Updated October 2008 National Instrument Technical Report on the Mineral Resource Estimate for the Mphahlele Project held by Platmin Limited

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1 Updated October 2008 National Instrument Technical Report on the Mineral Resource Estimate for the Mphahlele Project held by Platmin Limited Prepared for Platmin Limited 6 EcoFusion 324 Witch Hazel Street Highveld Park X59, 0157 Centurion, South Africa Prepared by 265 Oxford Road Illovo, 2196 Johannesburg, South Africa Tel: +27 (0) Fax: +27 (0) SRK Project Number amartin@srk.co.zw Effective Date: 1 October 2008 Principal Author: Anthony Martin Corporate Geologist Pr.Sci.Nat, B.Sc. (Eng), D.Phil. MAusIMM Resources Author: Mark Wanless Senior Geologist Pr.Sci.Nat, B.Sc. (Hons), Peer Review: HG Waldeck Partner Pr Eng BSc. (Eng) MBA FSAIMM

2 Page i Updated October 2008 National Instrument Technical Report on the Mineral Resource Estimate for the Mphahlele Project held by Platmin Limited 1 SUMMARY 1.1 Introduction and Terms of Reference Platmin Limited ( Platmin ) engaged South Africa ( SRK ) in 2007 and again in 2008 to estimate the Resources of the Mphahlele 1 project area in the Limpopo Province of South Africa and subsequently to provide an independent National Instrument Technical Report on the property. This report has been prepared in accordance with the requirements of National Instrument This Mineral Resource revision forms part of a Definitive Feasibility Study ( DFS ) currently being undertaken by SRK which will be completed in Platmin hold 54.29% indirect beneficial interest in the Mphahlele project through various companies including Tameng Mining & Exploration Holdings (Pty) Ltd. ( Tameng ) to which the Mphahlele Prospecting Right has been issued under The South African Mineral and Petroleum Resources Development Act of 2002 ( MPRDA ) 1.2 Consultant s Qualifications and Independence The SRK Group s independence is ensured by the fact that it holds no equity in any project and that its ownership rests solely with its staff. The qualified persons responsible for this report, as defined in National Instrument , are Dr. Anthony Martin B.Sc. (Eng), D.Phil., SA Pr.Sci.Nat, MAusIMM of SRK Zimbabwe and Mr Mark Wanless B.Sc., SA Pr.Sci.Nat of SRK South Africa, with review by Mr Wally Waldeck Pr Eng BSc. (Eng) MBA FSAIMM of SRK South Africa. 1.3 Sources of Information The main source of information has been the geological database provided by Platmin including all survey data, geological logs and assays in electronic format and a report produced by RSG Global (Pty) Ltd in May The October 2007 report by SRK also provided information on the project. 1 The previous project name of M Phatlele has been changed to Mphahlele to conform to the preferred spelling by the local authorities. Summary i

3 Page ii 1.4 Field Involvement SRK has visited the Mphahlele site and the Platmin core yard in Polokwane where the drill core from the project is stored on 4 August 2007 and again on 13 March At this facility a number of holes were inspected by Dr. Martin to view the geology and sampling. 1.5 Reliance on Other Experts SRK have relied upon two external reports, one covering confirmation of tenure and the second a report on the airborne geophysics covering the Mphahlele project area. One other report, prepared by Beater (2008) which covers the detailed stratigraphy around the Merensky and UG2 Reefs has been used to assist with domaining for Resource estimation. SRK have not conducted an in-depth review of mineral title and ownership but accept in good faith the legal opinion on this matter expressed by Hannes Gouws & Vennote Inc., Attorneys Notaries and Conveyancers based in Pretoria, South Africa. 1.6 Effective Date The effective date of this report is 1 October 2008, with the cut off date for drilling data contained in this report set at 30 June Property Description and Location The Mphahlele property lies to the east of the town of Mokopane and approximately 50km south of Polokwane, the capital city of the Limpopo Province of South Africa. The Prospecting Right covers an area of 11,725 hectares constituting the entire farm M Phatlele 457KS which is hereinafter known as the Mphahlele Block. 1.8 Issuer s Title and Tenure Rights The Mphahlele Project now consists of a new order Converted Prospecting Right over a single farm covering an area of 11,725 hectares with mineralisation extending over a known strike length of approximately 7.9km. This tenure has been confirmed by Hannes Gouws & Vennote Inc., Attorneys Notaries and Conveyancers based in Pretoria, South Africa. The boundaries of the farm M Phatlele 457KShave been surveyed and coordinates of these are held by the Government administered Title Deeds Register. Although the surface area required for mining is not currently held by Platmin, the award of this is considered to be a formality. Summary ii

4 Page iii 1.9 Royalties, Fees and Taxes The Government intends to provide for the imposition of a royalty for PGEs which in its present draft form equates to approximately 4% of the profit generated by a company as part of the Mineral and Petroleum Royalty Bill (which is presently before Parliament). The implementation of this Bill has been postponed until Accessibility Infrastructure and Local Resources Sealed roads lead to within a few kilometres of the project area which is linked directly to Polokwane and Mokopane, and a large number of tracks off the main roads provide access to drill sites. Power lines sufficient to run a mine of the size envisaged by Platmin are installed nearby and the Department of Water Affairs and Forestry is planning to increase the supply of water to the area Climate and Vegetation The areas are covered by scrub with scattered trees interspersed with arable lands. The land is only used for scattered subsistence farming and grazing of cattle. The area is semi arid with an average annual rainfall of 300 to 700 mm 1.12 Physiography The majority of the project area consists of a flat alluvial plain sloping towards the Chunies River which flows roughly parallel to the southern boundary of Mphahlele. The regional topography varies between 900m and 1,100m above sea level with the Strydpoort Mountains located to the north History The mineral rights of the Mphahlele Project were initially owned by the Lebowa Homeland Government, who ceded them to a state-owned trust in Anglo Platinum entered into a lease agreement for these rights which were subsequently returned to the State, offered for tender and awarded to Tameng Mining & Exploration Holdings (Pty) Ltd. ( Tameng ) on 10 November In September 2006 this Prospecting Permit was converted into a new order Prospecting Right. At the time the prospecting permit was awarded, Platmin had a 26.2% beneficial interest in Mphahlele and currently holds a 54.29% indirect beneficial interest in Mphahlele. Previous work over the property included regional mapping by a Government Geological Survey, and regional aeromagnetic and gravity surveys that are now in the public domain. Previous exploration undertaken by JCI (now Anglo Platinum) included 24 boreholes drilled in Summary iii

5 Page iv the early 1970s and late 1980s. Tameng has the collar information of these holes but no access to the logs or assay results Platmin Exploration The work done by Platmin over the past five years has included: Airborne magnetic and radiometric surveys with aerial photographs and a digital elevation model. Drilling of 155 holes for a total of 66,636m including deflections; Logging, sampling and assaying of all mineralised core from this drilling; As of the cut-off date assays had been received for 119 holes 1.15 Previous Resource Estimates An Inferred Mineral Resource was estimated by RSG Global on behalf of Platmin in February 2006 based on assay data from 36 core holes. The RSG estimates for the two reefs are shown in the table below. Table 1.1 RSG Global Inferred Mineral Resource 2006 True Merensky Reef Density 4E Ni Cu Thickness Geological Loss 30% % t/m3 g/t % % Mass 35,210,000 t E Content 3,980,000 oz UG2 Chromitite Geological Loss 30% % Mass 52,700,000 t E Content 8,666,000 oz These were superseded by the SRK Resource statement in the October 2007 Technical Report. Table 1.2 Mphahlele Indicated Mineral Resource October 2007 INDICATED Mass Pt Pd Rh Au 4E Ni Cu t g/t g/t g/t g/t g/t % % Merensky 9,198, UG2 25,670, Total 34,868, E Split % 51% 38% 8% 3% 100% 4E Content kg 90,933 66,850 13,484 5, ,881 t 51,808 31,373 4E Content koz 2,924 2, ,687 Summary iv

6 Page v Table 1.3 Mphahlele Inferred Mineral Resource October 2007 INFERRED Mass Pt Pd Rh Au 4E Ni Cu t g/t g/t g/t g/t g/t % % Merensky 25,047, UG2 23,532, Total 48,579, E Split % 52% 37% 6% 5% 100% 4E Content kg 110,707 78,073 13,716 9, ,179 t 79,659 48,030 4E Content koz 3,559 2, , Geological Setting and Deposit Types The Mphahlele deposit is situated along the east-west trending northern part of the Eastern Limb of the Bushveld Complex a large layered igneous complex with a surface area of approximately 67,000 km 2 intruded into the sedimentary Transvaal Super Group. The Bushveld Complex has been divided into the lower Rustenburg Layered Suite (RLS) of ultramafic to mafic rocks and the Lebowa Granite Suite (LGS) and the Mphahlele mineralisation occurs within the UG2 Chromitite Layer (the UG2 ) and Merensky Reef (the Merensky ) lying within the Lower Critical Zone of the RLS Local and Property Geology The lower Main Zone and the upper parts of the Critical Zone underlie the Mphahlele block and 2km to the north, the Critical Zone is in contact with underlying Transvaal Supergroup sediments. The layering trends east-west with southerly dips around 51. There are no outcrops of either reef in the area because a large alluvial fan covers the Critical Zone. Aeromagnetic data indicate that the UG2 and the Merensky Reefs continue from the Lonmin Limpopo property immediately to the west, for an estimated strike length of almost 7.9km through the Mphahlele Block. To the east the UG2 and Merensky terminate against floor lithologies of Magaliesburg Quartzite that have been dragged against the Wonderkop Fault. The UG2 Chromitite Layer comprises an almost monomineralic chromitite layer that normally overlies a noritic footwall and underlies a consistent pyroxenitic hanging wall. In places the UG2 contains pyroxenitic partings that locally split the layer and these are locally replaced or intruded by pegmatoid, IRUP, harzburgite or serpentinite. The upper part of the layer tends to be fine grained and granular and devoid of visible sulphides whereas the lower portion is coarse grained and oikocrystic with visible sulphides. Unlike the UG2 on the adjacent property to the west, no leader layers are found in the hanging wall and therefore minimal dilution is expected during mining. Summary v

7 Page vi There are considerable variations in the character of the UG2 over the Mphahlele Block. Normal reef consists of a single chromitite layer ranging in thickness from 0.8m to 1.75m with an average of 1.1m enclosed by a feldspathic pyroxenite hangingwall and norite footwall. The UG2 can display considerable thickness variations with some deflections not intersecting chromitite at all to a maximum of 3.81m of coherent un-split UG2. It is difficult to assess the aerial extent of layer partings, but where primary pyroxenite is present these could be fairly extensive whereas the intrusive or replacement partings are more likely to be local but nevertheless appear to be common. The Merensky Reef is similar to that found elsewhere in this northern portion of the Bushveld Complex. It occurs within the upper part of the 3 to 6m thick Merensky Pyroxenite between a hanging wall layer of norite to anorthosite and a footwall of norite. Two thin chromitite stringers are intermittently present, an upper stringer, 20 to 25cm from the hangingwall mafic contact, and a lower stringer on or just above the basal contact. PGE mineralization within the Merensky Pyroxenite occurs near the upper and lower chromitite stringers but the lower unit is narrow and too far removed from the economic zone to be exploitable. Both the Merensky and UG2 exhibit disturbances that include potholing, the intrusion of pegmatoid, IRUPs and serpentinised harzburgite bodies as well as minor faulting. In addition the UG2 appears to have been subject to deposition on footwall highs which are thought to be elevated erosional remnants over which there has been minimal development of the chromitite Mineralisation and Deposit Types Both the Merensky and UG2 are magmatic segregation deposits within which are accumulated economic quantities of the platinum group and base metals. PGE Mineralisation within the UG2 is accompanied by significant sulphides. Typically this mineralisation starts near the base of the upper part of the UG2 and peaks in the lower part of the layer. There is a correlation between the 4E grade and sulphide content, but this is accompanied by a decrease in the Pt/Pd ratio. The bulk of the mineralisation within the Merensky is disseminated through the upper metre of the Merensky Pyroxenite. PGE mineralisation generally correlates with sulphide distribution and grades decrease rapidly above the uppermost chromitite stringer and more gradually below it. The Merensky at Mphahlele exhibits three distinct facies types. What is considered to be normal reef occurs in the western part of the Mphahlele Block and this surrounds a smaller area of a narrow reef facies, both of which terminate against a zone where the reef is disturbed by multiple intrusions of serpentinised harzburgite. This zone effectively renders a 1,400m segment of the total Merensky strike uneconomic. To the east of the barren zone the Merensky is again present but has abnormal grade profiles and a lower average grade. Summary vi

8 Page vii 1.19 Exploration In January 2004 magnetic and radiometric geophysical surveys were completed over the Mphahlele Block. At the same time stereo-pairs of colour aerial photographs were taken and from these a digital terrain model was generated. The current drilling programme started on the property in February 2004 and by June 2008, the cut-off date for assay receipts for the current Resource estimates, 155 holes and 66,636m had been completed and 428 reef intercepts analysed for both reefs. Vertical holes were initially drilled at 400m intervals along strike to intersect the UG2 at depths of approximately 100, 500 and 1,000m, with the last phase extending to 1,500m. Infill drilling has also been done between the original lines to give an oblique separation distance of 250m; these holes targeted both reefs at shallower depths Drilling The diamond boreholes were drilled by three local contract companies. Mother holes were drilled with NQ core and the deflections with TNW; in general two non directional deflections were drilled per and no attempt is made to orientate the wedges. All core handling procedures are covered by written protocols and the drilling contracts have specified a core recovery of 100% through the mineralised zone. Once the core has been accepted by the site geologist it is transported to a storage shed in Polokwane. Borehole collar locations were sited according to the predetermined pattern and marked in the field using a hand-held GPS and subsequently surveyed accurately using a differential GPS once the completed hole is marked with a concrete beacon. Boreholes are routinely down-hole surveyed, with the exception of the short (~100 m) holes that are done on a random basis. There is no material deviation from the vertical Sampling Method and Approach After logging core is marked up for sampling with nominal intervals of approximately 20cm but these are dictated by geology and are variable. Sampling is extended above and below the reef to ensure close-off of the mineralisation. The core is split longitudinally with a diamond-blade saw and samples intervals also cut. Half-core samples are bagged with tickets and sent to the laboratory in batches. The remaining core is photographed and stored. Internationally recognised reference materials are inserted into the sample stream along with blanks. The density is measured at the storage shed on every sample sent for assay. Summary vii

9 Page viii 1.22 Sample Preparation Analysis and Security Bagged samples are checked against documentation before being transported to the SGS Lakefield laboratory in Johannesburg by road and SRK are confident that there are no problems with the security of the samples. The SGS Lakefield laboratory is an accredited establishment and SRK do not anticipate any problems with contamination of samples during preparation. Samples are routinely analysed for three platinum group elements (Pt, Pd Rh) as well as Au, Ni and Cu. The lead collection analytical procedures used are standard throughout the industry in South Africa. Genalysis Laboratory Services in Australia assayed 19 complete Merensky and 32 UG2 intersections using a nickel sulphide collector which allows for the analysis of five platinum group elements, including Ru and Ir Quality Assurance, Control and Qualified Persons The Platmin Group Exploration Manager responsible for the Mphahlele exploration is Mr. John Astrup, a Qualified Person as defined under National Instrument Field exploration is conducted under the supervision of Mr. Mike Bowen, an independent contractor to Platmin with over 10 years experience in PGE exploration. Core recovery is measured throughout the hole and SRK have inspected these records through the reef zones where the average recovery is very close to 100% SGS Lakefield Research Africa Laboratories an ISO accredited laboratory in Johannesburg and uses analytical procedures that are standard throughout the industry in South Africa. Certified reference materials are routinely inserted with each batch at a ratio of 1 to every 20 samples. The standards are matrix matched to the reef and nine different standards have been used. The laboratory also reports to Platmin all of its internal duplicates and standards. Platmin has inserted a total of 714 samples of reference material (eleven different SARM and AMIS standards) into the sample stream of 13,809 samples submitted to date in addition to 1,381 reject pulp samples re-analysed at Lakefield and 239 blanks. The blanks are normally inserted after a sample where the higher grades are expected. The 1,381 repeat samples returned to Lakefield give acceptable results for 3E (Pt, Pd, plus Au) with no detectable bias between the two sample sets. None of the reference materials sent to Lakefield returned 100% compliance for all metals although overall they are close to 80% for 4E with the best compliance for Rh. The Ni results Summary viii

10 Page ix show that different analytical methods were used for the original certification of the SARM standards whereas the AMIS results give close to100% compliance. The HARD values comparing the average results with the certified value are within accepted norms with the exception of the SARM Ni assays. This suggests that the overall rather indifferent compliance with the reference materials is balanced by high and low results against these standards. SRK have reviewed the results of the umpire assays on 954 samples sent to Genalysis. These showed spurious results for 25 samples which probably result from sample mis-numbering and these have been removed from the comparative database. The remaining samples gave acceptable regression slopes for the 4E metals. The compliance of Genalysis results against the certified reference materials was of a very acceptable standard. Despite these problems SRK considers the quality and quantity of data to be sufficient to support the Mineral Resource estimates and classification as reported herein Data Verification During the site visits to the Mphahlele Project area and core storage shed in Polokwane made by Dr Anthony Martin on 4 August 2007 the drilling procedures were observed and the sampling methodology described and the results observed. Good field procedures were being followed and all three geologists were knowledgeable on the local geology and the styles of mineralisation and proficient in sampling procedures Other Properties The Lonmin Limpopo property lies immediately to the west of and along strike from the Mphahlele Block and to the east beyond a series of faults lies the Atok Mine of Lebowa Platinum (Anglo Platinum). Both of these are currently producing from the UG2 and the Merensky Mineral Processing and Metallurgical Testing Metallurgical test-work has been conducted at the Mintek Laboratory in Johannesburg on core samples obtained during previous drilling. Mintek is one of the main metallurgical laboratories in South Africa with considerable experience in treating ores from the Bushveld Complex. This work showed that the following recoveries could be achieved through a conventional plant and that the Mphahlele ore is not significantly different to the Messina Mines to the west. Pt, Pd, Rh & Au Ni Cu 87.8% 69.4% 74% Summary ix

11 Page x Samples from a further four, deep holes have recently been sent to Mintek for further test-work but results have yet to be received. Mintek note that operating plant performance in South Africa is generally 5% lower than that achieved in a laboratory. The Mphahlele mineralisation is similar to that at the Lonmin Limpopo property in the respect to the high sulphide content found in both areas. This allows treatment of both the UG2 and Merensky in any blended proportion through a single plant without affecting recoveries Mineral Resource and Mineral Reserve Estimates The Mineral Resource definitions used in this report are consistent with those prepared by the Canadian Institute of Mining, Metallurgy and Petroleum (the CIM ) Standing Committee on Reserve Definitions entitled CIM Standards on Mineral Resources and Reserves Definitions and Guidelines and which have been incorporated by reference into National Instrument Standards of Disclosure for Mineral Projects (NI43-101). The boreholes included in the Mineral Resource database for both the UG2 and Merensky have been selected on the basis of whether they are representative. This applies to each hole and not to individual deflections and a single anomalous intercept has been incorporated where the other intercepts from the same hole are representative. Holes rejected as anomalous are considered to have been affected by post-depositional faulting or replacement pegmatoids. The geology, and facies variation of both the UG2 and Merensky has dictated slightly different approaches to estimating the Mineral Resources of these reefs UG2 Chromitite Layer Mineral Resource The entire strike length of the UG2 has been included in the Mineral Resources as the harzburgite intrusion zone does not appear to have materially affected the UG2. The UG2 Chromitite displays little systematic lateral variation and has not been subdivided into facies, but has been vertically subdivided into three zones. The top of the chromitite was used as the start of all composites and a minimum true thickness of 1.2m applied with footwall material used to bulk up the width where the chromitite layer was less than 1.2m. An average dip of 51 used to correct to true thickness. Where the chromitite layer was considered to be normal its full width was selected: where it was unusually thick each intersection was examined for grade profile, geology and consistency between deflections and an appropriate cut used. The maximum thickness in the Mineral Resource estimate was 2.40m against a maximum thickness of 4.42m and including silicate parting material 5.65m. An analysis of the vertical grade distribution within the UG2 Chromitite revealed two distinct layers of variable thickness (ignoring any silicate parting) with the upper portion having a Pt:Pd ratio of approximately 1:5 whereas the lower portion ratio is around 1:1. Summary x

12 Page xi The UG2 Mineral Resource Cut gave relatively poor semi-variograms as a single entity, which reflects different grade populations. Therefore SRK modelled the layer in three zones an upper portion with elevated Pt:Pd ratios, the lower portion with lower Pt:Pd ratios and the silicate parting where this was present. The silicate parting is complicated by its internal variability, its position near the interface between the upper and lower chromitite units but not always, and its lack of continuity. Only one parting was modelled for each intersection and where there was more than one, the largest, or that closest to the interface was used. The remaining silicate samples were included in the adjacent chromitite. For each sub unit a composite grade and width were calculated for each metal, and the metal accumulations, as SRK prefer to use these for estimation rather than grades where composite widths are variable. Wireframe models were created for both the Merensky and UG2 Mineral Resource cuts, and in the case of the UG2, for the three sub units. For both reefs, a top surface was first created using the visual marker of the top of reef defined by the Boynton geologists. The vertical thicknesses of all intersections were interpolated using ID² onto all vertices on the top wireframe surface. For the Merensky Mineral Resource cut, the full composite thickness was interpolated, and the thicknesses subtracted from the elevation of the vertices, thereby creating the footwall surface. For the UG2, the process was similar, but included the modelling of the three separate layers Merensky Reef Mineral Resource Boynton defined three facies for the Merensky Reef: the A facies to the west, the B facies to the east and a central C facies based on lateral variation in the reef characteristics such as thickness, mineralogy and consistency. For the Merensky Resource the top contact of the Mineral Resource Cut was taken at the contact between the hangingwall norite and the Merensky Pyroxenite. The lower contact was based on the total US$/t value for all metals using a cut of $55/t. The cut position incorporated two values below $55/t where these were supported by a high third value. A minimum width of 1.2m was used but sample intervals straddling the 1.2m limit were not subdivided and the widths are therefore commonly slightly greater than 1.2m. The univariate statistics of the combined Merensky Mineral Resource Cuts for all representative intersections within the A and B facies show relatively low coefficients of variation for all variables indicating a relatively uniform population and that the facies sub-division used in the 2007 Resource estimation is not necessary. However the C facies is disturbed and irregular and gives insufficient confidence in continuity of mineralisation to be included in the Resource. As for the UG2, Merensky metal accumulations expressed as cm.g/t were used as SRK prefer to use these for estimation rather than grades where the composite widths are variable. Summary xi

13 Page xii The combined A and B facies datasets yielded more stable experimental semi-variograms than for each dataset alone and therefore SRK combined the data from the two facies for Resources estimation. Despite the use of a single semi-variogram, the facies boundaries were effectively hard in the estimation physically separated by the C facies. In all cases omni-directional semivariograms were modelled, as there is insufficient information in a down dip direction for robust semi-variogram calculation. The length and density semi-variograms show reasonably good structures at ranges shorter than 750m but beyond this, the variance increases significantly. In all cases the experimental data were modelled with single spherical semi-variograms with the exception of the Au accumulation which was modelled with a dual structured spherical model Mineral Resource Estimation Methodology The Mphahlele Mineral Resources were estimated using Ordinary Kriging into 200m by 200m blocks in the plane of the reef. SRK considers the Mineral Resource grades to be globally accurate but locally imprecise i.e. there may be significant differences from the estimated grades in some areas while the global Resource estimate is expected to be relatively stable. This is because the borehole spacing is too large to characterise the short scale variations expected in the grades. The Mineral Resources have been classified as Indicated above an elevation of 350m for the Merensky and above 170m for the UG2. The classification, using the CIM standards on Mineral Resources and Reserves, has taken cognisance of the quality of the source information, understanding of the ore bodies, continuity and quality of the estimates, but is ultimately principally guided by the borehole spacing. The grades for Ru and Ir were determined from a sub-set of samples assayed using a NiS collector. Both Ru and Ir have a very good correlation with Rh and these ratios were used to estimate the grade of these minor PGEs. Summary xii

14 Page xiii Mineral Resource Summary The summary of the Mphahlele Mineral Resource by category for both reefs is given in tables below. Table 1.2 Mphahlele Indicated Mineral Resource Reef Tonnage Grade Ave True Maximum Metal Ratio Contained Precious Metal Base Metals Depth ( 000 3PGE+Au 5PGE+Au Thickness below Pt:Pd:Rh:Au:Ir:Ru 3PGE+Au 5PGE+Au Ni Cu Ni Cu surface tonnes) g/t g/t (m) (m) 2 oz oz %:%:%:%:%:% kg ('000) kg ('000) ppm ppm tonnes tonnes Indicated Mineral Resource Merensky Reef West Block 12, :31:2:8:1:5 42,843 1,377 45,729 1,470 1,992 1,450 24,300 17,680 Merensky Reef East Block 6, :31:2:9:1:6 14, , , ,745 5,649 Merensky Reef Sub Total 18, :31:2:9:1:5 56,920 1,830 60,793 1,955 1,857 1,272 34,045 23,330 UG2 Chromitite Layer 31, :31:7:2:3:15 150,015 4, ,270 5,860 1, ,255 20,057 Total Indicated 49, :31:6:3:3:12 206,935 6, ,063 7,815 1, ,300 43,387 Inferred Mineral Resource Merensky Reef West Block 20, ,440 51:32:2:8:1:5 72,207 2,322 77,072 2,478 1,804 1,627 37,168 33,532 Merensky Reef East Block 8, ,440 53:30:2:9:1:5 19, , , ,243 6,694 Merensky Reef Sub Total 28, ,440 51:32:2:8:1:5 91,500 2,942 97,616 3,138 1,680 1,396 48,411 40,226 UG2 Chromitite Layer 43, ,770 43:32:7:2:3:14 178,130 5, ,495 6,896 1, ,217 28,281 Total Inferred 71, :32:6:4:2:11 269,630 8, ,110 10,035 1, ,627 68, Mineral Reserves No Mineral Reserves are declared for the Mphahlele Block as these will follow the completion of the Definitive Feasibility Study Other Relevant Data and Information In the opinion of the Qualified Person responsible for this Technical Report, no additional information or explanation is necessary in order to make this Technical Report understandable and not misleading Interpretation and Conclusions The significant changes that have occurred since the publication of the October technical report on the Mphahlele property are: Additional in-fill drilling and further geological interpretation have improved the understanding of the Merensky Reef facies variations and has resulted in the shallow Merensky Reef east of the central C facies zone being upgraded to the Indicated Mineral Resource category. Deeper drilling has increased the Resource area and the inclusion of nickel sulphide analyses reporting minor platinum group metals Iridium and Ruthenium has made it possible to declare the Resource in terms of 5PGE+Au. Summary xiii

15 Page xiv The estimation methodology applied in the 2008 revision of the Resource represents spatially controlled geostatistical estimates in three dimensions. For the Merensky Reef, a portion of the property (the C facies) has been excluded from the Mineral Resource. This area was not included in the previous 2007 Resource estimate but is now better constrained. SRK considers that: The exploration approach at the Mphahlele project is systematic and appropriate for the style of mineralization. Boynton have provided a database of borehole information to SRK in good condition with no detectable errors or inconsistencies. The quantity and quality of geological information on the Mphahlele Block to be sufficient for the declaration of Indicated and Inferred Mineral Resources on both the UG2 and Merensky Reefs. The Mineral Resources declared at the Mphahlele Project are of a sufficient in quality and quantity for a Feasibility study to be conducted. Mineral Resources have been categorised on drill spacing and where reef continuity can be established with reasonable (Indicated) or a lower level of confidence (Inferred). The most significant aspect of the current Mineral Resource estimate is an increase from the 2007 estimate of 14.7Mt in the Indicated category (4E 0.98Moz) and 23.3Mt in Inferred (4E 1.88Moz). These have been due to increases in reef areas and widths but at the expense of the grades. The UG2 chromitite layer contributes 75 % of the 6E Indicated Mineral Resource content and 69% of the Inferred. For the first time there are sufficient data to estimate the Ir and Ru grades and these now contribute 2.52Moz to the overall inventory of Inferred plus Indicated, the majority of which comes from the UG2. The current inventory split is 7.82Moz 6E to Indicated and to Inferred Recommendations Of the approved exploration budget (ZAR22.6M - $2.83M at the current exchange rate) for exploration to end February 2009, ZAR18.3M has been spent to date and sufficient remains to complete infill drilling over the proposed start-up mining areas. Summary xiv

16 Page xv The portion of the Mphahlele property east of the Wonderkop Fault has potential to host the Merensky and UG2 Reefs at depth (>1,000m) and exploration over this area will be planned over the next two years. The proposed exploration budgets for 2010 and 2011 of ZAR20M per year will cover infill drilling where required and also exploration of the eastern portion of the Mphahlele Property. SRK concurs with the exploration programmes and considers the budgets to be appropriate for the planned work and recommends that Platmin advance the Mphahlele Project as per this programme. Summary xv

17 Page a Table of Contents 1 SUMMARY... i 1.1 Introduction and Terms of Reference... i 1.2 Consultant s Qualifications and Independence... i 1.3 Sources of Information... i 1.4 Field Involvement... ii 1.5 Reliance on Other Experts... ii 1.6 Effective Date... ii 1.7 Property Description and Location... ii 1.8 Issuer s Title and Tenure Rights... ii 1.9 Royalties, Fees and Taxes...iii 1.10 Accessibility Infrastructure and Local Resources...iii 1.11 Climate and Vegetation...iii 1.12 Physiography...iii 1.13 History...iii 1.14 Platmin Exploration iv 1.15 Previous Resource Estimates... iv 1.16 Geological Setting and Deposit Types... v 1.17 Local and Property Geology... v 1.18 Mineralisation and Deposit Types... vi 1.19 Exploration...vii 1.20 Drilling...vii 1.21 Sampling Method and Approach...vii 1.22 Sample Preparation Analysis and Security... viii 1.23 Quality Assurance, Control and Qualified Persons... viii 1.24 Data Verification... ix 1.25 Other Properties... ix 1.26 Mineral Processing and Metallurgical Testing... ix 1.27 Mineral Resource and Mineral Reserve Estimates... x UG2 Chromitite Layer Mineral Resource... x Merensky Reef Mineral Resource... xi Mineral Resource Estimation Methodology...xii Mineral Resource Summary... xiii Mineral Reserves... xiii 1.28 Other Relevant Data and Information... xiii 1.29 Interpretation and Conclusions... xiii 1.30 Recommendations...xiv 2 INTRODUCTION AND TERMS OF REFERENCE Terms of Reference Consultants Qualifications and Independence Effective Date Sources of Information Units Field Involvement Reliance on Other Experts PROPERTY DESCRIPTION AND LOCATION Issuer s Title and Tenure Rights Confirmation of Tenure Royalties, Fees and Taxes Accessibility, Climate, Local Resources, Infrastructure and Physiography Locality, Population and Access Infrastructure and Local Resources Climate Vegetation Physiography HISTORY Previous Exploration Platmin Exploration Previous Resource Estimates GEOLOGICAL SETTING Regional Geological Setting Contents a

18 Page b Regional structure Potholes Iron-Rich Ultramafic Pegmatoid Local and Property Geology UG2 Chromitite Layer Merensky Reef Harzburgite Intrusion Characteristics MINERALISATION AND DEPOSIT TYPES UG2 Chromitite Layer Merensky Reef EXPLORATION DRILLING Borehole Surveys Sampling method and approach SAMPLE PREPARATION, ANALYSES AND SECURITY Quality Assurance, Quality Control and Qualified Persons SGS Lakefield Results Genalysis Umpire Assays Conclusion DATA VERIFICIATION ADJACENT PROPERTIES MINERAL PROCESSING AND METALLURGICAL TESTS MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES Mineral Resource Cut Selection Merensky UG Wireframe modelling Data Statistics Merensky Mineral Resource Cut UG2 Mineral Resource Cut Semi variograms Merensky Reef UG Block models Mineral Resource estimates Classification Mineral Resource Statement Mineral Reserves OTHER RELEVANT DATA AND INFORMATION INTERPRETATION AND CONCLUSIONS RECOMMENDATIONS DATE AND SIGNATURE PAGE REFERENCES CERTIFICATE OF QUALIFIED PERSONS Contents b

19 Page c List of Tables Table 1.1 RSG Global Inferred Mineral Resource iv Table 1.2 Mphahlele Indicated Mineral Resource October iv Table 1.3 Mphahlele Inferred Mineral Resource October v Table 1.2 Mphahlele Indicated Mineral Resource... xiii Table 5.1 UG2 RSG Global Inferred Resource Estimate... 9 Table 5.2 Merensky RSG Global Inferred Resource Estimate... 9 Table 5.3 Mphahlele Indicated Mineral Resource October Table 5.4 Mphahlele Inferred Mineral Resource October Table 6.1 Stratigraphy of the BIC around the UG2 Reef at Mphahlele Table 6.2 Stratigraphy of the BIC around the Merensky Reef at Mphahlele Table 12.1 Summary of Reference Material Results Table 12.2 Statistics on Lakefield Genalysis Anomalous Umpire Assays Table 12.3 Statistics on Lakefield Genalysis Umpire Assays Table 12.4 Statistics on Standards Submitted to Genalysis Table 16.1 Long term metal price assumptions used in calculating a composite metal value Table 16.2 Un ivariate statistics of the A Facies of the Merensky Reef Table 16.3 Univariate statistics of the B Facies of the Merensky Reef Table 16.4 Univariate statistics of the C Facies of the Merensky Reef Table 16.5 Univariate Statistics of the A and B Facies of the Merensky Reef Table 16.6 Univariate statistics of Zone 1 of the UG2 Mineral Resource Cut Table 16.7 Univariate statistics of Zone 3 of the UG2 Mineral Resource Cut Table 16.8 Univariate statistics of Zone 4 of the UG2 Mineral Resource Cut Table 16.9 Search parameters used for estimates Table Correlation Coefficients for 3PGE s Ru and Ir, and Rh:Ir and Rh:Ru Ratios Table Geological discount factors applied to the Mineral Resources Table Merensky Reef Mineral Resource Statement, effective 1 October 2008, reported by area Table UG2 Reef Mineral Resource Statement, effective 1 October 2008, reported by layer Table Summary Mineral Resource Statement, effective 1 October Table 17.1 Comparison of 2008 and 2007 Resource Estimates List of Figures Figure 3.1 Property Locality Plan... 5 Figure 6.1: Geological Setting of Mphahlele Figure 9.1 Borehole Locality Plan Figure 12.1 Scatter Plot of 4E Umpire Assays Figure 14.1 Adjacent Properties in Relation to Mphahlele Figure 16.1 Sensitivity of average width, grade and metal value to metal value cut off Figure 16.2 Application of the metal value cut off for calculating sample length Figure 16.3 Average down-hole metal grades for the upper portion of the UG2 Chromitite Figure 16.4 Average down-hole Pt:Pd Ratio for the upper portion of the UG2 Chromitite Figure 16.5 Merensky Pyroxenite Facies Figure 16.6 Histogram of composites for Merensky grade variables, length and density Figure 16.7 Histograms of Merensky composites for metal accumulation variables Figure 16.8 Scatter plot of composites from the A and B facies for the grade variables Figure 16.9 Histogram of UG2 Resource Cut composites for grade, length and density variables Figure Histogram of composites from the UG2 Mineral Resource Cut for the accumulation variables of Pt, Pd, Rh, Au, Ni, and Cu Figure Histogram of composites from the UG2 Zone 1 for the accumulation variables of Pt, Pd, Rh, Au, Ni, and Cu Figure Histogram of composites from the UG2 Zone 3 for the accumulation variables of Pt, Pd, Rh, Au, Ni, and Cu Figure Histogram of composites from the UG2 Zone 4 for the accumulation variables of Pt, Pd, Rh, Au, Ni, and Cu Contents c

20 Page d Figure Scatter plot of composites from the UG2 Mineral Resource Cut for the grade variables of Pt, Pd, Rh, Au, Ni, and Cu Figure Semi-variogram models for all estimated variables for the combined A and B facies composites Figure Semi-variogram models for all variables for Zone 1 composites Figure Semi-variogram models for all variables for Zone 3 composites Figure Semi-variogram models for all variables for Zone 4 composites Figure Merensky Mineral Resource Classification Figure UG2 Mineral Resource Classification List of Plates Plate 4.1 Mphahlele Area looking South to Hills of Main Zone Gabbro-Norite... 7 Plate 11.1 Core Logging, Sampling and Storage Shed, Polokwane Plate 13.1 Drill Rig on Hole MP Plate 13.2 Marking up of Split Core Appendices Appendix 1 Legal Opinion Confirmation of Title Appendix 2 Glossary of Terms, Abbreviations and Units Contents d

21 Page 1 Updated October 2008 National Instrument Technical Report on the Mineral Resource Estimate for the Mphahlele Project held by Platmin Limited 2 INTRODUCTION AND TERMS OF REFERENCE This report covers a single property, the Mphahlele Block, situated along the northern part of the Eastern Limb of the Bushveld Complex. It is the third update of the mineral Resources of this property and now includes drill results from the previous effective date of 1 October 2007 to the present cut-off date of 30 June Platmin Limited (Platmin), a Canadian listed company holds 54.29% of the Mphahlele project through the three South African registered companies listed below. Platmin Limited (Canada) 72.39% 1 Boynton Investments (Pty) Limited (South Africa) 78.95% Mahube Mining (Pty) Ltd. (South Africa) 95.00% Tameng Mining and Exploration (Pty) Ltd. (South Africa) Mphahlele Project 2 1 Held through PRL, a British Virgin Islands company 2 Platmin as operator currently holds a 54.29% attributable interest in the Mphahlele Project. Platmin have been exploring Mphahlele since 2003 and to the end of June 2008 had completed 155 core boreholes along its 7.9km strike involving 66,636m of mother holes and deflections. This work, which remains ongoing, forms the basis of this report. 2.1 Terms of Reference SRK has been engaged by Platmin to estimate a revised Mineral Resource on Mphahlele and to act as lead consultant for a bankable feasibility study which has been initiated with a target completion date in the fourth quarter of The terms of reference for the geological and mineral Resources Section of this report are detailed below.

22 Page 2 Review the Platmin Resource database and quality control measures adopted by Platmin Assess the facies variation over the Mphahlele Block Estimate the Mineral Resources for the Mphahlele Block using geostatistics Compile a Technical Report complying with Canadian National Instrument standards and Form F Consultants Qualifications and Independence The SRK Group s independence is ensured by the fact that it holds no equity in any project and that its ownership rests solely with its staff. This permits the SRK Group to provide its clients with conflict-free and objective recommendations on crucial judgment issues. The SRK Group has a demonstrated track record in undertaking independent assessments of resources and reserves, project evaluations and audits, technical reports and independent feasibility evaluations to bankable standards on behalf of exploration and mining companies and financial institutions worldwide. The Qualified Person, as defined in National Instrument , responsible for all sections of the Technical Report, except Section 16, is Dr. Anthony Martin of Zimbabwe. Dr. Martin is a specialist in the fields of geology, exploration and mineral Resource and Reserve estimation and classification. He has practised as a geologist for 37 years and has been involved with platinum exploration since Dr Martin holds B.Sc. (Eng) and D.Phil. degrees and is a Member of the Australasian Institute of Mining and Metallurgy ( AusIMM ). He is also a registered Professional Geologist ( Pr.Sci.Nat. ) with the statutory body South African Council for Natural Scientific Professions. Dr Martin qualifies as an independent Qualified Person as defined in NI The professional associations, as defined by NI , of which these individuals are members, are the Australasian Institute of Mining and Metallurgy (AusIMM) and the South African Council for Natural Scientific Professions (SA Pr.Sci.Nat). Dr Martin qualifies as an independent Qualified Person as defined in NI The Qualified Person, as defined in National Instrument , responsible for Section 16 of the Technical Report, the Mineral Resources is Mark Wanless, a Principal Geologist with SRK Consulting South Africa. Mr Wanless is a mining geologist with 11 years experience in the mining industry and has been responsible for the reporting on Mineral Resources in Southern Africa and internationally over the past 6 years. Mr. Wanless holds a BSc degree in Geology and Physics from the University of Stellenbosch, a BSc (Hons) degree in Geophysics and a graduate diploma in Mining from the University of the Witwatersrand. He is a registered Professional Earth Scientist ( Pr.Sci.Nat. ) with the statutory body South African Council for Natural Scientific Professions. Mr. Wanless qualifies as an independent Qualified Person as defined in NI

23 Page 3 SRK has been involved with the Mphahlele project over the past 14 months and has written a previous compliant report dated 1 October This report has also been prepared from data supplied to SRK by Platmin to comply with CIM and standards. Neither SRK nor any of its employees and associates employed in the preparation of this report has any beneficial interest in Platmin, or any of their assets. The results of this technical review by SRK are not dependent on any prior agreements concerning the conclusions to be reached, nor are there any understandings concerning any future business dealings. SRK will be paid a fee for this work in accordance with normal professional consulting practice and this fee will not be linked in any way to any submission to any stock exchange or the market capitalisation of Platmin. 2.3 Effective Date The effective date of this Technical Report is 1 October This date reflects the day upon which all market, economic, technical and financial conditions are based. As the drilling programme is continuing a cut-off date for the Resource database has been set at 30 June 2008 for the receipt of assays. Changes in conditions after the effective date can occur and will not be reflected in the opinions and conclusions stated in this document. 2.4 Sources of Information The main source of information has been the geological database provided by Platmin including all survey data, geological logs and assays in electronic format and a report produced by RSG Global (Pty) Ltd (May 2006) which covered a number of Platmin properties including Mphahlele. In addition there is a report on the facies of the pseudostratigraphy around both the UG2 and Merensky Reefs by Beater (2008), which was used to assist in constraining the Resource estimates. 2.5 Units All units in this Technical Report conform to metric usage, thousands are separated by commas, and currencies are expressed in United States Dollars ($) or South African Rands (ZAR). 2.6 Field Involvement The principal author of the Technical Report visited the Mphahlele site and the Platmin core yard in Polokwane where the drill core from the project is stored on 3 and 4 August 2007 and with Mr Wanless on 13 March At this facility a number of holes were inspected to view the geology and sampling. At the time of these visits no sampling was being done but the process was explained and the split core and sample marking were viewed. SRK is satisfied that the Platmin protocols for

24 Page 4 these procedures meet international standards and that the Platmin geologists have been complied with the protocols. 2.7 Reliance on Other Experts SRK have relied upon two reports, referenced below. SRK has not conducted an in-depth review of mineral title and ownership but accept in good faith the legal opinion on this matter expressed by Hannes Gouws & Vennote Inc., Attorneys Notaries and Conveyancers based in Pretoria which is included in Appendix 1 of this Technical Report. SRK has also relied upon the airborne geophysical work undertaken by Fugro Airborne Surveys (Pty) Ltd and the interpretation of this work by a Consulting Geophysicist Mr. JG Bell (Bell 2006). The only sources of information specific to the Mphahlele property are Platmin s own exploration data, including a stratigraphic interpretation by Christopher Beater, and general geological descriptions have been taken from public domain information. 3 PROPERTY DESCRIPTION AND LOCATION The Mphahlele property lies to the east of the town of Mokopane and approximately 60km eastsouth-east of Polokwane, the capital city of the Limpopo Province of South Africa. The concession occupies an area 11,725 hectares constituting the entire farm M Phatlele 457KS(Figure 3.1). In terms of current administrative boundaries, the project area falls within the jurisdictional areas of the Lepelle-Nkumpi Municipality (which is under the jurisdiction of the Capricorn Municipality) and the Mphahlele Tribal Authority.

25 Page 5 Figure 3.1 Property Locality Plan 29 35'0"E 29 40'0"E 29 45'0"E 24 20'0"S 24 20'0"S M'Phatlele 457 KS Legend Roads Rivers Contours Built-up Region Resource Blocks Reef Subcrop MR UG '0"S Kilometers Projection: Long/Lat (WGS84) Mineral Holdings Platmin Holdings 24 25'0"S 29 35'0"E 29 40'0"E 29 45'0"E 3.1 Issuer s Title and Tenure Rights The Mphahlele Project now consists of a new order Converted Prospecting Right over a single farm covering an area of 11,725 hectares with mineralisation extending over a known strike length of 7.9km westwards from Lonmin s Limpopo PGE operations ( Messina ). The Company does not own the surface rights comprising the Mphahlele Project, but Platmin do not perceive this to be a problem Confirmation of Tenure Confirmation of tenure over the Mphahlele property is contained in a legal opinion expressed by Hannes Gouws & Vennote Inc., Attorneys Notaries and Conveyancers based in Pretoria in a letter entitled Legal Title: Converted Prospecting Right 410/2006 (PR): Farm M Phatlele 457 KS a copy of which document is included in Appendix 1 of this Technical Report. The boundaries of the farm M Phatlele 457KS have been surveyed and coordinates of these are held by the Government administered Title Deeds Register.

26 Page Royalties, Fees and Taxes The Government intends to provide for the imposition of royalties in the Mineral and Petroleum Royalty Bill. The draft legislation, which is presently before Parliament, proposes a royalty for PGEs at approximately 4% of the profits of a company. At the date of this report, the implementation of the Royalty Bill has been postponed until ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 4.1 Locality, Population and Access The village of Mphahlele is fairly densely populated but located north of the mineralisation and well away from exploration activities. Mining infrastructure will have to take settlements and arable land into account, but there are areas available for infrastructure, plant and tailings. Sealed roads lead to within a few kilometres of the project area which is linked to Polokwane and Mokopane and other centres, and there are a large number of tracks away from the main roads providing easy access to drill sites over the flat, sparsely vegetated terrain. The region has benefited from the re-opening of the Lonmin Platinum Limpopo Mines 14km to the west, the new Twickenham- Hackney mining complex of Anglo Platinum 40km to the southeast, and the Polokwane smelter of Anglo Platinum 40km to the north. 4.2 Infrastructure and Local Resources Power and telecommunications are readily available but supplies of water could be problematic. The Department of Water Affairs and Forestry (DWAF) is currently increasing the supply of water to the area for both mining and agriculture by the building of the De Hoop Dam and allowing additional water to be made available from the Flag Boshielo Dam. 4.3 Climate The climate of the project area is typical of the South African Highveld, comprising warm to hot summers and cool to cold winters. Typical maximum temperatures in summer are between 28ºC to 32ºC, whilst minimum temperatures during winters rarely reach below 4ºC. The average annual rainfall varies from 380mm to just over 700mm. Precipitation is usually associated with thunderstorms and occurs mainly in the summer months (November to March) with the peak of the rainy season in January. These sudden downpours pose some risk of flooding in lowlying areas, but most South African mines are exposed to this type weather and precautionary measures are routine on these operations. Winters are generally dry and sunny. The moderate climate means that exploration and mining operations can be undertaken throughout the year, with no extraordinary measures required.

27 Page Vegetation The project area consists of four habitats including rocky areas, arable plains for crops, plains with predominantly indigenous plants and drainage lines. Woodland is found along the Maralaleng ridge towards the south of the project area. Apart from birds and small reptiles, wildlife in the project area is limited due to the high concentration of people. The main land uses within and adjacent to the area include residential areas, subsistence dry land agriculture, small-scale commercial agriculture and grazing of livestock. 4.5 Physiography The Strydpoort Mountains (Transvaal sediments) are located to the north of the project area. From the foothills of the Strydpoort Mountains the area is a flat plain covered by fan alluvium emanating from the Transvaal sediments which slopes very gently towards the Chunies River (Plate 3.1). The Chunies River, a tributary of the Olifants River, flows roughly parallel to the southern boundary of the property. Elevation above sea level varies between 900m and 1,100m. Agricultural activities in the Mphahlele area are mainly limited to communal cattle grazing, with some cultivation of maize and sorghum. Plate 4.1 Mphahlele Area looking South to Hills of Main Zone Gabbro-Norite

28 Page 8 5 HISTORY 5.1 Previous Exploration The mineral rights of the Mphahlele Project were initially owned by the Lebowa Homeland Government, who ceded them to a state-owned trust in Anglo Platinum entered into a lease agreement for these rights which were subsequently returned to the State, offered for tender and awarded to Tameng Mining & Exploration Holdings (Pty) Ltd. ( Tameng ) under a Prospecting Permit on 10 November On September 28, 2006 this Prospecting Permit was converted into a Prospecting Right recognised under South Africa s MPRDA. At the time the prospecting permit was awarded, Platmin had a 26.2% beneficial interest in Mphahlele. On 1 September 2004, prior to the award of Prospecting Rights, Platmin indirectly acquired a further interest in Mphahlele from Ashanti Goldfields Cayman Limited, which raised Boynton s indirect beneficial interest to 57.39%. The granting of the Prospecting Rights by the South African Department of Minerals and Energy marked the start of Platmin s feasibility study programme for Mphahlele. On 26 January 2007, Platmin completed a transaction with Moepi Capital (Pty) Ltd. ( Moepi ), Platmin s Black Economic Empowerment Partner (BEE) partner, in terms of which Platmin acquired an increased stake in Mphahlele in return for an issue of shares in Boynton to Moepi. As a result of the acquisition of Moepi s stake in Mphahlele and in conjunction with recently completed corporate consolidations with respect to Platmin s Pilanesberg and Grootboom Projects, Platmin currently holds a 54.29% indirect beneficial interest in Mphahlele. Previous work over the property included regional mapping by a Government Geological Survey, on which the published geological and metallurgical sheets were based, as well as regional aeromagnetic and gravity surveys that now form part of the public domain data set. Previous exploration undertaken by JCI (now Anglo Platinum) included 24 boreholes drilled in the early 1970s and late 1980s. Tameng has acquired the collar information of these holes from the South African Council for Geoscience but does not have access to the drill logs or assay results. 5.2 Platmin Exploration Tameng, after acquiring the mineral rights over the Mphahlele property initiated airborne surveys while waiting for environmental approvals to start their drilling programme. This included colour aerial photography from which a digital terrain model was generated, and magnetic and radiometric geophysical surveys. This work was done by Fugro Airborne Surveys (Pty) Ltd in January Further details are included in Section 8 of this report. The current drilling programme started on the property in February 2004 and by end June ,636m had been drilled and there were assay results for all 119 of these holes including deflections by end June These have been incorporated into the Resource database.

29 Page Previous Resource Estimates An Inferred Mineral Resource was estimated by RSG Global on behalf of Platmin in February 2006 based on assay data from 36 core boreholes completed at that time. This estimate is given in the tables below. Table 5.1 UG2 RSG Global Inferred Resource Estimate True Thickness 1.79 m BD 4E Ni Cu Area 11,398,000 m2 t/m3 g/t % % Geological Loss 30% % Mass 52,700,000 t 4E Content 270,000 kg 4E Content 8,666,000 oz Table 5.2 Merensky RSG Global Inferred Resource Estimate True Thickness 1.41 m BD 4E Ni Cu Area 11,398,000 m2 t/m3 g/t % % Geological Loss 30% % Mass 35,210,000 t 4E Content 124,000 kg 4E Content 3,980,000 oz These were superseded by the Resource statement in the October 2007 Technical Report and these estimates are given in the tables below. Table 5.3 Mphahlele Indicated Mineral Resource October 2007 INDICATED Mass Pt Pd Rh Au 4E Ni Cu t g/t g/t g/t g/t g/t % % Merensky 9,198, UG2 25,670, Total 34,868, E Split % 51% 38% 8% 3% 100% 4E Content kg 90,933 66,850 13,484 5, ,881 t 51,808 31,373 4E Content koz 2,924 2, ,687 Table 5.4 Mphahlele Inferred Mineral Resource October 2007 INFERRED Mass Pt Pd Rh Au 4E Ni Cu t g/t g/t g/t g/t g/t % % Merensky 25,047, UG2 23,532, Total 48,579, E Split % 52% 37% 6% 5% 100% 4E Content kg 110,707 78,073 13,716 9, ,179 t 79,659 48,030 4E Content koz 3,559 2, ,822

30 Page 10 6 GEOLOGICAL SETTING The Bushveld Complex is a large layered igneous complex with a surface area of approximately 67,000 km 2 intruded into the sedimentary Transvaal Super Group. Platinum group element and chromium mineralisation occurs along two major limbs namely an Eastern and Western Limb and a northerly trending Northern Limb developed near the town of Polokwane (formerly Pietersburg). The Eastern and Western Limbs of the RLS have been subdivided into zones or sectors that display a similar general stratigraphy although there has not been equal development or exploitation of the mineral resources of these areas. The Complex has been divided into two main stratigraphic units, the Rustenburg Layered Suite (RLS) of ultramafic to mafic rocks and the Lebowa Granite Suite (LGS) consisting of granitoids. The outcrop of the RLS and the locality of the Mphahlele and surrounding properties are shown in Figure 6.1. Figure 6.1: Geological Setting of Mphahlele 6.1 Regional Geological Setting The RLS is divided into five major stratigraphic units: The lowermost Marginal Zone ranges in thickness from several metres to several hundred metres and comprises a heterogeneous succession of generally unlayered basic rocks dominated by norites.

31 Page 11 Ultramafic rocks dominate the Lower Zone. The most complete exposures are in the north-eastern part of the Eastern Limb where there are a series of cyclically layered units of dunite-harzburgite. These vary in thickness with the thinnest units developed over structural highs in the basin floor. The Critical Zone contains the economic platinum resources of the Bushveld Complex. The Lower Unit of this Zone is dominated by pyroxenite with interlayered harzburgite and chromitite layers and is restricted to the central part of the Eastern Limb. The Upper Critical Zone is recognisable throughout the Eastern and Western Limbs and consists of layered pyroxenites, norites, anorthosites and chromitites. The layering occurs on a variety of scales and may be regular to highly irregular in aspect. Chromitite layers occur in three distinct groupings; the LG layers occur in the Lower Critical Zone, the MG series straddle the contact between the Lower and Upper Critical Zones, and the UG layers occur within the Upper Critical Zone. Economic PGE mineralisation is hosted in the UG2 and the overlying Merensky, a laterally continuous pyroxenite unit containing PGE and base metal sulphides. The Main Zone is the thickest unit within the RLS and comprises approximately half the RLS stratigraphic interval. It consists of gabbro-norites with some anorthosite and pyroxenite layering. Banding or layering is not as well developed as in the Critical and Lower Zones. The Upper Zone is dominated by gabbros with some banded anorthosite and magnetite. There is no chilled contact with the overlying rhyolite and granophyres of the LGS Regional structure The northeast corner of the Eastern Limb of the Bushveld Complex has been subdivided into two sectors separated by the Wonderkop and Dwarsrand Faults and the Katkloof and Phosiri anticlines. The Central Sector of the Eastern Limb, which lies well to the east of Mphahlele and around Atok Mine, encompasses that portion of the Bushveld Complex where the shallow dipping northerly strike of the igneous stratigraphy turns into a north-westerly direction as dips becomes steeper. The Western Sector of the Eastern Limb lies to the west of the Wonderkop fault. Here the Critical Zone trends east west and dips increase to 51 at Mphahlele on Boynton s lease becoming near vertical further some 20km further to the west The Wonderkop fault trends to the northeast and has a sinistral displacement of the Critical Zone of 10km. The strike of this major structure is parallel to the greater portion of lineaments identified by an airborne magnetic survey across the area.

32 Page Potholes Potholes are circular to oval shaped depressions within both the Merensky and UG2. Within the depression, the reef unit may crosscut the footwall stratigraphy at a high angle and ultimately lie at a lower stratigraphic elevation than the typical reef. Within the pothole, anomalous hanging wall, footwall and reef stratigraphy may be developed. In some instances, the reef within a pothole may have higher than average grades; in others it may be uneconomic. In extreme cases, reef is not recognisable within the pothole. The scale of potholing in both reefs is extremely variable, ranging from gentle undulations, often termed rolling reef to deeply plunging features and both types occur along this westerly trending segment of the Bushveld Complex. The frequency of potholes varies and the presence of potholes on the UG2 does not imply similar pothole development within the Merensky Iron-Rich Ultramafic Pegmatoid Iron-Rich Ultramafic Pegmatoids (IRUPs) are common features of the RLS around the Bushveld Complex resulting from metasomatism by iron-rich fluids. The replacement pegmatoid is usually coarse-grained to pegmatoidal but is of variable texture. The degree of alteration is also variable and original mineralogies and textures may be partially preserved. Alteration zones are invariably transgressive across the igneous layering. These pegmatoids do not always result in loss of metal value but the altered ore minerals are not as amenable to flotation. It is concluded that replacement pegmatoid will not significantly affect the exploitation of the Mphahlele Mineral Resource. Nevertheless a deduction for iron-rich replacement pegmatoids has been made in the Mineral Resource estimate. 6.2 Local and Property Geology The lower Main Zone and the upper parts of the Critical Zone underlie the Mphahlele block. Two kilometres to the north the Critical Zone is in contact with underlying Transvaal Supergroup sediments with the lowest lithological units belonging to those around the Middle Group Chromitite layers. The layering trends east-west with southerly dips around 51. There are no outcrops of either the Merensky or UG2 layers because a large alluvial fan emanating from the hills of Transvaal sediments to the north, covers the Critical Zone. A range of hills composed of gabbro-norites of Subzone B of the Main Zone occurs to the south of the Project area (see Plate 4.1). Aeromagnetic data indicate that the Merensky and the UG2 continue from the Doornvlei area of Lonmin Limpopo Mine immediately to the west, with an estimated strike length of almost 7.9km through the Mphahlele area. To the east the UG2 and Merensky Reefs terminate against floor lithologies of Magaliesburg Quartzite that have been dragged against the Wonderkop Fault.

33 Page 13 Both the Merensky and UG2 exhibit disturbances that include potholing and the intrusion of pegmatoid, IRUPs and serpentinised harzburgite bodies. The main harzburgite intrusion has not been intersected by drilling but the smaller apophyses emanating from this severely affect the Merensky. Similar bodies have been described elsewhere within the Bushveld Complex and these features are described in more detail below. The two reefs are separated by 120m of stratigraphy on average (190m vertical separation). With the exception of the central area, exploration drilling has confirmed the presence of a relatively consistent pseudo-stratigraphic sequence between the Merensky Pyroxenite and UG2 Chromitite Layer. The facies of both reefs has been determined in detail by Beater (2008) and these are discussed in more detail below UG2 Chromitite Layer The UG2 Chromitite Layer (the UG2 ) comprises an almost monomineralic chromitite layer that generally overlies a noritic footwall and underlies a very consistent pyroxenitic hangingwall layer (~ 4m thick) that very locally may include several discontinuous chromitite stringers. The UG2 in places contains one or more intermittent pyroxenitic partings that serve to distinguish between an upper and a lower portion. In these respects it is similar in character to that described from the Lonmin Limpopo Mine to the west. The upper part of the UG2 tends to be fine grained and granular in texture and is almost devoid of visible sulphides whereas the lower portion is coarse grained and oikocrystic and sulphides are visible. Where there is a primary layer parting it tends to follow the contact between these two chromitite types. Unlike the UG2 on the adjacent property to the west, no leader chromitite layers are found above the main chromitite layer and therefore minimal dilution is expected during mining. There are variations in the character of the UG2 over the Mphahlele Block. Normal reef consists of a coherent chromitite layer with no parting, a feldspathic pyroxenite hangingwall and a norite footwall with a layer thickness from around 0.8m to 1.75m with an average of 1.1m. The variations in normal layer thickness between deflections off a single hole range from zero to 0.5m with an average of 0.15m. The hanging wall contact tends to be planar (although often sheared) but the footwall contact undulates and this can be seen on a small scale in core. The details of the stratigraphic setting of the UG2 and surrounding lithological units are given in the table below. A number of holes show a parting of feldspathic pyroxenite or pyroxenite, or are replaced or intruded by pegmatoid, IRUP, harzburgite or serpentinite and these vary in thickness from 0.10m to over 3m. The pyroxenite partings are likely to have a greater aerial extent than the replacement or intrusive lithologies within the layer. The UG2 in particularly disrupted intersections displays some considerable thickness variations with some deflections not intersecting chromitite at all to a maximum of 3.81m of coherent un-split

34 Page 14 chromitite. Cumulative chromitite intervals omitting splits reach 4.42m and including splits up to 5.65m. Where the UG2 is split the aggregate chromitite thickness tends to be higher than for un-split layers. Very thick layers encountered in some holes tend to have repeated lithological characteristics (finer granular top and coarser oikocrystic base) and repeated saw-tooth grade profiles but others do not show this repetition. Two possible causes exist slumping of chromitite during post-depositional perturbation of the floor or thickening due to local pothole infill. Hanging and footwall lithologies vary with pegmatoidal replacement being most common and the footwall being replaced more often than the hangingwall. In the core, the observed hanging wall contact of the UG2 tends to be planar (although often sheared), whereas the footwall is commonly frozen, irregular and in some instances appears to have undergone ductile deformation. It is difficult to assess the prevalence of primary partings in the UG2, but the presence of feldspathic pyroxenite and pyroxenite suggests that these could be fairly extensive. Other intrusive or replacement partings (serpentinised harzburgite, pegmatoid or IRUP) are more likely to be local but nevertheless appear to be common. UG2 Chromitite Facies The UG2 Chromitite Layer is subdivided into two facies: an upper, fine grained, poikilitic massive chromite, sometimes accompanied by fine, disseminated sulphide mineralization - the UG2 Upper Facies and a lower facies, with a distinctive poikilitic texture, higher silica content, sulphide-rich oikocrysts and significant disseminated sulphide mineralization - the UG2 Lower Facies. The UG2 Chromitite Layer may contain one or more intermittent pyroxenite layers termed UG2 Middling which separates the Upper and Lower UG2 facies. Details of the pseudo-stratigraphy over the Mphahlele Block are given in Table 6.1.

35 Page 15 Table 6.1 Stratigraphy of the BIC around the UG2 Reef at Mphahlele Stratigraphic Unit Stratigraphic Code Ave. Thick -ness Description of Lithologies UG3 Undifferentiated 3UN A sequence of feldspathic pyroxenite/melanorite, characterized by brownish-grey colour and fine-grained texture. Gradational into norite and mottled and spotted anorthosite layers. UG3 Hangingwall 3 UH Leuconorite intercalated with mottled and spotted anorthosite of indistinct mottled and spotted textures set in dirty grey matrix. UG2 Hangingwall 2 UH Mottled and spotted anorthosite layers with distinct mottled and spotted textures set in a pink plagioclase matrix. UG2 Hangingwall 1 UH Feldspathic pyroxenite layer often with lensoidal and discontinuous chromitite stringers hosted in a pegmatoidal pyroxenite. UG2 Upper Facies UG2U 1.33 Black fine grained massive chromitite with poikilitic texture and sometimes hosting finely disseminated sulphides. UG2 Middling UG2M 0.86 Intermittent feldspathic pyroxenite parting/s. UG2 Lower Facies UG2L 0.77 Coarser grained chromitite with higher silica content and prominent base-metal mineralization. UG2 Footwall 1 UF Norite with subordinate mottled and spotted anorthosite layers. UG2 Footwall 2 UF Mottled anorthosite layer. Hangingwall and Footwall Sequences of UG2 Chromitite Layer The UG2 Chromitite Layer overlies a noritic footwall, the UG2 Footwall 1, a norite with subordinate mottled and spotted layers and UG2 Footwall 2, a mottled anorthosite layer. The overlying UG2 Hangingwall 1 is a consistent feldspathic pyroxenite layer often containing lensoidal and discontinuous chromitite stringers hosted in a pegmatoidal pyroxenite. The UG2 Hangingwall 2 comprises intercalated mottled and spotted layers with a pinkish plagioclase matrix and distinct mottled and spotted textures. The UG2 Hangingwall 3 comprises a leuconorite with indistinct mottled and spotted textures set in a dirty grey plagioclase matrix and becomes more leucocratic with increasing depth and is transitional into a mottled or spotted anorthosite. The UG3 Undifferentiated Unit comprises feldspathic pyroxenite or melanorite, characterized by a fine-grained texture and brownish-grey colour, gradational with increasing depth into norite and mottled and spotted anorthosite layers. The transition is gradational into the underlying more leucocratic UG2 Hangingwall 3. UG2 Chromitite Layer disturbances The drill core suggests three types of reef disturbances exist: potholes, footwall highs, and faults. Potholes are also present on the UG2 and are developed by thermal erosion of footwall lithologies that result in substantial thickening of the chromitite that takes the form of mineralised lensoidal layers separated by silicate lithologies (usually pyroxenitic). Footwall highs are the converse of potholes and are areas more resistant to thermal erosion which remain as elevated parts of the depositional floor where the chromitite is thin or non-existent. Normally the UG2 base is missing and therefore also the higher grade part of the reef.

36 Page 16 Faults have occasionally been intersected, often in association with slumps and when these occur together it is difficult to differentiate between the two. On the basis of the airborne magnetic survey, no significant faults are present. The proportions of reef disturbances based on 242 intersections across the ~ 8km strike length are: Normal intersections 65%; Slumps 24%; Footwall highs 10% and fault losses 1%. Potholes can produce thicker mineralised layers and perhaps additions to the resource, while footwall highs normally represent partial losses. The typical dimensions of both are indeterminable on the basis of drilling data Merensky Reef The Merensky Reef (the Merensky ) is similar to that found elsewhere in the northern portion of the eastern limb of the Bushveld Complex for example at the Atok and Lonmin Limpopo to the east and west respectively. It is contained by a feldspathic pyroxenite layer, some 3 to 6m thick (the Merensky Pyroxenite ), between an upper layer with cumulus feldspar (norite to anorthosite) and a footwall of norite. Two thin chromitite stringers are intermittently present, an upper stringer, 20 to 25cm from the hangingwall mafic contact, and a lower stringer on or just above the basal contact. Both chromitite stringers are typically discontinuous, unlike in most other areas of the Bushveld Complex. In the absence of a well defined chromitite stringer, the upper contact of the Merensky pyroxenite defines the reef for sampling purposes and will ultimately probably be used to identify the reef visually during mining. Merensky Reef Facies Platmin s geologists (in particular Mr Christopher Beater) have completed a detailed study of the stratigraphic units above and below the Merensky Reef (and the UG2) in core from all of the available boreholes to determine the facies variations in these rocks and their effect on the Merensky Reef itself. Three Merensky Pyroxenite facies types have been identified, the A facies which occupies the western half of the Mphahlele Block, the B facies to the east and the C facies between the two. The A Facies stratigraphic unit averages 9,3m in thickness and comprises a medium to coarse grained, poikilitic feldspathic pyroxenite with a lensoidal and discontinuous chromitite stringer developed near the upper contact termed the Merensky Upper Chromitite, which varies from 1 to 4mm in thickness. The upper portion is coarser grained and contains serpentinised olivine which is termed Merensky Olivine Pyroxenite, often highly decomposed with a strongly developed joint fabric with the result that this contact represents a significant plane of weakness. A thin irregular chromitite stringer (1 to 4mm thick) may be present on or just above the lower contact, termed the Merensky Lower Chromitite. A pyroxene pegmatoid, some 0,20m to 0,70m thick with disseminated sulphides, is often present on the basal contact

37 Page 17 The Merensky Pyroxenite B Facies, averages 12,8m in thickness and comprises fine to medium grained feldspathic pyroxenite with the development of the Merensky Upper and Lower chromitite stringers varying from 1 to 4mm in thickness The Merensky Pyroxenite C Facies stratigraphic unit averages 58,9m in thickness and comprises intercalations of serpentinised harzburgite and dunite, feldspathic pyroxenite, pyroxene pegmatoid, norite, iron rich ultramafic pegmatoid, chromitite stringers, thin chromitite layers and fragmented lenses of chromitite layers. The mineralization within Merensky Pyroxenite A and B Facies is similar. The highest PGE-base metal concentration occurs towards the top of the Merensky Pyroxenite and is referred to as the M1 value zone. Maximum values occur across or in the immediate footwall of the Merensky Upper Chromitite and correspond to the highest visible concentrations of sulphides. The M2 value zone occurs towards the base of the Merensky Pyroxenite, often associated with a pyroxene pegmatoid and the Merensky Lower Chromitite, and values may extend into the anorthosite footwall. A considerable thickness of barren Merensky Pyroxenite occurs between the M1 and M2 value zones. PGE-Ni-Cu mineralization within Merensky Pyroxenite C Facies is of lower tenor and dispersed throughout the thickened stratigraphic sequence and no consistent mineralized horizon has thus far been defined. The details of the stratigraphic setting of the Merensky and surrounding lithological units are given in Table 6.2 below.

38 Page 18 Table 6.2 Stratigraphic Unit Stratigraphy of the BIC around the Merensky Reef at Mphahlele Stratigraphic Code Ave. Thick -ness Description of Lithologies Overburden OB Reddish sandy soil gradational into calcrete. Main Zone Undifferentiated MZU Intercalated mottled and spotted anorthosite with dirty grey plagioclase matrix. Leuconorite and mesonorite also occurs. Giant Mottled Anorthosite GMA Mottled anorthosite characterized by large, irregular greenishgrey mottled textures set in a pinkish-grey plagioclase matrix. Top of unit is defined by spotted anorthosite with a coarsely spotted texture. Bastard Hangingwall 1 BH Leuconorite and mesonorite with subordinate mottled and spotted anorthosite layers; lower contact is defined by a mottled anorthosite layer. Bastard Norite BNO Medium grained brownish-grey mesonorite Merensky Hangingwall 3 MH Mottled anorthosite with a distinctive irregular mottled texture set in pink plagioclase matrix. Merensky Hangingwall 2 MH Spotted anorthosite gradational into leuconorite. Well-defined contact with MH3. Merensky Hangingwall 1 MH Leuconorite>mesonorite>melanorite. Unit not always developed. A Facies: Merensky Pyroxenite A Facies: Merensky Footwall 1 A Facies: Merensky Footwall 2 A Facies: Merensky Footwall 3 A Facies: Merensky Footwall 4 A Facies: Merensky Footwall 5 A Facies: Merensky Footwall 6 A Facies: Merensky Footwall 6a A Facies: Merensky Footwall 6b A Facies: Merensky Footwall 6c A Facies: Merensky Footwall 6d B Facies: Merensky Pyroxenite B Facies: Merensky Footwall 1 B Facies: Merensky Footwall 2 MPXA 9.26 Medium to coarse grained, poikilitic feldspathic pyroxenite with a lensoidal and discontinuous chromitite stringer developed near upper contact. Sulphide mineralization is concentrated in the upper portion, coincident with highest PGE tenor, and a thin chromitite stringer is often present on the lower contact. Disseminated sulphides are also present on the footwall contact and immediate footwall lithologies. MF Spotted anorthosite with pink plagioclase matrix gradational into mesonorite. MF Brownish-grey, medium grained mesonorite with leucocratic intercalations imparting a fine-scale layering. MF Spotted anorthosite coarsely spotted with texture variations and intercalated with anorthosite partings. MF Mottled anorthosite with faint large irregular mottles set in a pink plagioclase matrix. Finely disseminated sulphides have been observed. MF Spotted anorthosite with a pinkish-white plagioclase matrix gradational into a finely spotted leuconorite. MF Intercalated mottled and spotted anorthosite, leuconorite and mesonorite and subdivided into the following sub-units. MF6a 3.31 Mottled anorthosite with faint irregular greenish mottles set in a pink plagioclase matrix. Finely disseminated sulphides have been observed. MF6b 1.22 Spotted anorthosite with greenish spots set in a pink plagioclase matrix. MF6c 3.26 Intercalated mottled and spotted anorthosite and leuconorite/norite. Faintly irregular greenish mottles are set in a pink plagioclase matrix. Finely disseminated sulphides have been observed. MF6d 4.15 Intercalated mottled and spotted anorthosite gradational into leuconorite and mesonorite. A diagnostic faintly mottled anorthosite or anorthosite layer occurs on the footwall contact. Variable combinations of the above have been recorded. MPXB Medium to coarse grained, poikilitic feldspathic pyroxenite with a lensoidal and discontinuous chromitite stringer developed near upper contact. Sulphide mineralization is concentrated in the upper portion, coincident with highest PGE tenor, and a thin chromitite stringer is often present on the lower contact. MF Spotted anorthosite with pinkish-white plagioclase matrix often coarsely spotted and sometimes veined and altered. Gradational into leuconorite. MF Brownish-grey, medium grained mesonorite, intercalated with leuconorite and thin anorthosite layers. The anorthosite intercalations impart a prominent fine-scale layering.

39 Page 19 B Facies: Merensky Footwall 3 B Facies: Merensky Footwall 4 B Facies: Merensky Footwall 5 B Facies: Merensky Footwall 6 B Facies: Merensky Footwall 6a B Facies: Merensky Footwall 6b B Facies: Merensky Footwall 6c B Facies: Merensky Footwall 6d C Facies: Merensky Pyroxenite C Facies: Merensky Footwall C1 C Facies: Merensky Footwall C2 C Facies: Merensky Footwall C3 MF Spotted anorthosite with pink plagioclase matrix intercalated with finely spotted leuconorite. The spotted anorthosite becomes increasingly anorthositic with depth and may contain greenish veinlets and be altered. Spotted anorthosite displays textural variations. MF Intercalated mottled and subordinate coarsely spotted anorthosite layers. The mottled anorthosite has coarse irregular greenish mottles set in a dirty greyish-pink plagioclase matrix. MF Spotted anorthosite with a pink plagioclase matrix gradational into a finely spotted leuconorite. MF Intercalated mottled and spotted anorthosite, leuconorite and mesonorite and subdivided into the following sub-units. MF6a 2.61 Mottled anorthosite with subordinate spotted anorthosite layers. The mottled anorthosite is characterized by faint irregular greenish mottles set in a dirty, greyish-pink plagioclase matrix. MF6b 1.77 Generally spotted anorthosite but locally comprising intercalated leuconorite and mesonorite. MF6c 3.71 Intercalated mottled and spotted anorthosite and leuconorite with local variations. Mottled anorthosite is characterized by faint irregular greenish mottles set in a pink plagioclase matrix. Sometimes IRUP occurs and lithologies may be sheared and altered. MF6d 6.52 Intercalated mottled and spotted anorthosite gradational into leuconorite and mesonorite. A diagnostic mottled anorthosite or anorthosite layer occurs on footwall contact. MPXC This unit comprises intercalations of serpentinised harzburgite and dunite, feldspathic pyroxenite, norite, iron rich ultramafic pegmatoid, chromitite stringers, thin chromitite layers and fragmented remnants of chromitite. MFC Mottled anorthosite with large irregular blackish-grey mottles set in a dirty greyish-pink plagioclase matrix. Whitish veinlets and IRUP are prevalent. MFC Intercalated mottled and spotted anorthosite, leuconorite and mesonorite. IRUP is prevalent. MFC Multiple intercalations of mottled and spotted anorthosite, leuconorite, mesonorite, feldspathic pyroxenite and lenses of pyroxenite or boulder pyroxenite. Mottled anorthosite characterized by faint irregular mottles set in a dirty greyish-pink plagioclase matrix. Merensky Reef PGE Mineralization PGE mineralization within the Merensky Pyroxenite occurs at both the upper and lower chromitite stringers. Mineralisation associated with the lower chromitite stringer at the base on the Merensky Pyroxenite is generally over a very narrow interval and is often absent. Despite high grades associated with the lower chromitite stringer, this mineralisation is not within a mineable distance from the upper economic cut and no Minerals Resource has been declared on this layer. The bulk of the PGE mineralization is associated with the upper chromitite stringer and here often occurs over wider intervals below the chromitite stringer. Mineralization is associated with base metal sulphides which are easily visible. On the Mphahlele property the Merensky Reef is defined as the mineralization at the top of the Merensky Pyroxenite unit and associated with the upper chromitite stringer.

40 Page 20 Merensky Reef Hangingwall The Merensky cyclic unit hangingwall is typified by medium to coarse grained feldspathic lithologies, ranging in composition from norites to anorthosites. The immediate hangingwall to the Merensky Pyroxenite is typically a noritic unit approximately 1.5m thick overlain by ~2m of leuconorite or spotted anorthosite. An altered mottled anorthosite generally makes up the uppermost 2.3m of the Merensky cyclic unit. The contacts between these sub-units are generally gradational but the upper contact of the Merensky Pyroxenite is often sheared. Merensky Reef Footwall The Merensky Cyclic Unit has a sharp footwall contact, usually marked by the lower chromitite stringer. While the top contact tends to be planar, the basal contact is very irregular as a result of thermal erosion and is often associated with a thin anorthosite layer (~3cm thick) that probably formed as a secondary reaction product of thermal erosion. Below the Merensky Pyroxenite the sequence consists of very similar lithologies to the hangingwall, with the main difference being the scale of layering that is often down to a few mm s. The immediate footwall is predominantly noritic. Merensky Reef Potholes Potholes affect the Merensky throughout the Bushveld Complex. Depending of the diameters and depths of potholes, they may or may not be accessible to mining. In the case of Mphahlele, the 51 dip of the layering is expected to render a higher proportion of potholes accessible to mining where these are large and this is reflected in the discount factors applied to the Resource. The absence of mineralisation along the margins of the pothole where chromitite is absent is usually compensated for by increased metal content on the pothole floor. Potholes are difficult to recognise in drill core but are probably present in 6% of the 106 intersections. This proportion is likely to be higher in the area affected by harzburgite intrusion. Faulting Small scale faulting has resulted in the Merensky being absent in ~5% of holes. The anticipated small displacements are supported by the position of hangingwall and footwall lithologies in core, and the airborne magnetic data also suggests that no major displacements. However there is one hole within the database which intersected the UG2 in the mother hole and all deflections approximately 90m deeper than expected. The Merensky in the same hole was at the correct elevation. There appeared to be some faulting immediately above the expected elevation of the UG2, and it is likely that the middling between the UG2 and the Merensky has been repeated. An area around this hole and half way to the surrounding boreholes was omitted from the Resource.

41 Page Harzburgite Intrusion Characteristics In the central portion of the Mphahlele area, drilling has revealed the presence of extensive serpentinised harzburgite intrusions which have disrupted the Merensky over a 1,400m strike. These are interpreted as lateral apophyses emanating from an intrusive harzburgite pipe as similar features are documented elsewhere in the Bushveld Complex where they form carrot-shaped intrusions perpendicular to the layering. While the locus of the Mphahlele pipe is unknown it was presumably intruded prior to tilting of the layering and can be expected to plunge at 39 to the north. Drilling has revealed an apparent decrease in the proportion of serpentinite with depth and below 1,000m from surface the Merensky may be less affected by these intrusions. These serpentinite apophyses tend to form sill-like bodies which preferentially intrude the pyroxenite layers within the Upper Critical Zone of the Bushveld Complex; the Merensky Pyroxenite has been affected and the hangingwall and pyroxenite partings of the UG2. They result in substantial thickening of the pyroxenite layers and effectively dilute the Merensky to an uneconomic entity. The disruption of the Merensky appears to be widespread and has caused the loss of a segment of the reef, covering 1.83Mm 2 or 18% of the total Merensky area to a vertical depth of ~1,440m (this being the Inferred Resource extrapolation limit). The UG2 hangingwall pyroxenite has also been intruded by the serpentinised harzburgite, as well as pyroxenitic partings within the chromitite itself, particularly where slumps are developed, although the layer itself is not affected. 7 MINERALISATION AND DEPOSIT TYPES Both the Merensky and UG2 are magmatic segregation deposits formed within a layered mafic complex and within which are accumulated economic quantities of the platinum group elements as well as base metals. These types of deposits have been well documented in literature (e.g. Cawthorn 1996). 7.1 UG2 Chromitite Layer PGE Mineralisation within the UG2 Chromitite layer is unique to the Northern Sector in that it is accompanied by significant sulphides. Typically this mineralisation starts near the base of the upper UG2 and peaks in the lower part of the layer. These two types comprise finer granular chromitite underlain by a coarser oikocrystic base. There is a general increase in the 4E grade proportionate to the increase in sulphide content, but this is accompanied by a decrease in the Pt/Pd ratio. Similar mineral assemblages are responsible for the deportment of PGEs within the UG2 as for Merensky, although the generally lower Pt:Pd ratios require a higher content of minerals such as laurite within the UG2.

42 Page 22 Quoted figures for the UG2 Chromitite Layer elsewhere in the Bushveld indicate that there is a tenfold enrichment in Ni and a twenty-fold enrichment in Cu at Messina (Lea, 1995). A similar enrichment of base metal sulphides in the UG2 occurs within the Mphahlele Block. 7.2 Merensky Reef The bulk of the mineralisation within the Merensky is typically disseminated through the upper metre of the Merensky Pyroxenite. PGE mineralisation generally correlates with sulphide distribution and grades decrease rapidly above the uppermost chromitite stringer. Significant grades are associated with the lower chromitite stringer, but this mineralisation is too thin and distant from the upper value interval to form part of the potentially economic zone. Similarly, sporadic mineralisation is also present within the central parts of the Merensky pyroxenite, but its erratic distribution precludes its inclusion in the value interval. The Merensky at Mphahlele exhibits three distinct facies types. What is considered to be normal reef occurs in a western block surrounding a smaller narrow reef facies, both of which terminate against a zone where the reef is disturbed by multiple intrusions of serpentinised harzburgite which effectively renders a 1,400m segment of the total Mphahlele strike uneconomic. This zone appears to persist down to at least 1,000m but may diminish beyond that depth. To the east of the barren zone the Merensky is present but has abnormal grade profiles and a lower average grade. Except for the narrow reef segment, the Merensky displays considerable variation in the grade profiles and in some holes the value width is only 0.7m but in other intersections there is up to 2.1m of continuous ore grade mineralization. The narrow reef facies displays a far greater consistency but this is based on only four holes with three deflections each. In this facies the metal content is effectively concentrated over a narrower interval and the average grade is higher than that of the wider reef facies, but in other respects the characteristics of the pyroxenite remain unchanged. The mineralised upper portion of the Merensky Cyclic Unit has an economic depth cut off since mineralisation tails off gradationally with no change in the feldspathic pyroxenite texture. The major sulphide minerals present are pyrrhotite, pentlandite, chalcopyrite and pyrite with replacement products (bornite, chalcocite, digenite, covellite, violarite and bravoite) in some areas. (Lea, 1996) PGEs in the Merensky are contained within a complex set of minerals including the arsenide species, sperrylite (PtAs 2 ) and the sulphide species, braggite ((Pt,Pd,Ni S), laurite (PdS 2 ) and cooperite (PtS), as well as tellurium and bismuth bearing minerals such as michnerite (Pd,Pt)BiTe, merenskyite (Pd,Pt)(Te,Bi) 2 and moncheite (Pt,Pd)(Te,Bi) 2.

43 Page 23 8 EXPLORATION Fugro Airborne Surveys (Pty) Ltd were contracted by Tameng to undertake magnetic and radiometric geophysical surveys over the Mphahlele property and these were completed in January At the same time colour aerial photographs were taken and from these a digital terrain model was generated of the area. The geophysical surveys were flown by helicopter with a 20m sensor clearance taking readings every second for the radiometric and 0.1 seconds for magnetic data. North-south lines were flown at 50m intervals with tie lines 500m apart for a total of 2920 line kilometres. These surveys were interpreted by Mr John Bell, a private geophysical consultant, who produced colour-coded plans of the area Bell, (2006). The most useful of these was the first vertical derivative magnetic map which clearly delineated the stratigraphy of the Critical and other Bushveld Complex zones and also the eastern contact close to the Wonderkop fault. 9 DRILLING The current core drilling programme started on the property in February 2004 initially with two rigs increasing to 10 rigs in 2006 and although at the cut-off date (see below) this number was reduced to three, drilling continued. The drilling program was divided into three different phases. Initially holes were drilled at 400m intervals along strike and targeted in tiers at intercept depths of approximately 300m and 500m on the UG2. The second phase targeted the UG2 at a depth of 1,000m (spaced 800m apart), and subsequently 1500m (spaced 1600m apart). A third phase of infill drilling was later undertaken in between the shallower holes to intersect the UG2 at depths of 100m and bringing the effective hole spacing in the shallow areas down to 250m. Staggered infill drilling was also conducted in the deeper portions at 800m spacing to intersect the UG2 at 750m depth, bringing the effective hole spacing in this area to ~450m. All holes are vertical and therefore no reef intercepts are at right angles to the plane of the reef. The assay receipts cut-off date was taken at the end June 2008 when 155 holes (66,636m 57,455 mother holes and 9,181m of deflections) had been completed with results for 119 boreholes; this represents 161 assayed intervals through the Merensky and 267 through the UG2. Borehole locations are shown in Figures 16.1 and The holes were drilled by Gondwana, Raldril (now Major Drilling) and Geosearch, all local drilling contract companies. The mother holes were drilled with NQ core and the deflections with TNW (conventional). In general two non-directional deflections were drilled per reef intersection. The deflections are turned off the mother hole at 5 and 10m above the reef intersection and no attempt is made to orientate the wedge. Therefore the distance between the intercepts in the plane of the reef is likely to be less than 2m although this would depend on whether the azimuth of the deflection was in an up- or down-dip direction or at some angle in between.

44 Page 24 Figure 9.1 Borehole Locality Plan All core handling procedures are covered by written protocols. Core is placed in trays on site and signed off by the driller and site geologist after inspection and recording of any core loss. The drilling contract specifies a core recovery of 100% through the mineralised zone, failing which the driller is required to re-drill a deflection. Given the competent nature of the rock, only eight deflections have been re-drilled. Once the core has been accepted by the geologist it is transported to a storage shed in Polokwane some 50km from site, where it is logged and marked up for sampling. Drilling after the cut-off date has focussed on shallow holes aimed at intersecting the reefs at depths between ~50m and ~200m in the mining start-up areas from the three planned declines. This work is providing pierce points in the planes of the reefs at spacings of between 60m and 70m. This drilling is close to completion. 9.1 Borehole Surveys Borehole collar locations are sited according to the predetermined drilling patterns and the coordinates extracted from computerized plans using the digital elevation model and orthophotometric images to ensure no infrastructural interference. Pre-existing drill information is used to make any adjustments to the location of the hole to ensure targeted intersection depths are maintained. These coordinates are used by the responsible field geologist who locates the collar position in the field with a hand-help GPS, marks the site and points out the location to the drilling company.

45 Page 25 All boreholes are routinely surveyed, with the exception of the short (~100m) holes that are surveyed on a random basis to ensure verticality. Following completion of the mother hole, the geologist in charge gives the drill foreman the instruction to stop drilling, as well as written instructions for wedging on both reefs. Prior to insertion of wedges, the drilling company contacts an independent company to undertake a down-hole survey of the borehole, the results of which are then forwarded to the Project Manager. As deflections are non-directional and short they are not surveyed. There is no material deviation from the vertical. On completion of the hole, the drill collar is marked by a concrete plinth that is cast around a drill rod inserted into the casing of the hole (casing is routinely left in the hole). The borehole identity is spotwelded on to the drill rod. These borehole collar beacons are surveyed in batches by an independent surveyor using a differential GPS with an established base station on the property. As a general rule, these surveys are within 1m of the targeted position established prior to drilling. 10 SAMPLING METHOD AND APPROACH After logging the core is marked up for sampling with nominal intervals of approximately 20cm but these are dictated by geology and are variable. Sampling is extended from well above and to well below the reef in order to close off the mineralisation. The core is then split longitudinally with a diamond-blade saw and samples intervals cut perpendicular to the core axis. Each half of the core is then placed in adjacent channels in a core tray and re-marked in paint with the sample intervals and numbers to ensure consistency between the two. Half-core samples are then placed in bags with sample tickets inserted in the bag and attached outside before being sent to the laboratory in batches with appropriate documentation. The remaining core is placed back into the original tray, photographed and stored. Before dispatch to the laboratory, internationally recognised reference materials are inserted into the sample stream along with blanks made up of swimming pool filter sand. Density measurements on every sample sent for assay are made in the core shed using a water immersion density balance and these are incorporated into the Resource estimation database. 11 SAMPLE PREPARATION, ANALYSES AND SECURITY Bagged samples are transported to the SGS Lakefield laboratory in Johannesburg by road. Before leaving the core storage shed the samples are checked against the documentation and a standard sample receipt form completed for signature at the laboratory. SRK are confident that there are no problems with the security of the samples. Plate 11.1 Core Logging, Sampling and Storage Shed, Polokwane

46 Page 26 SGS Lakefield Research Africa Laboratories is an ISO accredited laboratory in Johannesburg where they are prepared and analysed for Pt, Pd, Au, Rh, Ni and Cu. There is no need to dry samples and these are crushed in a jaw crusher and pulverised using a ring mill. Platinum, Pd and Au are analysed using a lead fire assay technique with a silver collector and ICP- OES finish. Rh is analysed by separate fire assay using a palladium collector and ICP-OES finish. Ni and Cu analyses are done by aqua regia with an AA finish and reflect the acid soluble metal results and not Ni contained in silicate minerals. These analytical procedures are standard throughout the industry in South Africa. Assay results are sent by to Platmin and after inspection of the quality assurance inserts the laboratory is notified of acceptance of the assays and a formal hard-copy assay certificate issued. Sample standards are routinely inserted with each batch and preferably with each reef sampled. The standards are matrix matched to the reef and nine different standards have been used. The laboratory also reports all of its internal duplicates and standards associated with each batch to Platmin. 12 QUALITY ASSURANCE, QUALITY CONTROL AND QUALIFIED PERSONS The Platmin Group Exploration Manager, Mr. John Astrup, a Qualified Person as defined under National Instrument , is a registered Professional Natural Scientist ( Pr.Sci.Nat. ) with the South African Council for Natural Scientific Professions ( SACNASP ) and has 10 years experience in PGE exploration. He is responsible for the work being done on the Mphahlele Project.

47 Page 27 Field exploration at Mphahlele is conducted under the supervision of Mr. Mike Bowen, the Project Manager. Mr. Bowen (M.Sc. Geology) an independent contractor to Platmin with over 10 years experience in PGE exploration. Core is logged under the supervision of Mr Bowen by geologists who also mark out the mineralised intervals for sampling and supervise the splitting and bagging of samples. The site geologists are also responsible for all documentation of sample records and despatch at the core shed. The core has, since the last report of 1 October 2007, been re-examined by Mr Chris Beater to obtain a better understanding of the facies variation of the Mphahlele project area Core recovery is also measured throughout the hole and SRK have inspected these records through the reef zones and the average recovery is very close to 100% and is always above 95%. The results of the previous quality assurance and quality control samples inserted into the sample stream including blanks, standards and international reference materials were covered in the previous report with an effective date of 1 October The discussion below covers the quality control insertions submitted since that date SGS Lakefield Results Samples are submitted to SGS Lakefield Research Africa Laboratories an ISO accredited laboratory in Johannesburg where they are prepared and analysed for Pt, Pd, Au, Rh, Ni and Cu. Platinum, Pd and Au are analysed using a lead collector fire assay technique with a silver cocollector and ICP-OES finish. Rh is analysed by separate fire assay using a palladium collector and ICP-OES finish. Ni and Cu analyses are done by aqua regia with an AA finish and reflect the acid soluble metal content. Quality control procedures include the submission of certified reference materials with every reef intersection submitted. Results of the standards and blanks should be reviewed on a batch by batch basis along with the internal laboratory standards and repeats. Milled reject pulps returned from Lakefield are relabelled and resubmitted to Lakefield for repeat analyses. A selection of pulp rejects with reference materials are also submitted to the Genalysis in Perth Australia who act as the umpire laboratory. Over the period since the 1 October 2007 effective date to the assay receipts cut-off date of 30 June 2008 a further 511 international reference materials have been inserted into the sample stream sent to the SGS laboratory along with 252 blanks and 1,381 repeats of milled rejects. The blanks of quartz river sand are normally inserted after a sample containing the base of visible mineralisation in the Merensky and at the base of the UG2, where higher grades are expected. The 1,381 repeat samples returned to Lakefield give acceptable results with no bias between the two sample sets for 3E (Pt, Pd, plus Au). The statistics on the Half Absolute Relative Difference ( HARD ) values show that only 3% of these are greater than 10% for Pt values greater than 0.10g/t. Where the HARD values are higher they tend to be from assays close to the detection limit. For the 713 base metals results only 1% of the HARD values for Ni are above 5% and 7 values were

48 Page 28 removed with clearly spurious results. Regrettably the fact that these spurious results exist at all is a reflection of inadequate batch-by-batch monitoring of assay returns by Boynton. The blank samples also gave acceptable results with one exception, which returned values indicating sample number transposition (6.67g/t 4E). The average for all other samples at 0.057g/t 4E shows that there has been no significant contamination and 98% of the values are less than 0.15g/t 4E. However SRK notes that sand samples require no crushing and therefore the blanks only check the milling procedures. Eleven different reference materials were used appropriate to the two reefs and although 511 samples were submitted not all of these were assayed for all metals. The table below summarises the results of these submissions. The table gives the reference material identification, type and certified value. The HARD values reflect the variance between the average assays and certified values. None of the reference materials returned 100% compliance for all metals and overall these returns are worse than the first sets of assays reported in October 2007, and again reflect a lack of control by Boynton on each batch. The SARM standards show far less compliance for the 4E than the AMIS reference materials which suggests a problem with the SARM reference materials rather than the laboratory.

49 Page 29 Table 12.1 Summary of Reference Material Results Pt Pd Rh Au Ni Cu 4E Reference Total Submitted Material Number in Range % Values in Range 71% 75% 81% 56% 97% 94% 80% SARM 65 Number or Assays Number in Range % Values in Range 38% 73% 36% 53% 58% Certified Value Average Assay HARD Value on Average 1% 1% 1% 10% 1% SARM 7B Number or Assays Number in Range % Values in Range 25% 50% 75% 50% 53% Certified Value Average Assay HARD Value on Average 1% 0% 1% 1% 1% SARM 70 Number or Assays Number in Range % Values in Range 82% 73% 85% 60% 85% Certified Value Average Assay HARD Value on Average 0% 0% 2% 10% 0% SARM 71 Number or Assays Number in Range % Values in Range 69% 73% 81% 75% 80% Certified Value Average Assay HARD Value on Average 1% 0% 2% 2% 0% SARM 73 Number or Assays Number in Range % Values in Range 70% 60% 98% 87% 83% Certified Value Average Assay HARD Value on Average 0% 0% 1% 2% 0% AMIS0006 Number or Assays Number in Range % Values in Range 0% 33% 33% 0% 100% 33% 33% Certified Value Average Assay HARD Value on Average 2% 3% 16% 37% 0% 20% 3% AMIS0007 Number or Assays Number in Range % Values in Range 100% 100% 100% 88% 100% 100% 100% Certified Value Average Assay HARD Value on Average 0% 2% 1% 5% 1% 2% 0% AMIS0008 Number or Assays Number in Range % Values in Range 73% 77% 96% 85% 100% 96% 73% Certified Value Average Assay HARD Value on Average 1% 1% 1% 2% 0% 0% 1%

50 Page 30 AMIS0009 Number or Assays Number in Range % Values in Range 75% 73% 80% 84% 94% 94% 75% Certified Value Average Assay HARD Value on Average 3% 2% 4% 1% 2% 2% 3% AMIS0010 Number or Assays Number in Range % Values in Range 94% 91% 87% 0% 100% 100% 96% Certified Value Average Assay HARD Value on Average 0% 2% 1% 11% 0% 2% 1% AMIS0034 Number or Assays Number in Range % Values in Range 75% 100% 83% 90% 85% 60% 90% Certified Value Average Assay HARD Value on Average 1% 1% 5% 3% 0% 4% 2% What is surprising is that in some instances the higher grade reference material (SARM7b, SARM71, SARM73 and AMIS0008) shows much lower compliance than some of the lower grade standards (SARM70 and AMIS0002). The HARD values comparing the average assay results with the certified value are within what would normally be accepted for individual assay repeats for this type of sample, with the exception of the SARM Ni results. This suggests that the overall rather indifferent compliance is balanced by high and low results against the standards Genalysis Umpire Assays SRK have reviewed the results of the umpire assays on 954 samples sent to Genalysis but it should be noted that the Genalysis fire assays were done using a nickel sulphide rather than a lead collector. This will give a slightly different result for Pt, Pd and Rh, but it allows the determination of Ir and Ru, which make a material contribution to the value of the two reefs. This is discussed further in the Resource estimation section. The comparison of the Genalysis and SGS results showed spurious values for 25 samples with HARD values in excess of 40% with an average of 76%. The HARD value of the averages returned from the two laboratories for these samples is 28.1% (Table 12.2). These have been removed from the comparative database. The reasons for these anomalies are unknown but could be the result of mis-numbered samples. In addition the results were split into two for Pt values above and below 0.1g/t (Genalysis assays) partly on the assumption that very of the few low values are included in the Resource database and the number of high individual HARD values increases as assay detection limits are approached.

51 Page 31 Table 12.2 Statistics on Lakefield Genalysis Anomalous Umpire Assays Genalysis 4E SGS Lakefield 4E HARD Value 4E g/t g/t % All Values Ave % All Values No Values> 0.1 Pt g/t % Values> 0.1 Pt No Values< 0.1 Pt g/t % Values< 0.1 Pt No Wild Values g/t % Wild Values No The remaining 789 samples gave very acceptable regression slopes and these are tabulated below and the scatter plot for the 4E repeats is shown in Figure No Ni and Cu repeats were done as the procedures employed by Genalysis are different to those used by SGS and this was discussed in the previous report of October Table 12.3 Statistics on Lakefield Genalysis Umpire Assays No. Average SGS Average HARD Value Regression Lakefield Genalysis of Average Slope g/t g/t % Pt % 1.00 Pd % 1.03 Rh % 0.95 Au % E % 1.01 Figure 12.1 Scatter Plot of 4E Umpire Assays 60 4E Scatter Plot 50 y = 1.01x R 2 = Lakefield Genalysis

52 Page 32 The table below gives the results of the standards submitted along with the replicate assays to Genalysis. The only metal showing a low compliance is Au, but the Au values are very low, and for some standards, approaching detection limit for the assay method. The two SARM standards have been omitted from this assessment because only the Pb collection certified values are quoted and Genalysis has used a NiS collector. The table below shows the much better, and acceptable, compliance of the Genalysis results against the certified values than achieved by SGS. Table 12.4 Statistics on Standards Submitted to Genalysis Pt Pd Rh Au Ir Ru Os Total Submitted Number in Range % Values in Range 100% 91% 100% 84% 100% 100% 85% 12.3 Conclusion Despite the problems with the SGS results, there is minimal bias for all of the 4E values between the two laboratories and the HARD values on the averages of the two sets of replicates are within an acceptable range. Based on this, SRK considers the quality and quantity of data to be sufficient to support the Mineral Resource estimates as reported herein. However, SRK remains concerned about the quality of the SGS results and recommends that Boynton address this issue, which is required by their sampling and assay protocol. 13 DATA VERIFICIATION Site visits to the Mphahlele Project area and core storage shed in Polokwane were made by Dr Anthony Martin on 4 August 2007 and 13 March Two core drill rigs were observed during the first visit, although one was being relocated at the time and three core trays were observed at the operating rig. The project manager and geologist described the procedures used on the project from receiving and marking drill core, geological logging, sampling and sample despatch. Good field procedures were being followed and that all three geologists were knowledgeable on the local geology and the styles of mineralisation and proficient in sampling procedures. During the first visit at least 15 mineralised intersections from both the UG2 and Merensky reefs were examined at the Polokwane storage shed from both previously sampled core and one hole in the process of being sampled. These were checked against the logs and the geology assessed. During the second visit with Mark Wanless the core and facies variations of the two reefs were examined with Chris Beater.

53 Page 33 Plate 13.1 Drill Rig on Hole MP Plate 13.2 Marking up of Split Core The sampling of the core has been undertaken using general industry benchmarks, as described in Sections 12 and ADJACENT PROPERTIES The Lonmin Limpopo property lies immediately to the west of the Mphahlele block. This segment of the northern part of the eastern limb of the BIC was explored by Southern Era up to 2004 and has been in production since The mine complex currently mills around 800,000 tonnes per annum and produces 38,000oz of Pt in concentrate.

54 Page 34 To the East and beyond a series of faults lies the Atok Mine of Lebowa Platinum Mines (Anglo Platinum) which currently produces 92,000oz of Pt per annum from 1,400,000 tonnes milled. Both of these mines exploit the Merensky and UG2 and are strike extensions of the same reefs being explored by Platmin on the Mphahlele property. Figure 14.1 Adjacent Properties in Relation to Mphahlele Eastern Bushveld Platinum Projects Lebowakogomo Lebowa Plats/Atok Lonmin Limpopo Mphahlele Phosiri Ga-Phasha Twickenham Mphahlele Project Area De Kom Marula Garatouw Mooihoek Legend PGE Holdings Company Name Platmin Tameng/Platmin AIM Resources Regional Geology Stratigraphy Upper Zone Main Zone Critical Zone Grootboom Project Area Modikwa Kennedy's Vale Steelpoort Grootboom Anglo Platinum Anglo Plats/ARM JV Anglo Plats/Anooraq JV Anglo Plats/Northam JV ARM/Impala Platinum Aquarius East Plats Lower Zone Faults Urban Areas Mooiplaats Two Rivers Annex Grootboom Spitskop Cluff (Ridge Mining) Jubilee Platinum Impala Platinum Lonmin NKWE Nkwe/Genorah Lesego Platinum Great AUS Resources Tjate/Jubilee Platinum Australia Groblersdal Millenium Der Brochen Booysendal JV Mareesberg Everest North Everest South Sheba's Ridge Blue Ridge Loskop JV Lonmin Mineral Range Loskop JV Project Area Dullstroom Kilometers Projection: UTM 35S (WGS84)

55 Page MINERAL PROCESSING AND METALLURGICAL TESTS Metallurgical test-work has been conducted at the Mintek Laboratory in Johannesburg on core samples obtained during the current drilling programme and a report (Makanya, 2007) on this was presented to the company in August Mintek is one of the main metallurgical laboratories in South Africa with considerable experience in treating ores from the Bushveld Complex. A total of twelve Merensky and twelve UG2 half-borehole core samples of approximately 5kg each from Mphahlele, representing the geographical extent and from the nominal 300m and 500m depths, were delivered to Mintek for comminution flotation and variability characterisation test work. As the concentrate is initially to be sold to an external smelter the concentrate grade is of critical importance because if the grade is low penalties will be incurred along with increased transport costs, but achieving a high grade will lower the overall recovery. This work showed that the following recoveries could be achieved through a conventional plant and that the Mphahlele ore is not significantly different to the Lonmin Limpopo property to the west. It was noted however that operating plant performance in South Africa is generally 5% lower than that achieved in a laboratory. Pt, Pd, Rh & Au Ni Cu 87.8% 69.4% 74% Four Merensky Reef and four UG2 borehole core samples were submitted to Mintek for additional test-work from boreholes of around 750m depth. The results are not available yet. The general circuit is likely to require two-stage milling with flotation through a rougher, cleaner and re-cleaner cells and in this report a number of basic plant configurations were discussed including crusher and flotation options through to final handling of concentrate. Further cleaner work was recommended on composite UG2/Merensky blends of ore to demonstrate whether the PGE grade-recovery relationship can be enhanced through one or a combination of a coarse grind-float-mill-float or varying the secondary grind from 60% passing -75µm to 90% passing 25µm, with the objective of determining whether the increased rougher recovery from fine milling can be supported for plant design. The Mphahlele mineralisation is similar to that at Lonmin Limpopo Mine in the respect to the high sulphide content of both reefs. This allows treatment of the UG2 and Merensky in any blended proportion through a single plant without affecting recoveries.

56 Page MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES 16.1 Mineral Resource Cut Selection The approach taken towards selecting an appropriate mineralised width for inclusion in the Mineral Resource differed significantly between the Merensky pyroxenite and the UG2 Chromitite. This is primarily because the Merensky pyroxenite is typically wider than the UG2 Chromitite layer, and the mineralisation tends to peak close to the top of the pyroxenite and gradationally tails off downwards. In normal UG2 intersections the PGE mineralisation tends to peak towards the base of the Chromitite, although the entire chromitite is generally mineralised Merensky The Merensky pyroxenite mineralised width for use in the Mineral Resource estimation ( Merensky Mineral Resource Cut ) was generated based on a set of rules applied to all intersections. The upper contact of the Merensky Pyroxenite was marked by Boynton Geologists and used as the top of all intersections. The peak of mineralisation is generally offset from the top of the pyroxenite, and associated with a chromitite stringer. The top portion of the pyroxenite above the Chromitite stringer typically varies between 15cm and 40cm, and is generally very poorly mineralised, however the chromitite stringer is not ubiquitously observed in the boreholes, and the Boynton geologists did not consider it appropriate to use it as a visual marker for the top of the mineralisation. A minimum mining width of 1.2m has been used in the definition of the Merensky Mineral Resource Cut. All samples up to a width of 1.2m (with the width measured perpendicular to the top of the pyroxenite layer) are included in the Merensky Mineral Resource Cut regardless of the grade. All boreholes were drilled vertically, and an average dip of 51 has been used to correct the vertical thickness to true thickness. Samples were not subdivided in the definition of the Merensky Mineral Resource Cut, and the widths are therefore commonly slightly greater than 1.2m. Where the mineralisation extended beyond the 1.2m minimum width, additional samples were added to the Merensky Mineral Resource Cut. For each sample, a composite metal value is calculated by converting the grade of the sample to a combined US$/t metal value. The long term metal price assumptions (provided by Boynton) used in the calculation are presented in Table The length weighted average value, grade and widths were calculated for a range of metal value cut-offs, and the results of the calculations are summarised in Figure 16.1Sensitivity of average width, grade and metal value to metal value cut-off

57 Page 37. If a sample value below the 1.2m width is greater than the cut off it is included in the Merensky Mineral Resource Cut. If three consecutive samples are below cut off, the Merensky Mineral Resource Cut is restricted to the previous sample above the cut off. If however the average value of a sample, and the one or two below cut off samples above it is greater than the cut off, then the Merensky Mineral Resource Cut is extended to include those samples. A cut off of US$55/t was selected as the most appropriate, taking into consideration incremental mining and processing costs, the sensitivity of the project to grade, and the larger incremental changes in width and grade below this value. Table 16.1 Long term metal price assumptions used in calculating a composite metal value Metal Pt Pd Rh Au Ni Cu Units US$/oz US$/oz US$/oz US$/oz US$/lb US$/lb Value 1, , Minimum Width of 1.2 m Average Composite Width and US$ Value E Composite Grade Marginal cut-off metal value Average Value Average Width Average 4E Grade 0.00 Figure 16.1 Sensitivity of average width, grade and metal value to metal value cut-off

58 Page 38 Cumulative length Metal value ($/t) BHID FROM TO Cumulative length Metal value ($/t) BHID FROM TO MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X Average MP_00X Average MP_00X MP_00X MP_00X MP_00X MP_00X Average MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X MP_00X Figure 16.2 Application of the metal value cut-off for calculating sample length Figure 16.2 illustrates two hypothetical scenarios where the Merensky Mineral Resource Cut would be affected by the method of application of the value cut-off. Samples with a metal value of greater than the cut-off are highlighted in blue. The minimum mining width is bordered in red in the cumulative length column, and the selected cut is bordered in black in the US$/t metal value column. The calculations on the right of a $/t value are the average of the samples indicated by the red arrows, and are colour coded as for the US$/t metal values. In the Figure 16.2 scenario on the left, the two samples immediately below the last sample included in the minimum width fall below the selected cut-off of US$55/t. The third sample however has a relatively high value, and the average of the first three samples beyond the minimum width fall above the cut-off, and is included in the selected cut. Similarly for the fourth to sixth samples below the minimum width, the average value is greater than the cut-off, and these are included in the selected cut. The fourth sample is contiguous with samples already included in the mining cut, and is above the cut-off, and so would be included in the mining cut. The fifth sample is below cut-off, and is dependent on the value of the following sample being high enough to carry it. In the scenario on the right, although there are relatively high value samples below the minimum mining width, the average of the three samples below the minimum mining cut are below the cut-off of US$55/t, and hence are not included in the Merensky Mineral Resource Cut. Using the Merensky Mineral Resource Cut calculated for every borehole and deflection, a composite grade and width was calculated for each metal over the selected width. The metal accumulations were calculated as the product of each metal grade and width, expressed as cm.g/t. SRK prefer to use metal accumulations for estimation rather than grades where the composite widths are variable.

59 Page UG2 The methodology for the definition of the UG2 Chromitite mineralised width for use in the Mineral Resource estimation ( UG2 Mineral Resource Cut ) is simpler than the methodology used for the Merensky Pyroxenite, in that presence of chromitite is the principal guiding factor in the selection of samples. The top of the chromitite was used as the start of all the composites. A minimum width of 1.2m (with the width measured perpendicular to the top of the chromitite layer) was used in all intersections, and if the chromitite thickness was less than 1.2m, samples from the footwall of the chromitite were used to bulk up the sample to the minimum width irrespective of the grade of the samples. All boreholes were drilled vertically, and an average dip of 51 has been used to correct the vertical thickness to true thickness. Where the UG2 chromitite was considered to be normal (i.e. unaffected by intrusions, potholes, slumping, or duplication) the full width of the chromitite was selected. Where the chromitite was considered to be unusually thick, an appropriate cut was selected. A statistical analysis of intercepts with an anomalously thick layer suggested a cap on the thickness of 1.8m but this was only used as a guideline and was not rigorously applied. Instead each intersection was examined in detail for grade profile, geology and consistency between deflections and where these dictated a thicker cut, this was used. The maximum thickness used in the Mineral Resource estimate was 2.40m against a maximum thickness of 4.42m and including parting material (usually pyroxenite) up to 5.65m. An analysis of the vertical grade distribution within the UG2 chromitite revealed that aside from the internal silicate parting, there are two distinct layers within the UG2 Chromitite; evidenced by marked differences in metal ratios between them. Figure 16.3 and Figure 16.4 illustrate the down hole change in average grade, and Pt:Pd ratio. While the thickness of the two layers varies between holes, it can be seen from the graphics that typically the first 5 samples (±65cm) have significantly lower Pd, Au, Ni and Cu grades compared to the samples stratigraphically below. Pt and Rh show a peak around the 6 th and 7 th samples. The Pt:Pd ratio shows a significant variation with a similar pattern to the grade. The upper portion of the UG2 tends to have a high Pt:Pd ratio, of approximately 1:5, whereas the ratio in the lower portion averages around or slightly below 1:1. SRK initially modelled the UG2 Mineral Resource Cut as a single entity, with relatively poor results in terms of the semi-variograms. In light of the different grade populations noted above, SRK elected to model the UG2 in three layers. Samples within the UG2 Mineral Resource Cut were coded according to the lithology (i.e. Chromitite or silicate parting) and then by consideration of the Pt:Pd Ratio. The upper portion of the UG2 Mineral Resource Cut with an elevated Pt:Pd ratio was separated from the generally lower Pt:Pd ratio lower portion. An approximate guideline of Pt:Pd of 1.5 was used to position the boundary between the two chromitite subdivisions. The definition of the silicate parting unit was complicated by the variability in the type, location and number of silicate samples. The silicate parting was not universally present, and in places there is more than one parting.. Although it is generally located close to the interface between the upper and lower chromitite units described above, it also occurs above and below this position. Only one

60 Page 40 parting was modelled for each intersection. Where there was more than one parting present, the largest parting, or the parting closest to the interface between the two chromitite layers was coded, and the remaining silicate samples included in the chromitite unit surrounding it. Some intersections did not have a silicate parting unit defined. The units were designated Zone 1, Zone 3 and Zone 4 for the Upper chromitite, silicate parting and Lower chromitite units respectively. For each sub unit for every borehole and deflection, a composite grade and width was calculated for each metal over the selected width. The metal accumulations were calculated as the product of each metal grade and width, expressed as cm.g/t. SRK prefer to use metal accumulations for estimation rather than grades where the composite widths are variable. Where a Zone 3 composite existed within a Zone 1 or Zone 4 composite, the Zone 1 or 4 composite was created excluding the Zone 3 samples. The effect of this is to create a thinner composite for these zones that ignores the existence of the Zone 3 samples. This was done for the grade interpolation purposes although the unit thickness information and relative position was retained for the wireframe modelling Average down hole metal grades Metal grades for Pt and Pd (g/t) Metal grades for Rh, Au (g/t), Ni and Cu (%) Down hole sample number for the UG2 Chromitite 0.00 Pt Pd Rh Au Ni Cu Figure 16.3 Average down-hole metal grades for the upper portion of the UG2 Chromitite

61 Page Average Pt:Pd Ratio down hole variation Pt:Pd Ratio Down hole sample number for the UG2 Chromitite Figure 16.4 Average down-hole Pt:Pd Ratio for the upper portion of the UG2 Chromitite 16.3 Wireframe modelling Wireframe models were created for the Merensky and UG2 Mineral Resource Cuts, and in the case of the UG2, for the sub units described in section For both reefs, a top surface was created using the top of reef position in the desurveyed mother holes. Both reefs have a very gentle, open, plunging anticlinal form. In order to best model this morphology, a second order polynomial trend function was calculated from the desurveyed points for each reef. A process in Datamine uses the trend function to generate a smoothed surface. The process works as follows: all the data points have the value of the trend surface at that point subtracted from them. Then these residuals are interpolated, giving estimates of trend surface residuals at cell and sub-cell centres; finally the value of the trend surface at each cell or sub-cell centre is added back to the residuals, to give elevations. The resulting surface has the general curvature of the trend surface, but passes through the original points. The output from the process is a block model, which is converted into a set of point elevations on a regular grid. These points are then converted into a wireframe surface which honours the original points (the top of reef position in the desurveyed mother holes) but follows the trend of the orebody between and beyond the drilling. The vertical thickness of all intersections calculated from the Mineral Resource cuts described in section 16.1 is interpolated using ID² onto all vertices on the wireframe surface. For the Merensky Mineral Resource Cut, the full composite thickness is interpolated, and the thicknesses subtracted

62 Page 42 from the elevation of the vertices, creating a new surface, of variable distance below the top surface representing the base of the Merensky Mineral Resource Cuts. For the UG2, the process was similar, but complicated by the modelling of three separate layers of variable thickness. The vertical thickness from the top of the UG2 Mineral Resource cut to the top and bottom of the Zone 4 layer were interpolated to define the top and base of the two chromitite layers. The thickness to the top and base of the Zone 3 layer were also interpolated, and this layer exists within, and overlaps the two chromitite layers, depending on its position in the borehole intersections. The thickness of the chromitite units includes the silicate unit (Zone 3), however Zone 3 will overprint the other two layers during the block modelling to maintain the volume integrity of all zones. The separation between the top and bottom surfaces for both Zone 1 and Zone 4 is regularly greater than the width of the grade composites defined in those locations; however the removal of the width of the zone 3 composite (or wireframe) thickness will align the actual separation between surfaces to the widths of the composites Data Statistics The Merensky Reef displays variable physical characteristics across the mining lease, and a variable grade, with the grades generally lower on the eastern side than on the western side. Towards the centre of the mining lease area the Merensky Reef is characterized by pervasive iron rich ultramafic pegmatoid, serpentinised dunite and harzburgite, altered and contaminated lithologies, and shear zones. The Merensky Pyroxenite stratigraphic unit is also excessively thick, averaging 59m.The lithological characteristics of the Merensky Reef footwall lithologies are also different from the remainder of the project area and have thus been designated alternative stratigraphic correlations. These lithologies comprise serpentinised dunite and harzburgite intercalated with mottled and spotted anorthosite and norite. It is considered that these serpentinites have preferentially intruded pyroxenite lithologies during a post-crystallization event (for further detail see Section 6.2. Boynton geologists have defined three broad facies for the Merensky Reef illustrated in Figure 16.5: The A facies on the western portion of the Mining lease, the B facies on the eastern portion, and the central portion designated as the C facies. The C facies has been excluded from the Mineral Resources although the statistics of the Merensky Mineral Resource Cut for this facies have been included in this section. The UG2 Chromitite displays little systematic lateral variation, and has not been laterally subdivided into facies. As noted in section however the UG2 Mineral Resource Cut has been vertically subdivided into three zones, and the statistics of these three zones are presented in this section.

63 Page E N E E E E E E E E E E E E E E E N N N N MP-013 MP-014/D3 MP-014/D4 MP-100 MP-028/D4 MP-028/D5 MP-016/D3 MP-016/D4 MP-096 MP-101 MP-015/D3 MP-095 MP-030/D4 MP-030/D3 MP-106/D1 MP-043/D3 MP-043/D4 MP-029/D3 MP-029/D4 MP-105 MP-034/D3 MP-034/D4 MP-027/D4 MP-027/D5 MP-099 MP-045/D3 MP-045/D4 MP-104 MP-098 MP-033/D3 MP-033/D4 MP-018/D4 MP-018/D5 MP-047/D3 MP-047/D4 MP-032/D3 MP-032/D4 MP-103 MP-097 MP-089/D3 MP-089/D4 B Facies MP-088/D3 MP-088/D N N N MP-025/D3 MP-025/D N MP-002/D3 MP-002/D4 MP-001/D4 MP-001/D N MP-040/D2 MP-040/D3 MP-041/D3 MP-041/D4 MP-004/D3 MP-004/D4 MP-038/D0 MP-038/D3 MP-038/D4 MP-005/D4 MP-005/D5 MP-037/D0 MP-007/D4 MP-007/D3 MP-006/D3 MP-006/D4 MP-112 MP-036/D3 MP-036/D4 MP-035/D3 MP-035/D4 MP-008/D3 MP-008/D4 MP-019/D3 MP-019/D4 A Facies MP-083/D3 MP-083/D4 MP-010/D3 MP-010/D5 MP-115 MP-009/D3 MP-009/D5 MP-020/D3 MP-020/D4 MP-084/D3 MP-084/D4 MP-085/D4 MP-085/D3 MP-024/D3 MP-024/D4 C Facies MP-086 MP-087/D3 MP-087/D4 MP N N MP-082/D3 MP-082/D N MP-080/D3 MP-080/D4 MP-081/D3 MP-081/D N 1: N E E E E E E E E E E E E E E E N E Figure 16.5 Merensky Pyroxenite Facies 16.5 Merensky Mineral Resource Cut The univariate statistics of the Merensky Mineral Resource Cuts for the three facies defined for the Merensky pyroxenite are presented in Table 16.2 to Table 16.4 below. The univariate statistics of the combined Merensky Mineral Resource Cuts for all intersections are presented in Table Table 16.2 Univariate statistics of the A Facies of the Merensky Reef Variable Count Minimum Maximum Mean Variance CoV Pt (g/t) Ratio to Pt Pd (g/t) Rh (g/t) Au (g/t) Ni (%) Cu (%) Density Length Pt (cm.g/t) Pd (cm.g/t) Rh (cm.g/t) Au (cm.g/t) Ni (cm.%) Cu (cm.%)

64 Page 44 All variables show relatively low coefficients of variation ( CoV ) indicating a relatively uniform population and that the further sub-division of the area used in the previous Resource estimation of the A facies is not necessary. Table 16.3 Univariate statistics of the B Facies of the Merensky Reef Variable Count Minimum Maximum Mean Variance CoV Pt (g/t) Ratio to Pt Pd (g/t) Rh (g/t) Au (g/t) Ni (%) Cu (%) Density Length Pt (cm.g/t) Pd (cm.g/t) Rh (cm.g/t) Au (cm.g/t) Ni (cm.%) Cu (cm.%) As with the A facies, all variables show low coefficients of variation, although these values are marginally higher than for the A facies. Although the average grades of all metals is lower for this facies, the metal ratios are similar to those of the A facies. Table 16.4 Univariate statistics of the C Facies of the Merensky Reef Variable Count Minimum Maximum Mean Variance CoV Pt (g/t) Pd (g/t) Ratio to Pt Rh (g/t) Au (g/t) Ni (%) Cu (%) Density Length Pt (cm.g/t) Pd (cm.g/t) Rh (cm.g/t) Au (cm.g/t) Ni (cm.%) Cu (cm.%) The coefficients of variation for the C facies are also uniformly low for all variables, and the metal ratios are similar. The disturbed and irregular nature of the borehole intersections however means

65 Page 45 that SRK have insufficient confidence in the continuity of mineralisation to include this facies in Mineral Resource estimation. Table 16.5 Univariate Statistics of the A and B Facies of the Merensky Reef Variable Count Minimum Maximum Mean Variance CoV Pt (g/t) Ratio to Pt Pd (g/t) Rh (g/t) Au (g/t) Ni (%) Cu (%) Density Length Pt (cm.g/t) Pd (cm.g/t) Rh (cm.g/t) Au (cm.g/t) Ni (cm.%) Cu (cm.%) When analysing the experimental semi variograms discussed in section below, SRK noted that the combined dataset of the A and B facies yielded a more stable experimental semi-variogram than for either of the datasets alone. The histograms and scatter plot in Figure 16.6, Figure 16.7, and Figure 16.8 are for the composites of the combined datasets of the A and B facies. The scatter plot in Figure 16.8 indicates that the metal ratios are similar for both facies, and the histograms do not show any characteristics of multiple populations. Therefore SRK elected to combine the data from the two facies for Mineral Resources estimation.

66 Page 46 PT Nb Samples: Minimum: Maximum: Mean: Std. Dev.: PD 0 1 Nb Samples: Minimum: Maximum: Mean: Std. Dev.: RH Nb Samples: Minimum: Maximum: Mean: Std. Dev.: AU Nb Samples: Minimum: Maximum: Mean: Std. Dev.: PT PD RH AU NI Nb Samples: Minimum: Maximum: Mean: Std. Dev.: CU Nb Samples: Minimum: Maximum: Mean: Std. Dev.: LENGTH Nb Samples: Minimum: Maximum: Mean: Std. Dev.: DENSITY Nb Samples: Minimum: Maximum: Mean: Std. Dev.: NI CU LENGTH DENSITY Figure 16.6 Histogram of composites for Merensky grade variables, length and density

67 Acc_Pt Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Page 47 Acc_Pd Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Rh Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Pt Acc_Pd Acc_Rh Acc_Au Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Ni 0 50 Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Cu Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Au Acc_Ni Acc_Cu Figure 16.7 Histograms of Merensky composites for metal accumulation variables

68 Page 48 0 PD 1 2 rho= Scatter Diagram (PT, PD, RH, AU, NI, CU) RH AU rho=0.906 rho= NI rho= CU rho= PT 2 3 rho=0.927 PD 2 2 PD 1 1 PD PT 0 1 PT 2 3 rho= RH RH PT PT rho= AU AU PT 0 1 PT 2 3 rho= NI NI PT 0 1 PT 2 3 rho= CU PT PT RH RH PD 1 2 rho= RH RH PD PD rho= AU AU PD 0 PD 1 2 rho= NI NI PD 0 PD 1 2 rho= CU CU PT PT rho=0.947 AU AU PD 1 1 PD RH RH rho= AU AU RH RH rho= NI NI RH RH rho= CU CU PT PT rho= NI NI PD 1 1 PD AU AU rho= RH RH AU AU rho= NI NI AU AU rho= CU CU PT PT rho= CU CU PD 1 1 PD NI NI rho= RH RH NI NI rho= AU AU NI NI rho= CU CU PT PT rho= PD 1 1 PD CU CU rho= RH RH CU CU rho= AU AU CU CU rho= NI NI CU CU Isatis PT PD RH AU NI Figure 16.8 Scatter plot of composites from the A and B facies for the grade variables

69 Page UG2 Mineral Resource Cut The univariate statistics for the sub-units within the UG2 Mineral Resource Cut are presented in Table 16.6 to Table There are variable numbers of intersections in each zone: Zone 1 is defined in almost all intersections, and Zone 4 is typically defined in most intersections, however in some cases it is not present in the intersection, or exists below the UG2 Mineral Resource Cut. Zone 4 also includes some footwall material, where the UG2 Chromitite is thinner than the 1.2m minimum width. Zone 3 is not universally present, and is only defined where the silicate parting exists, resulting in significantly fewer intersections for this unit. Table 16.6 Univariate statistics of Zone 1 of the UG2 Mineral Resource Cut Variable Count Minimum Maximum Mean Variance CoV Ratio to Pt Pt (g/t) Pd (g/t) Rh (g/t) Au (g/t) Ni (%) Cu (%) Density Length Pt (cm.g/t) Pd (cm.g/t) Rh (cm.g/t) Au (cm.g/t) Ni (cm.%) Cu (cm.%) Table 16.7 Univariate statistics of Zone 3 of the UG2 Mineral Resource Cut Variable Count Minimum Maximum Mean Variance CoV Ratio to Pt Pt (g/t) Pd (g/t) Rh (g/t) Au (g/t) Ni (%) Cu (%) Density Length Pt (cm.g/t) Pd (cm.g/t) Rh (cm.g/t) Au (cm.g/t)

70 Page 50 Ni (cm.%) Cu (cm.%) Table 16.8 Univariate statistics of Zone 4 of the UG2 Mineral Resource Cut Variable Count Minimum Maximum Mean Variance CoV Ratio to Pt Pt (g/t) Pd (g/t) Rh (g/t) Au (g/t) Ni (%) Cu (%) Density Length Pt (cm.g/t) Pd (cm.g/t) Rh (cm.g/t) Au (cm.g/t) Ni (cm.%) Cu (cm.%) The statistics in the tables above illustrate the marked differences in the metal distributions between the three Zones. Although Zone 1 and 4 both have relatively low CoV, the metal tenor and metal ratios within them are significantly different, with the exception of the Pt:Rh ratio which is very similar. The grade of Zone 1 is generally lower than that of Zone 4, but as noted in section , the Pd grade is notably lower in the upper unit. The histograms in Figure 16.9 and Figure the scatter plots in Figure for the combined composites from all zones illustrate the differing populations of data within the three zones. This is particularly evident in the dual peaks in all of the grade histograms, and in the two groupings of different element ratios illustrated in Figure Figure to Figure present the histograms of the grade elements for the individual zones.

71 Page 51 Pt Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Pd 0 5 Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Rh Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Au Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Pt Pd Rh Au Ni Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Cu Nb Samples: Minimum: Maximum: Mean: Std. Dev.: DENSITY 3.0 Nb Samples: Minimum: Maximum: Mean: Std. Dev.: LENGTH Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Ni Cu DENSITY LENGTH Figure 16.9 Histogram of UG2 Resource Cut composites for grade, length and density variables

72 Page 52 Acc_Pt Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Pd Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Rh 0 50 Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Pt Acc_Pd Acc_Rh Acc_Au 0 10 Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Ni 0 10 Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Cu Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Acc_Au Acc_Ni Acc_Cu Figure Histogram of composites from the UG2 Mineral Resource Cut for the accumulation variables of Pt, Pd, Rh, Au, Ni, and Cu.

73 Page 53 Pt Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Pd Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Rh Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Pt Pd Rh Au Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Ni Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Cu 0.03 Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Au Ni Cu Figure Histogram of composites from the UG2 Zone 1 for the accumulation variables of Pt, Pd, Rh, Au, Ni, and Cu.

74 Page Pt 3 Nb Samples: 84 4 Minimum: Maximum: Mean: Std. Dev.: Pd 0 5 Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Rh Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Pt Pd Rh Au Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Ni Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Cu Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Au Ni Cu Figure Histogram of composites from the UG2 Zone 3 for the accumulation variables of Pt, Pd, Rh, Au, Ni, and Cu.

75 Page 55 Pt Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Pd Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Rh Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Pt Pd Rh Au Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Ni Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Cu Nb Samples: Minimum: Maximum: Mean: Std. Dev.: Au Ni Cu Figure Histogram of composites from the UG2 Zone 4 for the accumulation variables of Pt, Pd, Rh, Au, Ni, and Cu.

76 Page 56 0 Pd 5 rho= Scatter Diagram (Pt, Pd, Rh, Au, Ni, Cu) Rh Au rho=0.922 rho= Ni rho= Cu rho= Pt 3 3 Pt Pt 3 3 Pt Pt 3 3 Pt Pt 3 3 Pt Pt 3 3 Pt Pt rho=0.723 Pd 0.0 Rh Rh rho=0.702 Au Au rho= Ni Ni rho= Cu Cu rho= Pd 5 5 Pd Pd 5 5 Pd Pd 5 5 Pd Pd 5 5 Pd Pd 5 5 Pd Pt Rh Au Ni Cu Pt rho= Pd 5 10 rho=0.702 Au rho= Ni rho= Cu rho= Rh Rh Rh Rh Rh Rh Rh Rh Rh Rh Pt Pd Au Ni Cu Pt rho= Pd 5 10 rho= Rh rho= Ni rho= Cu rho= Au Au Au Au Au Au Au Au Au Au Pt Pd Rh Ni Cu Pt rho= Pd 5 10 rho= Rh rho=0.546 Au rho= Cu rho= Ni Ni Ni Ni Ni Ni Ni Ni Ni Ni Pt Pd Rh Au Cu Pt rho= Pd 5 10 rho= Rh rho=0.588 Au rho= Ni rho= Cu Cu Cu Cu Cu Cu Cu Cu Cu Cu Isatis Pt Pd Rh Au Ni Figure Scatter plot of composites from the UG2 Mineral Resource Cut for the grade variables of Pt, Pd, Rh, Au, Ni, and Cu.

77 16.7 Semi variograms Page 57 SRK tested various options when compositing boreholes and calculating and modelling the semivariograms for each reef. As discussed in section 16.1 the Merensky was subdivided laterally into facies. The UG2 however was subdivided vertically into three layers or Zones. The details of the semi-variogram modelling are discussed in this section. In all cases omni-directional semivariograms were modelled, as there is insufficient information in a down dip direction for robust semivariogram calculation Merensky Reef Because of the differences in grade identified between the facies on the eastern and western portions of the mining lease, and the disturbed and unusually thick nature of the pyroxenite in the central portion, the Boynton geologists have defined three facies for the Merensky pyroxenite. The A facies on the west is generally higher grade, the B facies on the eastern side is of lower grade, and the C facies in the central portion is disturbed by pervasive iron rich ultramafic pegmatoid, serpentinised dunite and harzburgite, altered and contaminated lithologies, and shear zones. The C zone has been excluded from the Mineral Resource and is not considered further. Initially SRK calculated experimental semi-variograms for each facies separately, however when analysing the experimental semi variograms SRK noted that the combined dataset of the A and B facies yielded a more stable experimental semi-variogram than for either of the datasets alone. The ranges or the semi-variograms were similar for both datasets, and considering the similarities in the statistics and metal ratios discussed in section 16.4, SRK elected to combine the data from the two facies for Mineral Resources estimation. Because of the C facies that exists between the A and B facies, and the search ranges used in the estimation, only data from one facies was used to estimate grades within that facies. Despite the use of a single semi-variogram derived from the combined datasets of both facies, the facies boundaries were effectively hard boundaries in the estimation. The modelled and experimental semi-variograms are presented in Figure The accumulation semi variograms for all metals show relatively robust structures up to ranges of between 500m and 100m. Beyond 1,000m the experimental semi-variograms destabilise. The Pt, Pd, Rh, and Au accumulation semi-variograms show similar structures and ranges, whereas the base metal accumulations have slightly shorter ranges. The length and density semi-variograms show reasonably good structures at ranges shorter than 750m, however beyond this, the variance increases significantly, and in the case of density, continues rising, indicating a possible trend at ranges beyond 750m. In all cases the experimental data were modelled with spherical semivariograms. With the exception of the Au accumulation, which was modelled with a dual structured spherical model, all variables were modelled with single structured models. WANL/wanl Oct 08 Final.doc, October 2008

78 Page 58 Figure Semi-variogram models for all estimated variables for the combined A and B facies composites. WANL/wanl Oct 08 Final.doc, October 2008

79 UG2 Page 59 As detailed in sections and 16.6 the UG2 Mineral Resource Cut was divided into three layers (or zones) because of the observed vertical changes in metal distribution. Each zone was modelled separately, and models and experimental semi variograms for each zone are presented in Figure to Figure The semi-variograms for Zone 1 show relatively low nuggets (determined from the close spaced deflections) of between forty and fifty percent of the population variance, except for Pd and Au, with nuggets of around eighty percent of the modelled sills. All semi variograms are modelled with spherical models, and all variables except Pd have single structures. The ranges vary between 360m (Rh) and 930m (Pt). Despite having relatively fewer composites the Zone 3 semi-variograms generally show the most robust structures and longest ranges. The nuggets for the Pt, Pd, Rh and Au accumulation variables are approximately 60% of the modelled sills, and the base metal accumulation variables approximately 40% of the sills. The length and density variables show lower nuggets, but shorter ranges. The ranges vary between 440m (Length) and 1275m (Au). Of the three layers, Zone 4 shows the poorest structures and shortest ranges. Although the nuggets are generally low, between 30 and 50% of the sills, the ranges are generally around or less than 500m. Pt, Pd and Rh reach the sill of the semi-variogram at the first lag at 300m, indicating that the real ranges may be shorter than this distance. Closer spaced drilling would allow the confirmation of this, and improve the modelling of the short range structures of the semi-variograms. The reason for the shorter ranges is not well understood, but is thought to be because of the cutting of the lower portions of the Chromitite in some cases, as well as the inclusion of footwall material in others where the UG2 Chromitite is less than 1.2m thick. In some instances, a silicate parting was included in these composites where there was more than one silicate parting in the intersections. These factors may be increasing the variance of the composites, and reducing the grade continuity. All variables are modelled with single structure spherical models. WANL/wanl Oct 08 Final.doc, October 2008

80 Page 60 Figure Semi-variogram models for all variables for Zone 1 composites WANL/wanl Oct 08 Final.doc, October 2008

81 Page 61 Figure Semi-variogram models for all variables for Zone 3 composites WANL/wanl Oct 08 Final.doc, October 2008

82 Page 62 Figure Semi-variogram models for all variables for Zone 4 composites WANL/wanl Oct 08 Final.doc, October 2008

83 16.8 Block models Page 63 The block modelling attempted to balance the relatively coarse borehole spacing with the narrow layers, and the requirements of the mine design process for accurate modelling of the location and volume of the layers. Both the Merensky and UG2 have the form of a gentle open plunging anticline, striking on average at 70 azimuth, and dipping at an average of 50 to the south-southeast. The strike length is over 8km, while the layer width is between 1 and 4m. SRK defined a rotated block model, such that the X-Y plane approximated the average dip and strike directions of the layers. A parent block size of 200m in the rotated X and Y directions, and 10m in the rotated Z direction was used. The choice of 200m in the X and Y plane was because this approximates the spacing of the closest spaced drilling on the project. The wireframes were filled with blocks using the wireframe surfaces described in section and sub-celled to 10m blocks in the X and Y directions, and sub-celled to the exact wireframe intersections in the Z direction. This produced an array of blocks that closely matched the wireframes. The block model for the Merensky Reef was restricted to the A and B facies areas. Three block models were created for the UG2 Mineral Resource Cut; one for each of the three Zones defined in section Zone 1 and Zone 4 block models do not overlap, and were created using a common surface: The base of Zone 1 is the same surface as the top of Zone 4. The Zone 3 block model was created from independent wireframe surfaces, and overlaps both the Zone 1 and Zone 4 blocks. After estimation, when combining the block models, the Zone 3 block model was allowed to overwrite both Zone 1 and 4 block models. This ensures the correct volumes of each layer are included in the block model, and does not affect the grade estimates. The Zone 1 and Zone 4 thicknesses that define the volumes (used to generate the wireframe models) are created to include Zone 3, while the grade composites for each of the three layers reflect the metal content and width of that layer exclusive of the existence of another layer that may be positioned within that layer Mineral Resource estimates For all metals, grade accumulation variables were estimated. These are the product of the grades in g/t or % for the base metals, with the widths in cm, expressed as cm.g/t or cm.%. Although the block model has been sub-celled to small blocks, parent cell estimation was used i.e. all sub-cells within the parent block will have the same value for each variable. For the Merensky Reef, only the A facies and B Facies were estimated, and because the C facies separates the two areas, the estimates of a facies used only data from within that facies, even though the data were combined for the purposes of generating semi-variograms. For the UG2, each of the three layers was estimated independently, and the block models combined post estimation, but retaining the layer coding. All variables, in each facies or layer in the cases of the Merensky and UG2 respectively, were estimated using the same search parameters. The search ranges were selected to approximate the average semi-variogram ranges of all variables. For some variables, the search range may be shorter than the full semi-variogram range, while for others it may be longer. The search parameters employed for each estimate are listed in Table Three incremental search volumes were used WANL/wanl Oct 08 Final.doc, October 2008

84 Page 64 i.e. areas not estimated using the initial search volume and parameters are estimated using a larger search radius. The initial search radius was incremented by 1.5 and 3 times in the second and third search volumes. Although the search volume main axes were oriented in the same directions as the rotated block models, the search ranges were the same in all directions. Because of the tabular form of the mineralisation, the estimate is essentially 2D in nature, as the search will only find composites in the X and Y plane. Table 16.9Search parameters used for estimates Unit Initial Search Distance 1 st Search Volume 2 nd Search Volume 3 rd Search Volume Min # of samples Max # of samples Min # of samples Max # of samples Min # of samples Max # of samples Discretisation (X - Y - Z) Merensky x 5 x 1 UG2 Zone x 5 x 1 UG2 Zone x 5 x 1 UG2 Zone x 5 x 1 The grades applied in the Resource for Ru and Ir have been based on analyses provided by Genalysis in Perth, Australia which formed part of the QA/QC procedures. A total of 954 milled pulp rejects prepared by SGS Lakefield in Johannesburg were sent to Genalysis along with 32 samples of international reference materials (see Section 12.2). These samples were from 19 complete intersections through the Merensky and 32 through the UG2 and form 12% of all holes. They have a wide geographic spread and are considered by SRK to be representative for the purposes of determining the grades of the minor PGE and acting as umpire checks on the SGS assays. The assay method for the precious metals used a NiS collector (as opposed to the Pb collector used by SGS) which allows the determination of the minor PGE including Ru and Ir. An assessment of these results shows that the highest correlation coefficients of these minor metals is against Rh (Table 16.10) for all four segments of the reefs for which resources have been estimated. The pyroxenite-hosted mineralisation gives the best correlations but, even though lower correlations are present in the chromitite mineralisation, the link to Rh is better than that for either Pt or Pd. Having established this link, the Rh:Ir and Rh:Ru ratios for the four parts of the Resource were Table Correlation Coefficients for 3PGE s Ru and Ir, and Rh:Ir and Rh:Ru Ratios CC Pt : Ir CC Pt : Ru CC Rh : Ir CC Rh : Ru CC Ru : Ir CC Ir : 3E CC Ru : 3E Ratio Ave. Rh:Ir Ratio Ave. Rh:Ru Merensky 89.4% 82.6% 98.9% 96.8% 98.4% 92.5% 87.5% 1 : : UG2 Top 53.1% 50.1% 71.5% 72.9% 91.9% 57.5% 56.8% 1 : : Parting 83.0% 80.6% 90.2% 87.5% 99.1% 72.4% 68.9% 1 : : UG2 Lower 67.5% 74.2% 71.5% 74.9% 89.0% 52.7% 57.4% 1 : : The Rh:Ru and Rh:Ir ratios in Table used to determine the Resource grades for these two metals were applied to the final grade estimation and not to the individual results. WANL/wanl Oct 08 Final.doc, October 2008

85 16.10 Classification Page 65 The Mineral Resource is classified in accordance with the Canadian Institute of Mining Metallurgy and Petroleum CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines. A number of aspects of the data and estimates were taken into account in the classification. These are summarised below: Quality of logging and sampling: SRK conducted a site visit to assess the quality of geological logging and sampling and were satisfied that due care was being taken in the logging, handling and sampling of the borehole core. SRK consider that the geological logging and sampling are of sufficient quality for use in Mineral Resource estimates, and do not represent a constraint on the classification. Quality of assay data: SRK have assessed the quality of the assay data and consider that the comparison between the primary laboratory (SGS Johannesburg) results and those from the 954 pulp repeats from Genalysis in Australia (see Section 12.2) gives sufficient confidence in the quality of the analytical results from SGS for use in Mineral Resource estimates, and do not represent a constraint on the classification. While the assessment of the reference materials submitted to SGS (see Section 12.1and Table 12.1) shows an overall poor compliance (particularly for the SARM standards) against the permissible range of the certified values, the low HARD values on the averages for the 4E metals between SGS and Genalysis, and the lack of bias between the two assays sets (Figure 12.1) suggests a balance between the high and low results of the standards. Confidence in geological structure and orebody morphology: The borehole intersections generally show consistency in the intersection position of the two orebodies. The geological wireframe models generated by SRK honours the drilling information supplied by Boynton. There is one area where a borehole did not intersect the UG2 at the expected elevation and this area has been specifically excluded from the Mineral Resource until the nature of the reef dislocation has been confirmed. This area is additional to the percentage geological losses applied to the remainder of the Resource Additionally, the central portion of the Merensky Reef where the Reef has been affected by the iron rich ultramafic pegmatoid, serpentinised dunite and harzburgite, altered and contaminated lithologies, and shear zones is excluded from the Mineral Resources. Estimation quality: The estimation quality is controlled principally by the modelled semi-variograms, and the distribution of data with respect to the block being estimated. The estimation quality will therefore vary per grade element estimated, as each of these has a semi-variogram model with different nuggets effects, variances and ranges. SRK therefore utilised borehole spacing as the primary factor influencing the classification. In areas where the typical borehole spacing is less than the average semi-variogram range (and hence fall within the first search radius), the blocks being estimated are typically informed by greater than ten intersections. This results in robust estimates at these locations. Given that the borehole spacing generally decreases with depth, SRK have found it convenient to continue with the method of classification employed during the previous Mineral Resource estimate, WANL/wanl Oct 08 Final.doc, October 2008

86 Page 66 and has classified material above an elevation as Indicated Mineral Resource, and below that elevation as Inferred Mineral Resources. For the Merensky, the boundary elevation is 350m above means sea level ( amsl ), (approximately 550m below surface). For the UG2, the boundary elevation is 170m above means sea level ( amsl ), (approximately 730m below surface). These elevations were selected as they approximate the transition between boreholes spaced at 400m to 500m (i.e. less than the variogram range) and the wider spaced boreholes. Discount Factors Different discount factors have been applied to the raw Resource tonnages depending on the reef, category and facies. These are based on an assessment of the likelihood of losses due to geological anomalies such as potholes and footwall highs, faults, dykes, alteration and other unpredictable features that may disrupt the reef. These loss factors are tabulated below. Table Geological discount factors applied to the Mineral Resources Reef Classification Area Discount Applied UG2 Indicated All areas 15% Inferred All areas 20% Merensky Indicated West 12% East 25% Inferred West 20% East 25% Indicated Mineral Resource Inferred Mineral Resource Drillhole collars Figure Merensky Mineral Resource Classification WANL/wanl Oct 08 Final.doc, October 2008

87 Page 67 Indicated Mineral Resource Inferred Mineral Resource Drillhole collars Figure UG2 Mineral Resource Classification WANL/wanl Oct 08 Final.doc, October 2008