Additional Listing

AFRICAN RAINBOW MINERALS LIMITED (Formerly Anglovaal Mining Limited)

APPLICATION FOR LISTING OF CONSIDERATION SHARES

Application has been made for admission to the Official List of the London
Stock Exchange of 322,963 ordinary shares of ZAR 0.05 cents each in the Company
(which has a secondary listing in London and its primary listing in
Johannesburg) which have previously been issued and listed in Johannesburg. The
322,963 ordinary shares in the Company were issued in respect of the Share
Incentive Scheme. It is expected that such admission will become effective and
that dealings in those shares will commence in London on 21 May 2004.

17 May 2004