A new mine in the makingwesizwe platinum limitedNovember 2006

2

Exploration forging ahead……mine in sight, thinking smart…………..

2

3

Wesizwe: graduating from explorer……

3

4

…..to miner

44

5

Project scheduleTask Name

Pilanesburg Project

Exploration DrillingCurrent Drilling to Inferred

Infill Drilling to Indicated:Phase 1Infill Drilling to Indicated:Phase 2Infill Drilling to Measured

GeophysicsAeromag Survey3D Seismic Survey Dow n the hole Geophysics

EvaluationResource Modelling & GeostatsEMP & SEIAGeotechnical Drilling Techno-economic AssesmentPre-feasibility StudyBankable Feasibility Study

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2006 2007

6

Executive summary

Independent Engineers Report completed

IER confirms economics of standalone operation on Frisch–Ledig.

Resources now include significant portion in the Indicated category (24%)

11 drillings rigs continuing confirmation programme and furthering resource classification towards measured

Pre-feasibility initiated with results expected to be released firstquarter 2007

Technical cooperation at project level continues with neighboursPTM and Anglo Platinum

BEE status temporarily below 50,1% with coherent strategy to remedy

7

Uitvalgrond

416JQ

Uitvalgrond

161JQ

12

Impala

Anglo Platinum

Western Platinum

Barplats

Pandora

Aquarius

Kroondal

86

711

14

105

7a

4

92

1

Aquarius

Marikana

TL2

TL1

BDP2

P1 BarplatsCrocodile River

The RIGHT address on the Western Bushveld

7

8

The Core Properties

Styldrift

Ledig

Koe

does

font

ein

JQ

Zand

rivie

rspo

ort

Boschkoppie

Mimosa

Frisch 3 &4

Frisch 11

Elandsfontein

Styldrift

Ledig

Koe

does

font

ein

JQ

Zand

rivie

rspo

ort

Boschkoppie

Mimosa

Frisch 3 &4

Frisch 11

Elandsfontein

8

9

The Frischgewaagd-Ledig Core Project

10

Planned shaft access

10Modelled on the nearby, new Impala 20 Shaft

8.5m men & materials shaft, 6.5m ventilation shaft

11

Planned Surface Infrastructure

11

180 000 – 240 000 tpm ROM

Modelled on the nearby BRPM mine: Anglo Platinum/Royal Bafokeng JV

12

The Neighbourhood

Styldrift

Boschkoppie

North ShaftSouth Shaft

D-Section

Ledig

Koe

does

font

ein

JQ

Frisch 11

Frisch 4

Mimosa

Zand

rivie

rspo

ort

Current WBJV exploration area

Anticipated extesnion of Styldrift ore body

Styldrift “Thick-Zone”as per RBR website/

BRPM Analysts’ Presentation 7/3/05

Platinum Group Metals/WB JV

Wesizwe

Anglo Platinum/BRPM JV

13

Igneous

intrusion

stopes

through RLS

The Ore Body: stable, thick and flat lying

3D Orebody.gvp

13

14

Mineralised widths significantly higher than average

150cm 179cm 113cm 186cm

15

Merensky facies

Normal

Single Cr

Normal f/w

Detatched

Undefined

15

16

UG2 facies

Single Cr

Normal

Undefined

16

17

Structural Geology: stable, eminently mineable

18

Depth of operations: shallow relative to peers

oper

atio

ns

Western PlatinumUnion

Wesizwe

Western PlatinumImpalaKareeUnion

AmandelbultUnion

ImpalaNortham

AmandelbultNortham

Depth m

500

1000

1500

2000

Different shafts

19

The Resource

SAMREC-compliant mineral resource estimates increased

Technical team strengthened and equipment secured

Relationship with Anglo Platinum is ongoing and Wesizwe is awaiting results of Anglo Platinum’s drilling.

* The other 50% is owned by Anglo Platinum

Resource Categories mozInferred 9.087Indicated 2.811Total 11.897

19

Indicated Inferred Total1.478 5.794 7.2721.198 1.881 3.0790.135 1.411 1.5462.811 9.087 11.897

Resource AttributionWesizweAnglo Platinum

TotalWBJV

Pt Pd Rh Au62.2% 28.1% 7.5% 2.2%Average Prill Split

70 million tons

20

Prill Splits: of the BEST in the industry

Pt, 62.2%

Pd, 28.1%

Rh, 7.5%

Au, 2.2%

21

Prill splits

0%10%20%30%40%50%60%70%80%90%

100%

Rid

gePa

nPa

lladi

umC

aled

onia

Aim

reso

urce

sAn

oora

q

AfriO

re

Jubi

lee

Plat

inum

Aust

ralia

PTM

Barp

lats

East

ernP

lats

afpl

ats

Plat

min

Nkw

e

Elan

d

Wes

izw

e

Au Rh Pd Pt

Basket price: in the UPPER echelons

21

Source: Investec, October 2006

22

Project Average Gross Metal Value per Tonne of Attributable Resource (R/t) - With Depth of Resource Shown

0- 3

00

0- 2

50

0- 2

00

0- 1

00

0- 3

00

250-

650

0- 8

00

750-

850

0- 9

30

1,00

0- 9

50

0- 1

100

0- 1

150

0- 1

150

600-

117

5

0- 1

200

50- 1

350

0- 1

360

50- 1

400

0- 1

400

600-

150

0

0

200

400

600

800

1000

1200

1400

1600Sh

eba'

s Ri

dge

(RD

G)

Aur

ora

(PPD

)

Dre

nthe

(ARQ

)

Gra

ss V

alle

y (P

PD)

Kalp

lats

(PLA

)

Klip

rivie

r (N

KP)

Smok

ey H

ills (P

LA)

Aka

nani

(AFO

)

Blue

Rid

ge (R

DG

)

Leeu

wko

p (A

PP)

De

Wild

t (N

KP)

Mar

eesb

urg

(ELR

)

Rood

eran

d (N

KP)

Kene

dy's

Val

e (E

LR)

Elan

dsfo

ntei

n (E

LD)

WBJ

V (P

TM)

Cro

codi

le R

iver

(ELR

)

Spitz

kop

(ELR

)

GaP

hash

a (A

RQ)

Ledi

g-Fr

isch

(WEZ

)

Value per ton mined: the BEST of the juniors

Source: Royal Bank of Canada PGM Equities Handbook, 7 September 200622

23

SA Producers R/ton Cash cost and IRS costs/ton

0

100

200

300

400

500

600

700

WLT

R (A

MS)

CTRP

(AQP

)

Ever

est(A

QP)

KPM

(AMS

)

Mimo

sa (A

QP)

Aqua

rius T

otal (A

QP)

Mimo

sa (I

MP)*

KPM

(AQP

)

Marik

ana (

LON)

Impa

la Le

ase (

IMP)

Impla

ts To

tal (I

MP)

Lonm

in (L

ON)

Zimpla

ts (IM

P)*

PPRu

st (A

MS)

Zimpla

ts (Z

IM)

Anglo

Plat

Total

(AMS

)

Limpo

po (L

ON)

Union

(AMS

)

Aman

delbu

lt (AM

S)

Maru

la (IM

P)

Marik

ana (

AQP)

BRPM

(AMS

)

Ruste

nbur

g (AM

S)

Modik

wa (A

MS)

Marik

ana (

AMS)

Lebo

wa (A

MS)

North

am (N

HM)

ZAR/

ton

ZAR/ton IRS ZAR/ton

Revenue R625/t

Source: Renee Hochreiter, Nedbank, October 2006/Merril Lynch

24

Rand per Kilogram 5PGM Cash Cost Curves vs Revenue

KPM

(AQ

P)

Impa

la L

ease

(IM

P)

Mim

osa

(AQ

P)

Am

and

elbu

lt (A

MS)

Mim

osa

(IMP)

*

Mar

ikan

a (L

ON

)

WLT

R (A

MS)

PPRu

st (A

MS)

Zim

plat

s (IM

P)*

KPM

(AM

S)

Zim

plat

s (ZI

M)

Rust

enb

urg

(AM

S)

Unio

n (A

MS)

Lebo

wa

(AM

S)

Mod

ikw

a (A

MS)

Nor

tha

m (N

HM

)

BRPM

(AM

S)

Mar

ikan

a (A

QP)

Mar

ula

(IMP)

Limpo

po (L

ON

)

R/oz PGM IRS/PGM CAPEX

0

50,000

100,000

150,000

200,000

250,000R/

kg 5

E pg

mIndustry average Basket Price: +- R250 000/kg 5E PGM

Wesizwe Ave Basket Price approximately R280 000/kg 4E

Source: Renee Hochreiter, Nedbank, October 2006

Industry average cash cost R88,434/kg 5E PGM

25

Styldrift

Boschkoppie

North Shaft

South Shaft

D-Section

Ledig

Koe

does

font

ein

JQ

Frisch 11

Frisch 4

Mimosa

Zand

rivie

rspo

ort

Current WBJV exploration area

Wesizwe’s stand-alone mining block

Bafokeng Rasimone Platinum Mine

Wesizwe’s base case is a standalone operation.

Platinum Group Metals/WB JV

Wesizwe

Anglo Platinum/BRPM JV

The Base Case

Stan

d Alo

ne 1

80 0

00 tp

mOpe

ratio

n

26

Styldrift

Boschkoppie

North ShaftSouth Shaft

D-Section

Ledig

Koe

does

font

ein

JQ

Frisch 11

Frisch 4

Mimosa

Zand

rivie

rspo

ort

Potential mining

Footprint for Final

Consolidation

Bafokeng Rasimone Platinum Mine

Possible regional consolidation = Blue Sky

Styldrift

Boschkoppie

North Shaft

South ShaftD-Section

Ledig

Koe

does

font

ein

JQ

Frisch 11

Frisch 4

Mimosa

Zand

rivie

rspo

ort Wesizwe’s Mining Block

Bafokeng Rasimone Platinum Mine

Styldrift

Boschkoppie

North Shaft

South Shaft D-Section

Ledig

Koe

does

font

ein

JQ

Frisch 11

Frisch 4

Mimosa

Zand

rivie

rspo

ort

+ =

This could create one of the most significant new world class mine on the Western Bushveld

27

Time, exploration and development spend

Exploration Pre-development Capex Production

Current position on value curve

Unit-based valuation (Yardstick Method)

DCF, reserve/resource and cash flow based valuation

Private equity funds, hedge funds

Private equity funds, hedge funds, general public

Institutions, general public, banks

Inferred

Indicated

Measured

Probable

Proven

Pre-inferred

Resources

Sources of finance

BFS

Pre-Feasibility Study

Juniors activity

Primary zone for acquisitions and

partnerships

Majors activity

Dis

cove

ry

ReservesValuation

AQP

Frisch-Ledig

Ope

ratio

ns

US$3500/oz annual

production

Crossover

The RIGHT place in the value curveUS60

/resource oz

US$6500/oz annual

production

US13 /resource

oz

Lonmin

Over the high risk hurdle

Plenty of investor

headroom to BFS

28

Wesizwe DELIVERY to date

Drilling ahead of target

Regional co-operation enhances geological knowledge and understanding

Funding in place

Indicated resources delivered ahead of schedule

PFS initiated ahead of schedule

Confirmed standalone operation

29

Next steps

Pre-feasibility and initial work on aspects of BFS

Resource conversions to reserves

Regional co-operation continues

Strengthening technical and corporate team

Continued focus on acquisitions particularly within operational areas

30www,wesizwe.com

thenew name

inplatinum

31

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.