wesizwe platinum limited

Strategic OverviewFebruary, 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

3

Styldrift

Ledig

Ko

edo

esfo

nte

inJQ

Zan

dri

vier

spo

ort

Boschkoppie

Mimosa

Frisch 3 &4

Frisch 11

Elandsfontein

Styldrift

Ledig

Ko

edo

esfo

nte

inJQ

Zan

dri

vier

spo

ort

Boschkoppie

Mimosa

Frisch 3 &4

Frisch 11

Elandsfontein

Western Limb provides 67% of the world’s platinum

Bushveld Complex

Western Limb

Located on the PGM centre of gravity of the Western Limb of the Bushveld

3

Regional Geology

4

At the centre of a fully explored, quality new mining area

Styldrift

Ko

edo

esfo

nte

in

JQ

Frisch 11

Frisch 4

Zan

dri

vier

spo

ort

WBJV Project 1 Area

Boschkoppie

North ShaftSouth Shaft

D-Section

Frisch

11Frisch

3&4

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%

Impala 20#

Flat lying, thick reef =

• Easier, more efficient

mining

• Amenability to

mechanisation

• Fewer mining levels

• Lower cost mining regime

5

Frisch-Ledig

Rigorously explored: 180 boreholes + 3D Geoseismic Survey

6

50m contours shown

Shafts

Boundary fault

Elands river fault

Continuous dip block

Syncline

Koedoesfontein fault

Caldera fault

AMSL

Both MR and UG2 , stable structural geology

7

Merensky

UG2

Qualified to a high level of confidence by intensive drilling and a 3D geoseismic survey

A stable mining platform within a relatively disturbed region

8

TWT

Flat Lying

9

10

Relatively little faulting

Koedoesfontein fault

Sill

Shafts

Boundary fault

Elands river fault

Caldera fault

Near shaft fault

Locally down faulted block

Exceptionally thick reef widths

144cm 158cm 115cm 174cm

Highly favourable Prill Split

12

Wesizwe Prill Split LOM

Palladium27.1%

Rhodium7.3%

Gold2.4%

Platinum63.2%

• Pt:Pd Ratio 2,33• High Rhodium kicker

Consolidated Resource Schedule

13

Total Merensky UG2

Resource tons x m 78.40 36.00 42.40

Resource Grade g/t 5.80 4.50Reserve tons x m 51.10 25.30 25.80

Reserve Grade g/t 5.00 3.20

Reserve % of Resource 65.2%

Mining Regime

Mining parameters

230 ktpm Run of MIne

180 ktpm Merensky & 50 ktpm UG2 initially

230 ktpm UG2 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 UG2 and trammed to ore passes

Hybrid mining on the UG2

• 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 UG2 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 20t 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

op

era

tion

s

Western Platinum

Union

Wesizw

e

Western Platinum

Impala

Karee

Union

Amandelbult

Union

Impala

Northam

Amandelbult

Northam

Depth m

500

1000

1500

2000

Different shafts

Wesizwe mining at 650-850 m below surface

Juniors vs majors - accessible mine depth (m.b.s.)

0

500

1000

1500

2000

2500

Mar

ikan

a

Sm

okey

Hills

Pila

nesb

erg

Eve

rest

Sou

th

PP

Rus

t

Kro

onda

l

Tw

o R

iver

s

Mot

otol

o

Ela

ndsf

onte

in

Cro

codi

le R

iver

Lim

popo

Mod

ikw

a

BR

PM

Lebo

wa

Kar

ee

Ga-

Pha

sha

WB

JV

Lonm

in (

WP

)

Mar

ula

Blu

e R

idge

Wes

izw

e

Impa

la L

ease

Rus

tenb

urg

Tja

te

Uni

on

Aka

nani

Leeu

wko

p

Impa

la 1

6 sh

aft

Am

ande

lbul

t

Nor

tham

Source: SFA Oxford

Frisch Ledig working depth 650-850 m

21

Shallow compared to new mines

wesizwe 650 m

Rapid ramp-up to steady state 230 000 tpm

23

• Merensky-dominant production for the first 20 years• Once UG2 dominant, mine is fully developed – reduced costs

0

100000

200000

300000

400000

500000

600000

700000

800000

Qtr 3

200

8Qt

r 4 2

009

Qtr 1

201

1Qt

r 2 2

012

Qtr 3

201

3Qt

r 4 2

014

Qtr 1

201

6Qt

r 2 2

017

Qtr 3

201

8Qt

r 4 2

019

Qtr 1

202

1Qt

r 2 2

022

Qtr 3

202

3Qt

r 4 2

024

Qtr 1

202

6Qt

r 2 2

027

Qtr 3

202

8Qt

r 4 2

029

Qtr 1

203

1Qt

r 2 2

032

Qtr 3

203

3Qt

r 4 2

034

Qtr 1

203

6Qt

r 2 2

037

Qtr 3

203

8Qt

r 4 2

039

Qtr 1

204

1Qt

r 2 2

042

Qtr 3

204

3Qt

r 4 2

044

Qtr 1

204

6Qt

r 2 2

047

Qtr 3

204

8Qt

r 4 2

049

Indicators Mer Total tons Indicators UG2 Total tons Section Waste tons

Koedoesfontein extension extends LOM

Rapid ramp-up to steady state 350 000 oz

24

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Ounc

es

Mer 3PGE + Au Content (toz) UG2 3PGE + Au Content (toz)

Ramp-up Steady State Production Depletion

• Merensky-dominant production for the first 20 years• Once UG2 dominant, mine is fully developed – reduced costs

Koedoesfontein extension extends LOM

Extrapolation of primary platinum supply2006-2020 (000's oz)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2006 2008 2010 2012 2014 2016 2018 2020

PROBABLE PROJECTSSOUTH AFRICANORTH AMERICAZIMBABWERUSSIA

Su

pp

ly p

ea

ks

Dep

leti

on

/clo

sure

s

Sti

ll b

elo

w 2

006

leve

ls

The market needs new projects to offset the rapid depletion of est. resources

Pro

du

cer

tar

ge

ts +

5%

p.a

.

Source: SFA (Oxford)

Capex and Opex

Early Capex, rapid drawdown

Sh

aft Sin

king

C

om

plete

Co

ncen

trator

Co

mm

ission

ed

Ach

ieve Stead

y S

tate Pro

du

ction

CApexCapex

26

Mining production 193.24

Logistics 2,35

Services 34,43

Management & supervision 21,22

Surface ore transport 0,50

Capitalised operating costs 7,86 Total R 259,60

Processing 52.74

Concentrate transport 1,48

Capital replacement 4,95

SHE & environment 0,74

Miscellaneous 1,09 Total R 61,00

Note: These cash costs exclude • Smelting• Refining• Marketing• Head office costs

On-mine Cash Cost: R320/tOverheads: R43/tTotal Cash Cost: R363/t

Costs well researched live and zero base

27

Average Cash Cost per ton milled competitive with majors

0

50

100

150

200

250

300

350

400

450

500

Northam Anglo Plat EastPlats Lonmin Wesizwe Impala Aquarius

Sim

ple

ave

rag

e co

st p

er to

n m

illed

(ZA

R)

Average Cash Cost per ton milled

28

05

10152025303540455055606570

Wesizwe Power Demand Curve

MW

Understanding Eskom

Shaft Sinking Equipping Concentrator

start-upProduction Ramp-up

Steady

State

Eskom recovery rollout

Complete*

Light Diesel Standby during capital construction

65

MW

Eskom

in

sta

llatio

n

HFO s

tandby

cove

r

Heavy Fuel Oil (HFO)

Standby for full power requirementOf 10 MW ramping to 65 MW during critical ramp-up

Full 65 MW

supply only

required by 2016

*Medupe and Bravo Power stations built + Grootvlei, Camden and Komati recommissioned

29

Project economics

Sensitivity Analysis @ 7.5% Real Discount Rate

31

-4,000

-2,000

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

-40% -30% -20% -10% 0% 10% 20% 30% 40%

NPV

(ZA

R M

illio

ns)

Sensitivity Factor

Prices/Exchange Rate/All grades Operating Costs Capital Costs

Indicative value buildup over five years

Pd $315

Rh

$4,20

0

Au $750

Ni $ 20

Cu $2

R/$ 7.50

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2008 2009 2010 2011 2012 2013 2014

Time

NPV

Pt 1,150

Pt 1,550

10%9%

8%

7%

6%

5%

3%

Real discount rate

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

Source: Qinisele Resources

The Aquarius/Kroondal Experience

Placement originally at 1150cUnable to raise required amountFinally priced at 750c with option strike 1150cKPM finally de-listed at value of US$ 205

KROONDAL PLATINUM MINES (2600)

420

500

600

800

1000

1500

2000

3000

4000

S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S

1998 1999 2000 2001

Listed process initiated

Production Started

Capital Construction

Debt Repaid

AJJM

Listing with capital raised of R149m plus US$35m debt

1100

Impala strategic alliance signed

Everest South and North acquisitions

Earnings start

AQP buys remaining 55% of KPM for

US$113m

150

300

450

600

750

Today Aquarius at 12200c after a three way split

PLATINUM PRICE

33

Shareholder Spread

Fund Managers by Country

South Africa74%

Switzerland14%

USA11%

FUND MANAGERS BY COUNTRY

Shareholder type

36

Other , 1%

Investment Companies, 2%

Mutual Funds, 3%

Private Companies, 7%

Insurance Companies, 8%

Nominees and Trusts, 8%

Banks, 10%

Individuals, 16%

Empowerment, 45%

Other

Investment Companies

Mutual Funds

Private Companies

Insurance Companies

Nominees and Trusts

Banks

Individuals

Empowerment

Recent Acquisition of WBJV from Anglo Platinum

The components of the deal

38

Platinum Group Metals/WB JV

Wesizwe

Anglo Platinum/BRPM JV

Styldrift

Boschkoppie

North Shaft

South Shaft

D-Section

Ledig

Ko

edo

esfo

nte

in

JQ

Frisch 11

Frisch 4

Mimosa

Frisch-Ledig

Core Project

100%

Bafokeng Rasimone Platinum Mine

WBJV

WBJV

WBJV

Project 1W

BJV

Project 3

26%

26%

Impala 20#

Zan

dri

vier

spo

ort

Styldrift

Ledig

Ko

edo

esfo

nte

inJQ

Zan

dri

vier

spo

ort

Boschkoppie

Mimosa

Frisch 3 &4

Frisch 11

Elandsfontein

Styldrift

Ledig

Ko

edo

esfo

nte

inJQ

Zan

dri

vier

spo

ort

Boschkoppie

Mimosa

Frisch 3 &4

Frisch 11

Elandsfontein26% WBJV

WBJV held 50% in x-hatched areasWesizwe held 26% of WBJV

Pre-transaction ownership structure

39

WBJV

RPM PTM SA

Wesizwe Frisch-Ledig Core project Project 1 & 3 - WBJV

37% 37%

32% 100%

Africa Wide

26%

Bakubung

68%*

*Wesizwe total attributable participation in Project 2 (including Africa Wide) is 76%

Post-transaction ownership structure

40

Holdco

Africa Wide PTM SA

Wesizwe Frisch-Ledig Core project

Project 1& 3 Co100% 100%

Bakubung

100%100% 100%

26.57%

100% economic interest in Project 2

74% economic interest in Project 1&3

26% economic interest in Project 1&3

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 3D 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 UG2

• 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 VALUE45

46www.wesizwe.com

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m