Slide 1: Pallinghurst Resources Limited Interim results
PALLINGHURST RESOURCES LIMITED Interim results For the period ending 30 June 2010 22 September 2010
Slide 2: Agenda
Agenda Introduction – Brian Gilbertson Operational overview – Arne H. Frandsen Platinum Group Metals / African Queen Steel Feed Corporation (“SFC”) Fabergé Gemfields Financial overview – Andrew Willis Questions & answers – Brian Gilbertson 2
Slide 3: Introduction
Introduction Brian Gilbertson 3
Slide 4: The Pallinghurst vision
The Pallinghurst vision Four high growth investment platforms The African Queen strategy is to build a unique portfolio of PGM investments into a African Queen consolidated platform of low cost operations, with substantial resources, thereby creating a significant new PGM producer. Steel Feed The SF
Slide 5: Six months to June 2010 - highlights
Six months to June 2010 - highlights “A vital six month period” In May 2010, Platmin completed US$385 million capital raising during through the issue of equity and convertible notes. PRL participated in both elements. African Queen Significant progress on the Magazynskraal feasibility study, wi
Slide 6: Operational overview
Operational overview Arne H. Frandsen 6
Slide 7: PGMs / African Queen
PGMs / “African Queen” 7 - 3 PALLINGHURST RESOURCES
Slide 8: Key developments and outlook
Key developments and outlook Developments In May 2010, Platmin completed a US$385 million capital raising to fund the build-up of mining operations at the Pilanesberg Platinum Mine (“PPM”). Platmin Outlook Revised mine plan for PPM, accelerating the mining of deeper, unaltered ore forecasts annu
Slide 9: Platmin
Platmin Pilanesberg Platinum Mine 9
Slide 10: Platmin
“> PALLINGHURST t A oF RESOURCES
Slide 11: Magazynskraal exploration program – onsite activities
Magazynskraal exploration program – onsite activities Drilling 2D seismics 11
Slide 12: Magazynskraal exploration program – onsite activities (cont’d)
Magazynskraal exploration program – onsite activities (cont’d) Coreyard Coreyard storage 12
Slide 13: Steel Feed Corporation
Steel Feed Corporation 13 (“> PALLINGHURST RESOURCES
Slide 14: Steel Feed Corporation (SFC) - strategy
Steel Feed Corporation (“SFC”) - strategy Investment proposition Competition for raw materials (in particular iron ore, coking coal and manganese) is intensifying as the major steel producers seek to secure their input materials through equity ownership of mining companies. The Steel Feed The conc
Slide 15: Steel Feed Corporation - strategy
Steel Feed Corporation - strategy Investment proposition POSCO as POSCO, one of the world’s largest steel producers (US$39 billion market capitalisation), has backed the strategic SFC strategy by investing in both Tshipi and Jupiter. partner Other Pallinghurst Co-Investors Equity ownership Equity
Slide 16: Completion of Tshipi Jupiter transaction
Completion of Tshipi Jupiter transaction Transaction summary OM Holdings Ltd(4) BEE Delivers a key step in the SFC strategy. Jupiter has acquired the Pallinghurst Co-Investors’ 49.9% 26.0% 74.0% interest in Tshipi (1). The Pallinghurst Co-Investors now own 85.71% of Jupiter (1). PRL’s intere
Slide 17: Key developments and outlook - Tshipi
Key developments and outlook - Tshipi Organisation structure Tshipi owns one of the largest and last open pit manganese projects within the KMF – indicated and inferred ore resources amount to 163Mt of manganese ore at a manganese grade of 37%. The Tshipi Borwa project is located adjacent to the
Slide 18: Jupiter’s assets in Western Australia - iron ore and manganese
Jupiter’s assets in Western Australia - iron ore and manganese Jupiter aims to consolidate several undeveloped Central Yilgarn iron ore deposits. Central Yilgarn Rail infrastructure and spare capacity at Esperance Port exist, need upgrading. hematite (iron The consolidation would require signi
Slide 19: Fabergé
Fabergé 19 (“> PALLINGHURST RESOURCES
Slide 20: Fabergé - strategy
Fabergé - strategy Fabergé has Fabergé embraces the ethos and philosophy of Carl Fabergé to bring about a new developed a era of contemporary Fabergé masterpieces. pioneering direct- Extraordinary and enduring personal possessions of distinguished design and to-consumer Product unsurpassed quali
Slide 21: Fabergé - highlights
Fabergé - highlights Arguably the greatest name in luxury re-launched. Fabergé has now freed itself from legacy issues, licences, retail networks and related structures. Unrivalled heritage underpinned by active involvement and ties to the Fabergé family. Ruban de la rose ring Top end positi
Slide 22: Fabergé - key developments and outlook
Fabergé - key developments and outlook Key Series of focused client events initiated in St Moritz and Gstaad in Switzerland. developments to 30 June 2010 International events in Kuala Lumpur, Singapore, Beijing and Hong Kong completed during Q2 2010. Second workmaster to be announced and creat
Slide 23: Gemfields
Gemfields 23 (“> PALLINGHURST RESOURCES
Slide 24: Gemfields - strategy
Gemfields - strategy The coloured gemstone industry has historically been overlooked, fragmented and Industry undercapitalised. It is characterised by the absence of large, reliable suppliers able to background consistently deliver meaningful quantities of gemstones in a professional and transpare
Slide 25: Gemfields - key developments and outlook
Gemfields - key developments and outlook Total sales in Dates Location Type US$ Successful low grade rough emerald and beryl auction in million Jaipur, India (11-15 March 2010). London, Higher quality Jul-09 5.9 England rough London auction, July 2010, of rough emeralds, realised sales of US$7.5
Slide 26: Gemfields - key developments and outlook
Gemfields - key developments and outlook Exceptional 6 225-carat rough emerald discovered at the Kagem mine in Zambia on 5 February 2010. Dubbed "Insofu” meaning "elephant" in the local Bemba language, in honour of the World Land Trust's “Elephant Corridor Project” and in consideration of the em
Slide 27: Financial overview
Financial overview 2 (“> PALLINGHURST RESOURCES
Slide 28: Investment Valuations at 30 June 2010
Investment Valuations at 30 June 2010 Effective Fair value at Share of Portfolio of investments interest Cost 30 June 2010 net assets Valuation methodology % US$ US$ % Quoted investments Platmin Limited 8.80% 43,831,554 60,119,056 18.77% Listed share price: CAD1.10 per share Jupiter Mines Limited 25
Slide 29: NAV per share at 30 June 2010
NAV per share at 30 June 2010 NAV per share at 30 NAV per share NAV per share June 2010 including the NAV per share at 31 December 2009 at 30 June 2010 impact of the Tshipi (IFRS compliant) (IFRS compliant) Jupiter transaction (non-IFRS compliant) (1) Net assets US$321,680,833 US$320,351,901 US$345,
Slide 30: Questions?
Questions? oe Pallinghurst § ta? ¢~ S PALLINGHURST oF RESOURCES
Slide 31: Disclaimer
Disclaimer Pallinghurst Resources Limited was previously named Pallinghurst Resources (Guernsey) Limited and is described as Pallinghurst Resources throughout this document. Pallinghurst Resources is registered in Guernsey (registration number 47656) and is listed on the JSE and BSX. Pallinghurst Re