Gav, its all there in the latest Annual Report, Ill leave it for...

Gav, its all there in the latest Annual Report, Ill leave it for you to work out otherwise it might be seen as unlicensed advice.

1. Nkwes strategy is to create a fully integrated Black Economic Empowerment (BEE) controlled platinum mining company on the Bushveld Complex in South Africa, and become among the top four vertically integrated platinum producing companies in the world. Nkwe intends to achieve this through the development of its flagship Garatau / Tubatse Project which has a current resource base of 68.6Moz 3PGM+Au (of which 14.2Moz is in the Measured category), and a targeted resource base well in excess of 100Moz 3PGM+Au. Currently the Group is fully compliant with the equity and ownership components of the Broad-Based Socio-Economic Empowerment Charter for the South African Mining Industry.

2. Following shareholder approval at the 2008 Annual General Meeting, the Company exercised the option it held with Genorah and acquired 59% of the farms Hoepakrantz 291 KT, Nooitverwacht 324 KT and Eerste Geluk 327 KT. Consideration for the acquisition was 250,000,000 shares issued to Genorah which were also allotted to the bare trustee who is holding the shares in trust until South African regulatory approval has been gained at which time the shares will be transferred to Genorah.

3. Nkwe has completed a total of 42 boreholes totalling in excess of 40,800m of core on the Tubatse Project, resulting in a substantial Mineral Resource being delineated.

4. During the year, the company offered various placements to institutions and sophisticated investors to raise money which was used to progress the bankable feasibility study on the Garatau Project, fund the initial 5% acquisition of the Tubatse Project from International Petroleum Limited, continue with the drilling program across both the Garatau and Tubatse Projects and general working capital requirements.

5. During the year ended 30 June 2009, the Company exercised the option with Genorah to acquire a 59% interest in the Platinum Farms Hoepakrantz 291 KT, Nooitverwacht 324 KT and Eerste Geluk 327 KT collectively the Tubatse Project. Under the agreement, the Company issued Genorah 250,000,000 fully paid ordinary shares which were valued at A$0.13, a fair value of $32,500,000, being the share price on the date the option was exercised.

6. During the year ended 30 June 2009, an option agreement was entered into with International Goldfields Limited (IGC) in respect to IGCs 15% interest in the Tubatse project in which 2,500,000 shares were issued to IGC. These shares were valued at A$2.25 million based on the share price on 6 August 2008 being the date in which the option agreement was executed. Under the option agreement, the Company extended the option period for a further six months and in return, issued a further 2,500,000 shares to IGC which were valued at $0.155 per share being the share price on the date the option was extended.

Stagman