wesizwe platinum limited Strategic Overview February 2010 Disclaimer

wesizwe platinum limited Strategic Overview February, 2010

Disclaimer The information in this document (this “Document”) is for information purposes only. This Document will form part of a verbal briefing by members of Wesizwe Platinum Limited and cannot be relied on or used in isolation therefrom. This Document does not constitute an offer of any kind or a solicitation of an offer and does not imply that information contained herein is correct as of any time subsequent to the date of issue. You are to rely on your own independent appraisal of and investigations into all matters and things contemplated by this Document. Whilst every care has been taken in preparing this Document, no representation, warranty or undertaking (express or implied) is given as to the accuracy, completeness or reasonableness of the information or statements contained herein and no responsibility or liability whatsoever is accepted by Wesizwe Platinum Limited for any direct or consequential loss resulting from the use of this Document. All opinions and estimates contained in this Document may be changed after publication at any time without notice. This document has been provided to you for your information only and may not be reproduced or redistributed to any other person. By accepting this document, you agree to be bound by the foregoing limitations. 2

Located on the PGM centre of gravity of the Western Limb of the Bushveld Complex Western Limb provides 67% of the world’s platinum Western Limb 3

Regional Geology 4

At the centre of a fully explored, quality new mining area • Easier, more efficient mining • Amenability to mechanisation • Fewer mining levels • Lower cost mining regime fontein JQ Koedoes Zandrivie rspoort Flat lying, thick reef = Frisch- h c ris Ledig h F 1 1 sc Fri 4 Frisch & Frisch 34 11 Styldrift Impala 20# WBJV Project 1 Area North Shaft Boschkoppie South Shaft D-Section BRPM (established benchmark) • Current margin to cost multiple of 2: 1 • 100% Merensky • Pt to Pd ratio = 2. 2: 1 • Base metals increase revenues by 30% 5

Rigorously explored: 180 boreholes + 3 D Geoseismic Survey 6

Both MR and UG 2 , stable structural geology AMSL Merensky UG 2 Qualified to a high level of confidence by intensive drilling and a 3 D geoseismic survey 7

A stable mining platform within a relatively disturbed region TWT 8

Flat Lying 9

Relatively little faulting 10

Exceptionally thick reef widths 144 cm 158 cm 115 cm 174 cm

Highly favourable Prill Split • Pt: Pd Ratio 2, 33 • High Rhodium kicker 12

Consolidated Resource Schedule 13

Mining Regime

Mining parameters § 230 ktpm Run of MIne § 180 ktpm Merensky & 50 ktpm UG 2 initially § 230 ktpm UG 2 once Merensky depleted 15

Mining methods §Conventional mining on the Merensky • Jackhammers, face / strike / dip winch scrapers into ore passes. • Loaded at muck bays on UG 2 and trammed to ore passes §Hybrid mining on the UG 2 • Jackhammers & face scrapers on Face • Drill rig in ASG • Ore loaded in ASG by and trammed to ore passes 16

Overall mining layout: simple because of flat lying nature of reef and well defined sections 17

Mining logistics §Tramming levels below UG 2 horizon §Tram ore and waste to shaft. §Trackless tramming with trucks back to shaft ore passes. §The layout allows flexibility to negotiate geological structures. §Underground crushing, then ore passes into crushed rock silos §Fed by chute onto belt and into 20 t skips §Hoisting calculated on 23 day & 18 hrs/day cycles per month. 18

Schematic stoping layout 19

Flexible mining infrastructure 20

Shallow in comparison with existing underground mines m A am th or N t ul lb de an am th or N la pa Im t on ni U ul lb e on ni U re Ka la pa Im e w on um in iz es at Pl W ni U um in at Pl de an rn rn te te es es W W Different shafts 1000 operations 500 Wesizwe mining at Frisch Ledig working depth 650 -850 m below surface 1500 2000 Depth m Source: SFA Oxford 21

Shallow compared to new mines wesizwe 650 m

Rapid ramp-up to steady state 230 000 tpm Koedoesfontein extension extends LOM • Merensky-dominant production for the first 20 years • Once UG 2 dominant, mine is fully developed – reduced costs 23

Rapid ramp-up to steady state 350 000 oz • Merensky-dominant production for the first 20 years • Once UG 2 dominant, mine is fully developed – reduced costs Ramp-up Steady State Production Depletion Koedoesfontein extension extends LOM 24

Capex and Opex

Early Capex, rapid drawdown Capex CAp ex Shaft Sinking Complete Concentrator Commissioned Achieve Steady State Production 26

Costs well researched live and zero base Note: These cash costs exclude • Smelting • Refining • Marketing • Head office costs On-mine Cash Cost: R 320/t Overheads: R 43/t Total Cash Cost: R 363/t 27

Average Cash Cost per ton milled competitive with majors 28

Understanding Eskom 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 65 MW Eskom installation O HF Eskom recovery rollout Complete* Equipping Full 65 MW supply only required by 2016 r d an t s Heavy Fuel Oil (HFO) Standby for full power requirement Of 10 MW ramping to 65 MW during critical ramp-up Concentrator start-up Production Ramp-up 18 7 ар - м н 1 се 17 ар - 6 м н 1 се 16 5 ар - м н 1 15 се 4 ар - м н 1 14 се 3 ар - м н 1 13 се 2 ар - м н 1 12 се 1 ар - м н 1 11 се ар - 0 Shaft Sinking м н 1 се 10 9 ар - м н 0 се 09 ар - м н 0 се by ve co Light Diesel Standby during capital construction 8 MW Wesizwe Power Demand Curve Steady State 29 *Medupe and Bravo Power stations built + Grootvlei, Camden and Komati recommissioned

Project economics

Sensitivity Analysis @ 7. 5% Real Discount Rate 31

Indicative value buildup over five years Pd $315 Rh $4, 20 0 Au $750 Ni $ 20 Cu $2 R/$ NPV Build-up curve - each year NPV increases as spend takes place - risk is reduced so discount rate falls - share price will rise to reflect this build up in NPV 7. 50 Source: Qinisele Resources

The Aquarius/Kroondal Experience 33

Shareholder Spread

Fund Managers by Country

Shareholder type 36

Recent Acquisition of WBJV from Anglo Platinum

The components of the deal Wesizwe Platinum Group Metals/WB JV WBJV Koedoes fontein JQ ct oje Pr 26% Ledig JV 3 Zandrivie Anglo Platinum/BRPM JV WB rspoort WBJV held 50% in x-hatched areas Wesizwe held 26% of WBJV Frisch-Ledig Core Project Styldrift Frisch 100% Frisch 4 11 Mimosa WBJV 26% WBJV Project 1 Boschkoppie Impala 20# North Shaft South Shaft D-Section Bafokeng Rasimone Platinum Mine 38

Pre-transaction ownership structure 39

Post-transaction ownership structure 40

In summary…….

What we have is………. § Excellent technical fundamentals • A superb ore body • Fully explored with drill holes a general 250 m grid and 125 m grid in the capital footprint verified and confirmed by 3 D seismic survey • High level of confidence in the economic and structural geology with continuous, flatly dipping reef (3 -5 deg) that lends itself to optimal mechanised mining of MR and UG 2 • High Merensky reef grades with higher than average prill splits (metals basket value) with an excellent Rhodium kicker 42

as well as. . . . § Viable fundamentals • A good Bankable Feasibility Study showing a tangible mine – it is being built • Costs derived from live database of existing operations • Costs underpinned by zero-based costing • Planning is based on actual experience before during and after project establishment • Note: this is single shaft operation with no massive corporate overheads 43

in addition to which…. . § Project is relatively opex / capex insensitive § Power contingency in place § Feasibility undertaken by highly experienced team with real costing based on same sized shaft § Funding options still being considered, interim arrangements concluded 44

The project is right on track…… § Simple easy mine design, done many times before, and we have the Impala 20 # team § Highly experienced project management team with a delivery track record focused on building the mine REAL TEAM , REAL MINE, REAL VALUE 45

the next name in platinum www. wesizwe. com 46