TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached (ii):

Bisichi Mining

2. Reason for the notification State
Yes/No

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments
which may result in the acquisition of shares already
issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify): Initial disclosure persuant to Yes
DTR

3. Full name of person(s) subject to the notification London & Associated
obligation (iii): Properties PLC

4. Full name of shareholder(s) (if different from 3.)
(iv):

5. Date of the transaction (and date on which the Notification of existing
threshold is crossed or reached if different) (v): holding

6. Date on which issuer notified: 27/3/2007

7. Threshold(s) that is/are crossed or reached: 3%

8. Notified details:

A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering
shares to transaction (vii)
if possible the Triggering
using the transaction (vi)
ISIN CODE

Number Number Number Number of voting % of voting
of of of rights (ix) rights
Shares Voting shares
Rights
(viii)

Direct Direct Indirect Direct Indirect
(x) (xi)

Ordinary 4,355,752 4,355,752 4,355,752 4,355,752 41.68%
shares

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of Expiration Exercise/ Number of voting % of
financial date (xiii) Conversion rights that may be voting
instrument Period/ Date (xiv) acquired if the rights
instrument
is exercised/
converted

Total (A+B)

Number of voting rights % of voting rights

4,355,752 41.68%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable (xv):

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting
rights:

13. Additional information:

14. Contact name:

15. Contact telephone number:

Annex Notification Of Major Interests In Shares (xvi)

A: Identity of the person or legal entity subject to the
notification obligation

Full name (including legal form for legal entities) London &
Associated
Properties PLC

Contact address (registered office for legal entities) 22a St James’s
Square, London
SW1Y 4JH

Phone number 020 7415 5000

Other useful information (at least legal representative for
legal persons)

B: Identity of the notifier, if applicable (xvii)

Full name M C Stevens

Contact address 22a St James’s
Square, London
SW1Y 4JH

Phone number 020 7415 5000

Other useful information (e.g. functional relationship with Company Secretary
the person
or legal entity subject to the notification obligation)

C: Additional information

Based on total voting rights of 10,451,506

Notes

i. This form is to be sent to the issuer or underlying issuer and to be filed
with the competent authority.

ii. Either the full name of the legal entity or another method for identifying
the issuer or underlying issuer, provided it is reliable and accurate.

iii. This should be the full name of (a) the shareholder; (b) the person
acquiring, disposing of or exercising voting rights in the cases provided for
in DTR5.2.1 (b) to (h); (c) all the parties to the agreement referred to in
DTR5.2.1 (a), or (d) the direct or indirect holder of financial instruments
entitled to acquire shares already issued to which voting rights are attached,
as appropriate.

In relation to the transactions referred to in points DTR5.2.1 (b) to (h), the
following list is provided as indication of the persons who should be
mentioned:

– in the circumstances foreseen in DTR5.2.1 (b), the person that acquires the
voting rights and is entitled to exercise them under the agreement and the
natural person or legal entity who is transferring temporarily for
consideration the voting rights;

– in the circumstances foreseen in DTR 5.2.1 (c), the person holding the
collateral, provided the person or entity controls the voting rights and
declares its intention of exercising them, and person lodging the collateral
under these conditions;

– in the circumstances foreseen in DTR5.2.1(d), the person who has a life
interest in shares if that person is entitled to exercise the voting rights
attached to the shares and the person who is disposing of the voting rights
when the life interest is created;

– in the circumstances foreseen in DTR5.2.1 (e), the parent undertaking and,
provided it has a notification duty at an individual level under DTR 5.1, under
DTR5.2.1 (a) to (d) or under a combination of any of those situations, the
controlled undertaking;

– in the circumstances foreseen in DTR5.2.1 (f), the deposit taker of the
shares, if he can exercise the voting rights attached to the shares deposited
with him at his discretion, and the depositor of the shares allowing the
deposit taker to exercise the voting rights at his discretion;

– in the circumstances foreseen in DTR5.2.1 (g), the person that controls the
voting rights;

– in the circumstances foreseen in DTR5.2.1 (h), the proxy holder, if he can
exercise the voting rights at his discretion, and the shareholder who has given
his proxy to the proxy holder allowing the latter to exercise the voting rights
at his discretion.

iv. Applicable in the cases provided for in DTR 5.2.1 (b) to (h). This should
be the full name of the shareholder or holder of financial instruments who is
the counterparty to the natural person or legal entity referred to in DTR5.2.

v. The date of the transaction should normally be, in the case of an on
exchange transaction, the date on which the matching of orders occurs; in the
case of an off exchange transaction, date of the entering into an agreement.

The date on which threshold is crossed should normally be the date on which the
acquisition, disposal or possibility to exercise voting rights takes effect
(see DTR 5.1.1R (3)). For passive crossings, the date when the corporate event
took effect.

These dates will usually be the same unless the transaction is subject to a
condition beyond the control of the parties.

vi. Please refer to the situation disclosed in the previous notification, In
case the situation previous to the triggering transaction was below 3%, please
state `below 3%’.

vii. If the holding has fallen below the minimum threshold , the notifying
party should not be obliged to disclose the extent of the holding, only that
the new holding is less than 3%.

For the case provided for in DTR5.2.1(a), there should be no disclosure of
individual holdings per party to the agreement unless a party individually
crosses or reaches an Article 9 threshold. This applies upon entering into,
introducing changes to or terminating an agreement.

viii. Direct and indirect

ix In case of combined holdings of shares with voting rights attached `direct
holding’ and voting rights `indirect holdings’, please split the voting rights
number and percentage into the direct and indirect columns-if there is no
combined holdings, please leave the relevant box blank.

x Voting rights attached to shares in respect of which the notifying party is a
direct shareholder (DTR 5.1)

xi. Voting rights held by the notifying party as an indirect shareholder (DTR
5.2.1)

xii If the holding has fallen below the minimum threshold, the notifying party
should not be obliged to disclose the extent of the holding, only that the new
holding is below 3%.

xiii date of maturity / expiration of the finical instrument i.e. the date when
the right to acquire shares ends.

xiv If the financial instrument has such a period-please specify the period-
for example once every three months starting from the [date]

xv. The notification should include the name(s) of the controlled undertakings
through which the voting rights are held. The notification should also include
the amount of voting rights and the percentage held by each controlled
undertaking, insofar as individually the controlled undertaking holds 3% or
more, and insofar as the notification by the parent undertaking is intended to
cover the notification obligations of the controlled undertaking.

xvi. This annex is only to be filed with the competent authority.

xvii. Whenever another person makes the notification on behalf of the
shareholder or the natural person/legal entity referred to in DTR5.2 and
DTR5.3.

END

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached (ii):

BISICHI MINING

2. Reason for the notification State
Yes/No

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments
which may result in the acquisition of shares already
issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify): Initial disclosure persuant to Yes
DTR

3. Full name of person(s) subject to the notification Andrew Robert Heller
obligation (iii):

4. Full name of shareholder(s) (if different from 3.)
(iv):

5. Date of the transaction (and date on which the Notification of existing
threshold is crossed or reached if different) (v): holding

6. Date on which issuer notified: 27/3/2007

7. Threshold(s) that is/are crossed or reached: 3%

8. Notified details:

A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering
shares to transaction (vii)
if possible the Triggering
using the ISIN transaction (vi)
CODE

Number Number Number Number of voting % of voting
of of of rights (ix) rights
Shares Voting shares
Rights
(viii)

Direct Direct Indirect Direct Indirect
(x) (xi)

Ordinary shares 772,000 772,000 772,000 772,000 7.39%

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of Expiration Exercise/ Number of voting % of
financial date (xiii) Conversion rights that may be voting
instrument Period/ Date (xiv) acquired if the rights
instrument
is exercised/
converted

Share options No change

Total (A+B)

Number of voting rights % of voting rights

772,000 7.39%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable (xv):

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting
rights:

13. Additional information:

14. Contact name:

15. Contact telephone number:

Annex Notification Of Major Interests In Shares (xvi)

A: Identity of the person or legal entity subject to the
notification obligation

Full name (including legal form for legal entities) Andrew Robert
Heller

Contact address (registered office for legal entities) 30-35 Pall Mall,
London SW1Y 5LP

Phone number 020 7415 5000

Other useful information (at least legal representative for
legal persons)

B: Identity of the notifier, if applicable (xvii)

Full name M C Stevens

Contact address 30-35 Pall Mall,
London SW1Y 5LP

Phone number 020 7415 5000

Other useful information (e.g. functional relationship with Company Secretary
the person
or legal entity subject to the notification obligation)

C: Additional information

Based on total voting rights of 10,451,506

Notes

i. This form is to be sent to the issuer or underlying issuer and to be filed
with the competent authority.

ii. Either the full name of the legal entity or another method for identifying
the issuer or underlying issuer, provided it is reliable and accurate.

iii. This should be the full name of (a) the shareholder; (b) the person
acquiring, disposing of or exercising voting rights in the cases provided for
in DTR5.2.1 (b) to (h); (c) all the parties to the agreement referred to in
DTR5.2.1 (a), or (d) the direct or indirect holder of financial instruments
entitled to acquire shares already issued to which voting rights are attached,
as appropriate.

In relation to the transactions referred to in points DTR5.2.1 (b) to (h), the
following list is provided as indication of the persons who should be
mentioned:

– in the circumstances foreseen in DTR5.2.1 (b), the person that acquires the
voting rights and is entitled to exercise them under the agreement and the
natural person or legal entity who is transferring temporarily for
consideration the voting rights;

– in the circumstances foreseen in DTR 5.2.1 (c), the person holding the
collateral, provided the person or entity controls the voting rights and
declares its intention of exercising them, and person lodging the collateral
under these conditions;

– in the circumstances foreseen in DTR5.2.1(d), the person who has a life
interest in shares if that person is entitled to exercise the voting rights
attached to the shares and the person who is disposing of the voting rights
when the life interest is created;

– in the circumstances foreseen in DTR5.2.1 (e), the parent undertaking and,
provided it has a notification duty at an individual level under DTR 5.1, under
DTR5.2.1 (a) to (d) or under a combination of any of those situations, the
controlled undertaking;

– in the circumstances foreseen in DTR5.2.1 (f), the deposit taker of the
shares, if he can exercise the voting rights attached to the shares deposited
with him at his discretion, and the depositor of the shares allowing the
deposit taker to exercise the voting rights at his discretion;

– in the circumstances foreseen in DTR5.2.1 (g), the person that controls the
voting rights;

– in the circumstances foreseen in DTR5.2.1 (h), the proxy holder, if he can
exercise the voting rights at his discretion, and the shareholder who has given
his proxy to the proxy holder allowing the latter to exercise the voting rights
at his discretion.

iv. Applicable in the cases provided for in DTR 5.2.1 (b) to (h). This should
be the full name of the shareholder or holder of financial instruments who is
the counterparty to the natural person or legal entity referred to in DTR5.2.

v. The date of the transaction should normally be, in the case of an on
exchange transaction, the date on which the matching of orders occurs; in the
case of an off exchange transaction, date of the entering into an agreement.

The date on which threshold is crossed should normally be the date on which the
acquisition, disposal or possibility to exercise voting rights takes effect
(see DTR 5.1.1R (3)). For passive crossings, the date when the corporate event
took effect.

These dates will usually be the same unless the transaction is subject to a
condition beyond the control of the parties.

vi. Please refer to the situation disclosed in the previous notification, In
case the situation previous to the triggering transaction was below 3%, please
state `below 3%’.

vii. If the holding has fallen below the minimum threshold , the notifying
party should not be obliged to disclose the extent of the holding, only that
the new holding is less than 3%.

For the case provided for in DTR5.2.1(a), there should be no disclosure of
individual holdings per party to the agreement unless a party individually
crosses or reaches an Article 9 threshold. This applies upon entering into,
introducing changes to or terminating an agreement.

viii. Direct and indirect

ix In case of combined holdings of shares with voting rights attached `direct
holding’ and voting rights `indirect holdings’, please split the voting rights
number and percentage into the direct and indirect columns-if there is no
combined holdings, please leave the relevant box blank.

x Voting rights attached to shares in respect of which the notifying party is a
direct shareholder (DTR 5.1)

xi. Voting rights held by the notifying party as an indirect shareholder (DTR
5.2.1)

xii If the holding has fallen below the minimum threshold, the notifying party
should not be obliged to disclose the extent of the holding, only that the new
holding is below 3%.

xiii date of maturity / expiration of the finical instrument i.e. the date when
the right to acquire shares ends.

xiv If the financial instrument has such a period-please specify the period-
for example once every three months starting from the [date]

xv. The notification should include the name(s) of the controlled undertakings
through which the voting rights are held. The notification should also include
the amount of voting rights and the percentage held by each controlled
undertaking, insofar as individually the controlled undertaking holds 3% or
more, and insofar as the notification by the parent undertaking is intended to
cover the notification obligations of the controlled undertaking.

xvi. This annex is only to be filed with the competent authority.

xvii. Whenever another person makes the notification on behalf of the
shareholder or the natural person/legal entity referred to in DTR5.2 and
DTR5.3.

END

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached (ii):

2. Reason for the notification State
Yes/No

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments
which may result in the acquisition of shares already
issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify): Initial disclosure persuant to Yes
DTR

3. Full name of person(s) subject to the notification Michael Aron Heller
obligation (iii):

4. Full name of shareholder(s) (if different from 3.)
(iv):

5. Date of the transaction (and date on which the Notification of existing
threshold is crossed or reached if different) (v): holding

6. Date on which issuer notified: 27/3/2007

7. Threshold(s) that is/are crossed or reached: 3%

8. Notified details:

A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering
shares to transaction (vii)
if possible the Triggering
using the ISIN transaction (vi)
CODE

Number Number Number Number of voting % of voting
of of of rights (ix) rights
Shares Voting shares
Rights
(viii)

Direct Direct Indirect Direct Indirect
(x) (xi)

Ordinary shares 328,000 328,000 328,000 328,000 3.14%

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of Expiration Exercise/ Number of voting % of
financial date (xiii) Conversion rights that may be voting
instrument Period/ Date (xiv) acquired if the rights
instrument
is exercised/
converted

Total (A+B)

Number of voting rights % of voting rights

328,000 3.14%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable (xv):

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting
rights:

13. Additional information:

14. Contact name:

15. Contact telephone number:

Annex Notification Of Major Interests In Shares (xvi)

A: Identity of the person or legal entity subject to the
notification obligation

Full name (including legal form for legal entities) Michael Aron
Heller

Contact address (registered office for legal entities) 22a St James’s
Square, London
SW1Y 4JH

Phone number 020 7415 5000

Other useful information (at least legal representative for
legal persons)

B: Identity of the notifier, if applicable (xvii)

Full name M C Stevens

Contact address 22a St James’s
Square, London
SW1Y 4JH

Phone number 020 7415 5000

Other useful information (e.g. functional relationship with Company Secretary
the person
or legal entity subject to the notification obligation)

C: Additional information

Based on total voting rights of 10,451,506

Notes

i. This form is to be sent to the issuer or underlying issuer and to be filed
with the competent authority.

ii. Either the full name of the legal entity or another method for identifying
the issuer or underlying issuer, provided it is reliable and accurate.

iii. This should be the full name of (a) the shareholder; (b) the person
acquiring, disposing of or exercising voting rights in the cases provided for
in DTR5.2.1 (b) to (h); (c) all the parties to the agreement referred to in
DTR5.2.1 (a), or (d) the direct or indirect holder of financial instruments
entitled to acquire shares already issued to which voting rights are attached,
as appropriate.

In relation to the transactions referred to in points DTR5.2.1 (b) to (h), the
following list is provided as indication of the persons who should be
mentioned:

– in the circumstances foreseen in DTR5.2.1 (b), the person that acquires the
voting rights and is entitled to exercise them under the agreement and the
natural person or legal entity who is transferring temporarily for
consideration the voting rights;

– in the circumstances foreseen in DTR 5.2.1 (c), the person holding the
collateral, provided the person or entity controls the voting rights and
declares its intention of exercising them, and person lodging the collateral
under these conditions;

– in the circumstances foreseen in DTR5.2.1(d), the person who has a life
interest in shares if that person is entitled to exercise the voting rights
attached to the shares and the person who is disposing of the voting rights
when the life interest is created;

– in the circumstances foreseen in DTR5.2.1 (e), the parent undertaking and,
provided it has a notification duty at an individual level under DTR 5.1, under
DTR5.2.1 (a) to (d) or under a combination of any of those situations, the
controlled undertaking;

– in the circumstances foreseen in DTR5.2.1 (f), the deposit taker of the
shares, if he can exercise the voting rights attached to the shares deposited
with him at his discretion, and the depositor of the shares allowing the
deposit taker to exercise the voting rights at his discretion;

– in the circumstances foreseen in DTR5.2.1 (g), the person that controls the
voting rights;

– in the circumstances foreseen in DTR5.2.1 (h), the proxy holder, if he can
exercise the voting rights at his discretion, and the shareholder who has given
his proxy to the proxy holder allowing the latter to exercise the voting rights
at his discretion.

iv. Applicable in the cases provided for in DTR 5.2.1 (b) to (h). This should
be the full name of the shareholder or holder of financial instruments who is
the counterparty to the natural person or legal entity referred to in DTR5.2.

v. The date of the transaction should normally be, in the case of an on
exchange transaction, the date on which the matching of orders occurs; in the
case of an off exchange transaction, date of the entering into an agreement.

The date on which threshold is crossed should normally be the date on which the
acquisition, disposal or possibility to exercise voting rights takes effect
(see DTR 5.1.1R (3)). For passive crossings, the date when the corporate event
took effect.

These dates will usually be the same unless the transaction is subject to a
condition beyond the control of the parties.

vi. Please refer to the situation disclosed in the previous notification, In
case the situation previous to the triggering transaction was below 3%, please
state `below 3%’.

vii. If the holding has fallen below the minimum threshold , the notifying
party should not be obliged to disclose the extent of the holding, only that
the new holding is less than 3%.

For the case provided for in DTR5.2.1(a), there should be no disclosure of
individual holdings per party to the agreement unless a party individually
crosses or reaches an Article 9 threshold. This applies upon entering into,
introducing changes to or terminating an agreement.

viii. Direct and indirect

ix In case of combined holdings of shares with voting rights attached `direct
holding’ and voting rights `indirect holdings’, please split the voting rights
number and percentage into the direct and indirect columns-if there is no
combined holdings, please leave the relevant box blank.

x Voting rights attached to shares in respect of which the notifying party is a
direct shareholder (DTR 5.1)

xi. Voting rights held by the notifying party as an indirect shareholder (DTR
5.2.1)

xii If the holding has fallen below the minimum threshold, the notifying party
should not be obliged to disclose the extent of the holding, only that the new
holding is below 3%.

xiii date of maturity / expiration of the finical instrument i.e. the date when
the right to acquire shares ends.

xiv If the financial instrument has such a period-please specify the period-
for example once every three months starting from the [date]

xv. The notification should include the name(s) of the controlled undertakings
through which the voting rights are held. The notification should also include
the amount of voting rights and the percentage held by each controlled
undertaking, insofar as individually the controlled undertaking holds 3% or
more, and insofar as the notification by the parent undertaking is intended to
cover the notification obligations of the controlled undertaking.

xvi. This annex is only to be filed with the competent authority.

xvii. Whenever another person makes the notification on behalf of the
shareholder or the natural person/legal entity referred to in DTR5.2 and
DTR5.3.

END

27 March 2007

BISICHI MINING PLC

Preliminary Results for the year ended 31 December 2006

2006 2005

Revenue £13,239,000 £13,485,000

Profit before interest, tax and £3,737,000 £5,471,000
depreciation

Profit before tax £2,614,000 £4,206,000

Diluted earnings per share 19.68p 30.19p

Dividend per share up 11.1% 2.50p 2.25p

Commenting, Michael Heller, chairman of Bisichi Mining PLC said:

‘2006 has been both a challenging and a successful year for Bisichi Mining and,
with the many opportunities now arising in the South Africa, we look forward to
the coming year with confidence’.

END

For further information, please call:

Andrew Heller

Robert Corry, Bisichi Mining PLC 020 7415 5030

Christopher Joll MJ2 Ltd 020 7491 7776

CHAIRMAN’S STATEMENT

I am pleased to report to shareholders that a very strong performance in the
second half has resulted in a profitable year for Bisichi Mining PLC
(‘Bisichi’) with Group profit on ordinary activities before interest, taxation
and depreciation at £3,737,000 (2005: £5,471,000). As already reported, the
first six months of 2006 were severely impacted by the consequences of the
fatality that occurred in late 2005 at Black Wattle Colliery. However, 2006
clearly demonstrated the strength of the management team and its ability to
deal swiftly and effectively with unforeseen problems in our mining operations.
The second half of the year has been the most profitable in the company’s
history.

One of the most exciting aspects of the past year in South Africa has been the
sharp increase in the availability of mineral rights for development by
empowered mining companies such as ourselves. This has arisen because many
reserves have been returned to the State as a result of the ‘use it or lose it’
provisions of the Mineral and Petroleum Resources Development Act 2004
(‘MPRDA’). With Black Wattle’s Black Economic Empowerment (‘BEE’) status and
successful track record we are well placed to take advantage of these
newly-available coal reserves.

During the past year, we have forged relationships with new BEE partners which
will allow us to take the operations in South Africa onto the next level. In
this regard, I am pleased to announce the appointment of David Nkosi as a
Director of Black Wattle Colliery. David is a graduate of the Department of
Minerals and Energy (‘DME’) training programme and has been involved in the
mining sector for several years. We look forward to his active involvement
as a Director of Black Wattle identifying new reserves and helping to grow our
South African business.

Shareholders should be aware that, as a result of certain difficulties that
have emerged in our relationship with the minority shareholder at Black Wattle
Colliery, we have had to remove Sipho Dube and Duku Mogoai (his associate at
Endulwini Resources) as directors of the Black Wattle Colliery. In addition we
have cancelled the Agreement by which the Mhlaba Dube Memorial Trust held 37.5%
shareholding in Black Wattle and we have initiated court proceedings in South
Africa to obtain a declaration that the Trust is no longer a shareholder. This
legal action does not affect the operation of Black Wattle Colliery nor its
mineral rights granted under the MPRDA. Once this matter has been resolved, we
will invite a new BEE partner to join us as a shareholder in Black Wattle.
Black Wattle was one of the first coal mines in South Africa to achieve BEE
status in 1999 and Bisichi remains committed to maintaining its leadership in
this regard.

As shareholders have already been informed, Ezimbokodweni Mining (Pty) Limited
is the joint venture company formed to own and develop the Pegasus Reserve.
This company is owned as to 49% by Bisichi and 51% by Endulwini Resources.
Although the DME has converted the prospecting rights, Ezimbokodweni has not
yet provided the 100% financial guarantee required by the vendor, Ingwe, in
accordance with its obligation under the original Purchase and Sale Agreement.
We have already indicated to Ingwe that Bisichi is willing to put up a
guarantee for its 49 % of the project and we are actively pursuing the
resolution of this issue with all parties concerned.

If the development of Pegasus does not proceed as planned the current
availability of other high quality coal reserves referred to earlier in this
report provides us with numerous opportunities to develop our mining activities
in South Africa independent of Pegasus. To that end, we are in the process of
purchasing a drill rig and have set up a dedicated team in a satellite office
to work full time on reserve acquisitions.

I am delighted to report that Bisichi’s UK retail property portfolio, managed
by London & Associated Properties PLC has contributed most satisfactorily to
this year’s profits and has underpinned our mining activities. The portfolio,
including our share of Dragon Retail Properties, is virtually fully let, and
was valued at 31 December 2006 by independent chartered surveyors at £19.3
million, an increase of 10%.

To underline our confidence in the future of Bisichi, your directors are
recommending a dividend of 2.50p, compared to 2.25p per share in the previous
year, an increase of 11.1% This will be paid on 13 August 2007 to shareholders
on the register as of 20 July 2007.

2006 has been both a challenging and a successful year for Bisichi and, with
the many opportunities now arising in the South Africa, we look forward to the
coming year with confidence.

MICHAEL HELLER

Chairman

27 March 2007

MINING REVIEW

Mining Report

As the Chairman has reported, the first six months of 2006 were greatly
affected by the aftermath of the first underground fatality in Black Wattle’s
history which took place in late 2005. The closure of the Continuous Miner
section immediately reduced production which had a negative impact on
profitability. In the wake of the accident, your management took a number of
decisive actions in order to turn the situation around. The Continuous Miner
was overhauled and lowered during this down time period which facilitated its
return to reliable operation earlier than was originally anticipated as it
could start to mine in areas of lower seam height. We obtained accelerated
permission from the DME to mine under a major highway, which allowed us access
to a substantial untouched portion of our reserves. We also took over ownership
of the Black Wattle’s washing plant, which has allowed us to upgrade the
facility, improve yields and increase overall productivity. Moreover, we
successfully achieved substantial increases in price for each of our major
products. Finally, we have entered into a long term contract with a BEE company
for the sale of our discard material to Eskom, the South African electricity
utility. This contract both generates substantial revenue and will greatly
reduce our rehabilitation liability when we eventually cease mining.
Furthermore, it has already reduced our handling and stockpiling expenses on
the mine. As a result of these actions by your management, Black Wattle
delivered its most profitable half year in its history in the second half of
2006.

Production: Black Wattle Colliery

The two bord and pillar and continuous miner sections performed well in the
second half of 2006. Taking the setbacks of late 2005 and the first half of
2006 into account, we are very pleased to have achieved a run-of-mine
production figure for the year of 1.199 million tonnes, just 7.5% less than
2005. The three sections should continue to mine at acceptable levels in 2007.
We will increase production when we receive opencast permission, which has
recently been applied for from the DME. In this regard, we have had the
necessary meetings with all interested and affected parties and are awaiting
DME approval to commence opencast mining.

Marketing: Black Wattle Colliery

2006 was a very successful year, both in terms of export-based sales and the
prices we are achieving in a very strong domestic market. In April 2006, we
achieved a price increase of 18.6% for our sales to local suppliers of steam
coal, followed by another increase of 14.3% in November 2006. In July 2006, we
achieved an 11% increase in our prices for the local ferrochrome market.
Although the mine’s fixed price export contract came to a conclusion in the
second half of 2006, strong prices in the international market have meant that
export-based sales are still highly profitable, especially with the recent
depreciation of the South African rand. The general tightness of supply both in
the international and domestic markets has effectively put in place a price
floor at much higher than historical levels. For the first time in recent
memory, the prices for domestic steam coal Free on Mine are higher than the
price which we receive from Richards Bay Coal Terminal, taking in to account
the additional transportation costs. We fully intend to exploit these
favourable market conditions by locking in prices where sensible and taking
advantage of new sales opportunities as they arise.

Human Resources: Black Wattle Colliery

In order to strengthen our human resource management activities, Andrew
Mandlazi was recently appointed Head of Human Resources at the Black Wattle
Colliery. He has joined us at a critical time when we are implementing a number
of important policies, key among these include:

Worker Training: Black Wattle is sending a number of its employees to various
training programs throughout the Mpumalanga and Gauteng Regions, including the
Colliery Training College in Witbank, Witwatersrand University, and
Potchefstroom University.

Adult Basic Education Training (ABET): The workforce has been assessed for ABET
training and a computer-based ABET training facility is being established at
the mine to facilitate participation in this program.

HIV/AIDS Peer Education: Six employees have been sent to be trained as HIV/AIDS
Peer Educators to assist in putting into place Black Wattle’s HIV/AIDS
education program.

Employment Equity: Quarterly Employment Equity meetings are taking place to
ensure that the Black Wattle Colliery is complying with all aspects of national
legislation related to Employment Equity.

Social Development

We are participating in the Integrated Development Program of the Steve Tshwete
(Middelburg) Municipality through the provision of assistance to the Evergreen
Primary School and the nearby community. Key activities completed in the recent
year include painting of all classrooms, completion of the school
administration buildings, and final construction of the school kitchen.

Procurement

Black Wattle has implemented a BEE-focussed procurement policy which strongly
encourages our suppliers to have and maintain strong BEE credentials. We
constantly monitor our monthly BEE spend and encourage potential BEE suppliers
to compete for equipment and service contracts at the Black Wattle Colliery. We
also are actively engaged in sale of our products to BEE enterprises, as shown
by our 5 year sales agreement with a BEE company for the purchase of our
discard for supply to Eskom.

Health and Safety

Supervisors have received training in hazard identification and risk assessment
in their work areas. All levels of employees will have received this training
by the end of 2007. A medical surveillance system is in place which provides
management with information used in determining measures to eliminate, control
and minimise employee health risks and hazards.

Prospects

At Black Wattle Colliery higher prices are being achieved across the range of
all of our markets– from our premium low phosphorous nuts to our discard sales
to the power industry. The opportunity to commence opencast mining in the next
few months is now a real possibility, and the increased performance of the
washing plant has improved both yield and coal quality.

The prospects for acquiring additional reserves have never looked so good.

I am confident that 2007 will be a successful year for our South African
operations.

ANDREW HELLER

Managing Director

27 March 2007

Bisichi Mining Plc

Consolidated income statement
for the year ended 31 December 2006

Notes Year Year
ended Ended
31 Dec 31 Dec

2006 2005

£’000 £`000

Group revenue 1 13,239 13,485

Operating costs (12,346) (12,037)

__________ __________

Operating profit before adjustments 1 893 1,448

Gains on held for trading investments 81 177

Increase in value of investment 1,643 2,393
property

Exceptional items 2 12 124

Share of profit in joint ventures 175 522

__________ __________

Operating profit 1 2,804 4,664

Interest receivable 232 76

Interest payable (422) (534)

__________ __________

Profit before tax 2,614 4,206

Taxation 3 (489) (687)

__________ __________

Profit for the period 2,125 3,519

__________ __________

Profit attributable to equity 2,125 3,256
shareholders

Profit attributable to minority – 263
interest

__________ __________

2,125 3,519

__________ __________

Earnings per share 5 20.33p 31.15p

__________ __________

Diluted earnings per share 5 19.68p 30.19p

__________ __________

Bisichi Mining Plc

Consolidated balance sheet

As at 31 December 2006

2006 2005

£’000 £’000

Assets

Non-current assets

Value of investment properties 17,270 15,625
attributable to group

Fair value of head lease 146 153

Property 17,416 15,778

Reserves, plant and equipment 5,415 5,604

Investments in Joint Ventures 2,637 2,519

Other Investments 391 424

Deferred tax assets 234 241

Total non-current assets 26,093 24,566

Current assets

Inventories 56 124

Trade and other receivables 2,056 4,578

Held for trading investments 700 629

Interest derivative 53 36

Cash and cash equivalents 3,275 488

6,140 5,855

Total assets 32,233 30,421

Liabilities

Current liabilities

Borrowings (3,302) (2,382)

Trade and other payables (5,887) (4,432)

Current tax liabilities (33) (91)

(9,222) (6,905)

Non-current liabilities

Borrowings (3,402) (4,368)

Finance lease liabilities (146) (153)

Deferred tax liabilities (2,974) (2,582)

(6,522) (7,103)

(15,744) (14,008)

Net assets 16,489 16,413

Equity

Share capital 1,045 1,045

Translation reserve (1,241) 56

Other reserves 189 114

Retained earnings 16,496 14,606

16,489 15,821

– 592

Total equity 16,489 16,413

Bisichi Mining Plc

Consolidated CASH FLOW STATEMENT
For the year ended 31 December 2006

Year Year
ended ended
31 December 31 December

2006 2005

£’000 £’000

Cash flows from operating activities

Operating profit 2,804 4,664

Depreciation 933 807

Share based payment expense 75 23

Unrealised gain on investment held for (81) (177)
trading

Unrealised gain on investment properties (1,643) (2,393)

Share of profit of joint ventures (175) (522)

Hedging – 82

___ ___

Cash flow before working capital 1,913 2,484

Change in inventories 57 (89)

Change in trade and other receivables 1,780 (753)

Change in trade and other payables (382) 750

Change in provisions 38 (136)

Acquisitions of held for trading – (24)
investments

Proceeds from held for trading investments 10 99

___ ___

Cash generated from operations 3,416 2,331

Interest received 232 76

Interest paid (422) (534)

Income tax paid 28 (331)

___ ___

Cash flow from operating activities 3,254 1,542

___ ___

Acquisition of reserves, plant and (1,893) (1,348)
equipment

Proceeds from sale of investment 19 482
properties, reserves, plant and equipment

Acquisitions of investments (10) (41)

___ ___

Cash flow from investing activities (1,884) (907)

___ ___

Cash flow from financing activities

Borrowings drawn 1,380 23

Borrowings repaid (498) (1,927)

Equity dividends paid (235) (209)

___ ___

Cash flow from financing activities 647 (2,113)

___ ___

Net increase (decrease) in cash and cash 2,017 (1,478)
equivalents

___ ___

Cash and cash equivalents at 1 January (969) 507

Exchange adjustment (70) 2

___ ___

Cash and cash equivalents at 31 December 978 (969)

___ ___

Bisichi Mining Plc

Consolidated STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
For the year ended 31 December 2006

Share Translation Other Retained Total Minority Total equity
reserve earnings interest
capital reserves

£’000 £’000 £’000 £’000 £’000 £’000 £’000

Balance as at 1 January 1,045 141 91 11,559 12,836 334 13,170
2005

Revaluation of – – – 2,393 2,393 – 2,393
investment properties

Movement on fair value – – – (58) (58) – (58)
of derivatives

Other income statement – – – 921 921 263 1,184
movements

Profit for the year – – – 3,256 3,256 263 3,519

Exchange adjustment – (85) – – (85) (5) (90)

_____________ _____________ ____________ ____________ ____________ ____________ ____________

Total recognised income – (85) – 3,256 3,171 258 3,429
and expense for the
period

Dividend – – – (209) (209) – (209)

Equity share options – – 23 – 23 – 23

_____________ _____________ ____________ ____________ ____________ ____________ ____________

Balance at 31 December 1,045 56 114 14,606 15,821 592 16,413
2005

Revaluation of – – – 1,643 1,643 – 1,643
investment properties

Movement on fair value – – – 17 17 – 17
of derivatives

Other income statement – – – 465 465 – 465
movements

Profit for the year – – – 2,125 2,125 – 2,125

Exchange adjustment – (1,297) – – (1,297) – (1,297)

_____________ _____________ ____________ ____________ ____________ ____________ ____________

Total recognised income – (1,297) – 2,125 828 – 828
and expense for the
period

Dividend – – – (235) (235) – (235)

Removal of minority – – – – – (592) (592)
interest

Equity share options – – 75 – 75 – 75

_____________ _____________ ____________ ____________ ____________ ____________ ____________

Balance at 31 December 1,045 (1,241) 189 16,496 16,489 – 16,489
2005

_____________ _____________ ____________ ____________ ____________ ____________ ____________

Bisichi Mining Plc

ACOUNTING POLICIES aND NOTES TO ACCOUNTS

Basis of accounting

The results for the year ended 31 December 2006 have been prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted
by the European Union. The principal accounting policies applied are the same
as those set out in the Financial Statements for the year ended 31 December
2005.

1 SEGMENTAL ANALYSIS 31 December 31 December
2006 2005
£’000 £’000

Revenue

Mining 12,138 12,278

Property 1,064 1,086

Other 37 121

_______ _______

13,239 13,485

_______ _______

Operating profit before
adjustments

Mining 534 1,008

Property 350 436

Other 9 4

_______ _______

893 1,448

_______ _______

Operating profit

Mining 516 1,066

Property 2,198 3,417

Other 90 181

_______ _______

2,804 4,664

_______ _______

2 EXCEPTIONAL ITEMS 31 December 31 December

2006 2005

£’000 £’000

Gain on sale of investment 12 412
properties

Costs in relation to suspended – (288)
fund raising

_______ _______

12 124

_______ _______

3 TAXATION 31 December 31 December

2006 2005

£’000 £’000

Based on the results for the year:

Corporation tax at 30% (2005: 30%) (46) 154

Adjustment in respect of prior 143 (1)
years – UK

_______ _______

97 153

Deferred tax 392 534

_______ _______

489 687

_______ _______

* DIVIDEND

A final dividend in respect of 2006 of 2.5p (2005: 2.25p) per share amounting
to a total of £261,000 (2005: £235,000) is proposed by the board. The dividend
proposed is not accounted for until it has been approved at the Annual General
Meeting. The amount will be accounted for as an appropriation of revenue
reserves in the year ending 31 December 2007.

* EARNING PER SHARES

Both the basic and diluted earnings per share calculations are based on a
profit of £2,125,000 (2005: £3,256,000). The basic earnings per share have been
calculated on 10,451,506 (2005: 10,451,506) ordinary shares being in issue
during the period. The diluted earnings per share have been calculated on the
number of shares in issue of 10,451,506 (2005: 10,451,506) plus the dilutive
potential ordinary shares arising from share options of 347,466 (2005: 334,746)
totalling 10,798,972 (2005: 10,786,252).

* FINANCIAL INFORMATION

The above financial information does not constitute statutory accounts within
the meaning of section 240 of the Companies Act 1985. The financial information
has been extracted from the group’s annual report and accounts for the year
ended 31 December 2006 on which the auditors have not yet expressed an opinion,
but for which an unqualified report is expected. Statutory accounts for the
year ended 31 December 2005 which were prepared under IFRS, have been delivered
to the Registrar of Companies; the report of the auditors on those accounts was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.

* Board approval

These preliminary results were approved by the Board of Bisichi Mining PLC on
27 March 2007.

END