1

Investor VisitInvestor Visit21 October 200521 October 2005

Greg Sebborn

www.zimplats.co.zw

Zimplats group structureZimplats group structure

Independent Shareholders

Impala Platinum Holdings Limited

Zimplats Holdings Ltd

13.09% 86.91%

Ngezi, Mhondoro & Selous Platinum Tenements

Zimbabwe Platinum Mines (Private) Limited

100% 100%

Hartley Ore Reserves

Selous Metallurgical complex

Ngezi Opencast Mine

Ngezi Underground Mine

100% 100%100%100%

2

Conditions precedent to expansionConditions precedent to expansion

• Phase 1 growth project approved May 2004 subject to the following conditions precedent• Bilateral agreement – outstanding• Zimplats/ Makwiro structure – complete• Ability to operate offshore accounts – complete• Extension of the IRS off-take agreement – complete• Extension of Special Mining Lease – partially complete• Clarity on empowerment provisions – outstanding• Ability to import power – outstanding

Andrew du Toit

www.zimplats.co.zw

Zimplats resources and reserves

3

Platinum in ZimbabwePlatinum in Zimbabwe

HARARE

BULAWAYO

MusengeziComplex

Selukwe Complex

Wedza ComplexUnki (Anglo)

Mimosa (Implats & Aquarius)(Implats & Aquarius)

HartleyComplex

Hartley Platinum MineSelous Metallurgical Complex

(Zimplats)

Ngezi Mining Operations(Zimplats)(Zimplats)

N Great Dyke

0 200

Kilometres

Zimplats TenementsZimplats Tenements

Darwendale

P2

P4

P10

NgeziMining

Lease 27

Zimplats Claims

Hartley Mine

Special Mining Lease 1

(and extension)

MSZ Outcrop

N

10km

New Plant SMC

4

Zimplats Tenements Zimplats Tenements –– dip and depthdip and depth

155m

800m1230m

365m70m

P2

P4

P10

Sections- Max depth

MSZ Outcrop

NgeziNN

10km10km

Less than 9 degree dip

Zimplats Resources and Reserves Zimplats Resources and Reserves StatementStatement

5.423.028.4

2.711.414.1

51.5215.1266.6

Ore Reserves (O/Cast and P1- P7 <9º)ProvedProbableTotal

11.486.8

185.0283.2

5.643.092.0

140.6

96719

1,6902,505

Mineral Resources & ReservesMeasuredIndicatedInferredTotal

4EMoz

PtMoz

Mt

5

Distribution of Zimplats Resources Distribution of Zimplats Resources and Reservesand Reserves

Claims 179 Moz 4E

Hartley 22 Moz 4E

Ngezi Steep 24 Moz 4E

Ngezi Portals 8-10 11 Moz 4E

Ngezi Portals 1-7 30 Moz 4E

Ngezi Pit 2 Moz 4E

Augustine Simbanegavi

www.zimplats.co.zw

Safety, health and environment

6

SafetySafety

• Please wear safety equipment issued to you• Remain with the group all the times• Check your footing• Don’t touch any machinery• Feel free to highlight any unsafe condition/ behaviour• Ask if in doubt

We Care About Your Safety!We Care About Your Safety!

Your safety and that of our employees are the most important aspects of our business

SHE PerformanceSHE Performance

2

0

1.00

14.20

6

1

0.60

15.33

3

0

0.46

32.74

9

2

1.55

47.28

LTIs

Fatals

LTIFR

NLTIFR

FY06FY05FY04FY03

Fatality free shifts 775,300 (as at 21 Oct 05)

7

Zimplats LTIFR (12 Month Rolling)Zimplats LTIFR (12 Month Rolling)

0.00

0.50

1.00

1.50

2.00

O ct-04 No v -04 De c-04 Jan -05 F e b -05 M ar-05 Ap r-05 M ay-05 Ju n -05 Ju l-05 Au g -05 Se p -05

LTIF

R

Zim p la ts LT IFRZim p la ts F IFR

SHE HighlightsSHE Highlights

• 2004 Zimbabwe Chamber of Mines Frequency Severity Competition• SMC first place• Ngezi third

• The Ngezi Underground first Aid Team won the 2005 Zimbabwe Chamber of Mines First Aid Competition

• Ngezi underground mine worked a record 970 accident free days• SMC won the 2005 National Environmental Trophy organised

through the Association of Mine Managers of Zimbabwe• SMC and Ngezi ISO 14001.2004 accreditation achieved

September 2005• Best overall safety performance in Implats Group

8

Augustine Simanegavi

www.zimplats.co.zw

Ngezi operations

Ngezi Portal 1 and Portal 2 OutlineNgezi Portal 1 and Portal 2 Outline

MSZ Outcrop

N

Portal 2

Portal 1

opencast Reserve

28mT

Fussell’s Fault

Gw

azan

a Fa

ult

Stev

e’s

Faul

t

P2 Reserve = 13.3mTMax Depth = 70mRange of Dip = 0 to 4 deg

P1 Reserve = 12.3mTMax Depth = 88mRange of Dip = 0 to 5 deg

9

Mining Production StatisticsMining Production Statistics

2,235,0501,447,250

787,800

421,000

375

30.3721.63

2,137,4681,826,414

311,054

221,400

175

29.5222.81

2,122,0971,927,760

184,337

118,100

187

18.5018.41

1,999,4431,966,876

32,567

0--

15.74-

Ore mined (tonnes)OpencastUnderground

Underground fleetsProductivity t/fleet/month

t/prod emp

Mining costs o/cast(Delivered SMC) u/g

BP06FY 05FY 04FY 03

Opencast Production ProfileOpencast Production Profile

-

200,000

400,000

Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4

BP'06 BP'07 BP'08

TON

NES

MIN

ED

100Ktpm

Full Pit Closure

Dec 2007Western Pit Closure

10

Portal 2 Production ProfilePortal 2 Production Profile

-

100,000

200,000

300,000

400,000

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

Qtr1

Qtr2

Qtr3

Qtr4

BP'06 BP'07 BP'08

TON

NES

MIN

ED

Steady State Mining 80Ktpm

Infrastructure Construction Completed

Portal 2 Milestones Portal 2 Milestones

● Trial mine started Aug 02 out of the opencast highwall (Portal 2)● 1 fleet comprising 30t truck, LHD, stope drill rig and roof bolter

rented for trial● Room and pillar method at 2.5m stope height successfully trialed

(0.5mt at a grade + 4% to opencast)● Impala Board approval June 05 for full development of P2 to 1mtpa

and infrastructure (USD 46m)● At max production 4 fleets at 20,000tpm (dip length restrict

production to 4 mining districts)● LOM 14 years at 1mtpa

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Portal 2 Key IndicatorsPortal 2 Key Indicators

● 60Ktpm achieved October 05● Full production of 80Ktpm planned by May 06● Power Supply – 133kVa supply to be commissioned Nov 2005● Crusher and conveyor system – to be commissioned May 2006● Water Supply – Weir complete, pipeline to P2 to be commissioned

Feb 06● Accommodation - Eagles Nest Management village complete (24

houses)- 181 houses for skilled employees are being built

in Turf Township, to be delivered by March 2006 (Including water purification and sewerage plant)

Ore Grade ProfileOre Grade Profile

0 1 2 3 4 5 6 7

1 . 2 51 . 0 00 . 7 50 . 5 00 . 2 50 . 0 0

- 0 . 2 5- 0 . 5 0- 0 . 7 5- 1 . 0 0- 1 . 2 5- 1 . 5 0- 1 . 7 5- 2 . 0 0- 2 . 2 5- 2 . 5 0- 2 . 7 5- 3 . 0 0

DISTANCE ABOVE/BELOW PPV (m)

g / t ( P t + P d + A u + R h )

0 1000

2000

3000

4000

5000

BCDEFGHIJKLMNOPQRS

p p m ( N i + C u )

B a s e O f M a i n S u l p h i d e Z o n e ( B M S Z )

2.5m Mining Width (UG)

P t + P d + A u + R h ( 4 E )

N i + C u

P t

0 1 2 3 4 5 6 7

1 . 2 51 . 0 00 . 7 50 . 5 00 . 2 50 . 0 0

- 0 . 2 5- 0 . 5 0- 0 . 7 5- 1 . 0 0- 1 . 2 5- 1 . 5 0- 1 . 7 5- 2 . 0 0- 2 . 2 5- 2 . 5 0- 2 . 7 5- 3 . 0 0

DISTANCE ABOVE/BELOW PPV (m)

g / t ( P t + P d + A u + R h )

0 1000

2000

3000

4000

5000

BCDEFGHIJKLMNOPQRS

p p m ( N i + C u )

B a s e O f M a i n S u l p h i d e Z o n e ( B M S Z )

2.5m Mining Width (UG)

P t + P d + A u + R h ( 4 E )

N i + C u

P t

12

Wally Channon

www.zimplats.co.zw

SMC operations

Key Production StatisticsKey Production Statistics

2,135,650

3.273

83.2

185,57589,256

1,538

8.20

2,058,210

3.221

82.8

176,53586,755

1,496

7.80

2,006,328

3.222

82.7

175,77586,099

1,643

8.04

1,937,118

3.187

81.8

169,26080,635

1,387

6.07

Ore milled (tpa)

Mill grade (g/t 4E)

4E Recovery (%)

4E production (oz)Pt production (oz)

Ni production (t)

Cost (USD/t processed)

BP06FY 05FY 04FY 03

13

SMC Continuous Improvement SMC Continuous Improvement ProjectsProjects

• Increase plant throughput by 3.8%• Increase SAG mill loading • New liner design

• Improve recovery by a further 1%• Optimise classification circuit• Commission high energy cells• Replace cyclones

• Further reduce mass pull• Optimise smelter efficiency• Reduce furnace power cost

Anton Wheeler

www.zimplats.co.zw

Strategic Plan

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Strategic PlanningStrategic Planning• The aim of Zimplats is to produce 500,000oz Pt per annum (1.0M oz 4e)• The strategic plan is based on the fact that the pre conditions set by the

Impala Board will be met timeously• Highest risk in strategic plan will be skills acquisition and retention

85,000 oz

90,000 oz

150,000 oz

O/cast 2,1mt@ 3.20g/t 4E

O/cast 1.1mt @ 3.20 g/t 4EP2 u/g 1.0mt @ 3.31 g/t 4ETotal 2.1mt @ 3.25 g/t 4E

P2 u/g 1.0mt @ 3.31 g/t 4EP1 u/g 1.1mt @ 3.33 g/t 4EP4 u/g 1.5mt @ 3.42 g/t 4ETotal 3.6mt @ 3.36 g/t 4E

Pre FY05

1

2

Pt ozOperationsPhase

12 Year Production Profile12 Year Production Profile

P1 and P4 Establishment

12 YEAR PRODUCTION PROFILE

Ngezi O/Cast

Portal 2 Portal 1

Portal 4

Portal 3

Portal 5

Portal 8

Portal 6

Portal 7

-

3,000,000

6,000,000

9,000,000

12,000,000

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12

Tonn

es p

er a

nnum

Tonnes Milled

15

Optimisation of Strategic BPOptimisation of Strategic BP

• Studies complete• Darwendale reserves less profitable than Ngezi operations• Re opening the Hartley Platinum Mine will yield lower returns

than the Ngezi operations• Studies in progress

• Bankable feasibility study for expansion to 3.6mtpa• Optimum stoping width for the room and pillar mining method• Re commissioning the BMR • Funding, timing and ownership of a 35MW smelter at SMC

Investor VisitInvestor Visit

21 October 200521 October 2005

www.zimplats.co.zw