UG2 Platinum Limited (UG2) was founded in October 2003 with the view of exploiting the huge demand for Platinum Group Metals (PGMs) in South Africa.

UG2's main business objective is platinum mining exploration and related activities and as such has concentrated its activities on exploration and investment opportunities in the mining industry.

The first project, Trompsburg Platinum (Pty) Ltd (Trompsburg), was acquired in April 2004. The Trompsburg gravity anomaly is considered to be a concealed platinum target. A prospecting permit for all minerals was issued to Trompsburg by the Department of Minerals and Energy (DME) in November 2004.

In 2005, UG2 successfully conducted a capital raising exercise via a public prospectus in an issue of shares in UG2 for cash. This provided UG2 with the necessary funds to conduct Phase I exploration activities at Trompsburg.

2006 saw the acquisition of Vryburg Mining & Exploration (Pty) Ltd (Vryburg). The Vryburg project is located in the vicinity of the Stella Layered Intrusion (SLI) which is a platinum producing target.

During 2007, an application for a prospecting permit for Vryburg was lodged with the DME and a capital raising exercise in the form of a rights offer to shareholders was completed.