Site Visit – 11 October 2005

A joint venture with Impala Platinum Holdings Limited

Agenda

IntroductionGerhard Potgieter

Project overviewMark Brasler

Operations overviewNico Muller

Drive through Site

Site Visit – 11 October 2005

Burgersfort

AngloPt / ARM(Modikwa)

AngloPt(Der Brochen)

AngloPt(Atock Mine)

AngloPt(Twickenham)

ARM / ImplatsTwo Rivers

Site Visit – 11 October 2005

Salene MiningRhodium Reefs

7 km

Site Visit – 11 October 2005

Two RiversConcentrator

Dwarsrivier Chrome

Klein Dwarsrivier bridge

UG2 Mining

Tailings Dam

Mining Portal

Inyoni Dam

Site Visit – 11 October 2005

Milestone datesPurchase land & mineral rights December 2001EMPR & mining license approved March 2003WULA approved December 2003Trial Mining & access development January 2004Project submission to ARM & Implats December 2004

Project release, commence construction June 2005Conclude Bank Funding Agreement September 2005

Commence TRP mining production January 2006Commence concentrator ramp up September 2006Commercial operations December 2006Underground Mining at 185 000 tpm June 2007

Site Visit – 11 October 2005

Permitting

Mining license approved March 2003

Obtained environmental approval in March 2003• Land tenant relocation program November 2001 to June 2004

• Plant & Animal relocation September 2003 to February 2004

North Open Pit EMPR amendment submitted November 2003

Water Use License Application approved December 2003

Site Visit – 11 October 2005

Project Finance

Project Funding R 1.3 billion• 50% bank funded

• 50% ABSA / 50% Nedcor

• 50% shareholder / equity funded• 55% ARM / 45% Implats

Asset Finance R 0.3 billion• Mining Fleet (ABSA)• Lydenburg Housing Development (Nedcor)

Site Visit – 11 October 2005

Mine, plant & infrastructureMining

Surface Stockpile 1 000 000 tons (September 2006)Underground 185 000 tpm (LOM)Open pit (north) 40 000 tpm (Years 2 - 5)Adit 25 000 tpm (Years 5 - 13)

Concentrator 2.5 M tpa MF2

82.5 % recovery @ 6E 4.18 g/tDesign 50% waste / No DMS / optical sortingToll smelt & refine @ IRS & Springs

InfrastructureWater supply of 2.9 million m3/a secured

Site Visit – 11 October 2005

ResourcingEPCM Services

• Concentrator & Infrastructure (DRA)

Major contracts awarded• Mining access development (GLTA- Mining)• FFE Vecor – Mills• GLTA Civils – Civil construction• Cosira – Structural steelwork & Mechanical erection• Outokumpu – Thickeners & Float Cells• ECMP - Tailings Dam• Rooimech – Conveyors• Larox – Concentrate filter• Wade Walker – Portal electrical & instrumentation scope

Lydenburg Housing development• Mvela Phanda Construction / Sunset Bay Partnership

Site Visit – 11 October 2005

Project / Construction

Overall project progress at 30%

Procurement commitments+ R 950 million to end September 2005+ 30 % BEE / HDSA commitment

Site labour forceCurrently 1,000

Projected maximum 1,800 to 2,000

Site Visit – 11 October 2005

Overview on site construction

Site Visit – 11 October 2005

August 2003

Site Visit – 11 October 2005

N

Mining portal

Development Ore Stockpiles

Inyoni dam

Concentrator plant

Tailings dam

Klein Dwarsrivier bridge

Site Visit – 11 October 2005

N

Mining portal

Site Visit – 11 October 2005

N

Mining portal

Site Visit – 11 October 2005

N

Mining portal

Site Visit – 11 October 2005

N

Developmentore stockpiles

Klein DwarsrivierBridge

Site Visit – 11 October 2005

N

Concentrator

Site Visit – 11 October 2005

Site Visit – 11 October 2005

N

Tailings dam

Site Visit – 11 October 2005

N

Inyoni dam

Lydenburg HousingDevelopment

Site Visit – 11 October 2005

Site Visit – 11 October 2005

Operations Overview

Nico Muller

Site Visit – 11 October 2005

Mining Access

N

Bulk Sample Shaft

Site Visit – 11 October 2005

Site Visit – 11 October 2005

Str

ike

dis

tance

400m

Main decline 690mReef decline 540m

Site Visit – 11 October 2005

Extended Trial Mining Programme

Footwall conveyor development 550m

300m Strike developm

ent

On reef dip development 330m

Site Visit – 11 October 2005

FW1 Pegmatoid

FW2 Norite

HW1 Pyroxenite

UG2 Leader

Pyroxenite Middling

UG2

Pyroxenite Lenses

Main decline 690mReef decline 540m

Str

ike

dis

tance

400m

Site Visit – 11 October 2005

Geology

Channel cmg/t1,064cmg/t

9.06g/tUG2 Grade

5.37g/tChannel Grade

5.15g/tStope Head Grade

1.98mChannel Width

1.15mUG2 Width

415,000tProgressive Stockpile

4.47g/tStockpile Grade

Site Visit – 11 October 2005

885cmg/t

6.26g/t

4.52g/t

4.28g/t

1.96m

1.20m

50,000t

3.86g/t

Sep 05Description Trial Mining

Burgersfort

AngloPt / ARM(Modikwa)

AngloPt(Der Brochen)

AngloPt(Atock Mine)

AngloPt(Twickenham)

Salene Mining(Rhodium Reefs)

Aquarius(Everest South)

Impala(Marula)

106 cm572 cmg/tPt:Pd=1:1

Site Visit – 11 October 2005

Steelpoort Gap

185 cm781 cmg/tPt:Pd=5:3

4 128 16

Typical 6E Grade Profile

(6E g/t)

Site Visit – 11 October 2005

Tons X 106

UG2 Resource Grade

Ptg/t

Pdg/t

Rhg/t

Aug/t

44E g/t 66E g/t

MeasuredIndicated

Inferred

11.748.7Nil

2.952.07

1.731.35

0.550.38

0.040.05

5.273.86

6.394.62

Total 60.4 2.23 1.41 0.41 0.05 4.10 4.93

Tons X 106

UG2 Reserve Grade

Ptg/t

Pdg/t

Rhg/t

Aug/t

44E g/t 66E g/t

ProvenProbable

10.529.8

2.041.86

1.151.20

0.380.35

0.030.03

3.593.44

4.354.11

Total 40.3 1.91 1.19 0.36 0.03 3.48 4.18

Resources & Reserves

Site Visit – 11 October 2005

Mining

Mining reserve 40 MtLife of mine, 20 yearsUnderground mine with portal accessUnderground production of 185 000 tpmFully mechanized board & pillar miningOther ore supplies

Development ore stockpileNorth pit

Site Visit – 11 October 2005

Site Visit – 11 October 2005

Planned Open Cast Mining

North Open Pit lifespan of 2 to 4 years

1.4 million tons of ore

60m highwall

Production Rate 40 000 tons/month

Site Visit – 11 October 2005

Mining Production

Site Visit – 11 October 2005

-

50

100

150

200

250

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Ktp

m

TOTAL ROM - ktpm

U/G ROM produced ktpm

O/P ROM produced ktpm

Adit ROM produced ktpm

-

50

100

150

200

250

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Ktp

m

TOTAL ROM to Plant - ktpm

U/G ROM to Plant - ktpm

O/P ROM to Plant - ktpm

Adit ROM to Plant - ktpm

Concentrator feed

Site Visit – 11 October 2005

50% U/G ROM50% Stockpile

Average annual sales

240 000 Oz PGMs

119 000 Oz Pt 74 000 Oz Pd 22 000 Oz Rh

Site Visit – 11 October 2005

Operational Labour

Total labour plan = 1000 people650 Mine employees

350 Contracted out services

Employment of local labourTo the extent possible

Initial skills through contracting

Site Visit – 11 October 2005

Social Development

-Sustainabilityassessment-Consultation

-Review closureplans-Retrenchment-Consultation

-Infrastructuresupport-Agriculturalprojects-Local economicsustainability-ABET-HIV-Capacity building

-Establishforums-Recruitment-Training-SMEdevelopment-Social plan

-Social profiling-Socio-economicimpact assessment-Consultation-Skills assessment-Relocation

SocialActivities

+/- 20 years+/- 2 years+/- 3 years

- Environmentalmonitoring

-Production reduced-Decommissioning-Rehabilitation

- Mineoperational

- Construction-Feasibility studies-EIA-EMPR-Planning-Mine application-Land purchase-Initial operations

MiningActivities

Monitoring PhaseClosure PhaseOperationalPhase

Project PhaseFeasibility Phase

NowSite Visit – 11 October 2005

Regional and Local Authorities

Two Rivers Community Forum

I & APs

Alignment with mining related forums.

Stakeholder engagement

Site Visit – 11 October 2005

QUESTIONS

Site Visit – 11 October 2005

A joint venture with Impala Platinum Limited