INVESTOR PRESENTATION

May 2008

22

.

THIS DOCUMENT AND ITS CONTENTS ARE CONFIDENTIAL AND SHOULD NOT BE COPIED OR DISCLOSED TO ANY PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF THE COMPANY.

The information contained in this document is subject to updating, completion, revision and amendment. No representation or warranty, express or implied, is given by the Company, its directors, employees or shareholders, (or any of their respective agents or advisers), as to the accuracy, completeness, correctness or fairness of the information contained in this document or the opinions expressed and projections contained therein and no liability whatsoever is accepted for the contents or accuracy of this document or any omission therefrom.

This document is being distributed only to and is directed at persons who (i) have professional experience in matters relating to investments as contemplated in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (ii) fall within Article 49(2)(a) to (d) (“high net worth companies etc.) of the Order or (iii) are outside the United Kingdom and to whom it may lawfully be communicated (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

This document does not constitute, or form part of, any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for any shares in the Company in any jurisdiction nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto.

This document should not be distributed, published or reproduced in whole or in part or disclosed by recipients to any other person.

May 2007

33

INVESTMENT HIGHLIGHTSINVESTMENT HIGHLIGHTS

Near Term PGM Production from Blue Ridge (50%) Mine development commenced January 2007 Mining of ore commenced to establish stockpile Concentrate production on scheduled for Q4 2008 Finance in place

Sheba’s Ridge Large Scale Advanced Ni/PGM Development Project (61.5%) Feasibility Study – technical work complete subject to audit by SRK

Consulting

Significant Resource Base 18 million oz 4PGE attributable; 6.4 million oz attributable reserves

Experienced Management Team with Significant Technical Expertise

Attractive Valuation US$11/oz of 4PGE Measured and Indicated resources US$31/oz of 4PGE Proved and Probable reserves

44

OUR METALSOUR METALS

Platinum Demand strong due to increasing auto

emission legislation Jewellery swing consumer

Nickel Demand increasing 5% pa

• Palladium- Increasing substitution for autocatalysts

55

ISSUES FACING PGM SUPPLYISSUES FACING PGM SUPPLY

Staffing Acute shortage of qualified technical personnel

Cost Inflation Staffing Increasing Depth (safety, refrigeration) Power

Power Eskom: No power to new projects until 2012/3 Power restrictions for next 5 years

66

RIDGE MANAGEMENTRIDGE MANAGEMENT

Executive – together 7 years

Terence Wilkinson – Chief Executive Over 30 years of experience in PGM industry Former Chief Operating Officer of Lonmin plc

Francis Johnstone – Commercial Director Over 19 years of experience in mining Former Group Projects and Operations Manager of Cluff Resources plc

Donald McAlister – Finance Director Over 17 years of experience in mining Previously finance director of Reunion Mining PLC

Senior Management Mining: Four former General Managers from Lonmin, 2 senior engineers from Anglo

Platinum Metallurgy: Two former Consulting Metallurgists from Lonmin, one ex-Palabora Geology: Two professors from Witwatersrand University Finance: Ex-Anglo Platinum Legal: Former senior legal counsel Lonmin

77

BUSHVELD COMPLEXBUSHVELD COMPLEX – PROJECT LOCATIONS– PROJECT LOCATIONS

88

BLUE RIDGE – SUMMARY & RESOURCESBLUE RIDGE – SUMMARY & RESOURCES

UG2- Chromitite Reef

Mineral Resource CategoryReported in terms of JORC Code – audited by SRK Consulting – Feb 2008

Tonnage

(million tonnes)

Grade3PGE+Au

(g/t)

Contained 3PGE+Au

(Moz)

Measured 28.1 3.3 3.0

Indicated 48.2 3.1 4.8

Inferred 13.5 3.1 1.4

Total 89.8 3.2 9.2

UG2- Chromitite Reef

Ore Reserve CategoryReported in terms of JORC Code – audited by SRK Consulting – Nov 05

Tonnage(million tonnes)

Grade3PGE+Au

(g/t)

Contained

3PGE+Au (Moz)

Proved 14.8 3.3 1.55

Probable 6.9 3.2 0.72

Total 21.7 3.3 2.27

UG2 underground commencing from surface

Mining and concentration at site

Concentrate offtake agreement with Impala Platinum for Life of Mine

Development commenced January 2007

Acquisition of Millennium – March 2008

– Opportunity to expand annual production

9999

DEVELOPMENT PROGRESS (31-3-08)DEVELOPMENT PROGRESS (31-3-08)

North Shaft - Belt Decline: Decline development 402m Linear @ 87m Depth Two levels established

South Shaft - Truck Ramp: Decline development 481m Linear @ 67m depth Two levels established

Central Mine Stoping commenced

Surface stockpile: 52 000 tonnes

Concentrator plant: Bateman LSTK contract - scheduled completion November 2008

Power: Commitment from Eskom, standby diesel generation Low usage (decline shafts, ventilation only - no refrigeration)

1010

Production Tonnage Ramp-upProduction Tonnage Ramp-up

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Tonnage Mined

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Stockpile

1111

BLUE RIDGE FORECAST PRODUCTIONBLUE RIDGE FORECAST PRODUCTION

Tonnage Milled Per Annum (tonnes) 1,440,000

Grade 4E g/t 3.3

Metallurgical Recovery 83%

Annual Production

Platinum Oz 75,000

Palladium Oz 35,000

Rhodium Oz 13,000

Gold Oz 1,600

Total 4E Oz 125,000

Ruthenium Oz 22,000

Iridium Oz 2,500

Total Oz 149,000

Life of Mine 18 Years

1212

BLUE RIDGE – ECONOMICSBLUE RIDGE – ECONOMICS

Assumptions 12/5/2008

(incl hedging)

Basket Price (receivable) US$/4E Oz $1764

Exchange Rate Rand / US$ 7.66

Cash Operating Cost US$/4E Oz $659

Capital Cost US$ $198 million

Annual Cashflow (postax)

US$ $115 million

Payback <2 Years

NPV (Real) @ 10% $635 million*

Sensitivity of NPV to Assumptions (US$M )

Exchange Rate (Rand/US$)

(-10)% 7.66 +10%

-10% 519 553 580

$1764 601 635 662

Ba

sk

et

Pri

ce

(U

S$

/oz)

+10% 683 716 744

* 50% attributable value equivalent to £1.75 per share

1313

BLUE RIDGE – FINANCINGBLUE RIDGE – FINANCING

Loan agreements with a banking consortium including the DBSA, IDC, Investec and Standard Bank

US$92m facilities US$13m overrun facility Total Loan facilities US$105m

First drawdown made

50:50 Joint Venture with Imbani Platinum funds received

Hedging: up to 50% Platinum over 4 years up to 50% Palladium over 4 years 30% Rhodium over 3 years

US$ M

Development

Capital

198

Expended 98

Committed to date 42

Equity Funding

Imbani 68

Ridge 38

Further Funding

Bank Facilities 105

Total Funding 211

1414

SHEBA’S RIDGE FEASIBILITY STUDYSHEBA’S RIDGE FEASIBILITY STUDY

Large open pit mine

18 million tonnes ore per annum for over 20 years

Projected annual production in concentrate:• 24,000 tonnes Nickel (52 million lbs)• 11,000 tonnes Copper (23 million lbs)• 390,000 ounces 3PGE+Au

Pre-feasibility study into smelter

Advanced discussions with third parties to undertake bankable feasibility study on smelting

All technical aspects completed – subject to independent audit

1515

SHEBA’S RIDGE MINERAL RESOURCESHEBA’S RIDGE MINERAL RESOURCEJORC audited by SRK Consulting – January 2008JORC audited by SRK Consulting – January 2008

Resource Class

Tonnage(million tonnes)

Grade Contained

Pt+Pd+Au

g/t

Nickel

%

Copper

%

3E

Moz

Nickel

Tonnes

Copper

Tonnes

Measured 395 0.87 0.19 0.07 11.0 750,000 276,000

Indicated 366 0.95 0.19 0.07 11.2 690,000 256,000

Inferred 3 0.88 0.17 0.07 0.1 5,000 2,000

Total 767 0.91 0.19 0.07 22.3 1,445,000 534,000

16161616

SHEBA’S RIDGE – SITE LAYOUT SHEBA’S RIDGE – SITE LAYOUT

1717

SHEBA’S RIDGE – JOINT VENTURESHEBA’S RIDGE – JOINT VENTURE

• Joint Venture with Anglo Platinum (AP) and Industrial Development Corporation of South Africa (IDC):− Current AP 35% − IDC: 26% − Ridge 39%

• Ridge will acquire a further 22.5% interest in Sheba’s Ridge from AP for US$12.5 million on Decision to Mine

• On Decision to Mine participating interests:– Ridge 61.5%– IDC 26.0%– Anglo Platinum 12.5%

1818

CORPORATE INFORMATIONCORPORATE INFORMATION

Based in London and quoted on AIM (RDG) Current Shares Issued 90.7 million Share Price (12 May 2008) £1.30 Market Capitalisation £118 million (US$231m)

Major Shareholders:• Zijin 20.0%• Black Rock 12.4%• BAC 9.5%• New Star 4.0% • Coronation Capital 3.8%

Warrants/Options: Zijin : 7 million warrants at 70p per share (Nov 2009) Imbani: 25 million options at 70p per share (Jun 2012)

1919

Comparable Companies AnalysisComparable Companies Analysis

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Enterprise Value Per Oz Measured & Indicated 4PGE

2020

INVESTMENT HIGHLIGHTSINVESTMENT HIGHLIGHTS

Near Term PGM Production from Blue Ridge (50%) Mine development commenced January 2007 Mining of ore commenced to establish stockpile Concentrate production on scheduled for Q4 2008 Finance in place

Sheba’s Ridge Large Scale Advanced Ni/PGM Development Project (61.5%) Feasibility Study – technical work complete subject to audit by SRK

Consulting

Significant Resource Base 18 million oz 4PGE attributable; 6.4 million oz attributable reserves

Experienced Management Team with Significant Technical Expertise

Attractive Valuation US$11/oz of 4PGE Measured and Indicated resources US$31/oz of 4PGE Proved and Probable reserves