Lehating Investor Presentation March 2012

Investor Presentation Point

Contents

4 Manganese Market

3

1 Executive Summary

Project Overview

2 Company Overview

LocationInvestment 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 ferro-manganese alloys

DFS in process DFS currently being prepared by TWP with completion by Q2 2012

Typical Ore body

Mine design is very similar to neighbouring BHP Wessels mine and Nchwaning mine with standard room and pillar mining

Logistics Solution on track

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

Quality Resource and Long life project

13 Mt @ 48% Mn for a >15 year mine life Low phosphorous and sulphur

Company Highlights

Key Investment PointsStrong Long Term Manganese Fundamentals

Experienced Management Team

High Grade Resource

Secure Marketing

BFS being prepared by TWP

Independent Review of Resource Completed

Qualified Participant on Transnet Rail Expansion

Strong support from potential lenders

Contents

4 Manganese Market

3

1 Executive Summary

Project Overview

2 Company Overview

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 Lehating’s mine and plant infrastracture

Competent Person Report completed

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

Corporate Structure

Lehating Mining

(Pty) Ltd

Traxys Projects

(18%)

Founders* (64%)

Workers Trust*(5%)

TWPI* (13%)

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

9

Traxys

•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.

Major Institutional Shareholders

TWP

•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.

LeadershipCharles 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 RegistrationSolly 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

4 Manganese Market

3

1 Executive Summary

Project Overview

2 Company Overview

BHP Mamatwan (38 – 40%Mn)

BHP (old)Hotazel(38 – 40%Mn)

UMK project(±40%Mn)

Kalagadi Mn project(38 – 40%Mn)

BHP Wessels(44 - 46%Mn)

Assmang Nchwaning(44 - 48%Mn)

Assmang Gloria(39%Mn)

Lehating(44 - 48%Mn)

Lehating Project Overview

Lehating is located in the world reknown Kalahari Manganese Field

Surrounded by the major manganese producers

Lehating represents one of the few remaining high grade manganese deposits

Manganese mineralisation at 260m depth

Orebody width of 5.4 – 6.8m

Final SAMREC compliant resource statement complete

Key Statistics and Production ForecastBase Case DFS Upside Case

Tonnes Processed 540,000 960,000

Recoveries 80% 85%

Saleable Product 432,000 816,000

Capital Cost $100m $120m

Mine-gate Operating Costs ($/dmtu) $1.57/dmtu $1.50/dmtu

Logistic Costs ($/dmtu) $1.85/dmtu $1.85/dmtu

Total costs ($/dmtu) $3.42/dmtu $3.35/dmtu

Long Term Mn Price ($/dmtu) $6.00/dmtu $6/dmtu

Lehating will be a low cost producer with production commencing in 2015

2015 2016 2017 2018 2019 20200

100

200

300

400

500 Base Case Production Profile

tons

000

's

1. In-situ grade used.Source: Company announcements.

5 15 25 35 45 20%

25%

30%

35%

40%

45%

50%

55%

Azul

Gravenhage

Otiozondu

Lehating

Emang

Bootu Creek

Resource (Mt)

Mn

Grad

e (%

)

Bubble Size = Recoverable Mn (Mt)Comparable Mn Projects

Lehating is higher grade than all current developing peers

Lehating Orebody

Ground Magnetic Survey

18

MANGANESE GRADE DISTRIBUTION

19

IRON CONTENT

20

SEAM THICKNESS

21

PERSPECTIVE VIEW – FROM SOUTH TO NORTH

22

PERSPECTIVE VIEW SOUTH WEST TO NORTH EAST

23

TWO SHAFTS AND SHAFT INFRASTRUCTURE

Main ShaftDepth – 273mExcavated diameter – 7.5mLined diameter – 6.5m

Vent ShaftDepth – 241mExcavated diameter – 6.1mLined diameter – 5.1m

Contents

24

4 Manganese Market

3

1 Executive Summary

Project Overview

2 Company Overview

Manganese ore uses

26

Manganese and Steel Growth

Source:CRU

Steel drives the demand for manganese

Historical CAGR’s between steel and manganese are consistent

CRU projects strong ore demand growth for manganese ore

27

28

Manganese Ore Grade by ProducerLehating

Global Manganese Reserves

Logistics Solutions

Value in Use of High Grade Ore

Pricing Basics

Source: BHP Billiton

END