Investment Attractions• Low cost platinum producer because of...

Investment Attractions
• Low cost platinum producer because of low mining costs.
No Mining risks of faults, flooding, caving etc
• Forecast operating margin in excess of 70% well in line with
CTRP achieved 77% margin.
• Dollar based business with Rand based expenses
• Most tailings pumped. No expensive road transport
• Modern technology
• New dump reclamation process
• Contracted off-take agreement
• Everest North low cost stand alone platinum mine

• Agreements
– New agreement signed with Samancor
– BEE agreement signed
– Matomo fixed price contract signed
– Off take heads of agreement signed
• Technical
– Learning curve on mining and plant operations completed
– Skills secured and outsourced partners in place
– Low risk, low capex and low opex projects
– nearing completion of construction phase

Conclusions
• Future
– cash flow from early as July 2007
– New Project generation
– Platinum fundamentals very strong
• No new Junior Mining Platinum producers forecast to start
generating profits within the next 3 years.