing Area” means Portions 1, 2, 3, 10, 11, 12, 29, 30, and a portion of Portion 28 of the Spitzkop Farm;2.36Spitzkop采礦區：Spitzkop礦區1、2、3、10、11、12、29、30區以及28區的一部分。“Spitzkop Mining Right” means the new order mining right granted to Spitzkop Platinum on 6 July xx, in terms of which Spitzkop Platinum was

33、granted the right to mine PGMs, Gold, Copper, Cobalt, Chrome and Nickel on the Spitzkop Mining Area;2.37Spitzkop采礦權：xx年7月6日向Spitzkop鉑金公司授予的新礦權，據此條款，Spitzkop鉑金公司可以在Spitzkop采礦區開采鉑族金屬、金、銅、鈷、鉻和鎳。“Spitzkop Platinum” means Spitzkop Platinum (Pty) Limited, a private company duly registered and incorporated

34、 in accordance with the company laws of the Republic of South Africa;2.38Spitzkop鉑金：指Spitzkop鉑金有限公司，一家根據南非共和國法律合法注冊及設立的非上市公司。“Spitzkop Prospecting Right” means the converted prospecting right granted to Spitzkop Platinum on 21 November xx under reference number 924 PR, in terms of which Spitzkop Pla

35、tinum was granted to prospect for PGMs on the Spitzkop Farm;2.39Spitzkop探礦權：于xx年11月21日根據924PR參考號向Spitzkop鉑金公司授予的修改的探礦權，據此條款，Spitzkop鉑金公司可以在Spitzkop礦區勘探鉑族金屬。SECTION I CORPORATE DETAILS第一節：法人情況CORPORATE STRUCTURE OF Rhodium Reefs LIMITED (“Rhodium Reefs”)3.銠礁有限公司（以下簡稱銠礁公司）公司結構The company was duly inco

36、rporated on 26 February 1986 under registration number 1986/00743/06, as reflected in the Certificate of Incorporation.3.1據公司注冊證顯示，該公司設立于1986年2月26日，注冊號：1986/00743/06。The companys Memorandum and Articles of Association were duly filed with the Registrar on 25 February 1986, although the Articles of A

37、ssociation were replaced in their entirety on 8 February xx.3.2注冊主任于1986年2月25日對該公司公司備忘錄及章程進行合法備案，該公司章程于xx年2月8日被全部替換。We have procured a search in respect of the company on the website of the Commissioner. The results of that search reflect that the company is duly registered and currently “in busines

38、s”.3.3在委員網站上我方搜索了該公司，結果顯示該公司為合法設立，目前處于運營狀態。The main business and object of the Company is “mining and quarrying” as reflected in the Commissioner status report dated 9 September xx. 3.4據xx年9月9日委員狀態報告顯示，該公司主營業務為“采礦及采石”。The Company has all plenary powers (including the common powers stated in Schedule

39、 2 to the Old Companies Act), to enable it to realise its main and ancillary objects. No powers are expressly excluded or qualified in the Memorandum of Association. 3.5該公司擁有充分的權力（包括舊公司法附件2陳述的公共權力），從而實現其主要目標及輔助目標。公司備忘錄中并未明確排除或限制某項權力。There are no special conditions incorporated in the Companys Memora

40、ndum of Association.3.6公司備忘錄中未包含特殊條件。In terms of the Articles of Association of the company, there must be at least 4 (four) directors and not more than 12 (twelve) directors in office.3.7根據公司章程規定，公司在任董事不得少于4（四）人但不得多于12（十二）人。The registered address of the Company is reflected as Eastern Platinum Limi

41、ted, Zandfontein, Brits, North West, South Africa, 0250. 3.8該公司的住所地為南非西北布里茨尚得方但，XX有限公司，郵政號碼0250。The Financial Year End of the Company is currently the last day of December.3.9該公司目前財政年度截止日期為12月最后一天。DJ Barnard was appointed as the company secretary of the company with effect from 14 September xx.30.10

42、該公司指派DJ巴納德為公司秘書，任期自xx年9月14日開始。On and with effect from 1 August xx, the company changed its registered office to the following address: P O BOX 513 Brits, 0250.3.11自xx年8月1日開始，公司將其住所地變更至：布里茨513郵箱，郵政號碼0250。In terms of the report of the Commissioner dated 9 September xx the directors of the Company are:

43、3.12根據xx年9月9日委員報告，該公司的董事包括：John Edward Andrew;3.12.1約翰愛華德安德魯Robert Joseph Gayton;3.12.2羅伯特約瑟夫蓋頓John Merfyn Roberts;3.12.3約翰梅爾菲羅伯茨David Cohen;3.12.4大衛科恩Willem Hermanus Byleveld; and3.12.5威廉赫爾曼娜斯貝雷德和Ian Terry Rozier.3.12.6伊恩特力羅齊爾On 19 September xx Mlindeli Gandela was appointed as public officer of th

44、e company for the purposes of liaising with the South African Revenue Services.3.13xx年9月19日，該公司任命明德里甘德拉為其公共官員，從而與南非稅務服務機關聯系。On 9 October xx Paul Johannes Lambard, in his capacity as financial manager, was authorised to sign all contracts and procurement related documents for and on behalf of the com

45、pany.3.14xx年10月9日，該公司授權財務經理保羅約翰尼斯蘭木德代表該公司簽署所有協議并取得相關資料文件。Share Capital and Shareholding4.股本及股權The authorised ordinary share capital of the Company is 1000 (one thousand) ordinary par value shares of R1.00 (one Rand) each.4.1本公司法定股本為1000（一千）股，每股票面價值為1（一）蘭特。The issued ordinary share capital of the com

46、pany is 60 (sixty) ordinary shares, all of which are held by BML The remaining 940 shares may be issued at any time by resolution of the shareholders of the Company or by the directors (if the shareholders have placed the shares under the control of the directors). The remaining 940 shares may be is

47、sued at any time by resolution of the shareholders of the Company or by the directors (if the shareholders have placed the shares under the control of the directors).經公司股東或董事（如果股東將股票交由該董事控制）決定，剩余的940股可于任何時間發行。4.2公司共發行60（六十）股普通股股本，全部由BML持有2。Cumulative redeemable preference shares of no par value were

48、 issued to Eastplats at a subscription price of R1.00 (one Rand) per share, as follows :4.3向XX公司發行的無票面價值的累積可贖回優先股每股認購價格為1（一）蘭特，具體如下：1 February xx-495000004.3.1xx年2月1日：49,500,000股28 March xx-360000004.3.2xx年3月28日：36,000,000股26 April xx-692000004.3.3xx年4月26日：69,200,000股15 May xx-74000000; and 4.3.4xx年

49、5月15日：74,000,000股21 June xx-99000000.4.3.5xx年6月21日：99,000,000股It appears that the share certificates in respect of the cumulative redeemable preference shares issued to Eastplats have not been endorsed “non-resident” in accordance with South African Exchange Control Regulations. Not only is this a c

50、ontravention of the Regulations but, as a result, no distributions can be made to any non-resident holder of the preference shares without first obtaining Exchange Control approval. It is recommended that Eastplats should be obliged to procure that the share certificates are endorsed “non-resident”

51、in compliance with the Regulations prior to implementation of the transacion.4.4向XX公司發放的股份證書中關于累積可贖回優先股中并未依照南非外匯管理條例注明“非本地”字樣。這不僅違反該條例的規定，也致使優先股的非居民持有者未取得外匯許可時無法分配。對此我方建議，XX公司在進行具體交易之前應依照該條例規定，在股份證書中注明“非本地”字樣。On 27 July xx the authorised share capital of the company was increased from 1000 ordinary

52、shares of R1.00 each to 5000001000 shares by the creation of 5000000000 cumulative redeemable preference shares of no par value. Accordingly, after the increase, the authorised share capital of the company was: 4.5xx年7月27日，公司法定股本由1000股普通股、每股1蘭特增加到50億股，造成或產生50億股無票面價值累積可贖回優先股。據此，增加之后，公司法定股本為：1000 ordi

53、nary shares of R1.00 (one Rand) each; and 4.5.11000股普通股，每股1（一）蘭特；和5000000000 cumulative redeemable preference shares of no par value. 4.5.250億股無票面價值累積可贖回優先股The rights and privileges of the preference shares provide for a subscription price of R1.00 per share and an annual coupon rate equal to the Pr

54、ime Rate. The preference shares are redeemable by the company and the holder has no right to request redemption earlier than 3 (three) years and 1 (one) day from the issue date.4.6優先股權利和優先權的認購價為每股1蘭特，年票面利率等于最優惠利率。公司有權贖回優先股，股東自發行日起3（三）年零1（一）天內無權要求贖回。Filing of Annual Returns4.7年度利潤表歸檔In terms of Regul

55、ation 30 of the New Companies Act, every company is required to lodge an annual return with the Commissioner within 30 business days of each anniversary of the date on which that company was incorporated.4.7.1根據新公司法第30條規定，各公司均需自公司設立日算起，在每周年終止前30個營業日內向該委員提交年度利潤表。The purpose of the annual return is to

56、 enable the Commissioner (and before him, the Registrar) to update the information contained in his records regarding each registered company. As such, it requires the relevant company to restate all its corporate information, including its main business, registered address, auditors, and directors.

57、4.7.2提供年度利潤表的目的是使該委員（或其之前的注冊主任）可以隨時更新各注冊公司的記錄。在此報表中，相關公司應重新列明其法人信息，包括主營業務、住所地、審計員及董事等。The annual return for the xx financial year was filed on 31 March xx.4.7.3xx財年的年度利潤表于xx年3月31日歸檔。If a company fails to timeously submit its annual return the Commissioner has the power to deregister that company, al

58、though it would usually not do so unless it has first given that company an opportunity to remedy the breach. We have checked the Commissioners records and it appears that no such deregistration process has been commenced in relation to Rhodium Reefs.4.7.4如該公司未能及時提交年度利潤表，該委員有權撤銷公司注冊。但是通常委員會首先給予公司一次改

59、正的機會，如公司拒不提交，方會進行撤銷。我方查看了該委員的記錄，發現銠礁公司沒有撤銷記錄。CORPORATE STRUCTURE OF LIONS HEAD PLATINUM PROPRIETARY LIMITED (“Lions Head”)5.獅子頭鉑金有限公司（以下簡稱獅子頭公司）公司結構The companys Memorandum and Articles of Association was duly filed with the Registrar on 22 May xx.5.1xx年5月22日，注冊主任對該公司公司備忘錄及章程進行歸檔The company was duly

60、incorporated on 23 May xx under registration number xx/012190/07, as reflected in the Certificate of Incorporation.5.2據公司注冊證顯示，該公司設立于xx年5月23日，注冊號：xx/012190/07A Certificate to Commence Business was issued to Lions Head on 23 May xx.5.3xx年5月23日向獅子頭公司簽發開始營業證書。We have procured a search in respect of the