Northam Platinum Limited

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2 Northam Platinum Limited 2

3 Introducing Northam Listed on JSE since Admitted to JSE Social Responsibility Index in 2006 Wholly owns and operates the Northam platinum mine. Finalised terms to acquire 100% of Booysendal platinum project Set to increase resource base from 18Moz to 121Moz Only independent, fully integrated PGM producer with ownership of full beneficiation stream Strategic advantage as major BEE-controlled operator 3

4 Capacity, infrastructure, expertise Twin shaft system, with mining depths of between 1,200 and 2,200m Two concentrators, smelter and base metals removal plant on site Access to independent precious metals refining Independent metals marketing to established global customer base Pioneered the low environmental impact hydro-powered mining methods in South Africa Patented, innovative metallurgical applications reduce chrome build-up and improve precious metals recovery 4

5 Where we are N Dwaalkop Limpopo Booysendal JV Everest Legend owned by Mvela owned by Northam 5

6 Northam mine quick overview First production 1993 Produced to date 4.4Moz (4E) Tons milled 2.27 Mt* Production oz (4E)* Cash costs $584/oz* Capex R183 million* Reserves 9.9 Moz* Resources 18.2 Moz* LOM 16 years* Source BJM 6 *Financial year 2007

7 Established track record 7 *After dividend distributions

8 UG2 increasingly important Ratio % 2.5:1 2.2:1 2.0:1 1.6:1 1.4:1 1.4:1 8

9 helped by the rhodium price MERENSKY Metal splits Revenue Metal prices used Pt $1 700 /oz Pd $370 /oz Rh $7 000 /oz Au - $820 /oz R /kg UG2 R /kg 9

10 Sustained growth in basket prices H average (to date) R /kg US$/oz R /kg R /kg R/kg 800 R /kg Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Basket Price (US$/oz) Basket Price (R/kg) Ave Basket H107 Ave Basket H207 Ave Basket H108

11 Northam in context Recovered yield: 6E g/t Pt g/t* Northam 11 Company Reports, BJM Calculations, February 2008 * Dec 2008

12 Northam in context Cash operating costs: R/oz Pt* Northam 12 Company Reports, BJM Calculations, February 2008 * Dec 2008

13 Northam in context Total costs: 6E including capex* Northam 13 * Dec 2008

14 Yet, constraints remain Current life of mine of 16 years Limited production growth within Northam lease Risk associated with single operating asset Power and safety: potential impact on performance (23 days production lost in H1 2008) Current shareholding structure restricts corporate and management flexibility 14

15 Booysendal Transaction Overview 15

16 Transaction overview Mvela Resources acquiring, for R4 billion in cash, Anglo Platinum s 50% interest in Booysendal entire interest of 53 million Northam shares Northam to acquire full ownership of Booysendal (100%) for 121 million new ordinary shares Mvela Resources to become controlling shareholder of Northam with 62.9% shareholding The only, fully independent, black-owned and controlled, fully integrated PGE producer, with substantial life 16

17 Shareholding - Fully BEE compliant Current structure Mvela Holdings Afripalm Resources 22.7% 19.1% Resultant structure Mvela Holdings Afripalm Resources 22.7% 19.1% Mvela Resources Anglo Platinum Mvela Resources Empowerment 21.8% 22.4% 63.4% Northam Northam Empowered 100% 100% 100% Northam mine Northam mine Booysendal 17 50% Booysendal 50%

18 Key factors for Mvela Resources Size Quality Prill split Grade: in situ Growth Expertise Independent Value 103 million oz resource Approx hectares 14.5 km strike length Surface access Dip 8-10 west High platinum (ratio of 1.8:1 Pt:Pd) Merensky 4.35g/t (3PGE+Au) UG2 4.31g/t (3PGE+Au) Alternative organic growth options Established, technically competent management Control of decision making Control pipeline from mine to market no value leakage A new value proposition for Mvela Resources 18

19 Rationale for Mvela Resources Excellent fundamentals for the platinum sector: Positive outlook for PGM prices Sector previously identified for growth Size and quality of Booysendal resource world class Technical and operational experience and stability of, Northam management offer key competencies Fragmented nature of the junior PGM sector will continue to offer opportunities provides platform for growth 19

20 Time line to completion Circular to shareholders March 2008 Shareholders meetings April 2008 Conclusion of transaction May

21 Why Booysendal? 21

22 What the transaction brings to Northam Larger asset base significantly reducing risk profile Potential to at least double production Quality resource: 103 Moz (4E) ± 100 yrs LOM Reduction of average unit costs Control of fully independent beneficiation stream - mine to market 22 Strategic advantage as major BEE-controlled operator Source: BJM

23 Progress to date Completed Agreement reached with Anglo Platinum on ancillary assets: Electrical power (16MVA) Water (7 Megalitres per day) Tailings dam and rock dump waste sites (Der Brochen or Booysendal) Access to Booysendal (over Der Brochen) Competition Board approval obtained Outstanding CPR in progress completion by begin Feb 2008 Shareholders approval April 2008 IN PROGRESS 23 Ensuring the viability and sustainability of Booysendal

24 Project context: the neighbourhood N Two Rivers Mototolo Eastplats Der Brochen Eastplats - Sylvania 37km Booysendal Everest South 14.5km 24 MR UG2 5 km

25 Getting to know the project 8km N St George s Fault Roads, power & water Concentrator Tailings Project boundary 14.5km UG2 outcrop 25 Merensky outcrop Der Brochen Valley

26 Project context: completed drilling Hebron 5 JT Der Brochen 7 JT N Johannesburg 45 JT Uysedoorns 47 JT Pietersburg 44 JT Booysendal 43 JT Initial target area 7.5km Buttonshope 51 JT Draaikraal 48 JT Sheeprun 50 JT Kliprivier 73 JT Legend UG2 Outcrop Merensky Outcrop Boreholes 0 4km 26

27 Merensky & UG2 reefs Land surface Merensky 8km UG2 Everest 27 Northern boundary

28 Indicative mine planning initial target area UG2 decline systems 2km Merensky decline systems 1.5km 7.5km UG2 stoping 1.5km 28 Initial target area 30 year life

29 Conceptual capital forecasts Total estimated capex of R7.1 billion (excluding smelter capex of ± R1.2 billion) covers 30 year LOM for first phase Tailings dams 8% Housing 4% Surface infrastructure 6% Mining 54% Concentrator 28% 29

30 Capex underpinned by production build-up ktpm R million Build-up (ktpm) Initial Capex (R million)

31 Rapidly into production Pre feasibility study Bankable feasibility study Mining Decline 1 Portal Mining Decline 2 Portal Mining Decline 3 Portal Mining Decline 4 Portal Mining Decline 5 Portal Mining production from underground Concentrator Tailings Dams Order Mills Construction Construction commission concentrator 31 Surface Infrastructure Roads Water Electricity Housing

32 Smelting and refining Possible R1 200 million for centralised smelting facility at Northam Base metal removal and nickel refining capacity Second DC ARC furnace to provide flexibility Opportunity to treat additional concentrate Long-term plan to expand the independent Heraeus refinery in Port Elizabeth 32

33 Putting Booysendal in context 33

34 A great deal. US$/4E oz Transaction cost US$/resource oz Xstrata/Eland Xstrata/Eland (incl.madi) Wesizwe/Africa Wide Afriore / Lonmin Afr.Pt / Implats S.Plat / Lonmin NHM/Booysendal

35 Project context: mineral resources Attributable PGM 4E koz

36 Project context: Mineral resources 120 Booysendal Attributable PGM 4E koz Smokey Hills Mareesburg Grootboom Panton Grass Valley Kalplats De Wildt Blue Ridge Aurora Mototolo WBJV Pilanesberg Drenthe Ledig M'Phatlele Croc River Sedibelo Sheba Mokopane Eland Rooipoort Akanani Tjate Spitz/KV Ga Phasa Leeuwkop Booysendal Lebowa Moz grade RBC research February 2008

37 Project context: Resource and value NPV (size of 'bubble') Average PGM yield (g/t) 7 6 Barrick Northam PTM 5 Wesizw e Jubilee Eas tplats Anooraq PlatAus 4 Eland 3 Platm in Aquarius 2 Nkw e 1 Ridge Caledonia PanPalladium AIM Attributable Resource (Moz PGM) RBC research February

38 Project context: Metal content Project 4E % prill split Booysendal Pt content similar to w Limb projects 38 Sheba Aurora Rooipoort Mokopane Panton Drenthe Grass Valley Ga Phasa Akanani Smokey Hills Tjate Kalplats Lebowa M'Phatlele Sedibelo Mareesburg Grootboom Spitz/KV Booysendal De Wildt Leeuwkop Mototolo Pilanesberg Blue Ridge Croc River Eland WBJV Ledig Pt Pd Rh Au RBC research February 2008

39 ,000-1,200-1,400-1,600 Project context: Depth Average project depth (metres) 39 Akanani Leeuwkop Tjate Blue Ridge Ledig WBJV Eland Panton Grootboom Rooipoort Spitz/KV Ga Phasa Lebowa Croc River Sedibelo M'Phatlele Sheba De Wildt Booysendal Pilanesberg Aurora Kalplats Drenthe Grass Smokey Hills Mareesburg Mototolo Mokopane Booysendal RBC research February 2008

40 Project context: Relative capex and production PGM ounce per annum per USD of Capex 6,000 5,000 4,000 3,000 2,000 1,000 Booysendal 0-1,000-2,000-3, PGM oz Drenthe/ Mareesburg M'Phatlele Elandsfontein Kalahari Platinum Ga Phasa Smokey Hills Sedibelo Pilanesberg Crocodile River Panton Grass Valley Leeuwkop Aurora De Wildt Ledig Frisch Spitzkop/KenVale Akanani WBJV Mokopane Blue Ridge Rooipoort Sheba's Ridge Tjate Booysendal Grootboom Mototolo RBC research February 2008

41 Project context: Sensitivity % Change in NPV for a 20% change in the platinum price Rooipoort and Makopane well over 100% Based on our estimates for Booysendal, it also seems to be very highly geared to the platinum price 41 Mokopane Rooipoort Drenthe Panton Kalplats Booysendal Ledig Frisch Lebowa Pilanesberg De Wildt Grass Mototolo Tjate Akanani Ga Phasha Eland Aurora Leeuwkop Sedibelo WBJV BlueRidge Spitz/KV M'Phatlele Grootboom Sheba's Mareesburg CrocRiver Smokey RBC research February 2008

42 Bringing Northam down the cost curve Booysendal New Northam Northam 42

43 Indicative Phase 1 NPV table 1 ZAR/US$ Exchange Rate % (R million) % (R million) % (Rmillion) % (Rmillion) Illustrative values based on preliminary technical scoping studies subject to change pending completion of pre feasibility and bankable feasibility study. Note: LT prices used: Pt Pd 350, Rh 5 000, Au 550, Ni , Cu 3500 Capex R8.250bn (includes R1.2 billion for smelter, but no assumed revenue from smelter) Opex R372/tonne (average including smelting and refining costs) 43 Phase 1 mine 30 years and ± 15% of resource

44 Relative per ounce values of listed juniors Company Weighted Attributable PGE(4) Moz * Share Price (R) No. of shares (M) Market Capitalization (Rm) Value/oz (R) Value per PGE(4)oz $ (at 7.50) Anooraq Nkwe Ridge Eastern Platinum Platmin Wesizwe PTM At $10/oz remaining Booysendal resource worth over $800 million 44

45 Key points Additional area secured for Booysendal extended outcrop on strike Power - 16MVA from Mototolo JV until Booysendal substation built (dependent on ESKOM) Water 7Ml/day from existing Lebalelo Pipeline, thereafter allocation from De Hoop Dam Tailings potential sites identified on Booysendal, additional assessment on Der Brochen underway Access possible access over Der Brochen to north or Schaapkraal to east 45

46 Key points, cont d Conceptual throughput of 400ktpm from up to five decline systems Conceptual capex of R7.1 billion secures life of up to 30 years Possible expansion of smelting facility at Northam additional revenue stream? Significant growth potential risk diversification and value accretion 46

47 Corporate Information 47

48 Northam Platinum Limited Market Statistics* Market Capitalisation (m) Shares in issue (m) # Share price JSE Share code Sector R14,494 (US$1,863m) R60.80 (US$7.81) NHM Platinum Free float 56% Liquidity (% of free float mkt cap 12m) 92% *JSE market closing price 21 February 2008 Rand/US$ R7.78 Website: Rene Rautenbach: rrautenbach@norplats.co.za 48 Damian Smith: damian.smith@norplats.co.za

49 Mvelaphanda Resources Limited Market Statistics* Market Capitalisation (m) Shares in issue (m) # Share price JSE Share code Sector R11,186 (US$1,438m) R52.10 (US$6.70) MVL General Mining Free float 66% Liquidity (% free float mkt cap 12m) 81% *JSE market closing price 21 February 2008 Rand/US$ R7.78 Website: 49 James Wellsted: james@mvelares.co.za