october 2008, page-9

Goldman Sach's View today:

Platinum Australia Limited {$.38 1.0 2.70%}

Smoke-v Hills Operafions Update

Platinum Australia Limited (PLA) has reported that operations at the Smokey Hills Mine have recommenced
following the incident of Thursday 26th May. when an employee of the mining contractor at the Smokey Hills Mine.
TIC Mining Services (?TIC?) was fatally injured while travelling home from the mine at the end of day shifl.
The processing plant was restarted on the afternoon of Monday 30th May and underground mining operations
recommenced on the morning shifi? of Tuesday 31st May. Underground production for Wednesday lst June was at
approximately 80% of previous levels and up to 90% by the end of the week.

GS&PA View

It is our opinion that operating conditions will remain impacted at Smokey Hills as a result of what we believe is
tension between the contractor and the largely locally-sourced workforce. The fundamental operating capability of
Smokey Hills has not changed. however. the mine is still yet to reach full scale production. We retain our view that. on
our analysis. assuming PLA was able to achieve full scale production by the December quarter. net cash would reduce
to ~$8m. Continuing production disruptions are thus likely to again place pressure on PLA's cash balance which was
~$28m at end of March 2011.

12 Month Target Price: $0.75
Recommendation: Hold