1

Mimosa Mine – Presentation to Implats’ investors

20 October 2005

2

Mimosa vision

To remain in the lowest cost quartile of

platinum producers to provide growth

and superior returns to our shareholders

2

3

Mimosa history

1994/95 - Zimasco starts current operations :- Phase I 200tpd- Phase II 700tpd

1996 - Claims consolidated into mining lease area of 6,500 ha

1998 - Feasibility studies for phase III2001 - Phase III project commences2003 - Full commissioning of 4050 tpd plant2005 - Phase IV Upgrade Project in progress

4

Organisational structure

Managing DirectorA Mhembere

General ManagerP Chimboza

Technical DirectorH Mashanyare

Mining ExecutiveK Ukama

HRMtombeni

Asset MgtSwart

PlantShamu

M / HandlingChauke

T / ServicesMuganyi

M / NorthBadza

M / SouthNyamambi

FinanceShoko

SHEManjoro

TOTAL EMPLOYEE COMPLEMENT 1581

Projects MgrA.I. Makuvaro

Corporate Office

3

3

Platinum in Zimbabwe

Mimosa

6

Mimosa mining lease

4

7

20-year mining plan

8

Mining operations

Mineral Resources/ReservesOre body characteristicsGeneral mine layoutMining methodRock mechanics andground controlGrade controlUnderground services

5

9

Schematic stope and mine layout

10

General section layoutGeneral section layout

Panel 1

Panel 2

Panel 3

Panel 4

Panel 5

Panel 6

Panel 7

4m15m

3m

100mCurrent Grizzleyposition

Continuous pillar

3m

6m

Pillar

V/Holing

10m

ASG

RoomRoom and Pillar Miningand Pillar Mining

Air, water,cable linesJet fan

6

11

Mimosa grade profileM

ETA

L DI

STR

IBUT

ION

ACR

OSS

THE

MS

Z

0

1

2

3

4

5

6

315 285 255 225 195 165 135 105 75 45 15 -30 -60 -90 -120 -150 -180 -210 -240 -270 -300 -330 -360

PGM

s pp

m

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

% B

ASE

MET

ALS

Pt

Pd

Ni

Cu

12

Mineral processing

• Design from Mintek test work and past operation

• 3 Stage crushing

• 2 MF circuit

• 4e recoveries – total 77,8%

• Produce final concentrate

• Concentrate transported by road to IRS

• Long term concentrate off take agreement

7

13

Simplified flow-sheet

Mining

ConveyingTo Surface

PrimaryCrushing

Secondary &Tertiary

Crushing

2 StageMilling

Flotation

Filtration

Road TransportConcentrate

Tailings

1,438,438 tpa

43,153 tpa

Mining

ConveyingTo Surface

0.00

0.10

0.20

0.30

0.40

0.50

0.60

Rat

e

DIFR 0.48 0.50 0.49 0.46 0.37 0.34 0.31 0.35 0.31 0.33 0.30 0.22

Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05

Disabling injury frequency rate

8

15

Quarterly average – ore hoisted

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

1996Ave

1997Ave

1998Ave

1999Ave

2000Ave

2001Ave

2002Ave

2003Ave

2004Ave

2005Ave

2006Qtr 1

2006PlanQtr 2

2006PlanQtr 3

2006PlanQtr 4

Tonn

es

Actual Plan

16

Quarterly mined Pt grade

0.000.200.400.600.801.001.201.401.601.802.002.202.40

1996 Ave

1997Ave

1998Ave

1999Ave

2000Ave

2001Ave

2002Ave

2003Ave

2004Ave

2005Ave

2006Qtr 1

2006PlanQtr 2

2006PlanQtr 3

2006PlanQtr 4

Pt g

/t

Actual Plan

9

17

Quarterly tonnes milled

0

40000

80000

120000

160000

200000

240000

280000

320000

360000

400000

440000

1996Ave

1997Ave

1998Ave

1999Ave

2000Ave

2001Ave

2002Ave

2003Ave

2004Ave

2005 Ave

2006Qtr 1

2006Plan Qtr

2

2006Plan Qtr

3

2006Plan Qtr

4

Ton

nes

Actual Plan

18

Quarterly PGM ozs

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

Sep-03

Dec-03

Mar-04

Jun-04

Sep-04

Dec-04

Mar-05

Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

OZ ActualPlan Budget

10

19

Revenue contribution by product

53%

11%

5%

3%

24%

4%

Platinum

Palladium

Rhodium

Gold

Nickel

Other

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Quarterly CPTM

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

CPTM

CPTM 16.56 19.25 26.38 24.12 25.72 28.72 30.67 28.77 29.50 27.79 26.30

Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06

Actual Actual Actual Actual Actual Actual Actual Actual Budget Budget Budget

11

21

CPTM TrendCOST PER TONNE MILLED TREND

10.00

15.00

20.00

25.00

30.00

35.00

40.00

Oct-03

Nov-03

Dec-03

Jan-04

Feb-04

Mar-04

Apr-04

May-04

Jun-04

Jul-04

Aug-04

Sep-04

Oct-04

Nov-04

Dec-04

Jan-05

Feb-05

Mar-05

Apr-05

May-05

Jun-05

Jul-05

Aug-05

Sep-05

CPTM-GROSS CPTM-NET

22

Major expense elements

Labour Costs21%

Power2%

Chemicals and Reagents12%

Lhd Spares & Service Contract

15%Mechanical Tools and Pump Spares

7%

Explosives11%

Conveyor Belting & Accessories

3%

Jackhammer Drill Steels & Bits 8%

Outside transport2%

Supporting3%

Protective Clothing2%

Steel Balls5%

General Expenses6%

Other Stores3%

12

23

Inflation exchange rate parity

INFLATION-Exchange Rate Parity

-5010 01502 0 02 503 0 03 504 0 04 5050 05506 0 06 5070 07508 0 08 509 0 09 501,0 0 01,0 501,10 01,1501,2 0 01,2 501,3 0 01,3 50

C PI Exchange rat e Par it y

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CPTM vs CPI exchange rate parity

CPTM vs CPI Exchange Rate Parity

-

50

100

150

200

250

300

350

400

Oct-03

Nov-03

Dec-03

Jan-0

4

Feb-04

Mar-04

Apr-04

May-04

Jun-04

Jul-0

4

Aug-04

Sep-04

Oct-04

Nov-04

Dec-04

Jan-0

5

Feb-05

Mar-05

Apr-05

May-05

Jun-05

Jul-0

5

Aug-05

Sep-05

UNIT

S

CPT-Gross Parity

13

25

CPTM vs CPI exchange rate parity (cont’d)

25.62CPT- PlanSep-05

2.49Exchange rate inflation paritySep-05

(2.36)Differential

28.21CPT-ActualSep-05

25.85 18.13 7.72 CPTM-TheoreticalSep-05

14.567.287.28CPTMOct-03

TotalLocal PortionForeign Portion

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Analysis of first quarter CPTM by currency

ANALYSIS OF 1ST QTR CPTM BY CURRENCY

52%

16%

29%

3%

Zim DollarRandUSDEuro and Other

14

27

Breakdown of ZW$ costs

labour43%

Outside transport4%General expenses

8%Other Stores

5%

Power4%

Duty and Freight16%

LHD Repairs 4%

Sherphard Crook recon

5%

Steel Balls9%

Mill liners2%

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Mining – major expense elements

22%

17%

5%13%

4%

30%

3%6%

Explosives

Labour

Support

Jack hammer andRockdrill Spares

Drill Steels and Bits

LHD Costs

Pipes and Fittings

Mechanical andScreening Spares

15

29

Process - major expense elements

48%

19%

10%

7%

3%

3%10% Chemicals and

Reagents

Steel Balls

Labour

Mechanical andLiner Spares

ConcentrateBags

Pump Spares

Other

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Employment statistics

EMPLOYMENT OPPORTUNITIES

Labour Complement 1581

EMPLOYEE HOUSING

On Mine Site 259Home Ownership (4 Phases) 998Senior Employees 170

Total Houses 1427

16

31

Local community support

Donation of equipment to Mhondongori Clinic worth ZW$60m

Donations to schools in the district.

Sponsorship of the ZRP Cop of the Month Awards

Deliberate policy to employ local labour recruited through Chiefs and Councillors.

Putting up infrastructure within the local community.

Construction of infrastructure within the Zvishavane Town Council area.

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Thank You