Investor Presentation Point

Contents
1 2 3 4 Executive Summary Company Overview Project Overview Manganese Market

Company Highlights
Investment Highlights
Premium Product High grade lumpy Wessels manganese ore adds furnace Value-In-Use and is essential in terms of required manganese units when producing high grade ferromanganese alloys DFS currently being prepared by TWP with completion by Q2 2012 Mine design is very similar to neighbouring BHP Wessels mine and Nchwaning mine with standard room and pillar mining Capacity designed to accommodate Trasnet allocation with potential to increase production Lehating accepted by Transnet as a long term allocation process qualified customer to export on the Hotazel-Port Elizabeth rail corridor 13 Mt @ 48% Mn for a >15 year mine life Low phosphorous and sulphur

Location

DFS in process

Typical Ore body

Logistics Solution on track

Quality Resource and Long life project

Key Investment Points

Strong Long Term Manganese Fundamentals High Grade Resource

Experienced Management Team

Secure Marketing BFS being prepared by TWP Independent Review of Resource Completed Qualified Participant on Transnet Rail Expansion Strong support from potential lenders

Contents
1 Executive Summary

2
3 4

Company Overview
Project Overview Manganese Market

Overview
Lehating Mining (Pty) Ltd is a South African company which owns a 100% interest in the Lehating Manganese Project (Lehating or the Project ) located in the Kalahari Manganese Fields of the Northern Cape. Phase 1 drilling commenced in October 2006 with all exploration work completed in 2011. Lehating has a SAMREC compliant high-grade manganese ore resource of 13 million tons grading 48% Mn Potential to increase resources to 30 million tons by including adjacent properties which could be mined from Lehatings mine and plant infrastracture

Competent Person Report completed

Bankable feasibility study by TWP projects to be completed by Q2 2012

Corporate Structure
Founders* (64%) Traxys Projects (18%) Workers Trust* (5%)

Lehating Mining (Pty) Ltd

TWPI* (13%)

* - BEE shareholders comprise ~29% of Lehating Mining.

Major Institutional Shareholders

Traxys is a global leader in marketing, distribution and financial services for the mining, metals and minerals industries. Traxys is a privately owned corporation headquartered in Luxembourg with more than 23 offices around the world. Traxys provides an array of financial and commercial services to its customers, all with the objective of lowering risk, reducing working capital requirements, achieving speed to market, and bringing transparency to a transaction. Traxys has annual revenues of $6 billion, operates under five divisions covering over 74 products and has Lines of credit in excess of $1.5 billion with major international banks. The TWP group (owned by Basil Read) is one of the largest South African based contractor/consulting groups. The value of projects currently under TWP management exceeds R80-billion and parts of their project pipeline extend beyond 2016. Income going forward is largely secured, with funds already committed to many of these projects TWP Holdings strategy is to add value to their clients businesses along the full spectrum of the mining value chain, from concept to closure. TWP are the biggest mining sector consultancy in Africa, with a group staff complement exceeding 1,500 multi-disciplinary professionals and administrative personnel.

Traxys

TWP

Leadership
Charles Sambo

Charles Sambo is a mining engineer and is the Chief Executive officer of Lehating Mining. Charles has 19 years' experience in general management, operations management, and project finance within the mining industry. Charles has most recently served as Chief Operations Officer of Wesizwe Platinum Ltd and has held the positions of General Manager Mining of Metallon Gold, and Analyst at Rand Merchant Bank. He holds a BEng in Mining, MSc in Mining, an MBA, and has completed an International Executive Development Programme at Insead Business School. He is registered with a Mine Managers Certificate of Competency.
Nico Hager Nico is a legal consultant with more than 20 years' corporate and mining law experience. He is a director of PlatChrome ((Pty)) Ltd and was a mining rights advisor to BHPBilliton for many years.He holds B.Juris LLB degrees and a National Diploma in Deeds Registration Solly Nkosi Solly Nkosi is a chemical engineer and the Operations Manager of DMS Powders which forms part of the Siyanda Resources Group of companies Solly is experienced in operations and production management gained in the chemical and metalliferous industries.Solly is a director of Afmelo Investments (Pty) Ltd, a South African black empowerment investment company, and most recently also served as the Human Resources and Industrial relations manager of DMS Powders. He holds a BSc degree in Chemical Engineering, and a Bachelors degree in Business Administration and an MBA. He is a Six Sigma operational excellence Master Black Belt. Solly is currently busy with his DTech in Industrial Engineering. Through Afmelo Investments, Solly is the appointed voting representative in Lehating Mining (Pty) Ltd to represent the interests of the Lehating employee and social development trusts.

Dean Cunningham Dean Cunningham is the Chief Executive Officer of TWP Investments Limited and an Executive Director of Basil Read Corporate Finance which both form part of the Basil Read Group of companies. Dean is experienced in all aspects of mining, corporate finance, equity markets and research experience. Over the course of his career to date, Dean has held key positions in all these fields, notably as Director and Head of Mining Research for Investec Securities Limited and Head of Equity Sales at Nedbank Securities. For several years he also operated his own mining research and financial advisory company. Dean, who holds a BSc Honours in Mining Engineering and is a stock broker member of the JSE, is also an accredited rough and polished diamonds expert.
Tim Mosey Tim Mosey is the Managing Director of Traxys Projects LP, a specialized investment arm of the Traxys Group, a global leader in the marketing and sourcing of metals, minerals and energy products to a wide range of mining and industrial partners. Experienced in all aspects of mineral development from exploration to production, Tim most recently served as Vice President of Resource Capital Funds and as an international mining consultant for SRK Consulting. Tim holds a BSc in Geological Engineering and an MSc in Mining Engineering.

Contents
1 2 Executive Summary Company Overview

3
4

Project Overview
Manganese Market

Lehating Project Overview

(44 - 48%Mn)

Lehating

BHP Wessels

(44 - 46%Mn)

Lehating is located in the world reknown Kalahari Manganese Field

Assmang Nchwaning
(44 - 48%Mn)

Assmang Gloria
(39%Mn)

Surrounded by the major manganese producers

Lehating represents one of the few remaining high grade manganese deposits

Kalagadi Mn project
(38 40%Mn)

BHP (old)Hotazel
(38 40%Mn)

Manganese mineralisation at 260m depth

Orebody width of 5.4 6.8m Final SAMREC compliant resource statement complete
BHP Mamatwan
(38 40%Mn)

UMK project
(40%Mn)

Key Statistics and Production Forecast

Base Case DFS Lehating will be a low cost producer with production commencing in 2015 Tonnes Processed Recoveries Saleable Product Capital Cost Mine-gate Operating Costs ($/dmtu) Logistic Costs ($/dmtu) Total costs ($/dmtu) Long Term Mn Price ($/dmtu)
600

Upside Case 960,000 85% 816,000 $120m $1.50/dmtu $1.85/dmtu $3.35/dmtu $6/dmtu

540,000 80% 432,000 $100m $1.57/dmtu $1.85/dmtu $3.42/dmtu $6.00/dmtu

Base Case Production Profile

400 tons 000's

200

0 2015 2016 2017 2018 2019 2020

Comparable Mn Projects
Lehating is higher grade than all current developing peers

Bubble Size = Recoverable Mn (Mt)

55% 50% Mn Grade (%) Lehating

45%
40% 35% 30% 25% 20% 5 Otiozondu 15
Resource (Mt)

Gravenhage Emang Azul

Bootu Creek 25 35 45

1. Source:

In-situ grade used. Company announcements.

Lehating Orebody

Ground Magnetic Survey

MANGANESE GRADE DISTRIBUTION

18

IRON CONTENT

19

SEAM THICKNESS

20

PERSPECTIVE VIEW FROM SOUTH TO NORTH

21

PERSPECTIVE VIEW SOUTH WEST TO NORTH EAST

22

TWO SHAFTS INFRASTRUCTURE

Vent Shaft Depth 241m Excavated diameter 6.1m Lined diameter 5.1m

AND

SHAFT

Main Shaft Depth 273m Excavated diameter 7.5m Lined diameter 6.5m

23

Contents
1 Executive Summary

2
3 4

Company Overview
Project Overview Manganese Market

24

Manganese uses Manganese oredemand is driven by steel production

Manganese ore 11% Electrolytic Manganese Metal (EMM) 89% 15% Manganese alloy 85% 90% 10% Slag (Mn units)

30%

55%

15%

Other Foundry welding

High Carbon Ferromanganese

Silicomanganese

Medium and Low Carbon Ferromanganese

Mostly flat steel Household durables, heavy machinery

Mostly long steel Construction and infrastructure

Specialty steel Stainless steel, High Strength Low Alloy (HSLA) steels

1. EMM is an intermediate product used mainly in stainless steel and other metal alloying. Source: Roskill, CRU.

Manganese briefing, 30 September 2011

Slide 6

Manganese and Steel Growth

Steel drives the demand for manganese
Historical CAGRs between steel and manganese are consistent

CRU projects strong ore demand growth for manganese ore

Source:CRU

26

27

Manganese Ore Grade by Producer

Lehating

28

Global Manganese Reserves

Manganese reserve base and product qualities

Manganese reserve base1 (contained manganese) 1 billion tonnes 500 million tonnes Ukraine Kazakhstan (Mid-grade) (Mid-grade) China (Low-grade) Ghana (Low-grade) Brazil (High-grade) Gabon (High-grade) Australia (High-grade) India (Mid-grade)

100 million tonnes

(Typical product quality)

South Africa (High and mid-grade)

1. Defined by the US Geological Survey (USGS) as that part of an identified resource that meets specified minimum physical and chemical criteria related to current mining and production practices. The reserve base includes those resources that are currently economic (reserves), marginally economic (marginal reserves), and some of those that are currently subeconomic (subeconomic resources).

Logistics Solutions

Value in Use of High Grade Ore

Pricing Basics

Source: BHP Billiton

END