Site Visit Itinerary February 13 th (Waterberg Site Visit) 6:30 am – Breakfast at Sundown Ranch 7:15 am – Bus Transport to Charter Fights at Pilanesberg 8:00/8:15 am – Charter Flights from Pilanesberg to Dendron 9:20/9:35 am – Charter Flights Arrive at Dendron 9:30/9:45 am – Eurocopter from Dendron to Waterberg Site 9:45/10:30 am – Eurocopter Arrives at Waterberg Site 10:45 am – Presentation at Waterberg 11:15 – Core Review at Waterberg 12:00 pm – Lunch at Waterberg Site 12:45/1:30 pm – Eurocopter from Waterberg to Dendron 1:00 pm/1:45 pm – Eurocopter Arrives at Dendron 1:30 pm/2:00 pm – Charter Flights from Dendron to OR Tambo 3:00/3:30 pm – Charter flights Arrives at O.R. Tambo International Airport in Johannesburg 1
Safety • We are working under the guidance of the DMR mine, health and safety regulations, with proper legal appointments and training. • There have been no reportable incidents or accidents to date. • Contractors and visitors fall under our responsibility. 2
Waterberg Site Specific Safety Induction • Safety is our number one commitment in all our activities. • To maintain safe and successful visits, the following rules are upheld: Open shoes are prohibited. Lifting of core trays is prohibited. All signage should be adhered to at all times. Beware of snakes, scorpions and spiders. Generally be aware of your surroundings. Sunburn protection should be used during extreme hot weather conditions. 3
Waterberg Site Specific Safety Induction • Walking on core trays is prohibited. • Core picked up and viewed should be returned to its original position please. • Please ask for any assistance. We have trained & qualified personnel on site. Enjoy your visit 4
Waterberg Introduction and Potential • The discovery of the Waterberg Ore Body is a result of a strong partnership since 2010 between PTM and the Japanese government (JOGMEC). • 3-80m thick mineralized zones. • 150m from surface. • There will be mechanized mining with bulk methods. • The current Waterberg JV deposit is significant in the context of the current PGM market. • There is potential for several large scale mines at Waterberg with the possibility of transforming the cost curve and safety of the industry. • It is REAL – 223 drill holes, 581 Intersections. • Worley Parson’s, DRA, SGS, JOGMEC and Wits University are all actively involved. 5
PTM QA/QC Protocol PTM(RSA) has a holistic approach to Data Precision and Accuracy. • Quality drilling. • X, Y and Z coordinates are verified by an external survey company. • Downhole orientation surveys are done. • Logging/sampling is captured into the SABLE system and all handwritten logs with signature trails are available in the borehole files. • Printed SABLE logs/sampling sheets are checked and signed off. • A chain of custody letter accompanies all samples dispatched from site. • Site clearances are done by external environmental company. • Borehole files (per borehole) are kept on site and stored electronically at the JHB Office. • The database is audited by an external QP. • The mineralized zones that are used in the economic model are signed off by an external QP. • A peer review by a second and a third independent QP are also in progress. 6
Waterberg Project Orientation Map 7
Regional TMI 8
Regional Gravity 9
Waterberg Project Prospecting Licenses Extension Granted = 488.86 km² Waterberg IV JV Granted = 254.65 km² Waterberg III Waterberg II Waterberg I 10
Waterberg Project I Exploration Done To Date • Airborne Gravity and Magnetics (FUGRO). • Structural interpretation (Xpotential). • Holes drilled = 181 holes. • Meters drilled = 195,885 m. • Primary samples taken = 102,059. • QC samples = 23,099. 11
Waterberg Extension Project Exploration Done To Date • Airborne Gravity and Magnetics (FUGRO). • Structural interpretation (Xpotential). • Holes drilled on Waterberg Extension Project = 48 holes. • Waterberg II =39 holes. • Waterberg III + IV =9 Holes. • Meters drilled 49,629m. • Waterberg II 41,190m. • Waterberg III + IV 8,439m. • Primary samples taken 17,259. • Standard samples 3,765. 12
Map Showing Airborne TMI (FUGRO) 13
Map Showing Airborne Gravity (Residual GD) 14
Interpreted Structure Legend Major Structures Structures Local Dykes Waterberg Extension Waterberg JV Waterberg Outcrop Archean Granite Complex Basement Basement Complex Diabase Granite Dykes and bodies Platreef Bumbeni Complex Clarens Fm, Karoo Spgrp Drakensberg Grp, Karoo Spgrp Enon Fm, Uitenhage Grp Jozini Fm, Lebombo Grp Karoo Dolorite Suite Karoo Spgrp Komatipoort Suite Letaba Fm, Lebombo Grp Movene Fm, Lebombo Grp Mpilo Fm, Bumbeni Complex Suurberg Grp Tshokwane Granophyre 15
Map Showing Composite Drilling Results 16
3D Maps Showing Grade Thickness Correlation with Basement Topography Waterberg N Extension Super F-zone N Upper edge view Embayment's looking down dip Embayment's N Super F-zone Super F-zone looking up dip 17
Level Plans showing Grade Thickness Blocks Relative to the Basement View View View 950m below 650m below 350m below surface surface surface 18
Waterberg Stratigraphic Column 19
West - East Section 1 Section 1 Waterberg Extension 20
West - East Section 2 -10300 E -2583974 N -10200 E -2583973 N -10100 E -10000 E -2583972 N -9900 E -9800 E -2583971 N -9700 E -9600 E -2583970 N -9500 E -2583969 N -9400 E -9300 E -2583968 N -9200 E -9100 E -2583967 N -9000 E -8900 E -2583966 N -8800 E -2583965 N -8700 E -8600 E -2583964 N -8500 E -8400 E 1200 Elev 1200 Elev WB034 1100 Elev WB042 1100 Elev WE026 WE029 WE030 1000 Elev 1000 Elev JV Boundary 900 Elev 900 Elev Section 2 800 Elev 800 Elev GRADE 2.63 LENGHT 46 700 Elev 700 Elev 600 Elev 600 Elev GRADE 1.87 LENGHT 16 500 Elev 500 Elev GRADE 2.16 LENGHT 19 400 Elev 400 Elev 300 Elev 300 Elev GRADE 2.13 LENGHT 41 200 Elev 200 Elev 100 Elev 100 Elev 1:5000 0 50 100 150 200 250 300 350 GRADE 4.11 LENGHT 16 0 Elev 0 Elev WATERBERG EXTENTION Waterberg Extension -2583973 N -2583972 N -2583971 N -2583970 N -2583969 N -2583968 N -2583967 N -2583966 N -2583965 N -2583964 N -2583963 N -10200 E -10100 E -10000 E West East Section 2 -9900 E -9800 E -9700 E -9600 E -9500 E -9400 E -9300 E -9200 E -9100 E -9000 E -8900 E -8800 E -8700 E -8600 E -8500 E -8400 E -100 Elev -100 Elev Scale 1:5000.0 Date: 25/08/14 21
West - East Section 3 -9200 E -2582752.1 N -9100 E -9000 E -2582752.2 N -8900 E -2582752.3 N -8800 E -8700 E -2582752.4 N -8600 E -2582752.5 N -8500 E -2582752.6 N -8400 E -8300 E -2582752.7 N -8200 E -2582752.8 N -8100 E -2582752.9 N -8000 E -7900 E -2582753 N -7800 E -2582753.1 N -7700 E -7600 E -2582753.2 N -7500 E -2582753.3 N -7400 E 1200 Elev 1200 Elev Section 3 1100 Elev 1100 Elev WE017 WE018 WE008 WE019 JV Boundary 1000 Elev 1000 Elev JV Boundary 900 Elev 900 Elev 800 Elev 800 Elev 700 Elev 700 Elev GRADE 3.39 LENGHT 10 600 Elev 600 Elev 500 Elev 500 Elev GRADE 4.86 GRADE 0.85 LENGHT 61 LENGHT 25 400 Elev 400 Elev 300 Elev 300 Elev GRADE 2.00 LENGHT 40 200 Elev 200 Elev 100 Elev 100 Elev 1:5000 0 50 100 150 200 250 300 350 0 Elev 0 Elev WATERBERG EXTENTION -2582752.2 N -2582752.3 N -2582752.4 N -2582752.5 N -2582752.6 N -2582752.7 N -2582752.8 N -2582752.9 N -2582753.1 N -2582753.2 N -2582753.3 N -2582753.4 N -2582753 N West East Section 3 -9100 E -9000 E -8900 E -8800 E -8700 E -8600 E -8500 E -8400 E -8300 E -8200 E -8100 E -8000 E -7900 E -7800 E -7700 E -7600 E -7500 E -7400 E -7300 E -100 Elev -100 Elev Scale 1:5000.0 Date: 25/08/14 Waterberg Extension 22
Waterberg I and II Inferred Mineral Resources (June 2014) Waterberg II Waterberg I 23
Conclusion Waterberg I + II • There is a direct correlation between content and basement shape. • The F-Zone continues towards the North and is still open ended. • The grade thickness plots confirm the extension has good potential for larger areas of higher grade thickness. • The main F- Zone "feeder" has not been discovered. “M” Zone – still to be found. • Waterberg I was the subject of an earlier PEA and is the subject of a PFS. • Considering Waterberg II – there is the opportunity to lower costs and increase scale. • The Waterberg II Extension is a standalone potential • mine. Including the JV down dip resources there are 9.1M inferred ounces. • The resource is currently divided between WB II extension 6.8M oz and JV down dip 2.3M oz. • Recent holes expands the potential beyond a structural zone at the north end of Waterberg II – onto “Waterberg III”. 24
Waterberg Extension Project WB III and WB IV 25
Waterberg III Potential Resource • Strike length of 5.6km • WE049 intersected low grade T zone and a F zone intersection of 11.35m @ 3.13g/t 2E including a high grade cut of 4.52m @ 6.03g/t 2E 26
Waterberg IV Drilling Results 27
Waterberg IV Exploration Area • Strike length of 7km. • An area of 550 plus km 2 . • Shape of the Bushveld is open. • Intercepts of 4 meters @ 3.72 2E. • Better than some of the current UG-2 mines. 28
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