Interim results presentation7 April 2009
Page 1
Disclaimer
All forward-looking statements in this presentation, other than historical facts, that address exploration activities and mining potential are forward-looking statements. Although Miranda believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements should not in anyway be construed as guarantees of the future performance and no assurance can be given that such expectations will be realised.
Factors that could cause actual developments to differ materially from expectations include, but are not limited to, the successful conversion of the group’s old order exploration rights into new order rights, exploration results, analysis of geological, metallurgical and other technical information, the operational performance of joint venture partners, and the company’s ability to raise the necessary capital to progress its projects further.
The group is subject to specific risks inherent in the exploration and mining business, and general economic and business conditions including, but not limited to, changes in the regulatory environment and other government action, fluctuations in commodity prices and exchange rates, and business and operational risk management.
Reserves and Resources were compiled using the SAMREC guidance, with CPR’s still to be submitted to the JSE
Page 2
Contents
1. Strategic Overview
2. Salient Features of last 6 months
3. BEE update
4. A key focus: Coal
5. Outlook
Page 3
1. Strategic overview
Strengthened portfolio of coal assets in KZN
First mover advantage in KZN
Improved BEE status through Yakani investment
Possible acquisitive opportunities and JV’s in current market
Significant value remains to be unlocked
Ideally placed for next commodity recovery
Page 4
2. Salient features of last 6 months
Net loss of R10.4 million due to increased spend on exploration and mining licenses applications
First coal mining right granted on the Sesikhona Kliprand project in KZN
Two further mining right applications submitted on Amajuba and Uithoek
Updated CPR on Amajuba
Coal exploration permit granted on Majestic Silver coal prospect
Delay on further spending on other commodity projects
BEE empowerment
Page 5
3. BEE update
Strategic investment in Miranda by Yakani for initial R17.2 million
Allow further investigations into asset-related transactions
Current stake of 34%
Compliments broad-based structures at operational level
Page 6
4. Key focus: Coal
Sesikhona
Uithoek
Amajuba
Burnside
Boschhoek/Boschkloof
Yarl
Nungu Trading
Point Blank
Majestic Silver
Page 2
Overview of Miranda’s Coal projects Status Summary
Project Name Hectares Region Permit Status JV Explore Resource Progress Sesikhona - Klip Rand1
816 Dannhauser Granted Mining right N Drilling completed Meas. 5.3 mill tonsInfer. 16.7 mill
Mining start 2ndQ, 2009
Uithoek 1 2,437 Glencoe Mining right application submitted
Y Drilling completed Meas 6.6 mill tons Mining Q4 ’09
Amajuba 1 3,727 Dannhauser Prospecting right N Drilling commenced Total resource 38.1 mill tons
Mining Q4 09
Burnside 14,540 Glencoe Prospecting right N Infill drilling Infer.10.8m tons, Indic
34.4m tonsAdditional resource drilling
Boschoek/ Boschkloof 1
6,608 Glencoe Prospecting right N Infill drilling Indic 52.0m tons Upgrading CPR
Yarl 1 1,216 Dannhauser Prospecting right N Drilling to commence Infer 16.9m tons Resource Q4 '09
Nungu Trading - Wasbank 1
2,135 Glencoe Prospecting right N Drilling commenced Infer 1.5m tons Mining Q4 '09
Point Blank - Learydale 1
253 Dannhauser Prospecting right N Drilling to commence Infer 44.3m tons Resource Q3 '09
Majestic Silver 823 Dannhauser Prospecting permit N Drilling commenced Reconnaissance
Five further permits on 33 farms
6,279 KZN Applications and conversions in DME process
N Drilling to commence To be determined Awaiting permits
Notes:1 Project to be operated for Miranda account
Page 8
Sesikhona Kliprand colliery
-86000 -85000 -84000 -83000 -82000 -81000
-86000 -85000 -84000 -83000 -82000 -81000
-3100000
-3099500
-3099000
-3098500
-3098000
-3097500
-3097000
-3100000
-3099000
-3098000
-3097000
16 .1
1 6 .6 9
14 .46
7 .4
1 6 .21
12 .4 5
1 1 .88 .8 5
1 4 .3 5
7 .4
8 .8
10 .65
11 .22
41 .62
34 .110 .4
17 .7
1 7 .9 5
4 7 .5 3
4 4 .2 6
9 .27
1 4 .1 1
1 2 .4 5
6 .1 5
11 .3
35 .18
22 .83 41 .6 5 4 4 .4 9
47 .32 4 6 .3 5
38 .09
12 .96
1 5 .6 8 8 .7
7 .565 .54
5 .44 .7 49 .88
10 .2 86 .5 6
3 .54
23 .46
VERDRIETKLIPROTS
KLIPRAND
D am
S ill B reak Through
B oreho le P osition
0 250 500 750 1000
Top S eam S ha llow R esource
Top S eam D eep R esource
Area Dannhauser region, Northern Natal
Resource From first slide
CPR
Open cast/underground
Open cast and underground
Planned production 50 000 tons per month
Capex planned Subcontractor
Type of Coal Anthracite
Feasibility Study Internal feasibility completed
Commencement of mining
2nd Q 2009
Page 9
Uithoek prospect
Area Glencoe region, Northern Natal
Resource Measured resource of 6.6 million tons
CPR August 2008, confirming that the resource is a lean & bituminous coal with the latter having coking qualities
Open cast/underground
About 40% of resource could be opencast mining
Planned production 30 – 50 000 tons per month
Capex planned Subcontractor
Type of Coal Bituminous (coking properties)
Feasibility Study Internal feasibility completed
Commencement of mining
Mining could commence during second half 2009
Page 10
Amajuba project
Area Newcastle/Dannhauser region, Northern Natal
Resource Total resource 38.1 mill tons
CPR Estimated resource approximating 100 million tons
Open cast/underground Open cast and undergound
Planned production 30 – 50 000 tons per month
Capex planned subcontractor
Type of Coal Bituminous
Feasibility Study Currently being completed
Commencement of mining
Mining Q4 09
Page 11
D avelsberg 3286
Burnside 3287
Izem fene
-98000 -96000 -94000 -92000 -90000 -88000 -86000
-98000 -96000 -94000 -92000 -90000 -88000 -86000
-3125000
-3123000
-3121000
-3119000
-3117000
-3125000
-3123000
-3121000
-3119000
-3117000
2
3
45
6
9
23
33
34
45
46
47
48
4951
54
55 56
57585960
103104
106108
109
110D 5
D 6 D 8
D 9 D 12 157.18
136.25
105 .46
119.36
195.61
184.4
204.17
168.1
97.54
97.56
149.68
206.86
175 .13110.39
11.46
104.39101.22
46.5849.99153.72159.03
230.25
212.04
260.02232.13
216.1
214.66253.59
313.71 322.29
298.45196.3
21.3
16 .8
24
23
22.5
16 .6
21.5
13 .8
17.7
17.4
20.3
20
21.2
6
20.517.2
20.5
17.3
18.4 19.9
14.216.7
23
0 2000 4000 6000
1600 m
1600 m
1600 m
1400 m
1400 m
1400 m
1400 m
1200 m
1200 m
1200 m
BUR NSID E
Top Seam Resource Areas
Property Boundaries
Scale 1:750
FAULT LINE
D epth
Burnt Boreho les
R esource B locks
O pen P it
U G B lock1
U G B lock2
U G B lock3
1
2
Burnside prospectArea Glencoe region, Northern
Natal
Resource Indicated resource of 34.4 million tons
Inferred resource of 10.8 million tons
CPR August 2008, confirming that the resource is a lean & bituminous coal with the latter having coking qualities
Open cast/underground
About 25% of resource would be opencast mining
Planned production 30 – 50 000 tons per month
Capex planned Subcontractor
Type of Coal Bituminous (coking properties)
Feasibility Study Currently being completed
Commencement of mining
Additional resource drilling planned
Page 12
Boschoek/Boschkloof prospect
1200m
1200m1200m
1200m
1400m
1400m
1400m
1400m
1400m
1600m 1600m
1600m
1600m
1400m
1400m
1400m
1200m
1200m
1200m
Boschkloof
Boschhoek
-100000 -99000 -98000 -97000 -96000 -95000 -94000 -93000 -92000 -91000 -90000 -89000
-100000 -99000 -98000 -97000 -96000 -95000 -94000 -93000 -92000 -91000 -90000 -89000
-3128000
-3127000
-3126000
-3125000
-3124000
-3123000
-3122000
-3121000
-3120000
-3119000
-3128000
-3127000
-3126000
-3125000
-3124000
-3123000
-3122000
-3121000
-3120000
-3119000
154.66
163.71
143.88
117.32
56.45
54.86
96.67
121.31
48.97
180.78
250.61
190.77
140.49
136.34
123.25
54.66
55.3
146.41
43.7843.03149.51
55.4
115.68
92.75
93.6569.83
201.08
143.08
146.05
158.33
196.37 131.68
123.54
117.61
176.89
108.05
127.52
67.97101.83
40.2
67.33
71.33
123.18
113.97
104.79
112.95162.1
135.05
86.19
151.3
158.19
148.43
199.41
118.68
96.08177.65
126.81163.27173.23
102.44
142.46
112.64
88.21
156.05157.17
150.05
159.09
116.32
184.35
163.09
114.94
114.71
143.2
165.6
126.95
185.7
200.82215.39284
230.6
176.68
189.35
199.04
225.27
226.19
163.89
211.73
218.15
160.41
220.2 258.43
221.4220.84
225.82
146.32
141.43
252.68
129.2
168.44
154.75
170.89
198.53
140.08
120.88154.35
139.25173.9
224.8
185.82
173.01
256.12
173.58
198.38278.79
252.09
152.63
171.5
213.98
1049.28
1057.41
1051.65
1058.58
1103.21
1062.87
1043.57
1109.79
1111.2
1076.6
1076.34
1137.17
1137.55
1085.09
1105.5
1038.91
1038.48
1032.25
1047.131047.21031.98
1043.77
1057.7
1039.25
1079.131066.45
1037.47
1052.85
1087.14
1073.15
1095.34 1129.72
1051.78
1067.61
1073.22
1055.2
1015.59
1063.251050.99
1099.5
1082.3
1088.26
1026.02
1040.5
1030.52
1027.971052.16
1067.18
1172.65
1148.05
1078.89
1161.05
1095.28
1059.67
1132.081073.58
1117.21095.751054.95
1098.41
1067.84
1079.24
1095.85
1045.131044.73
1065.8
1088.35
1131.67
1051.64
1056.1
1087.29
1062.32
1051.6
1149.07
1148.3
1140.79
1145.751163.091155.13
1042.71
1160.58
1099.35
1155.9
1150.66
1090.3
1137.37
1124.75
1160.18
1124.12
1037.48 1065.7
1039.281040.51
1041.08
1129.41
1069.69
1038.42
1119.04
1039.81
1053.59
1104.22
1060.88
1138.44
1137.121139.56
1152.11150.82
1097.31
1159.28
1059.53
1153.3
1133.18
1154.981142.82
1063.12
1086.52
1134.35
1156.12
BH K 1
BH K 3
BH K 5
BH K 6
BH K 8
BH K 9
BH K 10
BH K 11
BH K 12
BH K13
BH K 14
BH K 15
BH K16
BH K18
BH K19
BH K2
BH K22
BH K23
BH K24BH K24ABH K 26
BH K 27
BH K28
BH K29
BH K 30BH K 31
BH K 33
BH K34
BH K35
BH K37
BH K39 BH K40
BH K41
BH K 42
BH K43
BH K44
BH K45
BH K46BH K48
BH K49
BH K50
BH K51
BH K53
BH K54
BH K55
BH K56BH K57
BH K 58
BH K59
BH K60
BH K61
BH K62
BH K63
BH K64
BH K65BH K 66
BH K 67BF1BF3
BF4
BF5
BF6
BF7
BF8BF8A
BF9
BF10
BF11
BF12
BF13
BF14
BF15
BF16
BF17
BF18
BF19
BF21BF24BF26
BF28
BF29
BF30
BF31
BF32
BF33
BF34
BF35
BF36
BF37
BF38 BF39
BF40BF40A
BF41
BF42
BF43
BF45
BF46
BF48
BF49
BF50
BF51
BF52
BF55BF56
BF57BF61
BF63
BF64
BF65
BF66
BF67
BF68BF69
BF70
BF58
BF60
1.06
0.08
0.27
1.9
1.44
0.97
0.16
0.6
0.43
1.02
1.05
0.36
3.96
0.47
0.35
1.23
0.32
0.74
0.290.770.21
1.13
1.22
0.3
0.821.02
1.25
3.77
1.11
0.52
0.39 1.3
0.38
1.08
1.19
2.45
0.39
1.180.98
1.1
0.37
0.41
0.8
0.53
4.69
1.080.04
1.27
1.16
0.65
1.02
0.52
0.31
0.55
1.141.07
1.391.081.42
0.95
1
1.12
3.74
1.120.5
1.15
1.06
0.91
1.31
1.11
0.27
0.97
2.11
1.23
1.15
1.21
0.831.120.07
0.89
0.44
1.3
1.46
1.37
0.31
0.94
1.82
0.67
0.97
0.12 1.57
1.520.95
0.5
1.57
0.78
1
0.96
0.55
0.96
1.39
1.39
1.28
0.60.29
0.550.58
0.29
1.2
0.86
1.18
0.14
1.340.59
0.29
0.65
0.45
1.4
S C A LE
0 2000 4000
Biggarsberg
B iggarsberg
BO TTO M SEAM
B O TTO M S E A M BH Position
Th icknessSeam E levation
D epth
Licence area
R ivers & S tream s
Surface C ontours
S ill B reakthrough
R esource A reas
Possib le D yke
Burnt o r N o C oal
B lock1
B lock2
Uplifted B lock
U plifted B lockLe ft O ut o f R esource
U plifted B lockLeft O ut of Resource
B lock3
Area Glencoe region, Northern Natal
Resource Indicated resource of 52.3 million tons
CPR Upgrading CPR
Open cast/underground Underground
Planned production 30 -50 000 tons per month
Capex planned Sub contractor
Type of Coal Bituminous with certain areas anthracitic qualities and about 75% of resource with coking qualities
Feasibility Study Currently being completed
Commencement of mining
Dependent on results of feasibility
Page 13
Wasbank prospect
W asbank
M ooispruit
M eran
Boschhoek
Roa
d R
602
W asbank R iver
0 2000 4000
Scale
S ill L ine
S ill L ine
-93000 -92000 -91000 -90000 -89000 -88000 -87000 -86000 -85000 -84000 -83000
-93000 -92000 -91000 -90000 -89000 -88000 -87000 -86000 -85000 -84000 -83000
-3133000
-3132000
-3131000
-3130000
-3129000
-3128000
-3127000
-3126000
-3133000
-3132000
-3131000
-3130000
-3129000
-3128000
-3127000
-3126000
29/47
6/77M S 2
M S 5
M S1/79
M S9/79
M S10/79
M S1M S3
M S4
M S5/79
M S6/79
M S7/79
M S8/79
W K1
W K2
W K3
W K4W K5
21.3318.38
25.48
17.26
17.85
18.35
18.95
58.1
50.41
31.55
25.8753.4
0.770.14
0.89
0.27
0.65
0.37
0.7
1.34
0.54
0.82
0.280.61
W ASBAN K
BOTTOM SEAM RESOURCE
BH Position N o C oal H oles
P roperty Boundary
2008 Boreholes
R esource B lock
D epthThick
Area Glencoe region, Northern Natal
Resource Inferred resource of 1.5 million tons
CPR August 2008, confirming that the resource is a lean & bituminous coal with the latter having coking qualities
Open cast/underground About 25% of resource would be opencast mining
Planned production 30 – 50 000 tons per month
Capex planned Subcontractor
Type of Coal Bituminous (coking properties)
Feasibility Study Still outstanding
Work outstanding Resource to be upgraded
Work completed 7 boreholes drilled previously
Commencement of mining
Q4 09
Page 14
Yarl prospect
0 1000 2000 3000
Scale 1:250
1400m
1300m
1300m
1300m
1300m
-93000 -92500 -92000 -91500 -91000 -90500 -90000 -89500 -89000 -88500
-93000 -92000 -91000 -90000 -89000
-3092500
-3091500
-3090500
-3089500
-3092500
-3092000
-3091500
-3091000
-3090500
-3090000
-3089500
-3089000
121
24
M 16
M 17
M 18
M 27
M 6
M 7
M 8
M 9
Y L2962/2
1.220.76
1
1
1
0.5
2.02
1.2
0.08
1.07
11041078
1155
1186
1120
1110
1109
1135
1134
1117
1165
1076
194.46130.76
188.32
151.18
116.6
134.75
190.22
155.99
193.84
172.55
162.42
169.98
YAR L 2962
BO TTO M SEAM
YARL 2962
BH No.F loor E levation
Seam ThicknessD epth
N o C oal
Sill Transgression L ine
U plifted B lock
N orm al B lock
Resource B locks
Surface Contours
Area Dannhauser region, Northern Natal
Resource Inferred resource of 16.9 million tons
CPR Completed
Open cast/underground Underground
Planned production
Capex planned
Type of Coal Anthracitic and bituminous
Feasibility Study Currently being completed
Commencement of mining
Dependent on results of feasibility
Page 15
Learydale prospect
-95000 -94000 -93000 -92000 -91000
-95000 -94000 -93000 -92000 -91000
-3097000
-3096000
-3095000
-3094000
-3093000
-3092000
-3091000
-3097000
-3096000
-3095000
-3094000
-3093000
-3092000
-3091000
M 10
M 12
M 13
N C 48B
N C 66B
A
D
E
M .5
M .21
M 22
C R 1
C R 2C R 3
C A 9369/4
C A9369/5
B
90C
M 11
N C 71
N C 75
N C 77
1
M 2
N C .72
4
M 3
M .4
M .19
M 20
131D132D
N C 41
N C 45N C 57
N C 62
1
1.44
1.58
1.47
1.6
1.329
1.03
1.06
1.57
1.1
1.9
2.11
1.09
0.08
1.46
1.1
1.62
1.75
0.94
1.87
1.4
1.58
1.02
0.86
1.25
0.28
0.92
1.68
1.28
1
1.17
1.04
1.07
1.041.45
1.11
0.97
209.02
181.82
192.43
171.91
162.45
157.77
157.77
207.67
190.55
165.4
163.17
148.7
137.02
156.71
151.27
163.04
163.53
131.57
166.71
96.11
89.43
105.56
143
52.9
39.01
14.94
104.87
132.67
77.96
97.97
62.69
141.22
103.3898.75
15.7
62.74
LEARYDALE 4259
Rai
lway
Rai
lway
Rai
lway
Rai
lway
R oad
R oad
1300m
1300m
1300m
1300m
1300m
1300m
Learydale
G lenalgy
Brazil
Christiana
M ilnedale
Yarl
TO P SEAM
BH N o
Seam D epthThickness
Perm it A rea
R esource B locks
0 1000 2000
S cale
Area Glencoe region, Northern Natal
Resource Inferred resource of 44.3 million tons
CPR Included in Amajuba block
Open cast/underground Underground
Planned production 30 – 50 000 tons per month
Capex planned Subcontractor
Type of Coal Bituminous
Feasibility Study Currently being completed
Commencement of mining
Dependent on results of feasibility
Page 16
Majestic Silver prospect
Area Dannhauser
Resource Reconnaissance
CPR Prospecting permit
Open cast/underground
Planned production
Capex planned
Type of Coal To be identified
Feasibility Study
Commencement of mining
Page 17
Summary of MMH Coal Resources
Project Name Measured Indicated InferredRecon-
naissance
Total
Tons (million)
Sesikhona - Klip Rand 5.3 16.7 22.0
Uithoek 6.6 6.6
Amajuba 14.5 23.7 38.1
Burnside 34.4 10.8 45.2
Boschoek/ Boschkloof 52.3 52.3
Nungu Trading - Wasbank 1.5 1.5
Point Blank - Learydale 44.3 44.3
Yarl 16.9 16.9
Six further permits on 33 farms
Total 26.4 86.7 113.9 226.9
Page 18
6. Outlook
Focused coal strategy
First and second phase drilling completed on coal prospects
Moving coal assets up the value curve
Further consolidation of KZN
Prudent use of existing cash resources
Ideally placed for next commodity recovery
Page 19
Balance Sheet
Unaudited Unaudited Audited at at at (Figures in R’000) 28 Feb 2009 29 Feb 2008 31 Aug 2008
ASSETS Non-current assets 325 638 317 271 323 852 Property, plant and equipment 7 091 321 6 639 Goodwill 11 714 10 109 10 609 Intangible assets 306 833 306 833 306 832 Investments in associates 0 - (228) Other financial assets - 8 Current assets 23 848 28 711 21 387 Trade and other receivables 556 330 905 Cash and cash equivalents 23 292 28 381 20 482
Total Assets 349 486 345 982 345 239
Page 20
Balance Sheet cont.
Unaudited Unaudited Audited at at at (Figures in R’000) 28 Feb 2009 29 Feb 2008 31 Aug 2008
EQUITY AND LIABILITIES Capital and Reserves 344 392 344 931 337 817 Share capital and share premium 91 812 75 681 74 645 Reserves 284 522 284 522 284 522 Retained earnings (30 931) (15 272) (20 799) Minority interest (1 011) - (551) Non-current liabilities Finance lease obligation 3 129 1 004 3 614 Current liabilities 1 965 47 3 808 Finance lease obligation 718 - 1 614 Trade and other payables 546 47 1 190 Other financial liabilities 700 - 1 004 Bank overdraft 1 - - Total equity and liabilities 349 486 345 982 345 239
Page 21
Balance Sheet cont.
Unaudited Unaudited Audited at at at (Figures in R’000) 28 Feb 2009 29 Feb 2008 31 Aug 2008
Net asset value per share (cents) 139.20 160.34 157.0 Net tangible asset value per share (cents) 10.45 13.01 9.5 Shares in issue – closing number (‘000) 247 400 215 131 215 131
Page 22
Income Statements
Unaudited Unaudited Audited Six months Six months Year ended ended ended (Figures in R’000) 28 Feb 09 29 Feb 08 31 Aug 08
Revenue - 263 372 Cost of sales - - (298)
Gross profit - 263 74 Other income - - 548 Operating expenses (11 219) (4 370) (11 674)
Operating loss (11 219) (4 107) (11 052) Investment revenue 1 156 817 2 108 Income from equity accounted investments - - (229) Finance costs (291) (229) (423)
Net loss before taxation (10 354) (3 519) (9 596) Taxation - - - Net loss for the period (10 354) (3 519) (9 596)
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Income Statements cont.
Unaudited Unaudited Audited Six months Six months Year ended ended ended (Figures in R’000) 28 Feb 09 29 Feb 08 31 Aug 08
Attributable to: Equity holders of the parent (10 133) (3 519) (9 119) Minority interest (221) - (477)
Loss per share (cents) (4.4) (1.8) (4.5) Headline loss per share (cents) (4.4) (1.8) (4.5) Shares in issue - weighted average number (‘000)231 266192 053 203 547
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Cash Flows
Unaudited Unaudited Audited Six months Six months Year ended ended ended (Figures in R’000) 28 Feb 2009 29 Feb 2008 31 Aug 2008
Cash flows from operating activities (10 509) (4 267) (9 103)
Cash utilised in operating activities (11 374) (4 855) (10 789) Interest income 1 156 588 2 108 Finance cost (291) - (422) Cash flows from investing activities (2 164) (91) (7 346) Purchase of property, plant and equipment (1 164) (90) (6 854) Acquisition of businesses (1 000) (1) (500) Loans advanced to group companies - - Sale of financial assets - - 8 Cash flows from financing activities 15 482 20 719 24 911
Proceeds on share issue 17 167 20 719 19 684 Finance lease payments (1 381) - 5 227 Repayment of other financial liabilities (304) - -
Increase in cash and cash equivalents 2 809 16 361 8 462
Cash and cash equivalents at beginning of year 20 482 12 020 12 020
Cash and cash equivalents at end of year 23 291 28 381 20 482
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Statements of changes in equity Share Share Accumulated Revaluation Minority
(Figures in R’000) capital premium loss reserve interest Total
Balance at 1 Sep 2007 1 871 53 090 (11 679) 284 522 (73) 327 730 Net loss for the period - - (9 119) - (477) (9 596) Issue of shares 280 20 440 - - - 20 720 Share issue costs - (1 036) - - - (1 036) Business combinations - - - - (1) (1)
Balance at 1 Sep 2008 2 151 72 494 (20 799) 284 522 (551) 337 817 Net loss for the period - - (10 133) - (221) (10 354) Issue of shares 323 16 845 - - - 17 167 Business combinations - - - - (238) (238)
Balance at 28 Feb 2009 2 474 89 338 (30 931) 284 522 (1 011) 344 392
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Thank youQuestions and answers
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