wesizwe platinum limited · techno-economic assesment pre-feasibility study bankable feasibility...
TRANSCRIPT
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A new mine in the makingwesizwe platinum limitedNovember 2006
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Exploration forging ahead……mine in sight, thinking smart…………..
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Wesizwe: graduating from explorer……
3
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…..to miner
44
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Project scheduleTask Name
Pilanesburg Project
Exploration DrillingCurrent Drilling to Inferred
Infill Drilling to Indicated:Phase 1Infill Drilling to Indicated:Phase 2Infill Drilling to Measured
GeophysicsAeromag Survey3D Seismic Survey Dow n the hole Geophysics
EvaluationResource Modelling & GeostatsEMP & SEIAGeotechnical Drilling Techno-economic AssesmentPre-feasibility StudyBankable Feasibility Study
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2006 2007
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Executive summary
Independent Engineers Report completed
IER confirms economics of standalone operation on Frisch–Ledig.
Resources now include significant portion in the Indicated category (24%)
11 drillings rigs continuing confirmation programme and furthering resource classification towards measured
Pre-feasibility initiated with results expected to be released firstquarter 2007
Technical cooperation at project level continues with neighboursPTM and Anglo Platinum
BEE status temporarily below 50,1% with coherent strategy to remedy
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Uitvalgrond
416JQ
Uitvalgrond
161JQ
12
Impala
Anglo Platinum
Western Platinum
Barplats
Pandora
Aquarius
Kroondal
86
711
14
105
7a
4
92
1
Aquarius
Marikana
TL2
TL1
BDP2
P1 BarplatsCrocodile River
The RIGHT address on the Western Bushveld
7
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The Core Properties
Styldrift
Ledig
Koe
does
font
ein
JQ
Zand
rivie
rspo
ort
Boschkoppie
Mimosa
Frisch 3 &4
Frisch 11
Elandsfontein
Styldrift
Ledig
Koe
does
font
ein
JQ
Zand
rivie
rspo
ort
Boschkoppie
Mimosa
Frisch 3 &4
Frisch 11
Elandsfontein
8
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The Frischgewaagd-Ledig Core Project
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Planned shaft access
10Modelled on the nearby, new Impala 20 Shaft
8.5m men & materials shaft, 6.5m ventilation shaft
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Planned Surface Infrastructure
11
180 000 – 240 000 tpm ROM
Modelled on the nearby BRPM mine: Anglo Platinum/Royal Bafokeng JV
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The Neighbourhood
Styldrift
Boschkoppie
North ShaftSouth Shaft
D-Section
Ledig
Koe
does
font
ein
JQ
Frisch 11
Frisch 4
Mimosa
Zand
rivie
rspo
ort
Current WBJV exploration area
Anticipated extesnion of Styldrift ore body
Styldrift “Thick-Zone”as per RBR website/
BRPM Analysts’ Presentation 7/3/05
Platinum Group Metals/WB JV
Wesizwe
Anglo Platinum/BRPM JV
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Igneous
intrusion
stopes
through RLS
The Ore Body: stable, thick and flat lying
3D Orebody.gvp
13
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Mineralised widths significantly higher than average
150cm 179cm 113cm 186cm
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Merensky facies
Normal
Single Cr
Normal f/w
Detatched
Undefined
15
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UG2 facies
Single Cr
Normal
Undefined
16
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Structural Geology: stable, eminently mineable
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Depth of operations: shallow relative to peers
oper
atio
ns
Western PlatinumUnion
Wesizwe
Western PlatinumImpalaKareeUnion
AmandelbultUnion
ImpalaNortham
AmandelbultNortham
Depth m
500
1000
1500
2000
Different shafts
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The Resource
SAMREC-compliant mineral resource estimates increased
Technical team strengthened and equipment secured
Relationship with Anglo Platinum is ongoing and Wesizwe is awaiting results of Anglo Platinum’s drilling.
* The other 50% is owned by Anglo Platinum
Resource Categories mozInferred 9.087Indicated 2.811Total 11.897
19
Indicated Inferred Total1.478 5.794 7.2721.198 1.881 3.0790.135 1.411 1.5462.811 9.087 11.897
Resource AttributionWesizweAnglo Platinum
TotalWBJV
Pt Pd Rh Au62.2% 28.1% 7.5% 2.2%Average Prill Split
70 million tons
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Prill Splits: of the BEST in the industry
Pt, 62.2%
Pd, 28.1%
Rh, 7.5%
Au, 2.2%
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Prill splits
0%10%20%30%40%50%60%70%80%90%
100%
Rid
gePa
nPa
lladi
umC
aled
onia
Aim
reso
urce
sAn
oora
q
AfriO
re
Jubi
lee
Plat
inum
Aust
ralia
PTM
Barp
lats
East
ernP
lats
afpl
ats
Plat
min
Nkw
e
Elan
d
Wes
izw
e
Au Rh Pd Pt
Basket price: in the UPPER echelons
21
Source: Investec, October 2006
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Project Average Gross Metal Value per Tonne of Attributable Resource (R/t) - With Depth of Resource Shown
0- 3
00
0- 2
50
0- 2
00
0- 1
00
0- 3
00
250-
650
0- 8
00
750-
850
0- 9
30
1,00
0- 9
50
0- 1
100
0- 1
150
0- 1
150
600-
117
5
0- 1
200
50- 1
350
0- 1
360
50- 1
400
0- 1
400
600-
150
0
0
200
400
600
800
1000
1200
1400
1600Sh
eba'
s Ri
dge
(RD
G)
Aur
ora
(PPD
)
Dre
nthe
(ARQ
)
Gra
ss V
alle
y (P
PD)
Kalp
lats
(PLA
)
Klip
rivie
r (N
KP)
Smok
ey H
ills (P
LA)
Aka
nani
(AFO
)
Blue
Rid
ge (R
DG
)
Leeu
wko
p (A
PP)
De
Wild
t (N
KP)
Mar
eesb
urg
(ELR
)
Rood
eran
d (N
KP)
Kene
dy's
Val
e (E
LR)
Elan
dsfo
ntei
n (E
LD)
WBJ
V (P
TM)
Cro
codi
le R
iver
(ELR
)
Spitz
kop
(ELR
)
GaP
hash
a (A
RQ)
Ledi
g-Fr
isch
(WEZ
)
Value per ton mined: the BEST of the juniors
Source: Royal Bank of Canada PGM Equities Handbook, 7 September 200622
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SA Producers R/ton Cash cost and IRS costs/ton
0
100
200
300
400
500
600
700
WLT
R (A
MS)
CTRP
(AQP
)
Ever
est(A
QP)
KPM
(AMS
)
Mimo
sa (A
QP)
Aqua
rius T
otal (A
QP)
Mimo
sa (I
MP)*
KPM
(AQP
)
Marik
ana (
LON)
Impa
la Le
ase (
IMP)
Impla
ts To
tal (I
MP)
Lonm
in (L
ON)
Zimpla
ts (IM
P)*
PPRu
st (A
MS)
Zimpla
ts (Z
IM)
Anglo
Plat
Total
(AMS
)
Limpo
po (L
ON)
Union
(AMS
)
Aman
delbu
lt (AM
S)
Maru
la (IM
P)
Marik
ana (
AQP)
BRPM
(AMS
)
Ruste
nbur
g (AM
S)
Modik
wa (A
MS)
Marik
ana (
AMS)
Lebo
wa (A
MS)
North
am (N
HM)
ZAR/
ton
ZAR/ton IRS ZAR/ton
Revenue R625/t
Source: Renee Hochreiter, Nedbank, October 2006/Merril Lynch
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Rand per Kilogram 5PGM Cash Cost Curves vs Revenue
KPM
(AQ
P)
Impa
la L
ease
(IM
P)
Mim
osa
(AQ
P)
Am
and
elbu
lt (A
MS)
Mim
osa
(IMP)
*
Mar
ikan
a (L
ON
)
WLT
R (A
MS)
PPRu
st (A
MS)
Zim
plat
s (IM
P)*
KPM
(AM
S)
Zim
plat
s (ZI
M)
Rust
enb
urg
(AM
S)
Unio
n (A
MS)
Lebo
wa
(AM
S)
Mod
ikw
a (A
MS)
Nor
tha
m (N
HM
)
BRPM
(AM
S)
Mar
ikan
a (A
QP)
Mar
ula
(IMP)
Limpo
po (L
ON
)
R/oz PGM IRS/PGM CAPEX
0
50,000
100,000
150,000
200,000
250,000R/
kg 5
E pg
mIndustry average Basket Price: +- R250 000/kg 5E PGM
Wesizwe Ave Basket Price approximately R280 000/kg 4E
Source: Renee Hochreiter, Nedbank, October 2006
Industry average cash cost R88,434/kg 5E PGM
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Styldrift
Boschkoppie
North Shaft
South Shaft
D-Section
Ledig
Koe
does
font
ein
JQ
Frisch 11
Frisch 4
Mimosa
Zand
rivie
rspo
ort
Current WBJV exploration area
Wesizwe’s stand-alone mining block
Bafokeng Rasimone Platinum Mine
Wesizwe’s base case is a standalone operation.
Platinum Group Metals/WB JV
Wesizwe
Anglo Platinum/BRPM JV
The Base Case
Stan
d Alo
ne 1
80 0
00 tp
mOpe
ratio
n
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Styldrift
Boschkoppie
North ShaftSouth Shaft
D-Section
Ledig
Koe
does
font
ein
JQ
Frisch 11
Frisch 4
Mimosa
Zand
rivie
rspo
ort
Potential mining
Footprint for Final
Consolidation
Bafokeng Rasimone Platinum Mine
Possible regional consolidation = Blue Sky
Styldrift
Boschkoppie
North Shaft
South ShaftD-Section
Ledig
Koe
does
font
ein
JQ
Frisch 11
Frisch 4
Mimosa
Zand
rivie
rspo
ort Wesizwe’s Mining Block
Bafokeng Rasimone Platinum Mine
Styldrift
Boschkoppie
North Shaft
South Shaft D-Section
Ledig
Koe
does
font
ein
JQ
Frisch 11
Frisch 4
Mimosa
Zand
rivie
rspo
ort
+ =
This could create one of the most significant new world class mine on the Western Bushveld
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Time, exploration and development spend
Exploration Pre-development Capex Production
Current position on value curve
Unit-based valuation (Yardstick Method)
DCF, reserve/resource and cash flow based valuation
Private equity funds, hedge funds
Private equity funds, hedge funds, general public
Institutions, general public, banks
Inferred
Indicated
Measured
Probable
Proven
Pre-inferred
Resources
Sources of finance
BFS
Pre-Feasibility Study
Juniors activity
Primary zone for acquisitions and
partnerships
Majors activity
Dis
cove
ry
ReservesValuation
AQP
Frisch-Ledig
Ope
ratio
ns
US$3500/oz annual
production
Crossover
The RIGHT place in the value curveUS60
/resource oz
US$6500/oz annual
production
US13 /resource
oz
Lonmin
Over the high risk hurdle
Plenty of investor
headroom to BFS
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Wesizwe DELIVERY to date
Drilling ahead of target
Regional co-operation enhances geological knowledge and understanding
Funding in place
Indicated resources delivered ahead of schedule
PFS initiated ahead of schedule
Confirmed standalone operation
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Next steps
Pre-feasibility and initial work on aspects of BFS
Resource conversions to reserves
Regional co-operation continues
Strengthening technical and corporate team
Continued focus on acquisitions particularly within operational areas
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30www,wesizwe.com
thenew name
inplatinum
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Disclaimer
The information in this document (this “Document”) is for information purposes only. This Document will form part of a verbal briefing by members of Wesizwe Platinum Limited and cannot be relied on or used in isolation therefrom. This Document does not constitute an offer of any kind or a solicitation of an offer and does not imply that information contained herein is correct as of any time subsequent to the date of issue. You are to rely on your own independent appraisal of and investigations into all matters and things contemplated by this Document.
Whilst every care has been taken in preparing this Document, no representation, warranty or undertaking (express or implied) is given as to the accuracy, completeness or reasonableness of the information or statements contained herein and no responsibility or liability whatsoever is accepted by Wesizwe Platinum Limited for any direct or consequential loss resulting from the use of this Document.
All opinions and estimates contained in this Document may be changed after publication at any time without notice.
This document has been provided to you for your information only and may not be reproduced or redistributed to any other person. By accepting this document, you agree to be bound by the foregoing limitations.