ARM Platinum

Moving into overdrive

RBC Platinum conference

16 May 2008

2

Perfect diversified commodity mix

90%

3

Growing diversified commodity business

Platinum Group Metals

37.0%

Nkomati*20.3%

Iron Ore20.6%

Manganese19.3%

Chrome2.6%

Thermal Coal0.3%

12 months to 30 June 2007 6 months to 31 December 2007

Attributable EBIT split between operations

Nkomati*13.6%

Iron Ore12.6%

Manganese41.2%

Platinum Group Metals

27.0%

Thermal Coal0.3%

Chrome5.3%

* Nkomati operating profit split:

Nickel (52%) and Chrome (48%)

* Nkomati operating profit split:

Nickel (86%) and Chrome (14%)

Attributable EBIT split between operations calculated from published EBIT (or segmental results) before corporate and exploration expenses and excluding the 45% minority interest in Two Rivers

4

ARM Platinum volume growthExplorers, Juniors,????, Majors

-

50

100

150

200

250

300

350

400

450

2005a 2006a 2007a 2008e 2009e 2010e

Tho

usan

d ou

nces

.

Modikwa Two Rivers Nkomati

Attr

ibut

able

PG

MS

(‘0

00 o

z)

5

Power mitigation

• Dayshift – Nightshift

• Compressed Air vs Diesel / Electric

• Diesel / Gas Generators

• Stockpile management

• Shallow Deposits / Opencast

6

• Western – Eastern – North – Zimbabwe

• Reef Type, Width, Grade, Prill Split, F/W and H/W

• Dip, Strike (4 – 5 km), Depth

• Mining Method – Production Statistics

• Infrastructure - Water,power,road,rail,towns

• Project Management

• Timing

• Capex

• Opex

Platinum Mine Optimisation

7

Mine project – time versus depth

Mine development

0 years 8 years

Depth from surface

500m

OpencastTwo Rivers

Modikwa

4 years

Plant

Nkomati

8

Two Rivers: Introduction

• Eastern Limb of Bushveld Complex

• PGM Producer

• 2.7 Mtpa (225,000 tpm)

• 220,000 PGE oz pa (120,000 Pt oz pa)

• Joint Venture

• ARM (55%) Management

• Impala (45%) Smelting, Refining, Marketing

• Fundamentals

• Owner operator

• Outsource concentrator & tailings operations

• Undertaking to employ local labour

9

Two Rivers: Mine – Shallow Deposit

• Dec 01 : Land Purchase

• Sep 02 : Bulk Sample Shaft

• Jan 04 : Trial Mining

• Jun 05 : Project Approval

• Aug 06 : Plant Commissioning (1 month early and 12% below budget)

• Jan 07 : North Decline

• Mar 07 : Plant Full Production

• Mar 08 : UG Mining Full Production

7 Years

10

Two Rivers: Geology

11

Two Rivers UG2 Reef Section : North - South

12

Analyst Visit

Two RiversResource & Reserve Statement

As at Feb 2008

Moz Moz

Pt Pd Rh Au (3E+Au) (5E+Au) Pt 6E

UG2 ResourcesMeasured 14.78 2.54 1.56 0.47 0.05 4.62 5.52 1.21 2.62

Indicated 41.69 2.05 1.23 0.38 0.04 3.70 4.46 2.75 5.98

Total 56.47 2.18 1.32 0.40 0.04 3.94 4.74 3.96 8.60

UG2 ReservesStockpile 0.10 1.89 1.27 0.35 0.04 3.55 4.10 0.01 0.02

Proven 10.32 2.10 1.27 0.38 0.04 3.78 4.58 0.73 1.48

Probable 27.74 1.85 1.09 0.35 0.03 3.33 4.01 1.60 3.46

Total 38.16 1.92 1.14 0.36 0.03 3.45 4.17 2.34 4.96

Category MtGrade (g/t)

Merensky Reef 120m above UG2

13

Two Rivers: Mining

14

Two Rivers: Decline Cross Section

Analyst Visit – Sep 07

560m

430m

15

Two RiversOperational Summary Statistics

2007 SteadyActual State

Safety

LTIFR rate 3.6 - Fatal no 1 -

Technical

ROM '000 t 1,277 3,068 Tonnes Milled '000 t 2,044 2,700 Head Grade 4E g/t 3.49 3.42 Concentrator Recoveries 4E % 77.40 82.50 Ounces produced '000 oz 154 250 Platinum Produced '000 oz 88 133

Financial

Operating Cost R'000 424,876 Capex R'000 488,035 Operating Profit R'000 891,005 Net Profit R'000 492,791

KPI's

Cost per ton mined R/ton 333 - Cost per ton milled R/ton 208 275 Cost per Platinunm Ounce R/Pt oz 4,834 - Operating Margin % 69 - Capex to Revenue % 35 6

Description Unit

16

-

50,000

100,000

150,000

200,000

250,0002

00

3

20

04

20

05

Jul-

06

Au

g-0

6

Se

p-0

6

Oct

-06

No

v-0

6

De

c-0

6

Jan

-07

Fe

b-0

7

Ma

r-0

7

Ap

r-0

7

Ma

y-0

7

Jun

-07

20

08

20

09

20

10

20

11

20

12

To

ns

History Actual Future Plan

Ton

s p

er M

onth

Two Rivers: Tonnes Milled Profile

Unprotected Strike

Ramp Up

17

0

100

200

300

400

500

600

700

800

900

WLT

R (

AM

S)

CT

RP

(A

QP

)

Kro

onda

l (A

QP

)

Eve

rest

(A

QP

)

Mim

osa

(AQ

P)

Aqu

ariu

s G

roup

(A

QP

)

Mim

osa

(IM

P)

Kro

onda

l (A

MS

)

Tw

o R

iver

s (A

RI)

Zim

plat

s (Z

IM)

Zim

plat

s (I

MP

)

Mot

otol

o (A

MS

)

Mar

ikan

a (A

QP

)

PP

Rus

t (A

MS

)

Impl

ats

Gro

up (

IMP

)

Impa

la (

IMP

)

Mar

ula

(IM

P)

Mar

ikan

a (L

ON

)

Mar

ikan

a (A

MS

)

Ang

loP

lat G

roup

(A

MS

)

Uni

on (

AM

S)

Pan

dora

(LO

N)

Lonm

in G

roup

(LO

N)

Mod

ikw

a (A

RI)

Am

ande

lbul

t (A

MS

)

Rus

tenb

urg

(AM

S)

BR

PM

(A

MS

)

Mod

ikw

a (A

MS

)

Lim

popo

(LO

N)

Nor

tham

(N

HM

)

Lebo

wa

(AM

S)

Tw

icke

nham

(A

MS

)

ZA

R/to

n C

ash

Ope

ratin

g C

ost

ZAR/t IRS/t AMS other/t

Industry Cost CurveR/ton Milled 2007

Two RiversSteady State:

275 R/t

v

v

Source: BJM research

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Locality – Modikwa Platinum Mine

19

Total lease area 14 278 haMpumalanga Province

Modikwa Platinum Mine – lease area

24.8km

20

ModikwaResource Classification – Tonnage

100 % JV (Millions)

• Resource discounted for geological losses

Merensky UG2 Total

Measured 18.7

(8.6%)

50.7

(24.8%)

69.4

(16.4%)

Indicated46.8

(21.5%)

64.4

(31.5%)

111.2

(26.3%)

Inferred152.0

(69.9%)

89.6

(43.8%)

241.6

(57.2%)

Total 217.5 204.7 422.2

December 2007 Resource Statement

21

UG2 Investment Centres

N3#N1#N2# S1#

S2#S3#

Merensky Investment Centres

N3#N1#N2#

S2#S1#

ModikwaBoth Reefs under continuous evaluation

22

Footwall Drive

ASG

PILLARS

Footwall Drive

20

0 m

4 m

210 m

105 m

MiningDirection

MiningDirection

Mined Out Area

Unmined AreaSee Enlargement

30

m

8 m

10 m

4 m

Enlargement

Cross Cut

Travelling Way & SO

Muck Bay

Final Layout

ModikwaBreast stoping layout with footwall development

23

0

20

40

60

80

100

120

'Dec 07 'Dec 08 'Dec 09 'Dec 10

No

. o

f P

an

els

Standard Final Breast spacing at 210 m Interim Breast spacing at 100m Breast from Dip spacing at 70m

• Only breast mining is taking place (dip mining completely phased out)

• All panels are expected to be on the standard 210m breast spacing by 2010

Modikwa Conversion from Dip to Breast Mining

24

0

50000

100000

150000

200000

250000

To

ns

Mill

ed

Other Sources 75,545 44323 22886 28094 4,843 8,419 11,907

HG UG2 119,455 157,427 174,114 189,156 205,824 176,677 197,934

'02 '03 '04 '05 '06 '07 H1 '08

Merensky trial mining

ModikwaAverage Tons Milled per Month

• H1 07 – Strike

• Steady State – 240 kt / month

25

0

1

2

3

4

5

g/t 4

E

UG2 HG BUH 3.22 4.28 4.47 4.46 4.40 4.51

'03 '04 '05 '06 '07 H1 '08

ModikwaBuilt-up Headgrade

26

Nkomati Nickel Project

Nkomati Nickel is a 50:50 JV between ARM and Norilsk Nickel

Total nickel in concentrate: 20 500 tpa Average grade: 0.35% Ni; Total plant capacity: 625 ktpa

PCMZ Nickel in concentrate: 5 000 tpaAverage grade: 0.25%Ni; PCMZ plant: 250 ktpm

MMZ Nickel in concentrate: 15 500 tpaAverage grade: 0.45%Ni; MMZ plant: 375 ktpm

Project releasedSept 2007

Open cast mine expected to produce at a steady state C1 cash cost of c.$3.50/lb

Ramp-up: 2009

Full production: 2011

Capital cost of R3.2 billion, >20% committed, mainly funded from Nkomati cash flows

CHROME a significant value contributor

• Oxidised lumpy chrome sales of 1 mtpa for 4 yrs

• Chrome concentrate sales of 1 mtpa (2011) from PCMZ plant completed and processing of chrome fines currently being stockpiled

Other By-products include:

• 110 000 ounces of PGM (Pt:Pd 1:2.7)

• 9 000 tpa Copper

• 250 tpa Cobalt

27

Nkomati

28

Kalplats

• Exploration

• Pre-feasibility in progress

• Opencast Potential

• Platinum Australia presentation later

29

2 x 2010 Delivering on growth plans in ARM Platinum

Operation

(100% basis)

Project

stage

Production in

FY 2007

At steady state

Life of mine

(years)Production Financial year

ModikwaApproaching

steady state274 174 PGMs 350 000 oz PGMs 2008/9

30 years on the

UG2 orebody

Two Rivers At steady state 184 099 PGMs 220 000 oz PGMs 200820 years on the

UG2 orebody

Nkomati Interim Ramp-up

4 418 t Ni

2 788 t Cu

46 101 oz

PGMs

5 500 t Ni

2 500 t Cu

21 000 oz PGMs2008

10 years without

large scale

expansion

released

Nkomati Large

Scale Expansion

Project

Released

and

constructing

n/a 20 500 t Ni

9 000 t Cu

110 000 oz PGMs2011 20

Nkomati Chrome Production 584 177 t 1 000 000 tpa 2007 5

Kalplats PGM

ProjectExploration n/a n/a n/a n/a

30

ARM Platinum Summary

• Eastern Limb

• Shallow, Long Life Assets

• Established PGM Producer

• Positive Cash Flows

• Growth Potential

31

Questions?