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TRANSCRIPT
Site Visit Itinerary
1
February 13th (Waterberg Site Visit)
6:30 am – Breakfast at Sundown Ranch
7:15 am – Bus Transport to Charter Fights at Pilanesberg
8:00/8:15 am – Charter Flights from Pilanesberg to Dendron
9:20/9:35 am – Charter Flights Arrive at Dendron
9:30/9:45 am – Eurocopter from Dendron to Waterberg Site
9:45/10:30 am – Eurocopter Arrives at Waterberg Site
10:45 am – Presentation at Waterberg
11:15 – Core Review at Waterberg
12:00 pm – Lunch at Waterberg Site
12:45/1:30 pm – Eurocopter from Waterberg to Dendron
1:00 pm/1:45 pm – Eurocopter Arrives at Dendron
1:30 pm/2:00 pm – Charter Flights from Dendron to OR Tambo
3:00/3:30 pm – Charter flights Arrives at O.R. Tambo International Airport in Johannesburg
Safety
• We are working under the guidance of the DMR mine, health
and safety regulations, with proper legal appointments and
training.
• There have been no reportable incidents or accidents to date.
• Contractors and visitors fall under our responsibility.
2
Waterberg Site Specific Safety Induction
• Safety is our number one commitment in all our activities.
• To maintain safe and successful visits, the following rules
are upheld:
Open shoes are prohibited.
Lifting of core trays is prohibited.
All signage should be adhered to at all times.
Beware of snakes, scorpions and spiders.
Generally be aware of your surroundings.
Sunburn protection should be used during extreme
hot weather conditions.
3
Waterberg Site Specific Safety Induction
• Walking on core trays is prohibited.
• Core picked up and viewed should be returned to its original
position please.
• Please ask for any assistance. We have trained & qualified
personnel on site.
Enjoy your visit
4
Waterberg Introduction and Potential
• The discovery of the Waterberg Ore Body
is a result of a strong partnership since 2010
between PTM and the Japanese government (JOGMEC).
• 3-80m thick mineralized zones.
• 150m from surface.
• There will be mechanized mining with bulk methods.
• The current Waterberg JV deposit is significant in the context of the current PGM market.
• There is potential for several large scale mines at Waterberg with the possibility of
transforming the cost curve and safety of the industry.
• It is REAL – 223 drill holes, 581 Intersections.
• Worley Parson’s, DRA, SGS, JOGMEC and Wits University are all actively involved.
5
PTM QA/QC Protocol
PTM(RSA) has a holistic approach to Data Precision and Accuracy.
• Quality drilling.
• X, Y and Z coordinates are verified by an
external survey company.
• Downhole orientation surveys are done.
• Logging/sampling is captured into the SABLE
system and all handwritten logs with signature
trails are available in the borehole files.
• Printed SABLE logs/sampling sheets are
checked and signed off.
• A chain of custody letter accompanies all samples dispatched from site.
• Site clearances are done by external environmental company.
• Borehole files (per borehole) are kept on site and stored electronically at the JHB Office.
• The database is audited by an external QP.
• The mineralized zones that are used in the economic model are signed off by an external QP.
• A peer review by a second and a third independent QP are also in progress.
6
Waterberg Project Orientation Map
7
Regional TMI
8
Regional Gravity
9
Waterberg Project Prospecting Licenses
Waterberg IV
Waterberg III
Waterberg II
Waterberg I
Extension Granted = 488.86 km²
JV Granted = 254.65 km²
10
Waterberg Project I
Exploration Done To Date
• Airborne Gravity and Magnetics (FUGRO).
• Structural interpretation (Xpotential).
• Holes drilled = 181 holes.
• Meters drilled = 195,885 m.
• Primary samples taken = 102,059.
• QC samples = 23,099.
11
Waterberg Extension Project
Exploration Done To Date
• Airborne Gravity and Magnetics (FUGRO).
• Structural interpretation (Xpotential).
• Holes drilled on Waterberg Extension Project = 48 holes.
• Waterberg II=39 holes.
• Waterberg III + IV=9 Holes.
• Meters drilled 49,629m.
• Waterberg II 41,190m.
• Waterberg III + IV 8,439m.
• Primary samples taken 17,259.
• Standard samples 3,765.
12
Map Showing Airborne TMI (FUGRO)
13
Map Showing Airborne Gravity (Residual GD)
14
Interpreted Structure
Waterberg JV
Legend
Waterberg Extension
Local Dykes
Structures
Major Structures
Waterberg Outcrop
Archean Granite Complex
Basement
Basement Complex
Diabase
Granite Dykes and bodies
Platreef
Bumbeni Complex
Clarens Fm, Karoo Spgrp
Drakensberg Grp, Karoo Spgrp
Enon Fm, Uitenhage Grp
Jozini Fm, Lebombo Grp
Karoo Dolorite Suite
Karoo Spgrp
Komatipoort Suite
Letaba Fm, Lebombo Grp
Movene Fm, Lebombo Grp
Mpilo Fm, Bumbeni Complex
Suurberg Grp
Tshokwane Granophyre
15
Map Showing Composite Drilling Results
16
3D Maps Showing Grade Thickness Correlation with
Basement Topography
N
N
N Waterberg
Extension
Super
F-zone
Upper edge view
looking down dip
Super F-zone
Super F-zone
looking up dip
Embayment's
Embayment's
17
Level Plans showing Grade Thickness Blocks
Relative to the Basement View
950m below
surface
View
650m below
surface
View
350m below
surface
18
Waterberg Stratigraphic Column
19
West - East Section 1
Section 1
Waterberg Extension
20
West - East Section 2 -
10300 E
-10300 E
-10200 E
-10200 E
-10100 E
-10100 E
-10000 E
-10000 E
-9900 E
-9900 E
-9800 E
-9800 E
-9700 E
-9700 E
-9600 E
-9600 E
-9500 E
-9500 E
-9400 E
-9400 E
-9300 E
-9300 E
-9200 E
-9200 E
-9100 E
-9100 E
-9000 E
-9000 E
-8900 E
-8900 E
-8800 E
-8800 E
-8700 E
-8700 E
-8600 E
-8600 E
-8500 E
-8500 E
-8400 E
-8400 E
-
258397
4 N
-258397
4 N
-258397
3 N
-258397
3 N
-258397
2 N
-258397
2 N
-258397
1 N
-258397
1 N
-258397
0 N
-258397
0 N
-258396
9 N
-258396
9 N
-258396
8 N
-258396
8 N
-258396
7 N
-258396
7 N
-258396
6 N
-258396
6 N
-258396
5 N
-258396
5 N
-258396
4 N
-258396
4 N
-258396
3 N
-258396
3 N
-100 Elev -100 Elev
0 Elev 0 Elev
100 Elev 100 Elev
200 Elev 200 Elev
300 Elev 300 Elev
400 Elev 400 Elev
500 Elev 500 Elev
600 Elev 600 Elev
700 Elev 700 Elev
800 Elev 800 Elev
900 Elev 900 Elev
1000 Elev 1000 Elev
1100 Elev 1100 Elev
1200 Elev 1200 Elev
WB034
WB042 WE026 WE029 WE030
GRADE 4.11
LENGHT 16
GRADE 2.13
LENGHT 41
GRADE 2.16
LENGHT 19
GRADE 1.87
LENGHT 16
GRADE 2.63
LENGHT 46
WATERBERG EXTENTION
West East Section 2
Scale 1:5000.0 Date: 25/08/14
0 50 100 150 200 250 300 350
1:5000
JV
Bo
un
dary
Section 2
Waterberg Extension
21
West - East Section 3
JV
Bo
un
dary
-9200 E
-9200 E
-9100 E
-9100 E
-9000 E
-9000 E
-8900 E
-8900 E
-8800 E
-8800 E
-8700 E
-8700 E
-8600 E
-8600 E
-8500 E
-8500 E
-8400 E
-8400 E
-8300 E
-8300 E
-8200 E
-8200 E
-8100 E
-8100 E
-8000 E
-8000 E
-7900 E
-7900 E
-7800 E
-7800 E
-7700 E
-7700 E
-7600 E
-7600 E
-7500 E
-7500 E
-7400 E
-7400 E
-7300 E
-7300 E
-258275
3.4
N
-258275
3.4
N
-258275
3.3
N
-258275
3.3
N
-258275
3.2
N
-258275
3.2
N
-258275
3.1
N
-258275
3.1
N
-258275
3 N
-258275
3 N
-258275
2.9
N
-258275
2.9
N
-258275
2.8
N
-258275
2.8
N
-258275
2.7
N
-258275
2.7
N
-258275
2.6
N
-258275
2.6
N
-258275
2.5
N
-258275
2.5
N
-258275
2.4
N
-258275
2.4
N
-258275
2.3
N
-258275
2.3
N
-258275
2.2
N
-258275
2.2
N
-258275
2.1
N
-258275
2.1
N
-100 Elev -100 Elev
0 Elev 0 Elev
100 Elev 100 Elev
200 Elev 200 Elev
300 Elev 300 Elev
400 Elev 400 Elev
500 Elev 500 Elev
600 Elev 600 Elev
700 Elev 700 Elev
800 Elev 800 Elev
900 Elev 900 Elev
1000 Elev 1000 Elev
1100 Elev 1100 Elev
1200 Elev 1200 Elev
WE008WE017
WE018 WE019
GRADE 4.86
LENGHT 61
GRADE 2.00
LENGHT 40
GRADE 0.85
LENGHT 25
GRADE 3.39
LENGHT 10
WATERBERG EXTENTION
West East Section 3
Scale 1:5000.0 Date: 25/08/14
0 50 100 150 200 250 300 350
1:5000
JV
Bo
un
da
ry
Section 3
Waterberg Extension
22
Waterberg I and II Inferred Mineral Resources
(June 2014)
Waterberg II
Waterberg I
23
Conclusion Waterberg I + II
• There is a direct correlation between content and basement shape.
• The F-Zone continues towards the North and is still open ended.
• The grade thickness plots confirm the extension has good potential for larger areas
of higher grade thickness.
• The main F-Zone "feeder" has not been discovered. “M” Zone – still to be found.
• Waterberg I was the subject of an earlier PEA and is the subject of a PFS.
• Considering Waterberg II – there is the opportunity to lower costs and increase
scale.
• The Waterberg II Extension is a standalone potential
• mine. Including the JV down dip resources there are
9.1M inferred ounces.
• The resource is currently divided between WB II
extension 6.8M oz and JV down dip 2.3M oz.
• Recent holes expands the potential beyond a structural
zone at the north end of Waterberg II – onto “Waterberg III”.
24
Waterberg Extension Project
WB III and WB IV
25
Waterberg III Potential Resource
• Strike length of 5.6km
• WE049 intersected low
grade T zone and a F zone
intersection of 11.35m @
3.13g/t 2E including a high
grade cut of 4.52m @
6.03g/t 2E
26
Waterberg IV Drilling Results
27
Waterberg IV Exploration Area
• Strike length of 7km.
• An area of 550 plus km2.
• Shape of the Bushveld is open.
• Intercepts of 4 meters @ 3.72 2E.
• Better than some of the current
UG-2 mines.
28
Conclusion Waterberg III and IV
• The discovery is very opportune.
• The indication and interpretation from the airborne gravity and current
drillholes is that the BC does continue northwards beyond Waterberg II.
• In Waterberg III the T-Zone has been intersected in WE046 with a local low
grade. This opens an area for the potential of higher-grade facies.
• WE046D1 has intersected F-Zone at 1484.48m with a grade of 3.13g/t 2E and a
thickness of 11.35m .
• Drilling in Waterberg IV has intersected mineralization and is open for
exploration.
• A large area of potential shallow unexplored BC exists on the western side
of the property.
29
Questions?
30
Waterberg Project - PFS Progress
31
DRA Global Footprint Offices in Africa, Australia, North & South America, China, India, Oman, UK
over
2100 Operations
staff 1600
Project multi-disciplinary
engineers and support staff
PROJECTS: • ANGOLA
• AUSTRALIA
• BOTSWANA
• BRAZIL
• BURKINA
FASO
• CANADA
• CHINA
• DRC
• GABON
• GHANA
• INDONESIA
• KAZAKHSTAN
• LIBERIA
• MADAGASCAR
• MALI
• MOROCCO
• MOZAMBIQUE
• NAMIBIA
• PERU
• RUSSIA
• SOUTH AFRICA
• USA
• TANZANIA
• ZAMBIA
• ZIMBABWE
over
500 projects completed
successfully
around the world
32
DRA Platinum Projects
33
PLATINUM PROFILE
• DRA have designed and constructed
over 40 concentrators in the southern
region of Africa over the last 10 years.
• As a result, DRA has been instrumental
in about eighty percent of platinum plants
in South Africa and Zimbabwe, which
have a combined throughput of
approximately 40 Mtpa.
• Mining and surface Infrastructure Design,
Engineering, Procurement and
Construction Management to suit.
Management Structure
34
PTMThys Uys
DRA Study SponsorPaul Howard
Study ManagerGreg Ruiter
Process EngineerDanny du Pisani
Estimating Manager
Greg Lloyd
Estimating Manager (Mining)
Nico Cromhout
EstimatorsTBA
Project Engineer (Mechanical)
Kurt Engel
Drawing Office
Snr Process EngineerLouise Lintvelt
Snr Process EngineerOdette de Beer
Planner (part time)
Alwyn Kruger
Project Administrator (part time)
Heather Wiggill
Cost Controller (part time)
Priscilla Ambrosaeo
Snr E,C&I EngineerTBA
Civil & Infrastructure Engineer
Trevor Morris
Senior Mining EngineerJaco Smit
Mining EngineerUlrich Bester
MiningGert Roets
InfrastructureGraham Smith
Winder SystemsJohn Hartslief
Process (Comminution)
Paul Morgan
E,C&IRon Liddiard
ProcessVal Coetzee
DRA Internal Consultants
Head Office Support
DRA Process Director
Glen Bezuidenhout
DRA E&I General Manager
Ian Gebbie
DRA Engineering Director
Otto Koren
DRA Mining Director
Tertius van Niekerk
DRA Qualified Persons
ProcessVal Coetzee
Snr Electrical Engineer
TBA
Snr C&I EngineerTBA
Winder Systems Mechanical Engineer
TBA
WATERBERG PLATINUM PFS DRA ORGANOGRAM
DRA - Mogalakwena Platinum
35
DRA – Pilanesberg Platinum
36
DRA – Unki Platinum
37
DRA – Everest Platinum
38
DRA – Maseve Platinum
39
Site Infrastructure and Bulk Services
• Surface layout pending Mine Access design and layout
• Concentrator positioned to minimise transportation costs
• TSF site located away from established village
• Road access route identified
• Possible housing site being investigated at Bochum
• Electricity Supply well advanced – Cost Est. done. Budget Quote stage
• Raw Water Supply – On board with Dept. Water and Sanitation
40
41
Goedetrouw
Eskom Borutho
400/132kV
Substation
Three
route
options
for the
132kV
overhead
line
Bulk Water Supply Option Map
42
In Conclusion
• DRA Team
Platinum Experience
In particular the Northern Limb - Ivanhoe engineer
Assigned senior engineers – in line with potential scale
• PTM Team
Strong and experienced in projects and mining as
Owner and Operator of the Maseve Mine and Waterberg JV
Recent additions to full time team adds depth for decisions
• PFS on track for completion mid 2015
A resource update expected shortly from recent drilling
Mining – and Access methods: Option Studied & Trade-Offs underway
Metallurgical Test Work nearing completion
43