Wesizwe Platinum Progress Report

20 June 2007

1

5

The RIGHT address on the Western Bushveld

5

Oskraal

248JQ

Sjambok Zyn

Oude Kraal

258JR

Kameelfontein257JR

Skietfontein

437JQ

Rooikoppies/Swartkoppies

426JQ

Impala

Anglo Platinum

Western Platinum

Eastern

Platinu

m

Pandora

Aquarius

Kroondal

4

1

Aquarius

Marikana

Crocodile River

WBJV

Wesizwe

Boyntens

ElandAfplats

Barrick

Nkwe

Nkwe

RBR

Wesizwe

Boschkoppie

North Shaft

South

Shaft

D-

Section

Styld

rift

6

The Core Properties

Styldrift

Ledig

Ko

ed

oesfo

nte

inJQ

Zan

dri

vie

rsp

oo

rt

Boschkoppie

Mimosa

Frisch

3 &4Frisch

11

Elandsfontein

Styldrift

Ledig

Ko

ed

oesfo

nte

inJQ

Zan

dri

vie

rsp

oo

rt

Boschkoppie

Mimosa

Frisch

3 &4Frisch

11

Elandsfontein

6

8

Igneous

intrusion

stopes

throughRLS

The Ore Body: stable, thick and flat lying

3D Orebody.gvp

8

9

3D View of Ore Body

North

Merensky reef types

10

158 cm 153 cm 113 cm 179 cm

12

Resource Base Core Project Q4 2006

Facies Tons 4E g/t Cu% Ni% Pt Pd Rh Au Pt Pd Rh Au

Merensky 34,089,361 5.93 0.07 0.21 3.86 1.57 0.28 0.22 65.1% 26.4% 4.7% 3.8%Detached 7,976,531 5.12 0.07 0.19 3.37 1.31 0.25 0.19 65.9% 25.5% 5.0% 3.6%Normal 14,235,363 5.73 0.08 0.27 3.66 1.57 0.29 0.22 63.8% 27.4% 5.0% 3.8%Normal Footwall 2,376,886 7.00 0.04 0.11 4.69 1.84 0.25 0.22 67.0% 26.3% 3.6% 3.1%Single Chrome 9,500,581 6.64 0.08 0.17 4.37 1.71 0.30 0.27 65.7% 25.8% 4.5% 4.0%UG2 39,614,465 4.45 0.00 0.12 2.71 1.24 0.48 0.02 61.0% 27.9% 10.7% 0.4%Normal 18,498,573 4.50 0.00 0.13 2.79 1.22 0.47 0.02 62.1% 27.1% 10.4% 0.3%Regional Pothole 21,115,892 4.40 0.00 0.12 2.64 1.26 0.48 0.02 60.0% 28.6% 11.0% 0.4%Total Resource 73,703,826 5.13 3.24 1.39 0.39 0.11 63.18% 27.11% 7.53% 2.18%

14

Prill Splits: of the BEST in the industry

Platinum 63.5%

Palladium 26.9%

Rhodium 7.3%Gold 2.3%

15

Prill splits

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Rid

ge

Pan

Palladiu

m

Cale

donia

Aim

resourc

es

Anoora

q

Afr

iOre

Jubile

e

Pla

tinum

Austr

alia

PT

M

Barp

lats

Easte

rnP

lats

afp

lats

Pla

tmin

Nkw

e

Ela

nd

Wesiz

we

Au

Rh

Pd

Pt

Basket price: in the UPPER echelons

15

Source: Investec, October 2006

16

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

16

17

Wesizwe: graduating from explorer……

17

18

…..to miner

1818

December 2004January 2006

December 2004January 2006

19

Task Name

Pilanesburg Project

Exploration Drilling

Current Drilling to Inferred

Infill Drilling to Indicated:Phase 1

Infill Drilling to Indicated:Phase 2

Infill Drilling to Measured

Geophysics

Aeromag Survey

3D Seismic Survey

Dow n the hole Geophysics

Evaluation

Resource Modelling & Geostats

EMP & SEIA

Geotechnical Drilling

Techno-economic Assesment

Pre-feasibility Study

Bankable Feasibility Study

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

2006 2007

Project schedule

Wesizwe’s Planned Mining Regime

22

Planned shaft access

22Modelled on the nearby, new Impala 20 Shaft

8.5m men & materials shaft, 6.5m ventilation shaft

2323

Process Plant

23

180 000 – 240 000 tpm ROM

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

2424

Surface Infrastructure layout

25

3D View Looking North

oper

atio

ns

UnionWesizwe

ImpalaKareeUnion

AmandelbultUnion

ImpalaNortham

AmandelbultNortham

Depth m

500

1000

1500

2000

Different shafts

oper

atio

ns

UnionWesizwe

ImpalaKareeUnion

AmandelbultUnion

ImpalaNortham

AmandelbultNortham

Depth m

500

1000

1500

2000

Different shafts

Men and Materials ShaftVentilation Shaft

Project Economics

27

Rand per Kilogram 5PGM Cash Cost Curves vs Revenue

KPM

(AQ

P)

Impa

la L

ease

(IM

P)

Mim

osa

(AQ

P)

Am

ande

lbul

t(A

MS)

Mim

osa

(IMP)

*

Mar

ikan

a(L

ON

)

WLT

R (A

MS)

PPRu

st(A

MS)

Zimpl

ats(

IMP)

*

KPM

(AM

S)

Zimpl

ats(

ZIM

)

Rust

enbu

rg (A

MS)

Unio

n (A

MS)

Lebo

wa

(AM

S)

Mod

ikw

a(A

MS)

Nor

tham

(NHM

)

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

250,000

R/kg

5E

pgm

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

Wesizwe Weighted Ave Basket Price approximately R320 000/kg 4E

Source: Renee Hochreiter, Nedbank, October 2006

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

28

Basket Prices

100.0% R 320,174Platinum $1,284.00 63.2% $188,307.57

Palladium $369.00 27.1% $23,217.84

Rhodium $6,025.00 7.5% $105,350.56

Gold $651.10 2.2% $3,297.62

4E Prill SplitSpot Price

14 June 2007Weighted Ave Blended Price

MR UG2 MR UG2100.0% 100.0% R 279,188 R 344,778

Platinum $1,284.00 65.1% 61.0% R 187,606 R 175,909

Palladium $369.00 26.4% 27.9% R 21,893 R 23,111

Rhodium $6,025.00 4.7% 10.7% R 64,187 R 145,222

Gold $651.10 3.8% 0.4% R 5,502 R 536

4E Prill SplitSpot Price

14 June 2007

29

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

Wesizwe working cost estimate R316/t

Project Performance

31

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 activityD

isc

ove

ry

Reserves

Valuation

AQP

Frisch-

Ledig

Op

era

tio

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

Source: Investec

Over the high risk hurdle

Plenty of investor

headroom before BFS

323232

Share Price Performance

Relative rankings: EV/Annual Production oz

Delivery and the way forward

36

37

Wesizwe DELIVERY to date

Drilling well ahead of target

Regional co-operation enhances geologicalknowledge and understanding

Funding in place

Indicated resources delivered ahead of schedule

PFS completed ahead of schedule

BFS well underway

Confirmed standalone operation

Corporate action has commenced

Community and black empowerment delivered

38

Progressive Empowerment

33% 19% 48%

Black Empowerment 52%

Bakubung Ba Ratheo

CommunityOther BEE

100%

Ordinary

Shareholders

Wesizwe

Bakubung Minerals

33% 19% 48%

Black Empowerment 52%

Bakubung Ba Ratheo

CommunityOther BEE

100%

Ordinary

Shareholders

Wesizwe

Bakubung Minerals

31 December 2006

27.5% 15.7% 56.9%

Black Empowerment 43.1%

Bakubung Ba Ratheo

CommunityOther BEE

100%

Ordinary

Shareholders

Wesizwe

Bakubung Minerals

27.5% 15.7% 56.9%

Black Empowerment 43.1%

Bakubung Ba Ratheo

CommunityOther BEE

100%

Ordinary

Shareholders

Wesizwe

Bakubung Minerals

21 December 2005

Vunani

Black Empowerment 46.99%

Bakubung Ba Ratheo

CommunityOther BEE

25.68% 14.75% 53.01%

100%

Ordinary

Shareholders

6.56%

Wesizwe

Bakubung Minerals

Post Vunani, Pre- Africa Wide

Africa Wide Mineral

Prospecting & Exploration

(Pty) Ltd

WBJV

22.62% 5.78% 11.94% 46.67%

26%

100%

Black Empowerment 53.33%

22.62%

12.99%VunaniBakubung Ba Ratheo

CommunityOther BEE

100%

Ordinary

Shareholders

Wesizwe

Bakubung Minerals

Africa Wide Holdings

(Pty) Ltd

12.9%

Africa Wide Mineral

Prospecting & Exploration

(Pty) Ltd

WBJV

22.62% 5.78% 11.94% 46.67%

26%

100%

Black Empowerment 53.33%

22.62%

12.99%VunaniBakubung Ba Ratheo

CommunityOther BEE

100%

Ordinary

Shareholders

Wesizwe

Bakubung Minerals

Africa Wide Holdings

(Pty) Ltd

12.9%

Africa Wide & Vunani

39

Next steps

Complete BFS

Continue aggressively with resource conversion

Pursue regional co-operation imperative

Strengthening technical and corporate team

Continued focus on acquisitions particularly within operational areas

Continue community diversified economic and empowerment programme progressively

41

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.

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