Lonmin Platinum Mineral Resources and Reserves 30 September 2007

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1 Lonmin Platinum Mineral Resources and Reserves 30 September 2007 Currently, Lonmin s entire Platinum Group Element (PGE) Mineral Resources and Mineral Reserves are contained within the Bushveld Complex, which is located in the Republic of South Africa. The Bushveld Complex hosts the World s largest resources of Platinum Group Elements (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 defining a lobate cruciform shape. Lonmin s Platinum Group Element Mineral Resources are contained within all four of the major limbs: the Western Limb (Marikana Operations and Pandora); the Eastern Limb (Limpopo Operations); the Northern Limb (The Akanani Project); and the poorly exposed Bethal Limb (Loskop Joint Venture). Locations of Lonmin s Mineral Resources Akanani Northern Limb Limpopo Eastern Limb Western Limb Marikana Loskop Bethal Limb Pandora Approximate schematic locations of Lonmin Mineral Resources N km

2 Lonmin s PGE Mineral Resources in the Eastern and Western Limbs are hosted within the well known Merensky Reef and UG2 Reef. 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 mineralised unit that occurs within, or in close association with, the Merensky Pyroxenite unit. The UG2 Reef consists of a well mineralised chromitite layer 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 generally considered to represent the 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, two mineralised Units have been identified that are contained within a sequence that Lonmin considers to be stratigraphically equivalent to the Upper Critical Zone of the Eastern and Western Limbs of the Bushveld Complex. Several significant changes have impacted the total Lonmin Mineral Resource and Reserve estimate since September, The most significant of these changes have been the inclusion of Akanani Mineral Resources and the Mineral Reserves at Limpopo Phase 2. Details of these, and other changes, are included in the statements for the individual areas. The 2007 Lonmin Mineral Resources and Reserves include Lonmin s attributable portion only and the 2006 Mineral Resources and Reserves have been re-stated in order to only reflect Lonmin s portion. The percentage of each of the areas attributable to Lonmin has not changed during the year, therefore the quoted numbers allow for a direct comparison between 2006 and A summary of Lonmin s Mineral Resources and Mineral Reserves is presented in the following tables: Mineral Resources (Total Measured, Indicated & Inferred) Area 30-Sep-2007 Mt 30-Sep PGE+Au 1 Pt 3PGE+Au 1 Pt Mt g/t Moz Moz g/t Moz Moz Marikana Limpopo Akanani Pandora JV Loskop JV Total 1,

3 Mineral Reserves (Total Proved & Probable) 30-Sep Sep-2006 Area Mt 3PGE+Au 1 Pt 3PGE+Au 1 Pt Mt g/t Moz Moz g/t Moz Moz Marikana Limpopo Pandora JV Total Notes on the Lonmin Platinum Mineral Resources and Reserves The Lonmin Platinum Mineral Resources and Reserves information was prepared on the following basis: a) 3PGEAu 1 = Pt+Pd+Rh+Au (Loskop JV 3 excludes Rh). b) Limpopo 2 : includes Dwaalkop JV, in which Western Platinum Limited (82% owned by Lonmin) has an interest of 50%. c) Pandora JV 3 : Eastern Platinum Limited (82% owned by Lonmin) has an attributable interest of 42.5% in the Pandora Joint Venture together with Anglo Platinum, Mvelaphanda Resources and the Bapo Ba Mogale Mining Company. d) Loskop JV 4 : Western Platinum Limited (82% owned by Lonmin) has an attributable interest of 50% in the Loskop Joint Venture with Boynton Investments. e) Incwala Resources owns 18% of both Western Platinum Limited and Eastern Platinum Limited and 26% of Akanani. f) All quoted Resources and Reserves includes Lonmin's attributable portion only and the following percentages were applied to the total Mineral Resource and Reserve for each property: Area Marikana Limpopo Dwaalkop JV Limpopo Baobab, Doornvlei, Zebedelia Akanani Pandora Loskop Lonmin Attributable 82% 41% 82% 74% 34.85% 41% The 2006 Mineral Resources and Mineral Reserves have been re-stated in order to reflect Lonmin s portion only. g) All figures are reported as metric tonnes (millions), grammes per tonne, percent or troy ounces (millions). h) All tabulated data have been rounded to one decimal place for tonnage and content and two decimal places for grades. i) Mineral Resources are inclusive of Mineral Reserves. j) 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).

4 k) Proved and Probable Mineral Reserves are reported as tonnes and grade expected to be delivered to the mill, are inclusive of diluting materials and allows for losses that may occur when the material is mined. l) Mine tailings dams are excluded from the above Mineral Resource summary. m) For economic studies and the determination of pay limits, an exchange rate of R7.25 to one US$ and the following metal prices were assumed: Metal Pt Pd Rh Ru Ir Au USD/Oz 1, , Metal Ni Cu USD/tonne 33,000 6,600 n) Dilutions are quoted as waste tonnes / ore tonnes in percent. o) Unless otherwise stated, the Lonmin Mineral Resources and Reserves estimates were prepared or supervised by various Lonmin Competent Persons.

5 Mineral Resource and Reserve Compliance The Lonmin Mineral Resources and Mineral Reserves Report was prepared in accordance with the guidelines as defined in 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 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. 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 geoscientific evidence, into Inferred, Indicated and Measured categories. 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 drill holes 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 drill holes. 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 with a high level of

6 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 drill holes. The locations are spaced closely enough to confirm geological and grade continuity. 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 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. 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 Competent Persons, as defined by the SAMREC Code and stated in the relevant sections of this report, prepared the Mineral Resource and Mineral Reserve estimates. These estimates were reviewed and signed off by the Lonmin Competent Person for Mineral Resources, J. C. Witley, and the Lonmin Competent Person for Mineral Reserves, J. Hudson. J. C. Witley 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), a member of the Geological Society of South Africa (GSSA) and with more than five years experience relevant to PGE Mineral Resource estimation. J Hudson 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) with more than five years relevant experience in Mineral Reserve estimation. External Audit Consistent with Lonmin s guideline of conducting external audits and reviews of it s Mineral Resources and Reserves at least every three years, or when any significant changes have been implemented, the following audit work was completed:

7 Snowden Mining Industry Consultants (Johannesburg Division) performed an independent audit of Lonmin Platinum s Marikana and Limpopo Mineral Resource and Reserve estimates in October RSG Global completed an independent audit of the Mineral Resource estimate of the Rietfontein area of the Loskop JV in September Snowden Mining Industry Consultants completed an audit of the Akanani drill hole data in November 2006, in order to confirm the robustness of the data informing the Mineral Resource estimate.

8 Marikana Operations Mineral Resources and Reserves 30 September 2007 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 outcrop along the strike length of the lease area. The layers strike in an approximately east-west direction and generally dip between 9 and 14 to the north. The UG2 Chromitite Layer underlies the Merensky Reef by between 130 m and 210 m and the middling between the two reefs increases in thickness across the lease area from west to east. The continuity of both the Merensky and UG2 reefs has been established by extensive underground and open pit mining, underground sampling, surface trenching, surface drilling, magnetic surveys and seismic surveys. The drilling of multiple reef intersections in each drill hole is standard practice and provides material for assay, geotechnical, mineralogical and metallurgical testing. Logging and sampling of drill holes are conducted according to standard procedures and drill hole data is electronically stored in a commercial database. The layered nature of the Bushveld Complex makes it possible to identify different lithological units, which facilitates the interpretation of geological disturbances like dykes, faults, potholes and Iron Rich Ultramafic Pegmatite (IRUP). A total of over 700 surface diamond drill holes have been completed and drilling is ongoing on a continuous basis in order to improve the confidence in the Mineral Resource estimate and to extend the Mineral Resource down dip. A high resolution 3D seismic survey, covering an area of 16 km 2, and a number of 2D seismic surveys were completed over the Lonmin property over the last 8 years. 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 understanding the continuity of the reefs and for shaft planning and design purposes. The Merensky Reef and the UG2 Reef are mined simultaneously in the lease area at an average depth of approximately 400 m. Mining is by underground and open cast mining methods with shallow incline, deep vertical shaft or open pit access to the orebodies. Since September 2006, no major changes to the Mineral Resource estimates have been made aside from depletion through mining. The Mineral Reserve estimates have been reviewed and the accuracy increased through the introduction of more sophisticated Mine Planning systems.

9 Marikana Merensky Reef Resource and Reserve Plan Marikana UG2 Reef Resource and Reserve Plan

10 Mineral Resources 30-Sep Sep-2006 Ore source Category Mt 3PGE+Au 1 Pt 3PGE+Au 1 Pt Mt g/t Moz Moz g/t Moz Moz Merensky UG2 Total Measured Indicated Inferred Total Measured Indicated Inferred Total Measured Indicated Inferred Total Mineral Reserves 30-Sep Sep-2006 Ore source Category Mt 3PGE+Au 1 Pt 3PGE+Au 1 Pt Mt g/t Moz Moz g/t Moz Moz Merensky UG2 Total Proved Probable Total Proved Probable Total Proved Probable Total Notes on the Marikana Mineral Resources and Reserves The Marikana Mineral Resources and Reserves information was prepared on the following basis: a) The Marikana Mineral Resources and Reserves include only Lonmin's attributable portion.

11 b) 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. c) Measured Resources and Proved Reserves are declared in areas where reef has been exposed in underground development. Underground sampled reef intersections are averaged to estimate each resource block. Channel samples are taken from underground reef intersections using a diamond saw and are assayed at Lonmin Platinum s laboratory. d) Indicated and Inferred Resources are estimated from the results of surface diamond bore hole reef intersections. 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. e) Confidence in the geological model, reef continuity, drilling density and geostatistical analysis is used to define resource classes. Indicated Resources at Lonmin Marikana are typically declared in areas where drill spacing is less than 800 metres. Inferred Mineral Resources are declared in areas where reef intersections are spaced between 800 and 2,000 metres, depending on knowledge of the reef continuity in individual areas. The Inferred Resources at Marikana are generally constrained by the sparse drilling grid. f) The Mineral Resources at Marikana occur from surface to 2,000 m below surface. The average width of the UG2 is 1.16 m and the average width of the Merensky Reef is 1.08m. g) An average of 20% geological loss has been removed from the Merensky Reef and 21% from the UG2 Reef. Geological losses include those from dykes, fault loss, potholes and Iron Rich Ultramafic Pegmatoid. h) 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 3 dimensional geographical information system. i) Proved Reserves are converted from fully developed Measured Resources using estimated dilution and extraction factors for the individual mining block. j) Probable Reserves are converted from Indicated Resources using estimated dilution and extraction factors for the individual area taking cognisance of the reef type and mining method for the individual area. k) Average dilution applied to the Merensky Reef is approximately 39% and the average dilution applied to the UG2 is approximately 21%. Average losses as a result of mining losses and pillar design are approximately 17% for the Merensky Reef and approximately 19% for the UG2. l) All Mineral Reserves are shallower than 1,400 metres below surface. The following Competent Persons assisted in the preparation of the Marikana Mineral Resources and Mineral Reserves Dennis Hoffmann Mineral Resources Nico Denner (GEMECS Pty Ltd) Mineral Resources Jacobus Conradie (GEMECS Pty Ltd) Mineral Resources Mike Freer Mineral Reserves

12 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 will be registered with the Mining Titles Registration Office in early These rights entitle Western Platinum and Eastern Platinum to the exclusive right to mine for Platinum Group Metals and associated metals within 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. One of the seven Marikana mining licences is yet to be executed but has been granted. 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 the Marikana mining licence area) has been granted, executed and registered.

13 Limpopo Operations Mineral Reserves and Resources 30 September 2007 The Lonmin Limpopo Mine is a PGE project situated on the northern portion of the Eastern Limb of the Bushveld Complex, Limpopo Province, South Africa. The project is dislocated by several faults, which form the lateral boundaries of the four delineated resource blocks; namely Baobab (formerly Voorspoed), Baobab East (formerly Voorspoed East), Dwaalkop, Doornvlei and Zebediela. The Dwaalkop resource block is a Joint Venture in which both Western Platinum and Mvelephanda Resources have a 50% interest. The Dwaalkop JV area includes portions of the farms Dwaalkop, Rooibokbult and Turfpan. The continuity of both the Merensky and UG2 reefs has been established by extensive underground mining, underground sampling, surface trenching, surface drilling and magnetic surveys. The drilling of multiple reef intersections in each drill hole is standard practice and provides material for assay, geotechnical, mineralogical and metallurgical testing. Logging and sampling of drill holes are conducted according to standard procedures and drill hole data is electronically stored in a commercial database. 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 Iron Rich Ultramafic Pegmatite (IRUP). Between the 1960 s and 2007 numerous phases of drilling were conducted by various mining companies (Anglo American Corporation, Messina Limited, Impala Platinum Limited, Southern Platinum Corporation and Lonmin Platinum). Drilling is ongoing on a continual basis and more than 650 surface drill holes were drilled on the Lonmin Limpopo and adjacent joint venture properties since the 1960 s. The depths of the drill holes vary from 5 m 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. The current mining block (Baobab Mine) is underlain by the Merensky Reef and UG2 Reef over a strike length of approximately 3.5 km. The reef strike is close to east-west and the reef dips at an average of approximately 58 to the south. Mining is by underground mining methods and the reef is accessed by a vertical shaft and ramp decline. Approximately an additional 9 km of reef strike exists to the east of Baobab; 5.5 km on Dwaalkop and 3.5 km Doornvlei. These areas of Mineral Resource form part of the Phase 2 expansion plan. Zebediela, which lies to the West of Baobab, forms approximately 7.7 km of reef strike and constitutes the Phase 3 area of Lonmin Limpopo. A number of changes have been made to the Mineral Resource and Reserve estimates since September 2006, over and above depletion due to mining. These are as follows: Following the results of a Pre-Feasibility Study by AMC Consultants, Probable Mineral Reserves have been declared for portions of Doornvlei and the Dwaalkop JV area. This has resulted in a significant increase to Limpopo s Mineral Reserves. Where considered appropriate, the Merensky and UG2 Reef Mineral Resources have been re-stated to include mineralisation occurring above and/or below the main mineralised units in order to align these estimates with the mechanised mining methods envisaged for these properties.

14 A decrease in the Measured Mineral Resources has occurred, due to changes in classification guidelines for Measured Resources that are aligned with the Lonmin guideline. Some of these resources have now been re-classified as Indicated Resources. Combined with challenging geological conditions in the Eastern and Western areas of Baobab Mine, this has resulted in a significant reduction in the Proved Mineral Reserves for Limpopo Operations. The inclusion of lesser mineralised units in the immediate hanging wall to the UG2 (the UG2 Leader, hartzburgite and middling pyroxenite) has resulted in a decreased UG2 Measured Mineral Resource 3PGE+Au grade and Proved Reserve 3PGE+Au grade estimate for Baobab Mine. A similar approach was used for the Doornvlei UG2 Mineral Resource, which resulted in a larger but lower grade Mineral Resource in that area. Following an internal review of the Open Pit mining potential at Dwaalkop, these Mineral Reserves have been removed from the Reserve statement. The Mineral Resources for this area have been incorporated into the total Dwaalkop Mineral Resource statement and reported accordingly.

15 Limpopo Merensky Reef Resource Plan Limpopo UG2 Reef Resource Plan

16 Mineral Resources 30-Sep Sep-06 Ore 3PGE+Au 1 Pt 3PGE+Au 1 Pt source Category Area/Farm Mt g/t Moz Moz Mt g/t Moz Moz Measured Baobab Shaft Total Baobab Shaft Indicated Dwaalkop JV Doornvlei Total Merensky Baobab Shaft Baobab East Inferred Zebedelia Dwaalkop JV Doornvlei Total Total Merensky Measured Baobab Shaft Total Baobab Shaft Indicated Dwaalkop JV Doornvlei Total UG2 Baobab Shaft Baobab East Inferred Zebedelia Dwaalkop JV Doornvlei Total Total UG Measured Total Indicated Inferred Total Resource

17 Mineral Reserves 30-Sep Sep-06 Ore 3PGE+Au 1 Pt 3PGE+Au 1 Pt source Category Area/Farm Mt g/t Moz Moz Mt g/t Moz Moz Proved Baobab Shaft Total Proved Baobab Shaft Merensky Dwaalkop JV Probable Doornvlei Total Probable Total Merensky Proved Baobab Shaft Total Proved Baobab Shaft UG2 Dwaalkop JV Probable Doornvlei Total Probable Total UG Proved Baobab Shaft Probable Baobab Shaft Total Probable Dwaalkop JV Probable Doornvlei Total Reserve Notes on the Limpopo Mineral Resources and Reserves The Limpopo Mineral Resources and Reserves information was prepared on the following basis: a) 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. b) The Dwaalkop JV area includes portions of the farms Dwaalkop, Rooibokbult and Turfpan. c) Mineral Resources are estimated from the results of surface diamond drilling and from the underground channel samples. Channel samples are taken from underground reef intersections using a diamond saw and are assayed at Lonmin Platinum s laboratory. For the surface drill holes, at least four reef intersections are drilled from each drill hole and three of these intersections are sampled and assayed at a commercial laboratory. d) The grades 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, depending on mining constraints, and therefore may include some diluting material.

18 e) Mineral Resource estimates are based on a practical mining cut of not less than 90 cm. f) Confidence in the geological model, reef continuity, drilling density and geostatistical analysis is used to define resource classes. 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. Inferred Mineral Resources are declared in areas where drilling is sparser than 600 metres and generally extrapolated less than approximately 1,000 metres from the closest drillhole to a maximum depth of 2,000 metres, depending on knowledge of the reef continuity in individual areas. Most of the Inferred Mineral Resources at Limpopo have been extrapolated beyond the drilling grid. g) The Mineral Resources at Limpopo occur from surface to a maximum depth of 2,000 metres. 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 for each property varies between approximately 1.95 m and 2.55 m and the average width of the Merensky Reef for each property varies between approximately 0.90 m and 2.25 m. h) An average of approximately 20% geological loss has been removed from the Merensky and UG2 Reefs across the areas. Geological losses are applied to individual areas and vary according to known geological conditions. Geological losses include those from dykes, fault loss, potholes and Iron Rich Ultramafic Pegmatoid. i) 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. j) Proved Reserves are converted from fully developed Measured Resources and 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 mining method for the individual area. k) All Mineral Reserves below 430 m level at Baobab Mine and contained within the Phase 2 area, are fully diluted for mechanised mining methods. Individual lesser mineralised layers have been incorporated into the Resource estimate in expectation of their inclusion in the mining cut. Additional dilution expected for the Merensky Reef is estimated at approximately 14% and approximately 10% for the UG2. l) Average losses as a result of mining losses and pillar design at Baobab are approximately 17%. m) All Mineral Reserves are shallower than 1,000 m below surface. The following Competent Persons assisted in the preparation of the Limpopo Mineral Resources and Mineral Reserves: Kabelo Tlhapi Mineral Resources, Baobab Shaft David Gray (Snowden Mining Industry Consultants) - Mineral Resources, Dwaalkop and Doornvlei Hennie Boshoff Mineral Reserves, Baobab Frank Greblo (AMC Consultants Pty Ltd) Mineral Reserves, Dwaalkop and Doornvlei

19 Mineral Rights At Limpopo, a Lodgement for Conversion of Mining Rights is still required to be finalised and submitted to the DME (Doornvlei), whilst an Application for Mining Right is required to be submitted 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 (the only currently producing shaft - Baobab) 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 Zebedielas Location), a new order prospecting right has been granted, executed and registered.

20 The Akanani Project Mineral Resources and Reserves and Exploration Results 30 September 2007 The acquisition of the Akanani Project was completed at the beginning of February This exciting Mineral Resource is contained within a unique deposit in the Bushveld and is of a width which will allow the project to be developed as a low cost fully mechanised mine. The Akanani mineralisation is hosted within the Platreef pyroxenites of the Northern Limb of the Bushveld Complex. 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 more than 50 diamond drill holes drilled since 2005 have established that mineralisation is generally well constrained within a geological unit of the Platreef known by Lonmin as the P2 Unit. Mineralisation in the immediately underlying P1 Unit appears to be less continuous than that of the P2 Unit and exploration is ongoing to verify mineralisation continuity within this unit. The locations of major discontinuities, such as faults and dykes, have been established by magnetic surveys.

21 Akanani Drill Hole Intersection and Resource Plan

22 Summary of Akanani P2 Unit Mineral Resource. Category Tonnes (millions) 3PGE+Au Pt Pd Rh Au Cu (%) Ni (%) 3PGE+Au (Moz) Pt (Moz) Indicated Inferred Total Summary of Akanani P1 Unit Mineral Resource. Category Tonnes (millions) 3PGE+Au Pt Pd Rh Au Cu (%) Ni (%) 3PGE+Au (Moz) Pt (Moz) Inferred Summary of Total Akanani Mineral Resource. Category Tonnes (millions) 3PGE+Au Pt Pd Rh Au Cu (%) Ni (%) 3PGE+Au (Moz) Pt (Moz) Indicated Inferred Total Notes on the Akanani Project Mineral Resources and Reserves The Akanani Mineral Resources information was prepared on the following basis: a) Lonmin has an interest of 74% in the Akanani Project. The Mineral Resources quoted for Akanani include only Lonmin s attributable portion. b) Thirty seven diamond drill holes were drilled in the Southern Priority Area (SPA), which contains the Mineral Resource. c) PGE and base metal assays were completed by Set Point Technologies Limited and were confirmed by SGS Lakefield Research Africa. d) Snowden Mining Industry Consultants completed Mineral Resource estimates for both the P2 and P1 Units at Akanani using 3D modelling techniques and Ordinary Kriging in an unfolded coordinate system. e) Snowden Mining Industry Consultants completed an audit of the drillhole database in November 2006 in order to confirm the robustness of the data informing the Mineral Resource estimate. f) Interpreted geological losses have been removed. Geological losses include those from dykes and veins, fault loss and minor alteration. 10% geological losses were removed from the P2 model and 15% geological losses were removed from the P1 model.

23 g) Inferred Mineral Resources are extrapolated a maximum of 500 metres from the closest drillhole to a maximum depth of 2,000 metres, depending on knowledge of the reef continuity in individual areas. h) 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 19 m and the average thickness of the P1 Unit Mineral Resource is approximately 150 m. i) There are currently no Mineral Reserves estimated for the Akanani Project. The following Competent Persons assisted in the preparation of the Akanani Project Mineral Resources: Jeremy Witley (Snowden Mining Industry Consultants) Mineral Rights A converted prospecting right has been granted in respect of Akanani until Progress of Exploration at Akanani Exploration of the Akanani mineralisation is continuing in order to both increase our confidence in the Mineral Resources in the southern section of the property and to extend the Resources along strike in the northern section. The drilling in the Southern area has continued to confirm the continuity of mineralisation in this area and the results are consistent with grades and thicknesses within the Mineral Resource estimated in March The Mineral Resource estimate for the southern section will be updated once the current infill drilling programme is complete. This is expected to enable Mineral Reserves to be declared, once the Pre-Feasibilty Study is completed in The results of the P2 Unit infill drill holes completed since the March 2007 Mineral Resource estimate are as follows: Drill hole Drilled width (m) 3PGE+Au Southern Section - P2 Unit ZF ZF043* ZF044* ZF ZF ZF ZF Weighted Mean *Average of two intersections Cu (%) Ni (%)

24 Lonmin continues to view the P1 Unit mineralisation as having significant selective mining potential. Drilling in the P1 Unit, since Lonmin s acquisition of the project, confirms this potential. Well mineralised intersections drilled in the P1 Inferred Mineral Resource area, since the March 2007 estimate, include the following: Drill hole From (m) To (m) Drilled width (m) 3PGE+Au Southern Section - P1 Unit ZF ZF ZF044_ED ZF ZF Cu (%) Ni (%) Drilling of the Platreef mineralisation along approximately six kilometres of strike in the northern portion of the Akanani Project is ongoing. Promising mineralisation continues to be intersected and newly reported results of this drilling are as follows: Drill hole Drilled width (m) 3PGE+Au Northern Section MO MO MO MO MO MO Cu (%) Ni (%)

25 Pandora Joint Venture Mineral Resources and Reserves 30 September 2007 The Pandora Joint Venture is located in the Brits District 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 together 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 continuity of the UG2 Reef has been established by extensive underground and open pit mining, underground sampling, surface trenching, surface drilling and magnetic surveys. The drilling of multiple reef intersections in each drill hole is standard practice and provides material for assay, geotechnical, mineralogical and metallurgical testing. Logging and sampling of drill holes are conducted according to standard procedures and drill hole data is electronically stored in a commercial database. The layered nature of the Bushveld Complex makes it possible to identify different lithological units, which facilitates the interpretation of geological disturbances like dykes, faults, potholes and Iron Rich Ultramafic Pegmatite (IRUP). A total of over 150 surface diamond drill bore holes have been completed and drilling is ongoing on a continuous basis in order to improve the confidence in the Mineral Resource estimate. An infill drilling programme is in progress, which is expected to increase our confidence in this Mineral Resource. The complete property has been covered by airborne or ground magnetic surveys. The UG2 Reef is mined from underground in the JV area via the Marikana Operations E3 Incline shaft access and from open pits from surface. The resources stated for the Pandora JV consist of UG2 reef only. The Merensky Pyroxenite that occurs in this area comprises thick reef facies and continuity of potentially payable mineralisation has not been established. Work is ongoing in order to evaluate the potential of this mineralisation. A re-estimate of the Pandora Mineral Resource was conducted during the year, which resulted in a slightly increased grade and tonnage for this area. Together with Anglo Platinum, a review of the classification of the Mineral Resources was completed, which resulted in some changes to the quantity of Measured Mineral Resources in particular. Some of these resources have now been classified as Indicated Resources.

26 Pandora Resource and Reserve Plan Mineral Resources 30-Sep Sep-2006 Ore source Category Mt 3PGE+Au 1 Pt 3PGE+Au 1 Pt Mt g/t Moz Moz g/t Moz Moz Measured UG2 Indicated Inferred Total Mineral Reserves 30-Sep Sep-2006 Ore source Category Mt 3PGE+Au 1 Pt 3PGE+Au 1 Pt Mt g/t Moz Moz g/t Moz Moz Proved UG2 Probable Total

27 Notes on the Pandora JV Project Mineral Resources and Reserves The Pandora JV Mineral Resources information was prepared on the following basis: a) 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. b) The Mineral Resources and Reserves quoted for Pandora include only Lonmin s 42.5% attributable portion. c) 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. d) 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. e) Confidence in the geological model, reef continuity, drilling density and geostatistical analysis is used to define resource classes. Indicated Resources at Pandora are typically declared 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 less than 2,000 metres from the closest drill hole. f) The Mineral Resources at Pandora occur from surface to approximately 1,200 m below surface. The average width of the UG2 is approximately 1.20 m. g) An average of 23% geological losses has been removed. Geological losses include those from dykes, fault loss, potholes and Iron Rich Ultramafic Pegmatoid. h) Proved Reserves are converted from fully developed Measured Resources. 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 3 dimensional geographical information system. i) The Pandora Mineral Resources have been diluted by an average of approximately 10%. Average losses as a result of mining losses and pillar design are approximately 14%. The following Competent Persons assisted in the preparation of the Pandora JV Mineral Resources and Mineral Reserves: Jeremy Witley Mineral Resources Dennis Hoffmann Mineral Resources Paul Stevenson (Anglo Platinum) Mineral Resources Mike Freer Mineral Reserves

28 Mineral Rights A Lodgement for Conversion of Mining Right was submitted in respect of Pandora in mid 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 DME is currently assessing the Application. A separate Application for Mining Right is still to be compiled and submitted in respect of certain areas excluded from the Pandora mining licence area.

29 Loskop Joint Venture Mineral Resources and Reserves 30 September 2007 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 km 2 were used to assist in the structural interpretation of the area. Diamond drill holes are used in order to assist in the evaluation of this property and the results of this drilling are continually being reviewed by Lonmin together with our JV partner. During the financial year the area of Rietfontein Mineral Resource was extended to the south of the previous reported area, resulting in a larger quantity of Mineral Resources at slightly reduced, but comparable grades. An area of Mineral Resources on the farm De Wagendrift, to the east of Rietfontein, was added during the year. Loskop JV Drill Hole Intersection and Resource Plan