wesizwe platinum limited Strategic Overview

1. February, 2010 wesizwe platinum limitedStrategic Overview

2. 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.

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

4. Regional Geology

5. At the centre of a fully explored, quality new mining area Boschkoppie North Shaft South Shaft D-Section Flat lying, thick reef = • Easier, more efficient mining • Amenability to mechanisation • Fewer mining levels • Lower cost mining regime Koedoesfontein JQ Zandrivierspoort Frisch-Ledig Frisch 11 Styldrift Frisch 3&4 Frisch 4 Frisch 11 Impala 20# WBJV Project 1 Area 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%

6. Rigorously explored: 180 boreholes + 3D Geoseismic Survey

7. Both MR and UG2 , stable structural geology AMSL Merensky UG2 Qualified to a high level of confidence by intensive drilling and a 3D geoseismic survey

8. TWT A stable mining platform within a relatively disturbed region

9. Flat Lying

10. Relatively little faulting

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

12. Highly favourablePrill Split • Pt:Pd Ratio 2,33 • High Rhodium kicker

13. Consolidated Resource Schedule

14. Mining Regime

15. Mining parameters • 230 ktpm Run of MIne • 180 ktpmMerensky & 50 ktpm UG2 initially • 230 ktpm UG2 once Merensky depleted

16. 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

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

18. 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.

19. Schematic stoping layout

20. Flexible mining infrastructure

21. Shallow in comparison with existing underground mines Western Platinum Western Platinum Amandelbult Amandelbult Northam Northam Wesizwe Impala Impala Karee Union Union Union Different shafts 500 operations 1000 Wesizwe mining at 650-850 m below surface Frisch Ledig working depth 650-850 m 1500 2000 Depth m Source: SFA Oxford

22. Shallow compared to new mines wesizwe 650 m

23. Rapid ramp-up to steady state 230 000 tpm Koedoesfontein extension extends LOM • Merensky-dominant production for the first 20 years • Once UG2 dominant, mine is fully developed – reduced costs

24. Rapid ramp-up to steady state 350 000 oz Depletion Ramp-up Steady State Production • Merensky-dominant production for the first 20 years • Once UG2 dominant, mine is fully developed – reduced costs Koedoesfontein extension extends LOM

25. Capex and Opex

26. Early Capex, rapid drawdown Capex CApex Shaft Sinking Complete Concentrator Commissioned Achieve Steady State Production

27. Costs well researched live and zero base • Note: These cash costs exclude • Smelting • Refining • Marketing • Head office costs On-mine Cash Cost: R320/t Overheads: R43/t Total Cash Cost: R363/t

28. Average Cash Cost per ton milled competitive with majors

29. Understanding Eskom Full 65 MW supply only required by 2016 65 MW Eskom installation HFO standby cover Eskom recovery rollout Complete* Heavy Fuel Oil (HFO) Standby for full power requirement Of 10 MW ramping to 65 MW during critical ramp-up Light Diesel Standby during capital construction Shaft Sinking Equipping Concentrator start-up Production Ramp-up Steady State *Medupe and Bravo Power stations built + Grootvlei, Camden and Komati recommissioned

30. Project economics

31. Sensitivity Analysis @ 7.5% Real Discount Rate

32. Indicative value buildup over five years 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

33. The Aquarius/Kroondal Experience

34. Shareholder Spread

35. Fund Managers by Country

36. Shareholder type

37. Recent Acquisition of WBJV from Anglo Platinum

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

39. Pre-transaction ownership structure

40. Post-transaction ownership structure

41. In summary…….

42. 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

43. 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

44. 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

45. 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

46. the next name in platinum www.wesizwe.com