Mineral Resource and Mineral Reserve Statements Mineral Resources are reported as "in-situ" tonnes...

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As at September 30, 2010

Mineral Resource and Mineral Reserve Statements

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Summary and High Level Reconciliation Notable Revisions in 2010

The Mineral Resources at Marikana were largely unchanged. The tonnage

depletion through mining was offset by slightly more Inferred Resources as a

result of additional data acquired through surface drilling. Exploration drilling at

Marikana in FY10 was focussed on infill drilling rather than Mineral Resource

extension.

A revision of the relative proportions of the individual precious metals resulted in

slight adjustments to the Platinum quantities at Marikana and Pandora.

The Nickel and Copper grades of the Marikana Mineral Resource were reviewed

and the average Nickel and Copper percentages are herein reported for each ore

type.

The Marikana Mineral Reserve grade increased by 3% (0.12 g/t). As a result the

3PGE+Au content of the reserve was slightly higher (0.6 Moz). This was largely

due to several areas of Probable Reserves being removed from the reserve and

replaced by new higher grade reserves.

The Proved Reserves at Marikana increased by 24%, reflecting the companies

focus on Ore Reserve Development in 2010.

The down-dip extension to the Pandora Plan 4 area was included in the Mineral

Reserve in 2010, resulting in approximately 0.3 Moz of 3PGE+Au being added to

in the Probable Reserve category attributable to Lonmin.

Modelling of the assay results received from the prior year’s diamond drilling at

Akanani further increased the confidence in the P2 portion of the Mineral

Resource. Over 80% of the P2 Resource is now declared as an Indicated

Resource. The quantity of P2 Mineral Resource increased by 3% and 3PGE+Au

grades remained largely unchanged, confirming the robustness of the grade of

this portion of the Akanani Mineral Resource. In addition, the volume and grade

of the underlying P1 Mineral Resource was increased, albeit in the lower

confidence category (Inferred Resources).

An Inferred Resource has been declared on the Denison Property, near Sudbury

Ontario, Canada which is subject to a JV formed with INCO (now Vale) in 2005.

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This is the first Mineral Resource declared for the JV and although the initial

resource is relatively small it demonstrates the economic potential for this style of

mineralisation in the area.

The total 3PGE+Au content of the overall Lonmin Mineral Resource increased by

2% and the grade decreased marginally. This was primarily a result of the

increase in the Inferred P1 Resource at Akanani.

A summary of the changes in the Lonmin Mineral Resources is shown in the following table and should be read in conjunction with the Key Assumptions section of this report. Detailed breakdowns of these Mineral Resources into their respective confidence categories can be found in the sections specific to the individual areas.

Mineral Resources (Total Measured, Indicated & Inferred)1,4

Area

30-Sep-2010 30-Sep-2009

Mt5 3PGE+Au Pt

Mt5 3PGE+Au Pt

g/t Moz Moz g/t Moz Moz

Marikana 740.1 5.05 120.1 71.7 750.7 5.01 120.8 71.2

Limpopo2 144.7 4.23 19.7 10.0 144.7 4.22 19.6 10.0

Limpopo Baobab shaft 46.1 3.91 5.8 3.0 46.1 3.91 5.8 3.0

Akanani 216.0 3.84 26.7 10.9 176.6 3.96 22.5 9.4

Pandora JV 54.8 4.30 7.6 4.5 54.9 4.29 7.6 4.7

Loskop JV3 10.1 4.04 1.3 0.8 10.1 4.04 1.3 0.8

Sudbury PGM JV1,3 0.35 6.30 0.07 0.04 - - - -

Total Resource 1,212.0 4.65 181.1 100.9 1,183.1 4.67 177.6 99.0

Notes

1) All figures are reported on a Lonmin Plc attributable basis, the relative proportions of ownership per project being shown in the Key Assumptions section of this report.

2) Limpopo2 excludes Baobab shaft. 3) Loskop and Denison JV3 exclude Rh, due to insufficient assays, and therefore 2PGE+Au is

reported. 4) Resources are reported Inclusive of Reserves. 5) Quantities and grades have been rounded to one or two decimal places, therefore minor

computational errors may occur.

A summary of the changes in the Lonmin Mineral Reserves is shown in the following table and should be read in conjunction with the Key Assumptions section of this report. Detailed breakdowns of these Mineral Reserves into their respective confidence categories can be found in the sections specific to the individual areas.

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Mineral Reserves (Total Proved & Probable)1

Area

30-Sep-2010 30-Sep-2009

Mt3 3PGE+Au Pt

Mt3 3PGE+Au Pt


Marikana 293.9 4.22 39.9 24.1 297.5 4.11 39.3 23.8

Limpopo2 42.4 3.20 4.4 2.2 40.1 3.23 4.2 2.1

Limpopo Baobab shaft 9.4 3.16 1.0 0.5 9.4 3.16 1.0 0.5

Pandora JV 5.2 3.98 0.66 0.39 3.1 4.25 0.42 0.27

Total Reserve 350.8 4.07 45.9 27.1 350.1 3.98 44.8 26.6

Notes

1) All figures are reported on a Lonmin Plc attributable basis, the relative proportions of ownership per project being shown in the Key Assumptions section of this report.

2) Limpopo2 excludes Baobab shaft. 3) Quantities have been rounded to one decimal place and grades have been rounded to two

decimal places, therefore minor computational errors may occur.

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Key assumptions pertaining to the 2010 Lonmin Mineral Resource and Reserve Statement Mineral Resources are reported inclusive of Mineral Reserves. Resources that are

converted to Reserves are also included in the Mineral Resource statement.

All quoted Resources and Reserves includes Lonmin's attributable portion only. There have been no changes in the percentage attributable to Lonmin during the year, aside from including the Sudbury resource. The following percentages were applied to the total Mineral Resource and Reserve for each property:

MarikanaLimpopo –

Dwaalkop JV

Limpopo – Baobab,

Doornvlei, Zebediela

Akanani Pandora Loskop Sudbury

PGM

Lonmin Attributable

82% 41% 82% 74% 34.85% 41% 50%

Incwala Resources, Lonmin’s BEE partner, owns 18% of both Western Platinum Limited and Eastern Platinum Limited, and 26% of Akanani.

Limpopo includes Dwaalkop JV which is a Lonmin managed JV between Mvelaphanda Resources (50%) and Western Platinum (50%).

Pandora JV: Eastern Platinum Limited has an attributable interest of 42.5% in the Pandora Joint Venture together with Anglo Platinum (42.5%), Mvelaphanda Resources (7.5%) and the Bapo Ba Mogale Mining Company (7.5%).

Loskop JV: Western Platinum Limited has an attributable interest of 50% in the Loskop Joint Venture with Boynton Investments.

Sudbury PGM JV - PGE grades are stated as Pt+Pd+Au (3E). Through the JV, Lonmin acquires its pro rata share, currently a nominal 50%, of the product from any PGE deposit developed on the participating properties. The agreement is that Lonmin will be allocated its pro-rata share in PGE’s and Vale will be allocated its pro-rata share in Nickel, Copper, Cobalt, Gold and Silver. The exchange of metals will be governed by prevailing metal prices at the time of the refined metal production.

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Where grades are reported as 3PGE+Au these are a summation of the Platinum, Palladium, Rhodium and Gold grades. Modelling of available assay information, obtained from drillhole core, indicates that the proportion of 3PGE+Au contained in 5PGE+Au, which includes Ruthenium and Iridium, is approximately as follows:

UG2 Merensky Platreef

Marikana 0.81 0.92 -

Limpopo 0.86 0.93 -

Akanani - - 0.95

Pandora 0.81 - -

Where Nickel (Ni) and Copper (Cu) grade estimates are derived from sufficient reliable information for the various Mineral Resources, they are reported as average grades in percent. These grades represent acid soluble proportions. Acid soluble percentages of Ni and Cu are closely correlated to the metals present as sulphide minerals.

Mineral Resources are reported as "in-situ" tonnes and grade and allow for geological losses such as faults, dykes, potholes and Iron Rich Ultramafic Pegmatite (IRUP).

Mineral Resources are estimated using a minimum true width of at least 90 cm and therefore may include some diluting material.

Proved and Probable Mineral Reserves are reported as tonnes and grade expected to be delivered to the mill, are inclusive of diluting materials and allow for losses that may occur when the material is mined.

Mine tailings dams are excluded from the above Mineral Resource summary.

For economic studies and the determination of pay limits, consideration was made of both short and long term revenue drivers. The following long term global assumptions were used:

Precious Metals (per Troy Ounce): Pt $1,800, Pd $500, Rh $3,000, Ru $200, Ir $450, Au $800.

Base Metals (per metric tonne): Ni $15,000, Cu $5,000.

Average exchange rate of US$1 to ZAR8.28.

Dilutions are quoted as waste tonnes / waste + ore tonnes in percent.

Unless otherwise stated, the Lonmin Mineral Resources and Reserves estimates were prepared or supervised by various persons employed by Lonmin.

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Compliance and Audit

The 2010 Lonmin Mineral Resources and Mineral Reserves Report for the South African areas was prepared in accordance with the guidelines as defined in the 2007 version of the South African Code for Reporting of Mineral Resources and Mineral Reserves (the 'SAMREC Code'). The SAMREC Code sets out minimum standards, recommendations and guidelines for Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves in South Africa. It has been drawn up by the Working Group of the SSC Committee under the joint auspices of the Southern African Institute of Mining and Metallurgy (SAIMM) and the Geological Society of South Africa (GSSA).

An updated SAMREC Code was promulgated by the SAIMM and the Geological Society of South Africa (‘GSSA’) in June 2007. The updated code followed a review of the March 2000 Code that has been conducted since 2004, and supersedes the 2000 edition.

Concurrently with the evolution of the SAMREC Code, the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), initially a committee of the Council of Mining and Metallurgical Institutions (CMMI), has, since 1994, been working to create a set of standard international definitions for the reporting of Mineral Resources and Mineral Reserves. As a result of the CRIRSCO/CMMI initiative, considerable progress has been made towards widespread adoption of globally consistent reporting standards. These are embodied in similar Codes, guidelines and standards published and adopted by the relevant professional bodies around the world. The definitions in the 2007 edition of the SAMREC Code are either identical to, or not materially different from, those existing international definitions.

Mineral Resources reported for the Canadian areas were reported using Canadian Institute of Mining and Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Reserves (CIM Definition Standards). These standards establish definitions and guidelines for the reporting of exploration information, mineral resources and mineral reserves in Canada. The Mineral Resource and Mineral Reserve Definitions were incorporated, by reference, in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). Lonmin considers that the CIM definitions of Mineral Resources and their categories are not materially different for those defined by SAMREC.

The definitions of Mineral Resources and Mineral Reserves as contained in the 2007 edition of the SAMREC Code are as follows:

A ‘Mineral Resource’ is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, or estimated from specific geological evidence, sampling and knowledge interpreted from an appropriately constrained and portrayed geological model. Mineral Resources are subdivided, and must so be reported, in order of increasing confidence in respect of geo-scientific evidence, into Inferred, Indicated and Measured categories.

A ‘Mineral Reserve’ is the economically mineable material derived from a Measured and/or Indicated Mineral Resource. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project, or a Life of Mine

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Plan for an operation, must have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the Modifying Factors). Such modifying factors must be disclosed.

The Relationship between Exploration Results, Mineral Resources and Mineral Reserves (SAMREC)

An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which volume and/or tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and sampling and assumed but not verified geologically and/or through analysis of grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes that may be limited in scope or of uncertain quality and reliability.

An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated

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with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes. The locations are spaced closely enough to confirm geological and grade continuity.

A ‘Probable Mineral Reserve’ is the economically mineable material derived from a Measured and/or Indicated Mineral Resource. It is estimated with a lower level of confidence than a Proved Mineral Reserve. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project, or a Life of Mine Plan for an operation, must have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed.

A ‘Proved Mineral Reserve’ is the economically mineable material derived from a Measured Mineral Resource. It is estimated with a high level of confidence. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project, or a Life of Mine Plan for an operation, must have been carried out, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed.

Competent Persons

Various persons, as stated in the relevant sections of this report, assisted in the preparation of the Mineral Resource and Mineral Reserve estimates. These estimates were reviewed and signed off by the Lonmin Competent Persons; J.C. Witley (Mineral Resources) and J.H.K. Hudson (Mineral Reserves). The Sudbury Resources were signed off by Vale’s Qualified Person, A.D. Burton, as stated in the Sudbury section of this report.

J. C. Witley (BSc Hons, GDE) is a Competent Person as defined by the SAMREC Code, being registered as a Professional Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP) and a member of the Geological Society of South Africa (GSSA). Mr Witley has over 20 years experience in the base and precious metals mining industry and with more than five years experience relevant to PGE Mineral Resource estimation.

J. H. K. Hudson (BSc Hons, MBA) is a Competent Person as defined by the SAMREC Code, being registered as a professional mining engineer with the Engineering Council of South Africa (ECSA) and a fellow of the Southern African Institute of Mining and Metallurgy (SAIMM). Mr Hudson has over 20 years experience in the base and precious metals mining industry with more than five years relevant experience in precious metal Mineral Reserve estimation.

…………………………………………. ………………………………….......

Mr. J. C. Witley Mr J. H. K. Hudson

29 October 2010 29 October 2010

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Audit External Audit

Lonmin’s audit policy is that external audits are carried out on active Resources and Reserves at least every three years. Where material differences to the estimates occur within this timeframe, either as a result of additional data or a change in assumptions, the areas subjected to these changes are audited by an Independent Expert. Internal reviews by Lonmin’s Competent Persons are completed prior to publication of the estimates. The most recent external audits completed relevant to Lonmin’s Mineral Resources and Reserves are as follows:

Snowden Mining Industry Consultants performed an independent audit of Lonmin’s Marikana Mineral Resource and Reserve estimates in 2009 and no material issues were identified. The changes to the Mineral Resource and Reserve statement from 2009 to 2010 are not considered material and no external audits were completed during the reporting period.

Snowden Mining Industry Consultants performed an independent audit of Lonmin’s Pandora Mineral Resource and Reserves in 2008. The 2008 estimates were endorsed by Snowden. No material changes to the Mineral Resource have occurred since the 2008 audit. Additional areas have been included in the Mineral Reserve due to approval of a further extension of the mining area from the E3 Incline.

Snowden Mining Industry Consultants performed an independent audit of Lonmin’s Akanani Mineral Resource and Reserves in 2008. The 2010 Mineral Resource estimate has not been audited externally as the changes to the previous Mineral Resource estimates are not considered material to the project.

SRK completed an audit of the Lonmin Limpopo Mineral Resource and Reserve estimates in 2008 for the Baobab Mine and Phase 2 Project. The 2008 estimates were endorsed by SRK. These estimates remain largely unchanged since 2008.

No changes have been made to the Loskop 2007 Mineral Resource estimates. RSG Global’s (now Coffey Mining) independent audit and endorsement of the Mineral Resource estimate of the Rietfontein area of the Loskop JV in September 2007 remains applicable to the estimates reported in 2010.

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Location within the Bushveld Complex of South Africa Currently, Lonmin’s entire South African Platinum Group Element (PGE) Mineral Resources and Mineral Reserves are contained within the Bushveld Complex, located in the Republic of South Africa. The Bushveld Complex hosts the World’s largest resources of PGE’s, chromium, and vanadium. The PGE’s (Platinum, Palladium, Rhodium, Ruthenium, Osmium and Iridium) are intimately associated with Gold, Nickel and Copper, which form important bi-products of PGE mining in South Africa.

The Bushveld Complex intruded 2.06 billion years ago into the supracrustal sedimentary sequence of the Transvaal Supergroup, and is the largest known layered intrusion on Earth, underlying an area of approximately 66,000 km². The Bushveld Complex consists of four major limbs, Lonmin’s Mineral Resources being contained within all of the major limbs:

the Western Limb (Marikana Operations and Pandora);

the Eastern Limb (Limpopo Operations);

the Northern Limb (The Akanani Project); and

the Bethal Limb (Loskop Joint Venture).

Locations of Lonmin’s Mineral Resources

Approximate schematic locations of Lonmin Mineral ResourcesApproximate schematic locations of Lonmin Mineral Resources

Limpopo

Marikana

Loskop

Pandora

Akanani

N0 100 km

N0 100 km

Eastern Limb

Western Limb

Northern Limb

Bethal Limb

Lonmin’s Mineral Resources in the Eastern and Western Limbs are hosted within the well known Merensky and UG2 Reefs. Both of these units occur in the Upper Critical Zone of the Rustenburg Layered Suite, which is a series of mafic and ultramafic cyclic units within which all of the known economic PGE mineralised layers in these areas occur. The Merensky Reef is a layer of mineralisation that occurs within, or in close

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association with, the Merensky Pyroxenite Unit. The UG2 Reef consists of the UG2 Chromitite Layer, containing most of the PGE mineralisation, and may include less well mineralised units or portions of these units either underlying or overlying the main UG2 Chromitite Layer.

Lonmin’s PGE Mineral Resources in the Northern Limb are contained within the Platreef Pyroxenite unit that is considered to represent the Upper Critical Zone in this area. The Platreef Pyroxenite can be in the order of 100’s of metres thick and contains zones of PGE mineralisation that are associated with various lithological sub-divisions of the Platreef Pyroxenite.

At the Loskop Joint Venture, several mineralised units have been identified that are contained within a sequence that Lonmin considers to be stratigraphically equivalent to the Upper Critical Zone of other areas of the Bushveld Complex. Lonmin’s Mineral Resources at Loskop are contained within the Upper Mineralised Pyroxenite (UMP).

Bushveld PGE Mineral Resources are frequently disturbed by geological conditions which may result in losses to the Mineral Resource area. The areas affected are classified as geological losses, which are commonly, potholes, fault loss, intrusive dykes and Iron Rich Ultramafic Pegmatite (IRUP). Iron rich fluids associated with the IRUP replace certain formations and in some instances result in a geological loss. IRUP tends to affect the Merensky Reef more severely than the UG2. Neither potholes nor IRUP replacement have been recognised on the Platreef at the Akanani Project.

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Marikana Operations Mineral Reserves and Resources 30 September 2010 The Marikana Operations (Western Platinum Limited and Eastern Platinum Limited) are located in the Marikana district to the east of the town of Rustenburg in the North West Province of the Republic of South Africa.

The Marikana mine leases are underlain by the Merensky Reef and the UG2 Chromitite Layer over a strike length of approximately 27 km. Both the Merensky Reef and the UG2 Chromitite Layer sub-outcrop below a thin layer of black cotton soil along the strike length of the lease area, although most of the near outcrop ore has since been removed by open pit mining. The layers strike in an approximately east-west direction and generally dip between 8°N in the west, gradually increasing to 13°N in the extreme east of the property. The UG2 Chromitite Layer underlies the Merensky Reef by between 130 m and 210 m, the middling between the two reefs gradually increasing across the lease area from west to east. The layered nature of the Bushveld Complex makes it possible to identify different lithological and stratigraphic units, which facilitates the interpretation of geological disturbances such as dykes, faults, potholes and IRUP.

At the Marikana Operations, the UG2 Reef normally comprises a massive chromitite layer, which varies in thickness over the property but is generally between 1.0 m and 1.4 m thick. Localised areas of internal waste can occur and the internal waste is necessarily included in the Mineral Resource.

The Merensky Reef varies across the Marikana property and this variability is used to define a number of facies (or sub-types) based on the occurrence of distinct lithological units within the reef. Two major types, pegmatoidal and non-pegmatoidal facies, occur. These have further been separated into a total of seven different facies based on the occurrence of thin chromitite layers in the order of several millimetres thick. It has long been recognised that grade and thickness characteristics are controlled by the facies and it is important that this is recognised in correctly modelling the Mineral Resource. All Merensky Mineral Resource cuts at Lonmin are therefore referenced on distinct and continuous layers within the Merensky package. In general, the facies change from east south-east to west north-west. Lower grade non-pegmatoidal types occur in the east and the higher grade pegmatoidal types occur in the western and deeper areas of the property, in particular the deeper areas of the Karee vertical shaft blocks, which comprise large portions of Lonmin’s Indicated and Inferred Resources.

Extensive mining, surface diamond drilling and a number of seismic and magnetic surveys have aided in establishing the geological characteristic of the Marikana UG2 and Merensky Reefs.

A total of over 700 surface diamond drillholes have been completed in prior years and drilling is ongoing on a continuous basis in order to improve confidence and extend the area of the Mineral Resource. During the 2010 financial year, an additional 15,600 m were drilled in order to increase the confidence of the Mineral Resources estimated for the Marikana area. At least four reef cuts are obtained from each surface drillhole, providing material for assay as well as mineralogical, metallurgical and geotechnical test-work. Standard procedures are used to gather the geological data, which are stored in a commercial database.

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Most of the mining right’s area has been covered by airborne or ground magnetic surveys. 3D seismic surveys allow for significantly higher confidence in long term planning than what can be achieved on the basis of drilling and aeromagnetic surveys alone. A high resolution 3D seismic survey was completed over the K4 area in 2000 and in 2008 a similar 3D seismic survey was completed, covering the areas within and to the north of the Hossy and Saffy Shaft blocks. Data acquisition for a third 3D seismic survey has recently been completed, covering a large portion of the northern and deeper portions of our western Marikana leases.

3D Seismic and Aeromagnetic Coverage

LEGEND

PROSPECTING RIGHT

MINING RIGHT

SEISMIC AREA

AEROMAG AREA

SURVEY COVERAGE

3000

2010PROJECTS/LPD/3D SEISMIC

1000

SCALE IN METRES

0 1000

Gauss Conform Projection,Central Meridian 27° East.Clarke 1880 Spheroid.

LONMIN

2000500

LONMIN - MARIKANA OPERATIONS

3D SEISMIC AND AEROMAGNETIC

4000 5000

Netta Louw/14 Sept 2010

2010 SURVEY

K4 VERTICAL SHAFT

K3 VERTICAL SHAFT

K3 VERTICAL SUB INC

4 BELT INC SHAFT

SAFFY VERTICAL SHAFT

HOSSY VERTICAL SHAFT

1 VERTICAL SHAFT

B3 INC SHAFT

E1 INC SHAFTE2 INC SHAFT

E3 INC SHAFT

1 EAST LIFT SHAFT NEWMAN INC SHAFT

ROWLAND SUB VERTICAL INC

ROWLAND VERTICAL SHAFT

PANDORAJOINT VENTURE

LEGEND

PROSPECTING RIGHT

MINING RIGHT

SEISMIC AREA

AEROMAG AREA

SURVEY COVERAGE

3000

2010PROJECTS/LPD/3D SEISMIC

1000

SCALE IN METRES

0 1000

Gauss Conform Projection,Central Meridian 27° East.Clarke 1880 Spheroid.

LONMIN

2000500

LONMIN - MARIKANA OPERATIONS

3D SEISMIC AND AEROMAGNETIC

4000 5000

Netta Louw/14 Sept 2010

2010 SURVEY

K4 VERTICAL SHAFT

K3 VERTICAL SHAFT

K3 VERTICAL SUB INC

4 BELT INC SHAFT

SAFFY VERTICAL SHAFT

HOSSY VERTICAL SHAFT

1 VERTICAL SHAFT

B3 INC SHAFT

E1 INC SHAFTE2 INC SHAFT

E3 INC SHAFT

1 EAST LIFT SHAFT NEWMAN INC SHAFT

ROWLAND SUB VERTICAL INC

ROWLAND VERTICAL SHAFT

PANDORAJOINT VENTURE

The Merensky Reef and the UG2 Reef are mined simultaneously in the lease area at an average depth of approximately 500 m. Mining is by underground and open cast mining methods with shallow incline, deep vertical shaft or open pit access to the orebodies. The underground mining methods at Marikana are conventional up-dip, down-dip and breast stoping as well as Mechanised XLP (extra low profile) and hybrid (a combination of mechanised and conventional methods) stoping. Ore sourced from shafts using conventional up-dip, down-dip and breast stoping methods accounted for approximately 81% of the Marikana underground ore production in the 2010 financial year.

Mineral Reserve estimates are continuously reviewed, considering both best mining practice and historical mining performance. These estimates are supported by the outputs of sophisticated Mine Planning systems.

Revisions to the Mineral Resource and Reserve Completed During 2010

No significant Changes to the Marikana Mineral Resource estimates were made:

The tonnage depletion through mining was partially offset by slightly more Inferred Resources as a result of additional data acquired through surface drilling.

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Exploration drilling at Marikana in FY10 was focussed on infill drilling rather than Mineral Resource extension.

The grade of the Marikana UG2 Mineral Resource increased slightly (2%) due to the increased proportion of higher grade UG2 drillhole intersections in the deeper exploration areas. Several low grade and particularly narrow UG2 drillhole intersections that were confirmed to be affected by potholing were removed from the estimation database.

A revision of the relative proportions of the individual precious metals resulted in slight adjustments to the Platinum quantities at Marikana.

The Nickel and Copper grades of the Marikana Mineral Resource were reviewed and the average Nickel and Copper percentages are herein reported for each ore type.

Minor changes were made to the expected geological losses for both the Merensky and UG2 Reef Mineral Resources. For the Merensky Reef, the average geological loss remains 17% and for the UG2 the average geological loss has decreased from 17% to 15%. Geological losses are applied to resource block areas in addition to those areas removed as a result of known and defined major geological structures in which no Mineral Resources are believed to be developed.

The Proved Reserves at Marikana increased by 24% from 2009, reflecting the companies focus on Ore Reserve Development in 2010.

The Merensky Reserve grade for Marikana increased by 8% in the western areas, mainly as a result of rescheduling work conducted at K4. This resulted in improved planned extraction of the higher grade Brakspruit facies on the western boundary compared to 2009.

The mine extraction strategy for the Middelkraal UG2 block was revised in 2010 and this was incorporated into the Marikana Long Term Plan. The utilisation of the Rowland infrastructure and development through the Elandsdrift fault zone enhances the value of this area of the Mineral Resource due to production ramp up commencing away from a large geological anomaly (slump and IRUP affected area) affecting the Middelkraal area. The Middelkraal slump area continues to be excluded from the Mineral Reserve pending further investigations.

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Marikana Merensky Reef Resource and Reserve Plan

Marikana UG2 Reef Resource and Reserve Plan

ROWLAND SUB INCLINEK3 SUB INC

LONMIN

1 SHAFT

ROWLAND SHAFT

K3 SHAFT

LONMIN PLATINUM

Gauss Conform Projection,

Central Meridian 27° East. Clarke 1880 Spheroid.

Marikana Operations

Y-60000Y-50000

X+

2840

000

Y-70000Y-45500 Y-55000 Y-65000

X+

2845

000

X+

2835

000

Y-60000Y-50000 Y-70000Y-45500 Y-55000 Y-65000

X+

2840

000

X+

2845

000

X+

2835

000

100005001000

SCALE IN METRES

2000 3000

MERENSKY REEF

2010 PROJECT/OR/LPDOR10M DENNIS

27 OCT 2010

CLASSES LEGEND

MINED OUT / DEPLETED

PROVED RESERVES

FAULT

DYKE

ULTRAMAFIC PEGMATITE

30m30m

MINING LEGEND

FARM BOUNDARIES

LONMIN MINING LICENCE

DUE TO FAULTING

MEASURED RESOURCES

INDICATED RESOURCES

EXCLUDED FROM RESOURCES

INFERRED RESOURCES

MERENSKY BOREHOLES

SHAFT BLOCK BOUNDARIES

PROBABLE RESERVES

BOUNDARY LEGEND

NEWMAN SHAFT

K4 SHAFT

LONMIN PROSPECTING RIGHT

AS AT 30 SEP 2010

MINERAL RESOURCES AND RESERVES

1B INCLINE

SAFFY SHAFT

HOSSY SHAFT

E2 INCLINE

4 BELT INCLINE

1 SHAFT

K4 SHAFT

K3 SHAFT

ROWLAND SHAFT

E1 INCLINE

NEWMAN INCLINE

K3 SUB INCLINEE3 INCLINE

1 LIFT SHAFT

LONMINU2

Y-60000Y-50000

X+

2840

000

Y-45500 Y-55000 Y-65000

X+

284

5000

X+

2835

000

Y-60000Y-50000Y-45500 Y-55000 Y-65000

ROWLAND

4 W 4 5E1

5 W4 2

6 W2 8 W1

6 W2 8 W2

7 W2 6

7 W 2 7

7 W 28

8W 1 9

8 E1 6 8 E17

8 E19

8 E3 0

7 E29

OUTCROP

OUTCROP

OUTCROP

OUTCROP


LONMIN PLATINUM

Gauss Conform Projection,


Marikana Operations

Y-70000

Y-70000Y-65000

X+

2840

000

X+

284

5000

X+

2835

000

100005001000

SCALE IN METRES

2000 3000

UG2 REEF

2010 PROJECT/OR/LPDOR10U DENNIS

27 OCT 2010

AS AT 30 SEP 2010

CLASSES LEGEND

MINED OUT / DEPLETED

PROVED RESERVES

FAULT

DYKE

ULTRAMAFIC PEGMATITE

30m30m

MINING LEGEND

FARM BOUNDARIES


DUE TO FAULTING

MEASURED RESOURCES

INDICATED RESOURCES

EXCLUDED FROM RESOURCES

INFERRED RESOURCES

UG2 BOREHOLES


PROBABLE RESERVES

BOUNDARY LEGEND

LONMIN PROSPECTING RIGHT

SUB INCLINE

17

Marikana Mineral Resources

Mineral Resources 30-Sep-2010 30-Sep-2009

Ore source Category Mt 3PGE+Au Pt

Mt 3PGE+Au Pt


Merensky West

Measured 5.1 4.62 0.8 0.5 3.6 4.49 0.5 0.3

Indicated 77.4 5.63 14.0 9.0 82.0 5.89 15.5 9.8

Inferred 36.3 7.68 9.0 5.6 38.4 7.26 9.0 5.7

Sub Total 118.7 6.21 23.7 15.1 124.0 6.27 25.0 15.7

Merensky East

Indicated 95.6 3.94 12.1 7.2 98.3 3.90 12.3 7.3

Inferred 66.8 4.35 9.3 5.8 66.8 4.38 9.4 5.7

Sub Total 162.4 4.11 21.4 13.0 165.1 4.09 21.7 13.0

Merensky

Measured 5.1 4.62 0.8 0.5 3.6 4.49 0.5 0.3

Indicated 173.0 4.69 26.1 16.2 180.3 4.80 27.8 17.1

Inferred 103.1 5.52 18.3 11.5 105.2 5.43 18.4 11.3

Total Merensky 281.1 4.99 45.1 28.2 289.1 5.03 46.7 28.7

UG2

Measured 24.9 5.30 4.2 2.5 27.4 5.26 4.6 2.8

Indicated 263.2 5.03 42.6 24.8 279.9 4.95 44.5 25.3

Inferred 170.8 5.12 28.1 16.2 154.4 5.03 24.9 14.4

Total UG2 458.9 5.08 74.9 43.6 461.6 4.99 74.1 42.5

Total

Measured 30.0 5.18 5.0 3.0 31.0 5.17 5.1 3.1

Indicated 436.1 4.90 68.7 41.1 460.2 4.89 72.3 42.3

Inferred 273.9 5.27 46.4 27.7 259.6 5.19 43.3 25.7

Total Resources 740.1 5.05 120.1 71.7 750.7 5.01 120.8 71.2

18

Indicative Prill Splits and Nickel and Copper grades in Resource – Marikana

Individual Precious Metal SplitsMarikana Merensky Reef

62%

27%

4%7%

Pt

Pd

Rh

Au

Individual Precious Metal SplitsMarikana UG2

58%29%

12%1%

Pt

Pd

Rh

Au

Average Nickel and Copper Grade of Marikana Reefs

0.18%

0.03%

0.10%

0.01%

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

Merensky Reef UG2

Gra

de

% Nickel%

Copper%

19

Marikana Mineral Reserves

Notes on the Marikana Mineral Resources and Reserves

The Marikana Mineral Resources and Reserves information was prepared on the following basis:

1) The Marikana Mineral Resources and Reserves include only Lonmin's attributable portion.

2) The eastern Merensky area represents the area east of the Elandsdrift Fault that separates the Newman and Hossy blocks from the Rowland Shaft block. The western area comprises the various Karee and Rowland Shaft blocks and the areas down-dip from them.

3) Merensky Reef widths used for Mineral Resource estimates are based on a practical mining cut of not less than 90 cm and therefore may include some diluting material.

4) The UG2 Reef width used for Mineral Resource estimates are based on a practical mining cut of not less than 90 cm. This cut consists of the UG2 Chromitite Layer and internal waste partings and may include some external dilution in order to honour the practical minimum mining cut width.

5) Measured Resources are typically declared in and immediately adjacent to areas where reef has been exposed in underground development and sampling has taken place. Channel samples are taken from underground reef intersections using a diamond saw and are assayed at Lonmin’s Marikana laboratory. The channel samples are composited into individual reef intersections, which are used to evaluate resource blocks by applying an Ordinary Kriging estimation method.

6) Indicated and Inferred Resources are estimated from the results of surface diamond drillhole reef intersections and may incorporate underground channel sample data where

Mineral Reserves 30-Sep-2010 30-Sep-2009


Mt 3PGE+Au Pt


Merensky West

Proved 2.2 3.56 0.3 0.2 1.6 3.44 0.2 0.1

Probable 76.4 4.56 11.2 7.2 77.4 4.21 10.5 6.6

Sub Total 78.7 4.53 11.5 7.4 78.9 4.20 10.6 6.7

Merensky East

Probable 11.6 3.26 1.2 0.7 9.3 3.37 1.0 0.6

Sub Total 11.6 3.26 1.2 0.7 9.3 3.37 1.0 0.6

Total Merensky 90.3 4.37 12.7 8.1 88.3 4.11 11.7 7.3

UG2 Proved 7.4 4.51 1.1 0.6 6.4 4.38 0.9 0.5

Probable 196.1 4.15 26.1 15.4 202.8 4.10 26.7 15.9

Total UG2 203.6 4.16 27.2 16.0 209.3 4.11 27.6 16.5

Total Proved 9.7 4.29 1.3 0.8 8.0 4.19 1.1 0.7

Probable 284.2 4.22 38.6 23.3 289.5 4.11 38.2 23.1

Total Reserves 293.9 4.22 39.9 24.1 297.5 4.11 39.3 23.8

20

these resources occur close to mined areas. At least four reef intersections are drilled from each drillhole and three of these intersections are sampled and assayed at a commercial laboratory. The samples of each deflection are composited into individual reef intersections, which are used to evaluate resource blocks by applying an Ordinary Kriging estimation method.

7) Confidence in the geological model, reef continuity, drilling density and geostatistical analysis is used to define resource classes. Indicated Resources at Marikana are considered in areas where drillhole spacing is less than 800 m. Inferred Mineral Resources are considered in areas where reef intersections are spaced between 800 m and 1,600 m. The Inferred Resources at Marikana are generally constrained by the sparse drillhole grid and are extrapolated by a maximum distance of 800 m from the drillhole grid into the down dip areas.

8) The Mineral Resources at Marikana occur from near surface to less than 2,000 m below surface. The average width of the UG2 is 1.19 m and the average width of the Merensky Reef is 1.03 m.

9) Remnant areas enclosed by stoped out areas (otherwise known as white areas) are not part of the Measured Mineral Resource or Proved Reserve until it has been established that there is a reasonable intention and prospect of extracting ore from these areas.

10) An average of 17% geological loss has been applied for the Merensky Reef and 15% for the UG2 Reef. Geological losses include those from dykes, fault loss, potholes and IRUP. Geological losses are applied to resource block areas in addition to those areas removed as a result of known major geological structures in which no Mineral Resources are believed to be developed.

11) Merensky Mineral Resources are reported above a minimum grade of 2.5 g/t 3PGE+Au. Block estimates below this grade are situated in portions of the eastern area of the Mine Lease, where no underground mining of Merensky Reef has taken place, and are of thick pyroxenite Eastplats Facies.

12) All UG2 block estimates are greater than 3.37 g/t 3PGE+Au. No UG2 estimates have been excluded from the Mineral Resource solely on the basis of grade.

13) Modifying factors applied to convert Mineral Resources to Mineral Reserves are derived from the Mineral Reserve Management system on Lonmin Platinum’s current operations. All survey, sampling, stope-width control and geological data are stored in electronic databases and mine plans are captured electronically in a three dimensional information system.

14) Proved Reserves are converted from fully developed Measured Resources allowing for an accurate assessment of modifying factors for the individual mining block. Probable Reserves are converted from Indicated and undeveloped Measured Resources using estimated dilution and extraction factors for the individual area taking cognisance of the reef type and planned mining method.

15) Mineral Reserve estimates are supported by the output of sophisticated mine planning systems.

16) Average dilution applied to the Merensky Reef is 22% and to the UG2 is 17%.

17) Average losses applied as a result of both mining losses and pillar designs are approximately 13% for the Merensky Reef and approximately 16% for the UG2.

18) All Mineral Reserves are shallower than 1,400 metres below surface.

19) All projects that are classified as Mineral Reserves have passed the economic test as prescribed by the SAMREC code. All economic evaluations were done on a consistent basis using the Lonmin economic model.

21

20) The reserve cut off grade for UG2 reef is below the reserve grade

21) The reserve cut off grade for Merensky reef is below the reserve grade

22) Appropriate assessments to a level of at least Pre-Feasibility or Life of Mine Plan have been carried out in order to declare Mineral Reserves. The following table highlights the status of the project pipeline with particular relevance to the conversion of Mineral Reserves from Mineral Resources.

Mineral Resource to Reserve Conversion Table

Marikana Project Pipeline

Resource Reserve

LOM / Feasibility Study Project Development

K5 UG2 & Merensky Hossy UG2 Sub Incline K4 UG2 & Merensky

K6 UG2 & Merensky Saffy UG2 Sub-Incline K3 UG2 & Merensky Sub-Inclines

Middelkraal 3 UG2 & Merensky

E2 UG2 Incline Deepening Hossy UG2

Hossy Merensky Rowland Merensky Sub Incline

Saffy UG2

Hossy SI Merensky Newman Merensky E3 JV UG2

Middelkraal 2 Merensky Rowland Extn UG2

Saffy Merensky Middelkraal 2 Sub Incline UG2

Saffy Merensky Sub-Incline

E1 Merensky

The following persons assisted in the preparation of the Marikana Mineral Resources and Mineral Reserves

Dennis Hoffmann (Lonmin) – Mineral Resources

Hennie Boshoff (Lonmin) – Mineral Reserves

Mineral Rights

Subsequent to Lonmin having received notification from the Director General of the Department of Minerals and Energy (DME) of the successful granting of new order mining rights in respect of the Group’s Marikana operations, these rights have been executed and were registered with the Mining Titles Registration Office in early 2008. Five rights out of the seven have been registered. Registration of the two other rights is expected this year. These rights entitle Western Platinum and Eastern Platinum to the exclusive right to mine for Platinum Group Metals within most of the designated Marikana property boundaries for the next 30 years with a right to apply for renewal thereafter for up to a further 30 years. Two rights are valid for five years which expire in September 2012 and pertain to our shallow and open cast areas which are almost depleted.

22

Separate Applications for Mining Rights in respect of certain areas excluded from the Marikana mining licence area have been granted and executed and are in the process of being registered.

A converted prospecting right in respect of the farms Schaapkraal and Zwartkoppies (which fall within and adjacent to the Marikana mining licence area) has been granted, executed and registered.

23

Limpopo Operations Mineral Reserves and Resources 30 September 2010

Lonmin’s Limpopo Operations division is located on the Northern Sector of the Eastern Limb of the Bushveld Complex in the Limpopo Province of South Africa. The Mineral Resources occur over a strike length of approximately 20 km and are dislocated by several faults, which form the lateral boundaries of the three delineated resource blocks namely:

Baobab, Dwaalkop, Doornvlei and Baobab East (the portion of Baobab East in the Mineral

Resource being an area contiguous with the Dwaalkop-Doornvlei Block), and Zebediela.

Lonmin’s Limpopo Operations Mineral Properties

- Other Party Area

N

Turfpan

Rooibok-bult

Turflaagte

Vogelstruis-vlakte

Zulping

Doornkop

Kalkbult

PoortjieVeeplaats

Spitskop Kameelbult

Vlieplaats

Pramkoppies

WO

ND

ER

KO

P F

AU

L

WINZE

- Lonmin/Mvelaphanda Area

- Lonmin Lease Areas

DWAALKOPDOORNVLEI

MphahleleLocation

CURRENTMINEAREA

NO 1SHAFT

ZEBEDIELA

BAOBAB

BAOBABEAST

3.5 km5.5 km

2.7 km

2 km

3.5 km

5 km

20 km

PHASE 2PHASE 1

PHASE 3

- Other Party Area

NN

Turfpan

Rooibok-bult

Turflaagte

Vogelstruis-vlakte

Zulping

Doornkop

Kalkbult

PoortjieVeeplaats

Spitskop Kameelbult

Vlieplaats

Pramkoppies

WO

ND

ER

KO

P F

AU

L

WINZE

- Lonmin/Mvelaphanda Area

- Lonmin Lease Areas

DWAALKOPDOORNVLEI

MphahleleLocation

CURRENTMINEAREA

NO 1SHAFTNO 1

SHAFT

ZEBEDIELA

BAOBAB

BAOBABEAST

3.5 km5.5 km

2.7 km

2 km

3.5 km

5 km

20 km

PHASE 2PHASE 1

PHASE 3

The Dwaalkop resource block forms a Joint Venture in which both Western Platinum and Mvelephanda Resources each have a 50% interest. The Dwaalkop JV area includes portions of the farms Dwaalkop, Rooibokbult and Turfpan. Both the Merensky and UG2 Reefs at Lonmin Limpopo are composite layer resources consisting of several well and less well mineralised layers and are therefore generally considerably thicker than at Marikana and elsewhere in the Eastern and Western Limbs of the Bushveld Complex. The UG2 Mineral Resources in the Northern Sector of the Eastern Limb differ from other areas in the Bushveld Complex in that the concentrations of both Copper and Nickel are relatively high, visible sulphide mineralisation being a feature of this UG2 ore type. These base metals form an important bi-product of PGE

24

mining. The reef dip is relatively steep in this area, with the dip in the Baobab and Dwaalkop-Doornvlei blocks being approximately 60° to the south, and even up to vertical in the Zebediela Block. The reef strike is close to east-west. The layered nature of the Bushveld Complex makes it possible to identify different lithological units, which facilitates the interpretation of geological disturbances such as dykes, faults, potholes and IRUP.

The continuity of both the Merensky and UG2 reefs in the area has been established by extensive underground mining, underground sampling, surface trenching, surface drilling and magnetic surveys. The drilling of multiple reef intersections in each drillhole is standard practice and provides material for assay, geotechnical, mineralogical and metallurgical testing. Logging and sampling of drillholes are conducted according to standard procedures and drillhole data are electronically stored in a commercial database.

Between the 1960’s and 2009 numerous phases of drilling were conducted by various mining companies (Anglo American Corporation, Messina Limited, Impala Platinum Limited, Southern Platinum Corporation and Lonmin) and more than 650 surface drillholes were drilled on the properties. The depths of the drillholes vary from a few metres to 1,550 m below surface. Magnetic data has become an essential tool in identifying areas of potentially good and poor mining conditions. Virtually the complete property has been covered by airborne or ground magnetic surveys. The detailed data from these surveys have proved to be invaluable in establishing the continuity of the reefs and for shaft planning and design purposes.

Approximately 9 km of reef strike exists to the east of the Baobab Mine block; 5.5 km on Dwaalkop JV and 3.5 km on Doornvlei. These areas of Mineral Resource form part of the Phase 2 expansion plan. No additional diamond drillholes were completed at Dwaalkop and Doornvlei during the year, with work on the project largely consisting of further geological modelling and investigating options for progressing the project to a production phase. The results of the updated geological work, and the impact on Mineral Resources and Reserves, will be reviewed and reported once the final results are received for the Phase 2 project in its entirety. A Pre-Feasibility study was completed in 2007. The mining methods utilised at Limpopo are conventional down-dip stoping and mechanised long-hole open stoping. Mining at Baobab Mine is by underground mining methods and the reef is accessed by a vertical shaft and ramp decline. The conventional down-dip stoping accounted for approximately 80% of the Baobab Mine ore production before being placed on care and maintenance late in 2008. The relatively wide steeply dipping nature of the reefs at Limpopo is amenable to mechanised long-hole open stoping. This method is the preferred method of ore extraction for the Phase 2 project due its potentially low operating cost and high volume compared with conventional more labour intensive methods.

25

Revisions to the Mineral Resource and Reserve Completed During 2010 The Mineral Resources and Reserves at Limpopo are unchanged since 2009 with the exception of a computational error being resolved in the amount of the Doornvlei Merensky Probable reserve being attributable to Lonmin and the correction of a slight rounding error in the Zebediela Mineral Resource tabulation.

Limpopo Merensky Reef Resource Plan

Limpopo UG2 Reef Resource Plan

26

Limpopo Mineral Resources


Reef Category Area Mt 3PGE+Au Pt Mt

3PGE+Au Pt


MR

Measured Baobab 0.9 3.86 0.11 0.06 0.9 3.86 0.11 0.06

Total 0.9 3.86 0.11 0.06 0.9 3.86 0.11 0.06

Indicated

Baobab 4.4 3.88 0.55 0.32 4.4 3.88 0.55 0.32

Baobab E 0.5 4.05 0.06 0.04 0.5 4.05 0.06 0.04

Dwaalkop 17.9 2.89 1.67 0.94 17.9 2.89 1.67 0.94

Doornvlei 6.6 3.74 0.79 0.44 6.6 3.74 0.79 0.44

Total 29.4 3.25 3.07 1.75 29.4 3.25 3.07 1.75

Inferred

Baobab 10.4 3.95 1.32 0.77 10.4 3.95 1.32 0.77

Baobab E 2.1 3.87 0.27 0.15 2.1 3.87 0.27 0.15

Zebediela 6.5 5.6 1.2 0.7 6.5 5.51 1.15 0.66

Dwaalkop 13.3 3.10 1.33 0.74 13.3 3.10 1.33 0.74

Doornvlei 9.3 3.94 1.18 0.67 9.3 3.94 1.18 0.67

Total 41.6 3.92 5.24 2.98 41.6 3.92 5.24 2.98

Total Merensky 71.9 3.65 8.43 4.79 71.9 3.64 8.42 4.79

UG2

Measured Baobab 0.9 4.45 0.13 0.06 0.9 4.45 0.13 0.06

Total 0.9 4.45 0.13 0.06 0.9 4.45 0.13 0.06

Indicated

Baobab 11.4 4.04 1.48 0.70 11.4 4.04 1.48 0.70

Baobab E 0.9 4.10 0.12 0.05 0.9 4.10 0.12 0.05

Dwaalkop 17.1 4.35 2.40 1.13 17.1 4.35 2.40 1.13

Doornvlei 24.8 4.60 3.67 1.73 24.8 4.60 3.67 1.73

Total 54.2 4.40 7.66 3.60 54.2 4.40 7.66 3.60

Inferred

Baobab 18.1 3.78 2.20 1.03 18.1 3.78 2.20 1.03

Baobab E 3.1 4.05 0.40 0.18 3.1 4.05 0.40 0.18

Zebediela 9.4 5.5 1.7 0.9 9.4 5.4 1.64 0.90

Dwaalkop 13.7 4.35 1.92 0.90 13.7 4.35 1.92 0.90

Doornvlei 19.4 4.89 3.05 1.44 19.4 4.89 3.05 1.44

Total 63.7 4.50 9.22 4.45 63.7 4.50 9.21 4.45

Total UG2 118.8 4.45 17.02 8.12 118.8 4.45 17.00 8.12

Total

Measured 1.8 4.16 0.24 0.13 1.8 4.16 0.24 0.13

Indicated 83.7 3.99 10.74 5.35 83.7 3.99 10.74 5.35

Inferred 105.3 4.27 14.47 7.44 105.3 4.27 14.44 7.44

Total Resource 190.7 4.15 25.45 12.91 190.7 4.15 25.42 12.91

27

Indicative Prill Splits and Nickel and Copper grades in Resource – Limpopo

Individual Precious Metal SplitsLimpopo Merensky Reef

57%32%

4%

7%

Pt

Pd

Rh

Au

Individual Precious Metal SplitsLimpopo UG2

47%

43%

8%2%

Pt

Pd

Rh

Au

Average Nickel and Copper Grade of Limpopo Reefs

0.17%

0.14%

0.11%0.09%

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

Merensky Reef UG2

Gra

de

% Nickel%

Copper%

28

Limpopo Mineral Reserves


Ore source Category Area Mt 3PGE+Au Pt Mt 3PGE+Au Pt


Merensky

Proved Baobab Shaft 0.2 3.02 0.02 0.01 0.2 3.02 0.02 0.01

Total Proved 0.2 3.02 0.02 0.01 0.2 3.02 0.02 0.01

Probable

Baobab Shaft 2.7 2.86 0.25 0.15 2.7 2.86 0.25 0.15

Dwaalkop JV 11.2 2.61 0.94 0.53 11.2 2.61 0.94 0.53

Doornvlei 4.6 2.71 0.40 0.23 2.3 2.71 0.20 0.11

Total Probable 18.5 2.67 1.59 0.90 16.2 2.66 1.39 0.79

Total Merensky 18.7 2.67 1.60 0.91 16.4 2.67 1.40 0.80

UG2


Total Proved 0.2 3.54 0.02 0.01 0.2 3.54 0.02 0.01

Probable

Baobab Shaft 6.3 3.28 0.66 0.31 6.3 3.28 0.66 0.31

Dwaalkop JV 13.2 3.30 1.40 0.66 13.2 3.30 1.40 0.66

Doornvlei 13.4 3.77 1.63 0.77 13.4 3.77 1.63 0.77

Total Probable 32.9 3.49 3.69 1.74 32.9 3.49 3.69 1.74

Total UG2 33.1 3.49 3.71 1.75 33.1 3.49 3.71 1.75

Total


Probable Baobab Shaft 9.0 3.15 0.91 0.45 9.0 3.15 0.91 0.45

Probable Dwaalkop JV 24.3 2.98 2.33 1.19 24.3 2.98 2.33 1.19

Probable Doornvlei 18.1 3.50 2.03 1.00 15.8 3.62 1.83 0.89

Total Reserve 51.7 3.20 5.32 2.66 49.4 3.22 5.12 2.55

Notes on the Limpopo Mineral Resources and Reserves

The Limpopo Mineral Resources and Reserves information was prepared on the following basis:

1) Western Platinum Limited (82% owned by Lonmin) has an interest of 50% in the Dwaalkop JV and 100% of the remainder. The Mineral Resources and Reserves quoted for Limpopo include only Lonmin’s attributable portion.

2) The Dwaalkop JV area includes portions of the farms Dwaalkop, Rooibokbult and Turfpan.

3) Mineral Resources are estimated from the results of surface diamond drilling and from underground channel samples. Channel samples are taken from underground reef intersections using a diamond saw and are assayed at Lonmin’s Marikana laboratory. For the surface drillholes, at least four reef intersections are drilled from each drillhole per reef and three of these intersections are sampled and assayed at a commercial laboratory.

4) The grades and/or metal accumulations, density and thicknesses of the individual reef layers are estimated into block models using Ordinary Kriging. The Mineral Resource cut is then selected from the individual reef layers and therefore may include some diluting material.

29

5) Mineral Resource estimates are based on a practical mining cut of not less than 90 cm.

6) Confidence in the geological model, reef continuity, drilling density and geostatistical analysis is used to classify the Mineral Resources. Typically, the Measured Resource estimates are declared in, and immediately adjacent to, areas where the reef has been exposed by underground development and has been sampled. Indicated and Inferred Resource estimates are predominantly informed by surface diamond drillholes. Indicated Resources at Limpopo are typically declared in areas where drill spacing is less than 600 metres.

7) The Mineral Resources at Dwaalkop and Doornvlei occur from surface to a maximum depth of 2,000 metres. The Baobab Mineral Resources occur to a depth of 1,500 m for Merensky Reef and 1,650 m for the UG2. Isolated drillholes have confirmed the presence of the UG2 at greater than 1,500 m below surface at Baobab, and in all areas the mineralisation remains open at depth.

8) At Zebediela, Inferred Resources are informed by a variable drill grid of approximately 500 m on strike and less regular in the down dip direction. The Zebediela Resources occur at depths of less than 850 m below surface for the Merensky Reef and 950 m in the case of the UG2, although mineralisation remains open at depth.

9) The widths of the individual layers that comprise the reef vary across the property and the reef widths also vary according to the layers incorporated into the reef cut. The average width of the UG2 Reef for each property varies between approximately 1.90 m and 3.05 m and the average width of the Merensky Reef for each property varies between approximately 0.90 m and 2.25 m.

10) An average of approximately 20% geological loss has been applied to the Merensky and UG2 Reef areas. Geological losses are applied to individual areas and vary according to known and anticipated geological conditions. Geological losses include those from dykes, fault loss, potholes and IRUP.

11) Remnant areas enclosed by stoped out areas (otherwise known as white areas) are not part of the Measured Mineral Resource or Proved Reserve until it has been established that there is a reasonable intention and prospect of extracting ore from these areas.

12) Proved Reserves are converted from fully developed Measured Resources. Probable Reserves are converted from Indicated and undeveloped Measured Resources using estimated dilution and extraction factors for the individual area taking cognisance of the reef type and planned mining method.

13) All Mineral Reserves below 430 m level at Baobab Mine and contained within the Phase 2 area, are fully diluted for mechanised mining methods and therefore individual lesser mineralised layers may have been incorporated into the Resource estimate in expectation of their inclusion in the mining cut. Additional dilution expected is estimated at approximately 13%.

14) Average losses as a result of mining losses and pillar design at Baobab are approximately 28% in the mechanised areas and 13% in the remaining conventional areas.

15) All Mineral Reserves at Limpopo are shallower than 750 m below surface.

23) All projects that are classified as Mineral Reserves have passed the economic test as prescribed by the SAMREC code. All economic evaluations were done on a consistent basis using the Lonmin economic model.


30


Limpopo Project Pipeline

Resource Reserve


Zebediela UG2 and Merensky Baobab UG2 & Merensky -

Phase 2 UG2 & Merensky

The following persons assisted in the preparation of the Limpopo Mineral Resources and Mineral Reserves:

Jeremy Witley (Lonmin) – Mineral Resources, Baobab Shaft and Baobab East

Snowden Mining Industry Consultants - Mineral Resources, Dwaalkop, Doornvlei and Zebediela’s Location

Hennie Boshoff and Thomas Cronje (Lonmin) – Mineral Reserves, Baobab

Frank Greblo (AMC Consultants Pty Ltd) – Mineral Reserves, Dwaalkop JV and Doornvlei

Mineral Rights

At Limpopo, a Lodgement for Conversion of Mining Right was submitted to the DME in respect of Doornvlei in April 2009. An Application for Mining Right has been lodged with the DME in respect of Dwaalkop (currently Dwaalkop has a converted prospecting right which is subject to a renewal application). A Lodgement for Conversion of Mining Right was submitted to the DME in respect of Voorspoed (Baobab Shaft) in March 2007, with the DME currently assessing the merits of the Application. As regards that area previously subject to an old order prospecting right (i.e. primarily Zebediela’s Location), a new order prospecting right has been granted, executed and registered. An application for the renewal of the Zebediela’s Location prospecting right for a further period of 3 years was submitted in September 2009.

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The Akanani Project Mineral Resources 30 September 2010

The Akanani Project is located on the Northern Limb of the Bushveld Complex in the Limpopo Province of South Africa. The mineralisation is hosted within the Platreef Pyroxenite. The considerable reef thickness makes the Mineral Resource amenable to fully mechanised bulk mining methods. At Akanani, the lithological layering in the Platreef appears to be less continuous than that of the Critical Zone in the Eastern and Western Limbs. The results of approximately one hundred diamond drillholes completed since 2005 have established that the higher grade mineralisation is generally well constrained within a geological unit towards the top of the Platreef known by Lonmin as the P2 Unit. The hangingwall of this unit is generally readily identifiable in core samples and the footwall merges into the immediately underlying P1 Unit mineralisation. Mineralisation in the P1 Unit appears to be less continuous than that of the P2 Unit and is generally of lower grade, however the nature of the P1 Mineral Resource grade profile allows for selective mining of higher grade with but lower tonnage. This will be considered should this mineralisation be converted to a Reserve. The locations of major discontinuities, such as faults and dykes, have been established by interpretation of magnetic survey and diamond drilling information. Potholes, such as those that occur on the Merensky Reef and UG2, and IRUP intrusions, have not been recognised on the Platreef at the Akanani Project. Losses in the Mineral Resource area are anticipated to occur as a result of dykes and veins, fault loss and localised alteration, particularly calc-silicate alteration which is rare in the P2 Unit and more common in the P1 Unit. Completion of the data collection and interpretation arising from the 2009 drilling programme has resulted in an updated Mineral Resource estimate. Revisions to the Mineral Resource Completed During 2010 Several changes to the reported Mineral Resources have occurred since 30 September 2009, the more significant of these being:

The proportion of the P2 Mineral Resource in the Indicated category has increased from 71% to 86%. This is due to upgrading the confidence of the Mineral Resource as a result of infill diamond drilling.

The quantity of P2 Mineral Resource increased slightly (3%) from 17.6 Moz to 18.2 Moz of 3PGE+Au. This is a result of northwards extension to the Mineral Resource area and slightly thicker mineralisation intersected in the infill drillholes.

Overall, the P2 Resource grade decreased marginally by 0.01 g/t from 4.73 g/t to 4.72 g/t 3PGE+Au. This is due to the extended Mineral Resource area being slightly lower grade than the average of the rest of the P2 Mineral Resource.

32

The 2 g/t mineralised envelope defining the P1 Mineral Resource was expanded, which resulted in a 73% increase to the 3PGE+Au ounces, at 10% higher grade, albeit in the relatively low confidence Inferred category. Several infill drillhole intersections confirmed the extension of the mineralisation deeper in the Platreef unit that was excluded in the 2009 estimate.

Akanani Drillhole Intersection and Resource Plan - P2 (left) and P1 (right)

33

Akanani Mineral Resources


Reef Category Mt 3PGE+Au Pt Cu Ni

Mt 3PGE+Au Pt Cu Ni

g/t Moz Moz % % g/t Moz Moz % %

P2 Indicated 100.7 4.84 15.7 6.6 0.14 0.26 76.4 5.07 12.5 5.3 0.15 0.27

Inferred 19.0 4.08 2.5 1.0 0.11 0.21 39.6 4.09 5.2 2.1 0.12 0.21

Total 119.7 4.72 18.2 7.6 0.13 0.25 116.0 4.73 17.6 7.5 0.14 0.25

P1 Inferred 96.3 2.75 8.5 3.3 0.10 0.18 60.7 2.49 4.9 1.9 0.09 0.15

Total 96.3 2.75 8.5 3.3 0.10 0.18 60.7 2.49 4.9 1.9 0.09 0.15

Total Indicated 100.7 4.84 15.7 6.6 0.15 0.27 76.4 5.07 12.5 5.3 0.14 0.27

Inferred 115.3 2.97 11.0 4.3 0.12 0.21 100.3 3.12 10.0 4.0 0.12 0.23

Total Resource 216.0 3.84 26.7 10.9 0.14 0.25 176.6 3.96 22.5 9.4 0.13 0.25

Indicative Prill Splits and Nickel and Copper grades in Resource – Akanani

Individual Precious Metal SplitsAkanani P2 Unit

42%

49%

4%6%

Pt

Pd

Rh

Au

Individual Precious Metal SplitsAkanani P1 Unit

39%

52%

3%5%

Pt

Pd

Rh

Au

Average Nickel and Copper Grade of Akanani Reefs

0.25%

0.18%

0.10%

0.13%

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

P2 P1

Gra

de % Nickel%

Copper%

34

Notes on the Akanani Project Mineral Resources and Reserves`

The Akanani Mineral Resources information was prepared on the following basis:

1) Lonmin has an interest of 74% in the Akanani Project. The Mineral Resources quoted for Akanani include only Lonmin’s attributable portion.

2) Over seventy diamond drillholes intersected P2 mineralisation within the declared Mineral Resource.

3) PGE and base metal assays were completed by Set Point Technologies Limited and were confirmed by SGS Lakefield Research Africa. Base metal grades represent acid soluble Ni and Cu.

4) The Mineral Resource estimates were completed for both the P2 and P1 Units at Akanani using 3D modelling techniques and Ordinary Kriging.

5) A percentage of the area has been removed as an allowance to cater for anticipated geological losses. Geological losses include those from dykes and veins, fault loss and localised alteration. 10% geological losses were applied to the P2 model. 20% geological losses were applied to the P1 model, in order to account for the greater occurrences of calc-silicate in this unit.

6) Geostatistical estimation criteria were used to guide the definition of the P2 Indicated Mineral Resource area. These were typically declared where drillhole spacing is less than 350 m, depending on knowledge of the reef continuity in individual areas.

7) Inferred Mineral Resources were extrapolated a maximum of 450 metres in the reef plane outside the drillhole grid to a maximum depth below surface of 2,000 metres, depending on knowledge of the reef continuity in individual areas.

8) The Mineral Resources in the project occur from approximately 800 m below surface and are shallower than 2,000 m below surface. The average thickness of the P2 Unit Mineral Resource is approximately 20 m. The thickness of the P1 Unit mineralisation declared as Mineral Resource is very variable due to its irregular shape, but is typically in the order of 30 m thick on average.

9) Mineral Resources were estimated within a mineralised envelope. The P2 Unit hangingwall was defined by a lithological boundary and the footwall normally forms the P1 hangingwall. There being no distinct change in lithologies, the footwall of the P1 mineralisation was defined by a 2 g/t 3PGE+Au assay cut off using Indicator Kriging.

10) There are currently no Mineral Reserves estimated for the Akanani Project.

The following persons assisted in the preparation of the Akanani Project Mineral Resources:

Hendrik Meiring (Lonmin)

Jonathan Kleynhans (Deswik Mining Consultants)

Mineral Rights

A converted prospecting right has been granted in respect of Akanani until 2011.

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Pandora Joint Venture Mineral Resources and Reserves 30 September 2010

The Pandora Joint Venture is located in the Brits District of the North West Province of South Africa. It is immediately east and down dip (north) of the eastern area of Lonmin’s Marikana Operations. Eastern Platinum has an attributable interest of 42.5% in the Pandora JV, the remainder being with Anglo Platinum, Mvelaphanda Resources and the Bapo Ba Mogale Mining Company.

The area is underlain by the Merensky Pyroxenite and the UG2 Chromitite Layer over a strike length of approximately 12 km. Both the Merensky Pyroxenite and the UG2 Chromitite Layer outcrop along 5 km of the strike length of the lease area that is contiguous to the Marikana Operations. The layers strike in an approximately east-west direction and generally dip approximately 13° to the north. The layered nature of the Bushveld Complex makes it possible to identify different lithological and stratigraphic units, which facilitates the interpretation of geological disturbances; dykes, faults, potholes and IRUP. The occurrence of IRUP at Pandora is rare.

The continuity of the UG2 Reef has been established by underground and open pit mining, underground sampling, surface trenching, surface drilling and magnetic surveys. The drilling of multiple reef intersections in each drillhole is standard practice and provides material for assay, geotechnical, mineralogical and metallurgical testing. Logging and sampling of drillholes are conducted according to standard procedures and drillhole data are electronically stored in a commercial database.

A total of over 150 surface diamond drill holes have been completed at Pandora. The infill drilling programme has continued in 2010 in order to upgrade the majority of the Mineral Resources in the Pandora Shallows area to at least Indicated Resources and ensure low geological risk in the earlier years of production from the planned mine. An additional 12,300 metres were drilled in the project area in 2010. The results continue to confirm our geological interpretation and the robustness of the grade model. The complete property has been covered by airborne or ground magnetic surveys.

The resources stated for the Pandora JV consist of UG2 Reef only. The Merensky Pyroxenite that occurs in this area comprises thick Eastplats facies and continuity of potentially economic mineralisation in this variably mineralised unit at Pandora has not yet been established. Work is continuing in order to evaluate the potential of this mineralisation.

The UG2 Reef is mined from underground in the JV area via Lonmin’s Marikana Operations E3 Incline shaft access. Stoping is by conventional methods. In 2009, the open pit Mineral Reserve was depleted.

Revisions to the Mineral Resource and Reserves Completed During 2008

No significant changes were made to the Mineral Resource aside from depletion due to mining. Slight changes to the proportion of Platinum in 3PGE+Au were made as a result of prill split re-evaluation.

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Probable Reserves in the western down dip extension of the 2009 reserve area were added to Lonmin’s Mineral Reserve. These reserves will be extracted via an extension to Lonmin’s E3 Incline Shaft.

Pandora Resource and Reserve Plan

Pandora Mineral Resources



Mt 3PGE+Au Pt


UG2

Measured 4.4 4.86 0.7 0.4 4.6 4.85 0.7 0.5

Indicated 15.9 4.52 2.3 1.4 15.9 4.51 2.3 1.4

Inferred 34.4 4.12 4.6 2.7 34.5 4.12 4.6 2.9

Total Resource 54.8 4.30 7.6 4.5 54.9 4.29 7.6 4.7

LONMIN

LONMIN PLATINUM

2010 PROJECT/ORGauss Conform Projection,


Marikana Operations

Y-70000Y-65000 Y-75000

Y-70000Y-65000 Y-75000

X+

284

000

0X

+28

450

00

X+

28

3500

0

100005001000

SCALE IN METRES

2000


JV AREA - UG2 REEF

LPDOR10U JV DENNIS18 OCT 2010

AS AT 30 SEP 2010

CLASSES LEGEND

MINED OUT

PROVED RESERVES

FAULT

DYKE

30m30m

MINING LEGEND


MEASURED RESOURCES

INDICATED RESOURCES

INFERRED RESOURCES

PANDORA DRILLED BOREHOLES

PANDORA JV MINING LICENCE


PROBABLE RESERVES

BOUNDARY LEGEND

X+

284

000

0X

+28

450

00

X+

28

3500

0

E2 INCLINE

JV AREA

E3 INCLINE

OUTCROP

fault

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Indicative Prill Splits and Nickel and Copper grades in Resource – Pandora

Individual Precious Metal SplitsPandora UG2

59%

28%

11%1%

Pt

Pd

Rh

Au

Average Nickel and Copper Grade of Pandora Reefs

0.01%

0.02%

0.00%

0.01%

0.02%

0.03%

0.04%

Merensky Reef UG2

Gra

de

%

Nickel%

Copper%

Pandora Mineral Reserves



Mt 3PGE+Au Pt


UG2 Proved 0.23 4.57 0.03 0.02 0.28 4.48 0.04 0.03

Probable 4.92 3.96 0.63 0.37 2.81 4.23 0.38 0.24

Total Reserve 5.15 3.98 0.66 0.39 3.09 4.25 0.42 0.27

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Notes on the Pandora JV Project Mineral Resources and Reserves

The Pandora JV Mineral Resources information was prepared on the following basis:

1) Eastern Platinum Limited (82% owned by Lonmin) has an interest of 42.5% in the Pandora JV. The Mineral Resources and Reserves quoted for Pandora include only Lonmin’s attributable portion.

2) Mineral Resources are reported for the UG2 Reef, which consists of the UG2 Chromitite Layer and minor internal waste partings.

3) Measured Resources are declared in, and immediately adjacent to, areas where reef has been exposed in underground development or open pits, or where close spaced near surface diamond drilling has been conducted. Channel samples are taken from underground reef intersections using a diamond saw and are assayed at Lonmin Platinum’s laboratory. The results of this sampling are combined with the results of the surface drilling and interpolated using Ordinary Kriging into Measured Resource blocks immediately adjacent to the underground exposures.

4) Indicated and Inferred Resources are estimated from the results of surface diamond drilling. Currently, at least four reef intersections are drilled from each drillhole and three of these intersections are sampled and assayed at a commercial laboratory. The individual reef composites are estimated into block models using Ordinary Kriging.

5) Confidence in the geological model, reef continuity, drilling density and geostatistical analysis is used to define resource classes. Indicated Resources at Pandora are considered in areas where drill spacing is less than 800 metres. Inferred Mineral Resources are declared in areas where drilling is sparser than 800 metres and are extrapolated to the northern farm boundary approximately 900 metres down dip from the deepest drillholes.

6) The Mineral Resources at Pandora occur from surface to approximately 1,200 m below surface. The average width of the UG2 is approximately 1.23 m.

7) An average of 23% geological losses has been applied. Geological losses include those from dykes, fault loss, potholes and IRUP.

8) All UG2 block estimates are greater than 3.37 g/t 3PGE+Au. No UG2 estimates have been excluded from the Mineral Resource solely on the basis of grade.

9) Proved Reserves are converted from fully developed Measured Resources. Modifying factors applied to convert Mineral Resources to Mineral Reserves are derived from the Mineral Resource Management system on Lonmin’s current operations. All survey, sampling, stope-width control and geological data are stored in electronic databases and mine plans are captured electronically in a three dimensional information system.

10) For Mineral Reserve estimation, the Pandora Mineral Resources have been diluted by an average of approximately 14%. Average losses as a result of mining losses and underground pillar design are approximately 18%.

11) All Mineral Reserves are shallower than 600 metres below surface.


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Pandora Project Pipeline

Resource Reserve


Pandora Shallows E3 JV 60 ktpm Extension E3 JV UG2-9 and 10 level

Pandora Deeps

The Pandora JV Mineral Resources were prepared by a team from both Anglo Platinum and Lonmin and were signed off by the following Competent Persons:

Jeremy Witley (Lonmin)

Paul Stevenson (Anglo Platinum)

The Mineral Reserves were signed off by Jonathan Hudson (Lonmin).

Mineral Rights

A Lodgement for Conversion of Mining Right was submitted in respect of Pandora in mid-2006. Arising from an amendment to the mining plan to be implemented at Pandora, the Mine Work Program and consequently the Social and Labour Plan were significantly amended. These amended documents were then lodged with the DME in mid-2007 as replacements for the original Mine Work Programme and Social and Labour Plan submitted. The DMR is currently assessing the Application. A separate Application for Mining Right in respect of certain areas excluded from the Pandora mining licence area was submitted in February 2009.

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Loskop Joint Venture Mineral Resources 30 September 2010

Western Platinum has an attributable interest of 50% in the Loskop Joint Venture with Boynton Investments. The Mineral Resources are contained within a mineralised zone, the “Upper Mineralised Pyroxenite” that is contained within a sequence that is considered to be stratigraphically equivalent to the Upper Critical Zone of the Eastern and Western Limbs of the Bushveld Complex. The results of a high resolution, low level aeromagnetic survey covering 210 km2 were used to assist in the structural interpretation of the area. Diamond drillholes were used in order to assist in the evaluation of the mineralisation on the properties.

Revisions to the Mineral Resource Completed During 2010

No revisions were made in 2010 to the estimates first reported in 2007.

Loskop JV Drillhole Intersection and Resource Plan

41

Loskop Mineral Resources


Ore Source Category Area Mt 2PGE+Au Pt

Mt 2PGE+Au Pt


UMP Inferred Rietfontein 6.5 3.91 0.8 0.5 6.5 3.91 0.8 0.5

UMP Inferred De Wagendrift 3.6 4.28 0.5 0.3 3.6 4.28 0.5 0.3

Total Resource 10.1 4.04 1.3 0.8 10.1 4.04 1.3 0.8

Notes on the Loskop Mineral Resources

1) The reported Loskop Mineral Resources precious metal grade is 2PGE+Au, which equals Pt+Pd+Au. This differs from most of Lonmin’s other Mineral Resources where 3PGE+Au is reported.

2) The Mineral Resources quoted for Loskop includes only Lonmin’s 41% attributable portion.

3) Half core samples were taken from diamond drillholes and assayed at commercial laboratories for 2PGE+Au using lead fire assay techniques.

4) An optimum cut at a minimum true width of 100 cm was calculated for each drillhole and the resulting composites were averaged to estimate the grade and width of the Mineral Resource.

5) A cut off grade of 2 g/t 2PGE+Au was used to define optimum cuts of greater than 100 cm.

6) The Inferred Mineral Resource was informed by the results of 61 drillholes that intersected the UMP.

7) The Mineral Resources at Loskop occur from surface to approximately 865 m below surface. The average width of the selected reef cut is approximately 1.35 m.

8) An average of 25% geological losses has been applied to the mineralised area. Geological losses will include those from dykes, fault loss and other geological disturbances.

9) Inferred Mineral Resources are constrained by the current drill coverage and the deposit is open down dip and to the west.

10) There are currently no Mineral Reserves estimated for the Loskop Project.

Mineral Rights

At Loskop, new order converted prospecting rights have been granted, executed and registered and prospecting activities are required to be carried out in accordance with the Prospecting Work Programs attaching to the aforementioned rights.

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Location within the Sudbury Igneous Complex, Ontario, Canada Lonmin’s only Platinum Group Element (PGE) Mineral Resource outside of the Bushveld Complex is located in the Sudbury Igneous Complex (SIC) near Sudbury, Ontario, Canada. The SIC hosts world class resources of Nickel, Copper, Cobalt and PGE’s. The PGE’s (mostly Platinum, Palladium, with minor amounts of Rhodium, Ruthenium, Osmium and Iridium) as well as Gold, are intimately associated with Nickel and Copper massive sulphides, which historically have been the main metals exploited in the SIC. Lonmin’s Sudbury Joint Venture exploration teams (Vale and Wallbridge Mining) are however targeting lower sulphide, high PGE mineralisation which is known to occur in offset dykes and certain footwall settings of the SIC. Much of this style of mineralisation also contains low concentrations of Copper, Nickel, Cobalt and Silver. The geological setting of PGE mineralisation in the SIC is unlike the majority of Lonmin’s mineral deposits in that it is associated with veins and disseminations of base metal sulphides rather than in layered reefs.

The SIC was formed as an astrobleme (a meteor impact site) 1.85 billion years ago, intruding into older granites and metasediments and is the second largest known astrobleme on Earth, underlying an area of approximately 1,540km². The SIC consists of two main areas, the North and South Ranges. Lonmin’s JV exploration properties are situated around the SIC Basin, with its first Mineral Resource located within the Denison property on the South Range.

Locations of Lonmin’s Mineral Resource – Sudbury Igneous Complex

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Denison Joint Venture Mineral Resources 30 September 2010

Lonmin’s Mineral Resources on the Denison property are hosted in the Huronian metasediments and metavolcanic sequence to the south of the SIC contact. The contact is near vertical in this area, but the PGE mineralisation is located along two intersecting structures. The mineralisation dips at approximately 70 degrees to the east-northeast. The mineralisation has been continually traced by drilling from its surface outcrop to a depth of 400 m below surface. The current resource is restricted to a depth of 240 m from surface, the deeper mineralisation not yet being included in the Mineral Resource due to the more widely spaced nature of the drilling and the deeper drillhole core samples being subject to analytical methodology dating back to the early 1900’s, which pre-dates precious metals assaying procedures at Vale. Given the greater variability in the nature of the mineralisation, drilling on which the resource has been based is necessarily much more closely spaced than those used to determine reef mineralisation and the average drillhole spacing in the resource area is between approximately 20 m and 35 m. The approximately ‘V-shaped’ body is comprised of two linear zones of approximately 80 m and 150 m in length, which vary between approximately 3 m and 30 m in thickness. The Mineral Resource is at its widest point where the zones intersect. It is considered that the Mineral Resource is amenable to extraction by open-pit mining to a depth of 140 m followed by cut-and fill mining of the deeper portion. These mining assumptions formed the basis of the assessment for prospects of economic extraction. Mineralisation is open at depth and remains a target for future exploration

The Denison Mineral Resource was prepared and classified by Vale geologists using Vale internal guidelines that exceed the minimum criteria defined by CIM. The Denison Mineral Resources have been prepared under the guidance of A.D. Burton (BSc Hons, P.Geo.) of Vale, who is a Qualified Person as defined by the National Instrument 43-101, being registered as a Professional Geologist with the Association of Professional Geologists of Ontario. Mr Burton has over 30 years experience in the base and precious metals mining and exploration industry and Mineral Resource estimation.

Denison Mineral Resources


Category Mt 2PGE+Au Pt

Mt 2PGE+Au Pt


Inferred 0.35 6.30 0.07 0.04 - - - -

Total Resource 0.35 6.30 0.07 0.04 - - - -

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Indicative Nickel and Copper grades in Resource – Denison

Average Nickel and Copper Grade of Denison Resource

0.55%

0.96%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

FW 109

Gra

de

%

Nickel%

Copper%

Notes on the Denison Mineral Resources

1) The reported Denison Mineral Resources precious metal grade is 2PGE+Au, which equals Pt+Pd+Au. This differs from most of Lonmin’s other Mineral Resources where 3PGE+Au is reported.

2) The Mineral Resources quoted for Denison includes only Lonmin’s 50% attributable portion of the PGE’s.

3) 32 diamond drillholes were used for grade estimation within the modelled wireframe.

4) Half core samples were taken from diamond drillholes and assayed at ALS Chemex laboratories Pt, Pd and Au using a fire assay fusion preparation followed by analysis by inductively coupled plasma - atomic emission spectrometry.

5) Diamond drill core is logged and sampled in a secure Vale Technology Development (Canada) Limited facility in Sudbury, Ontario. Diamond drill core samples are prepared at the ALS Chemex preparation facility in Sudbury, Ontario. The resulting pulps are shipped to the ALS Chemex laboratory in Vancouver, British Columbia for analysis. ALS Chemex’s Vancouver laboratory has received ISO 17025:2005 accreditation from the Standards Council of Canada under CAN-P-1579 “Guidelines for Accreditation of Mineral Analysis Testing Laboratories”. In addition to standard QAQC procedures performed by ALS Chemex, Vale Technology Development (Canada) Limited personnel conduct in-house QAQC procedures.

6) Mineral Resources were estimated by Ordinary Kriging within a mineralised envelope. The mineralisation extents were defined by examination of mineralisation in the drillhole intersections and interpreted using 3D modelling techniques utilising assumed geological continuity between drillholes.

7) Mineral Resources that have reasonable prospects for economic extraction were extracted from the grade model based on an economic test, on a Net Smelter Return basis, using Vale’s internal financial models.

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8) A 30 m high crown pillar was assumed to be required between the perceived open pit limits and the underground cut-and-fill mining. This mineralisation has not been reported as part of the Mineral Resource.

9) Inferred Mineral Resources were reported from within the drillhole grid and there was no extrapolation either down-dip or along strike from the drillhole grid.

10) The Mineral Resources in the project occur from surface and were restricted to 240 m below surface. The thickness of the Mineral Resource varies from approximately 3 m to 30 m.

11) There are currently no Mineral Reserves estimated for the Denison Project.

Mineral Rights

The Vale Lonmin Joint Venture property in Denison Township consists of parts of Lots 2 to 6 Concession 4 and Lots 3 to 6 Concession 5. All the parcels are patented for surface and mining rights.

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List of Acronyms 2PGE+Au Also known as 3E, comprises two platinum group elements plus gold and is a

summation of Pt, Pd and Au. 3PGE+Au Also known as 4E, comprises three platinum group elements plus gold and is a

summation of Pt, Pd, Rh, and Au. 5PGE+Au Also known as 6E, comprises five platinum group elements plus gold and is a

summation of Pt, Pd, Rh, Ru, Ir and Au. BEE Black Economic Empowerment

BBBE Broad Based Black Economic Empowerment

CIM Canadian Institute of Mining and Metallurgy and Petroleum

DME Department of Minerals and Energy

DMR Department of Mineral Resources (formerly the DME).

g/t Grams per tonne. A unit of grade expressing concentration that is equal to

parts per million (ppm)

IRUP Iron Rich Ultramafic Pegmatite.

JV Joint Venture

Moz Millions of troy ounces. One troy ounce is equal to 31.10348 metric grams. MR Merensky Reef; refers to the portion of the Merensky Pyroxenite Unit (and in

some areas immediately adjacent units) that contains significant PGE, nickel and copper mineralisation.

Mt Millions of metric tonnes; a metric tonne equals one thousand kilograms.

NI 43-101 National Instrument 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada.

PGE Platinum Group Element. Elements belonging to this group consist of Platinum

(Pt), Palladium (Pd), Rhodium (Rh), Ruthenium (Ru), Iridium (Ir) and Osmium (Os)

PGM Platinum Group Mineral. Those minerals that contain PGE’s. May also refer to

Platinum Group Metal and is then synonymous with PGE. SAMREC The South African Mineral Resources Committee

SAMVAL The South African Mineral Asset Valuation Committee

SSC SAMREC/SAMVAL Committee

UG2 Upper Group 2. A unique stratigraphic unit comprised mostly of a massive chromitite layer that normally contains significant PGE mineralisation, but little nickel and copper.

UMP Upper Mineralised Pyroxenite. The geological unit that contains PGE, nickel

and copper mineralisation at the Loskop Project.

Mineral Resource and Mineral Reserve Statements Mineral Resources are reported as "in-situ" tonnes...

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