PLATINA RESOURCES LIMITED — Capital/Financing Update 2007

May 23, 2007

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

PLATINA RESOURCES LIMITED

ABN

25 119 007 939

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\ddagger$ +Class of +securities issued or to be issued

(Unlisted) options

• $\mathcal{P}$ Number of +securities issued or to be issued (if known) or maximum number which may be issued
• 3 Principal terms of the *securities (eg, if options, exercise price and expiry date; if partly paid *securities, the amount outstanding and due dates for payment: if *convertible securities, the conversion price and dates for conversion)

125,000 (unlisted) options exercisable at 75.0 cents each on or before 30 June 2010.

125,000 (unlisted) options exercisable at 75.0 cents each on or before 30 June 2010.

+ See chapter 19 for defined terms.

4	Do the *securities rank equally inall respects from the date ofallotment with an existing 'classof quoted *securities?
	If the additional securities do notrank equally, please state:the date from which they dothe extent towhichtheyforparticipatethenextdividend, (in the case of atrust, distribution) or interestpaymentthe extent to which they donot rank equally, other than inrelation to the next dividend,distributioninterestorpayment
5.	Issue price or consideration	Nil - Executive remuneration
6	Purpose of the issue(If issued as consideration for theacquisition of assets,clearlyidentify those assets)	Executive remuneration
7	Dates of entering *securitiesinto uncertificated holdings ordespatch of certificates	23 May 2007
8	Number and + class of all*securities quoted on ASX(including the securitiesin.clause 2 if applicable)	Number31,000,000	$\overline{\text{t}}$ ClassOrdinary

+ See chapter 19 for defined terms.

		Number	*Class
9	Numberand *class ofall*securities not quoted on ASX	10.000	Ordinary (24mths escrow $-$24/5/08)
	(including the securitiesinclause 2 if applicable)	4,200,000	Options (20.0c @ 30/06/10)(Unlisted)
		250.000	Options (25.0c @ 30/06/10)(Unlisted)
		187.000	Options $(25.0c \text{ @ } 30/11/08)$(Unlisted)
		1.250.000	Options (32.0c @ 30/06/10)(Unlisted)
		125,000	Options (75.0c @ 30/06/10)(Unlisted)
10.	Dividond notion fin the soco of

Dividend policy (in the case ofa trust, distribution policy) onthe increased capital (interests) 10

Part 2 - Bonus issue or pro rata issue

11	holder approvalsecurityIs.required?
12.	Is the issue renounceable ornon-renounceable?
13	Ratio in which the 'securities willbe offered
14	*Class of *securities to whichthe offer relates
15	*Record date to determineentitlements
16	holdingsdifferentWillonregisters (or subregisters) beaggregated for calculatingentitlements?
17	Policy for deciding entitlementsin relation to fractions

$\div$ See chapter 19 for defined terms.

18	Names of countries in which theentity has *security holders whowill not be sent new issuedocumentsNote: Security holders must be told how their
	entitiements are to be dealt with.Cross reference: rule 7.7.
19	Closingdateforreceiptοfacceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting feeor commission
22	Names of any brokers to theissue
23	Fee or commission payable tothe broker to the issue
24	Amount of any handling feepayable to brokers who lodgeacceptances or renunciations onbehalf of "security holders
25	If the issue is contingent on*security holders' approval, thedate of the meeting
26	entitlementDateandformacceptanceandprospectusProductorDisclosurewillbeStatementsent to persons entitled
27	If the entity has issued options,and the terms entitle optionholdersparticipatetoonexercise, the date on whichnotices will be sent to optionholders
28	Date rights trading will begin (ifapplicable)
29	Date rights trading will end (ifapplicable)

+ See chapter 19 for defined terms.

• 30 How do 'security holders sell their entitlements in full through a broker?
• 31 How do 'security holders sell part of their entitlements through a broker and accept for the balance?
• 32 How do *security holders dispose of their entitlements (except by sale through a broker)?

이 아이들은 아이들은 아이들이 아이들이 아이들이 아이들이 아이들이 아이들		__

33 *Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• $(a)$

Securities described in Part 1

$(b)$

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid. employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the 'securities are 'equity securities, the names of the 20 largest holders of the additional *securities, and the number and percentage of additional *securities held by those holders

36	If the 'securities are 'equity securities, a distribution schedule of the additional*securities setting out the number of holders in the categories1 - 1.000$1,001 - 5,000$$5,001 - 10,000$10,001 - 100,000100,001 and over
-37	A copy of any trust deed for the additional *securities

+ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

• 38 Number of securities for which *quotation is sought
• 39 Class of *securities for which quotation is sought
• 40 Do the *securities rank equally in all respects from the date of allotment with an existing *class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution interest or. payment
• 41 Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another security, clearly identify that other security)

42 Number and *class of all *securities quoted on ASX (including the securities in clause $38)$

Number	*Class

+ See chapter 19 for defined terms.

Quotation agreement

• $\mathbf{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\mathfrak{p}$ We warrant the following to ASX.
  • The issue of the *securities to be guoted complies with the law and is not for an illegal purpose.
  • There is no reason why those 'securities should not be granted *quotation.
  • An offer of the *securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

.Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any *securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the *securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• 1. We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before *quotation of the *securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

DP Cornish Company Secretary 24 May 2007

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+ See chapter 19 for defined terms.