Atlatsa announces financial results for the three and six months ended June 30, 2016

JOHANNESBURG, Aug. 15, 2016

• Cost per tonne milled decreased 17% quarter-on-quarter from $145 to $120
• Cost per 4E ounce decreased 20% quarter-on-quarter from $1,238 to $991
• Total tonnes milled decreased 12% quarter-on-quarter to 344,895
• 4E PGM* ounces produced decreased 9% quarter-on-quarter to 41,698
• Revenue decreased 21% quarter-on-quarter to $40.7 million
• Average ZAR 4E PGM* basket price realised for the quarter was ZAR11,256
• Lost-time injury frequency rate ("LTIFR") at 0.81 per 200,000 hours worked – a meaningful improvement

* PGM means platinum group metals ("4E"), comprising platinum, palladium, rhodium and gold.

JOHANNESBURG, Aug. 15, 2016 /PRNewswire/ - Atlatsa Resources Corporation ("Atlatsa" or the "Company") (TSX: ATL; JSE: ATL) announces its operating and financial results for the three and six months ended June 30, 2016. This release should be read with the Company's unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2016 and the related Management's Discussion and Analysis of Financial Condition and Results of Operations filed on www.sedar.com, which are also available at www.atlatsa.com. Currency values are presented in South African Rand (ZAR), Canadian Dollars ($) and United States Dollars (US$).

Harold Motaung, Chief Executive Officer of Atlatsa, commented, "Bokoni Mine remains an operation in development with its key Brakfontein Merensky and Middelpunt Hill UG2 underground development shafts in their ramp-up phase. The effects of our Restructure Plan are starting to yield positive results with a much improved cost performance at the operation, coupled with an improved safety performance. The implementation of the Restructure Plan remains a work in progress, resulting in certain operational challenges that include skills mix and re-training requirements amongst our labour force, all of which has had a negative impact on planned development at our ramp-up projects. Given a number of challenges experienced at our Klipfontein Merensky opencast operation, a decision has been taken to terminate the opencast operation by the end of 2016.

Minimising cash losses and containing costs remains a key performance area for the Company. An effective operational cost management as part of the Restructure Plan has resulted in a 13% average reduction in operational costs per month since the start of the restructuring process. As a Company, we continue to focus on various initiatives to improve operational efficiencies, disciplined capital allocation and cost management, without compromising Bokoni Mine's existing ramp-up plan of underground development shafts."

BOKONI MINE OPERATING AND FINANCIAL PERFORMANCE

Set out below are summaries of the key operating and financial results for Bokoni Mine for the three and six months ended June 30, 2016.