Impala Platinum Holdings Limited · JSE:IMP

Impala Platinum — Technical Presentation (October 2005)

27 slides from Impala Platinum's technical presentation, October 2005

1. Slide 1: Investor visit – Refineries

   Investor visit – Refineries October 2005 Refineries flowsheet ƒ Overview ƒ BMR flowsheet ƒ PMR flowsheet 1

2. Slide 2: Why Springs? Major achievements in safety

   Why Springs? ƒ Infrastructure available from Geduld Gold Mine ƒ Proximity to Joburg International Airport ƒ Gas supply ƒ Chemistry and Engineering skills Major achievements in safety ƒ 0.0 LTIFR including contractors for 25 months ƒ Benchmarking : NOSA – International Top 100, 7 NOSCAR Awards ƒ Won

3. Slide 3: Refineries health and safety history

   Statistical overview: Refineries health and safety history 14 4.00 12 3.00 FREQUENCY RATES 10 8 2.00 6 4 1.00 2 0 0.00 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 LTIFR Fatality Disease Benchmarking – LTIFR (200 000 hours) 1.200 1.030 1.000 0.800 0.727 0.600 0.525 0.530 0.378 0.382 0.400

4. Slide 4: Quality and Springs quality forum

   Quality ƒ ISO 9002 Quality Management System (QMS) – first certification , July 1997 ƒ ISO 9001 revised quality management system (QMS) – first certification, July 2002 ƒ 12 external surveillance audits have been conducted on site thus far with one re-certification audit (September 2005) Springs qua

5. Slide 5: Environmental and Springs Air Forum

   Environmental ƒ First received certification in May 2000 ƒ Re-certified in November 2004 ƒ A total of 8 surveillance audits Springs Air Forum ƒ Presently Impala chairs the Forum ƒ Working with local businesses and authorities 5

6. Slide 6: Blesbokspruit and employment equity - management

   Blesbokspruit ƒ Blesbokspruit Forum ƒ Impala is part of the monitoring committee ƒ Grootvaly Trust ƒ developing a framework to develop the centre as an environmental education centre for the Springs area ƒ main aim is to assist environmental affairs with the retention of the RAMSAR status Employment

7. Slide 7: Women employed; Gross Pt and PGE production

   Women employed 83% 900 800 Men, 764 700 600 500 400 17% 300 Women, 200 139 100 0 Women Men Gross Pt and PGE production 4,500,000 4,000,000 3,500,000 3,000,000 Troy oz 2,500,000 2,000,000 1,500,000 1,000,000 500,000 95 96 97 98 99 00 01 02 03 04 05 19 19 19 19 19 20 20 20 20 20 20 FY FY FY FY FY FY F

8. Slide 8: Gross base metal production; employees and Pt oz/employee

   Gross base metal production 18,000 16,000 14,000 12,000 10,000 Tonnes 8,000 6,000 4,000 2,000 - FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 Gross Ni Gross Cu Employees and Pt oz/employee 1250 2,500 1200 1150 2,000 P t oz/ E m pl oyee 1100 Em pl oyee s 1,500 1050 1000

9. Slide 9: Refineries unit costs and expansion

   Refineries unit costs Refineries Unit Cost per Gross Pt oz R/oz 95 96 97 98 99 00 01 02 03 04 05 FY FY FY FY FY FY FY FY FY FY FY Actual Escalated at CPIX Escalated at CPIX-2 Refineries expansion BMR PMR 9

10. Slide 10: Expansion phases and simplified flow diagram

    Expansion phases Resultant End Phase Value Capacity Date PMR Phase I 1.6m ozs Jul 2003 R18m PMR Phase II 2m ozs June 2006 R225m PMR Phase III 2.3m ozs June 2007 R40m BMR Phase I 2m ozs Jul 2005 R398m BMR Phase II 2.3m ozs June 2007 R300m Simplified flow diagram PURIFICATION & PRECIPITATION RHODIUM P

11. Slide 11: Base metals refinery

    Base metals refinery Base metals refinery Objective To upgrade the PGM content of the feed to a level suitable for the refining of the PGM’s in the Precious Metals Refinery, while simultaneously and cost-effectively extracting the base metals – nickel, copper and cobalt – from the converter matte an

12. Slide 12: Base metals refinery flowsheet

    Base metals refinery flowsheet MATTE FROM MATTE MATTE MINPRO GRINDING GRINDING NICKEL NICKEL COPPER COPPER PGM PGM CONC CONC PGM PGM CONC CONC DESPATCH TO LEACH LEACH LEACH LEACH LEACHING LEACHING DRYING DRYING PMR NICKEL NICKEL COPPER COPPER COPPER COPPER COPPER COPPER PURIFICATION PURIFICATION PUR

13. Slide 13: Across-the-fence hydrogen; Zero liquid effluent

    Across-the-fence hydrogen (cont) ƒ Opportunity cost of Reformer steam (4t/hr or some 7% of total refineries steam consumption) and cooling water to be used for capacity ƒ Less risk in the case of the large boilers becoming incapacitated ƒ Cheaper gas over life of project ƒ Opportunity for credits fo

14. Slide 14: Precious metals refinery

    Precious metals refinery Precious metals refinery Objective To cost-effectively separate the various platinum group metals contained in the PGM concentrate from the Base Metals Refinery into individually pure and saleable metals 14

15. Slide 15: Precious metals refinery philosophy and flowsheet

    Precious metals refinery philosophy Classical process PMR philosophy low yields and high inventory quantitative and selective METAL METAL METAL METAL A B A B METAL PURE METAL METAL PURE METAL METAL EXTRACTION PURIFICATION SEPARATION A A A W.I.P. METAL METAL METAL EXTRACTION PURIFICATION SEPARATION B

16. Slide 16: Toll-Out production and pipeline days

    Toll-Out production 140,000 12.0 120,000 10.0 Percentage 100,000 8.0 Troy oz 80,000 6.0 60,000 40,000 4.0 20,000 2.0 - - FY 95 FY 96 FY 97 FY 98 FY 99 FY 00 FY 01 FY 02 FY 03 FY 04 05 19 19 19 19 19 20 20 20 20 20 20 FY Actual Pt Toll Out % of Gross Pt Production Pipeline days Financial Year 1995 20

17. Slide 17: Annual platinum and palladium production

    Annual platinum production 2000 15 0 0 10 0 0 500 0 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 Fi nanc i al Y ear s t o J une P t gr os s P t ex mi ne Annual palladium production 1200 1000 800 000's ozs 600 400 200 0 1997 1998 1999 2000 2001 2002 2003 2004 Financial Years to June Pd gross Pd ex m

18. Slide 18: Annual rhodium production; Impala Refining Services

    Annual rhodium production 300 250 200 000's ozs 150 100 50 0 1997 1998 1999 2000 2001 2002 2003 2004 Financial Years to June Rh gross Rh ex mine Impala Refining Services 18

19. Slide 19: Impala Refining Services (IRS) and key benefits

    Impala Refining Services (IRS) ƒ Officially created in 1998 ƒ Dedicated vehicle for toll-refining and metal concentrate purchases ƒ leverage surface assets and expertise ƒ reduce unit costs (through economies of scale) ƒ seek growth through strategic alliances and joint ventures Key benefits ƒ Key b

20. Slide 20: How does IRS work?

    How does IRS work? ƒ Confirmation of third party resource ƒ Impurity distribution ƒ PGM grade ƒ Aggregate volume/capacity availability ƒ Equity involvement ƒ Contract establishment Tolling relationship with Impala Platinum Limited ƒ Wholly-owned subsidiary ƒ Arm's length toll-refining agreement ƒ Me

21. Slide 21: Contract structures and future growth

    Contract structures ƒ Metal purchase agreements ƒ Metal purchase after an agreed processing period ƒ IRS retains agreed proportion portion of metal value ƒ Toll refining agreements ƒ Percentage return of market value ƒ Refining ƒ Smelting ƒ Handling charge Future growth ƒ Autocatalyst and secondary

22. Slide 22: IRS platinum and PGM production profiles

    IRS: platinum production Platinum production profile: matte / concentrate / other 1200 1000 800 ('000t.ozs) 600 400 200 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Mine Concentrates Other Matte IRS: PGM production PGM production profile: matte / concentrate / other 3000 2500 2000 (

23. Slide 23: IRS platinum profile by contract

    IRS platinum profile by contract 1200 1050 900 750 ('000 t.ozs) 600 450 300 150 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Other Kroondal Crocodile River WPL Concentrates Mimosa Messina Zimplats Marula Marikana Two Rivers Everest South Ambatovy Nickel Project 23

24. Slide 24: Ambatovy

    Ambatovy ƒ Dynatec - 37.5% ƒ Implats - 37.5% ƒ Sumitomo - 25% ƒ Nickel laterite in Madagascar ƒ Mining and ore treatment to mixed sulphide in Madagascar ƒ Refining to cobalt and nickel metal in Springs Ambatovy ƒ Nickel - 60 000tpa from Madagascar and 20 000tpa from Implats operation ƒ Cobalt - 5 80

25. Slide 25: Implats' motivation and current status

    Implats’ motivation ƒ Save on further capital requirements in current BMR operation ƒ Dilute current BMR fixed cost structure over a larger production volume ƒ Leverage skills, infrastructure and hydrogen pipeline ƒ Involvement in a world – class primary nickel producer Current status ƒ Under feasib

26. Slide 26: Pre-feasibility data; Madagascar - Ambatovy Project

    Pre-feasibility data ƒ 50% gearing ƒ Total project - $2.3 billion ƒ Lowest quartile operating costs ƒ Approximately 12% capital spend at Springs Madagascar - Ambatovy Project Processing Minesite Plant 26

27. Slide 27: Refinery process flowsheet

    H 2O FILTRATION MIXED PRESSURE LEACH SULPHIDE TO SMELTER H 2O 02 MILLING NH3 COPPER CEMENTATION MIXED SULPHIDE EX. PHILNICO - NONOC ISLAND pH ADJUSTMENT & IRON POLISHING GOETHITE REMOVAL FILTRATION ZINC SX Co / Ni SX (NH 4 )2 S 2 O8 ZnSO Co JAROSITE EXIST. PGM BEARING PLANT PLANT ASO4 Ni FILTRATION

Impala Platinum Holdings — Technical Presentation (October 2005) on 6ix