CHROMETCO LIMITED

1 THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE definitions and interpretations commencing on page 8 of this Circular apply mutatis mutandis to this REQUIRED BY CHROMETCO SHAREHOLDERSt If you are in any doubt as to what action you should take, you should consult your CSDP, Broker, Banker, Legal Adviser, Accountant or other professional adviser If you have disposed of all of your CHROMETCO shares, please forward this Circular together with the attached form of proxy (yellow), to the purchaser to whom, or the CSDP or Broker or Agent through whom the disposal was Shareholders of CHROMETCO are referred to page 6 of this Circular, which sets out the action required by them in respect of this LIMITEDI ncorporated in the Republic of South Africa(Registration number: 2002/026265/06)Share code: CMO ISIN.

2 ZAE000070249( CHROMETCO or the Company )CIRCULAR TO CHROMETCO SHAREHOLDERSR egarding the acquisition by the Company of the Black Chrome Shares, the Palm Chrome Shares and the Sail Mineral Shares, which acquisitions constitute a Category 1 transaction in terms of the JSE Listing Requirements; a specific issue of shares for cash; the granting of authority to issue shares in terms of section 41(3) of the Companies Act; and a Waiver of a Mandatory incorporating Revised Listing Particulars in respect of the Company; a notice convening a general meeting of CHROMETCO shareholders; and a form of proxy (yellow), only for use by Certificated Shareholders and Dematerialised Shareholders with own-name Adviser and Designated AdvisorIndependent Reporting Accountants to ChrometcoIndependent Reporting Accountants to Black Chrome, Palm Chrome and Sail MineralsIndependent Expert to ChrometcoIndependent Valuer to CHROMETCO , Black Chrome and Palm ChromeCompetent Person to CHROMETCO , Black Chrome and Palm ChromeDate of issue.

3 30 May 2017 Copies of this Circular incorporating the Revised Listing Particulars are available in English only and may, from Tuesday, 30 May 2017 until Tuesday, 18 July 2017 (both days inclusive), be obtained from the registered office of CHROMETCO and PSG Capital, at the addresses set out in the Corporate Information section of this Circular. A copy of this Circular will also be available on CHROMETCO s website ( ).1 CORPORATE INFORMATIONThe definitions commencing on page 8 of this Circular apply mutatis mutandis to this Corporate Information of ChrometcoExecutiveP Cilliers (Managing Director)N Waisberg (Financial Director)Non-executiveJ Scott (Chairman)*E BramleyR Rossiter*I Collair** IndependentRegistered office of Chrometco71 Van Beek AvenueGlenanda Johannesburg, 2091 Sandton, 2196(PO Box 758, Mondeor, 2110)Incorporated in South Africa on 23 October 2002 Transaction Adviser and Transactional Designated AdvisorPSG Capital Proprietary LIMITED (Registration number 2006/015817/07)

4 1st FloorOu Kollege Building35 Kerk StreetStellenbosch, 7599(PO Box 7403, Stellenbosch, 7599)and at2nd Floor11 Alice LaneSandhurstSandton, 2196(PO Box 987, Parklands, 2121)Company secretaryThe Green Board CC(Registration number 2009/117784/2371 Van Beek AvenueJohannesburg, 2091 Sandton, 2196(PO Box 758, Mondeor, 2110) independent Reporting Accountants and Registered Auditors to ChrometcoMazarsMazars House54 Glenhove RoadMelrose EstateJohannesburg, 2196(PO Box 6697, Johannesburg, 2000) independent ExpertBDO Corporate Finance22 Wellington RoadParktownJohannesburg, 2193(Private Bag X60500, Houghton, 2041) independent Reporting Accountants and Registered Auditors to Black Chrome, Palm Chrome, Sail Minerals and UWRM oore Stephens Cape Town Floor Block 2 Northgate ParkCorner Section Street & Koeberg RdPaarden Eiland, 7405(PO Box 1955, Cape Town, 8000) independent Valuer to CHROMETCO , Palm Chrome and Black ChromeMineral Valuation Group Proprietary Limited479 Cliff AvenueWaterkloof Ridge Ext 2 Pretoria, 01812 Transfer SecretariesComputershare Investor ServicesProprietary LIMITED (Registration number 2004/003647/07)Rosebank Towers, 15 Biermann AvenueRosebank, 2196(PO Box 61051, Marshalltown, 2107))

5 Registered office of GSEUnit 25 Sunninghill Office ParkNo. 4 Peltier DriveSunninghill2146(PO Box 1553, Kelvin, 2054)Registered office of Sail MineralsUnit 25 Sunninghill Office ParkNo. 4 Peltier DriveSunninghill2146(PO Box 1553, Kelvin, 2054)Incorporated on 18 June 2013 in Cape TownCompetent Person to CHROMETCO , Black Chrome and Palm ChromeIndependent Resource Estimations cc(2005/185799/23)430 Ashmead DriveRamsgateKZN(PO Box 552 Ramsgate, KZN, South Africa, 4285)Registered office of Black ChromeUnit 25 Sunninghill Office ParkNo. 4 Peltier DriveSunninghill2146(PO Box 1553, Kelvin, 2054)Incorporated on 9 February 2015 in Cape TownRegistered office of Palm ChromeUnit 25 Sunninghill Office ParkNo.

6 4 Peltier DriveSunninghill2146(PO Box 1553, Kelvin, 2054)Incorporated on 20 November 2015 in Cape Town3 TABLE OF CONTENTSThe definitions and interpretations commencing on page 8 of this Circular apply mutatis mutandis to this table of contents. PageCORPORATE INFORMATION 1 FORWARD-LOOKING STATEMENT DISCLAIMER 5 ACTION REQUIRED BY SHAREHOLDERS 6 SALIENT DATES AND TIMES 7 DEFINITIONS AND INTERPRETATIONS 8 CIRCULAR TO CHROMETCO SHAREHOLDERS 1. Introduction and Purpose of this Circular 13 2. Rationale for the Transaction 14 3. Overview of the assets 15 4. The Transaction 20 5. Prospects 24 6. Authority to issue CHROMETCO Shares 24 7.

7 Waiver of Mandatory Offer 24 8. Financial Information 25 9. General Meeting 2710. Directors 2711. Other Related Matters 2812. Working Capital Statement 2913. Expenses 3014. Directors Recommendation 3015. Litigation Statement 3016. Advisors Consents 3017. Directors Responsibility Statement 3118. Documents Available for Inspection 31 ANNEXURESA nnexure 1 Historical financial information of Black Chrome for the year ended 29 February 2016 33 Annexure 2 independent reporting accountant s reports on the Historical Financial Information of Black Chrome for the year ended 29 February 2016 42 Annexure 3 Interim financial information of Black Chrome for the six-month period ended 31 August 2016 44 Annexure 4 independent reporting accountant s report on the interim financial information of Black Chrome for the six-month period ended 31 August 2016 49 Annexure 5 Historical financial information of Palm

8 Chrome for the year ended 29 February 2016 514 PageAnnexure 6 independent reporting accountant s reports on the Historical Financial Information of Palm Chrome for the year ended 29 February 2016 61 Annexure 7 Interim consolidated financial information of Palm Chrome for the six-month period ended 31 August 2016 63 Annexure 8 independent reporting accountant s report on the interim consolidated financial information of Palm Chrome for the six-month period ended 31 August 2016 70 Annexure 9 Historical financial information of Sail Minerals for the years ended 28 February 2015 and 29 February 2016 72 Annexure 10 independent reporting accountant s report on the Historical Financial Information of Sail Minerals for the years ended 28 February 2015 and 29 February 2016 93 Annexure 11 Interim financial information of Sail Minerals for the six-month period ended 31 August 2016 95 Annexure 12 independent reporting accountant s report on the interim financial information of Sail Minerals for the six-month period ended 31 August 2016 102 Annexure 13 Historical financial information of UWR for the years ended 30 June 2015 and 30 June 2016 104 Annexure 14 independent reporting accountant s report on the Historical

9 Financial Information of UWR for the years ended 30 June 2015 and 30 June 2016 131 Annexure 15 Interim financial information of UWR for the six-month period ended 31 December 2016 133 Annexure 16 independent reporting accountant s report on the interim financial information of UWR for the six-month period ended 31 December 2016 140 Annexure 17 Pro forma financial information of CHROMETCO 142 Annexure 18 independent reporting accountant s report on the pro forma financial information of CHROMETCO 147 Annexure 19 independent Expert opinion on the Waiver of the Mandatory Offer 149 Annexure 20 Report of the Black Chrome independent Professional Expert 154 Annexure 21 Report of the Palm Chrome independent Professional Expert 287 Annexure 22 Revised Listing Particulars of CHROMETCO 373 APPENDIXES TO ANNEXURE 22 Appendix 1 Extracts from the Memorandum of Incorporation of CHROMETCO 391 Appendix 2 Other directorships held by Directors 395 Appendix 3 Corporate governance statement 397 Appendix 4 Share trading history of CHROMETCO 400 Appendix 5 Report of the CHROMETCO independent Professional Expert 401 Appendix 6 Material Borrowings 560 NOTICE OF GENERAL MEETING OF CHROMETCO SHAREHOLDERS

10 563 ATTACHEDForm of proxy (yellow) in respect of the General Meeting (only for use by Certificated Shareholders and Dematerialised Shareholders who have selected own-name registration) 5 FORWARD-LOOKING STATEMENT DISCLAIMERThe definitions and interpretations set out on page 8 of this Circular apply to this forward-looking sta