Results for the quarter endeResults for the quarter ende31 December 2009

eded Philip Kotze, CEO

31 March 2010

Cautionary risk factors and yforward-looking statement in

This presentation includes certain statements that may be deemed "forward-lookingReform Act of 1995. All statements in this presentation, other than statements of hexploitation activities and events or developments that Anooraq expects are forward loon reasonable assumptions, including the assumptions that: Bokoni will continue to hacompleted and successful. Forward-looking statements, however, are not guaranteesthose in forward looking statements. Factors that could cause actual results to differ m

d l ti h i d th ff t f t li i ithand exploration successes, changes in and the effect of government policies withavailability of capital and financing, and general economic, market or business condiperformance and those actual results or developments may differ materially from thoseannual Form on 20-F with the United States Securities and Exchange Commission and

This presentation uses the terms "measured resources", "indicated resources" ani d d i d b C di l ti ( d N ti l I t t 43 10recognized and required by Canadian regulations (under National Instrument 43-10

Commission does not recognize them. Investors are cautioned not to assume that areserves. In addition, "inferred resources" have a great amount of uncertainty as to thpart of an Inferred Mineral Resource will ever be upgraded to a higher category. Undefeasibility or pre-feasibility studies, or economic studies except for a Preliminary Asseassume that part or all of an inferred resource exists, or is economically or legally mine

Factors that could cause actual results to differ materially from those in forward lookinin and the effect of government policies with respect to mining and natural resource eaddition, actual results may be affected by the following specific risk factors. Costs,recoveries could be materially different from those discussed herein. There can be nThere can be no assurance that infrastructure facilities can be developed on a timelythe cost of fuel and electricity and fluctuation in the availability of electricity Projecthe cost of fuel and electricity, and fluctuation in the availability of electricity. Projecvolatile, and Anooraq has no control of or influence on the prices, which are determipalladium, rhodium, gold, copper and nickel will continue at current levels or that thecapital could materially adversely affect the value and feasibility of constructing the eprojects, including the general uncertainties inherent in engineering and constructionaccommodation of local and community concerns. The economics are sensitive to thseveral years. Investors are cautioned that any such statements are not guaranteesfrom those projected in the forward looking statements.

nformation

g statements" within the definition of the United States Private Securities Litigationhistorical facts, that address future production, reserve potential, exploration drilling,ooking statements. Anooraq believes that such forward looking statements are basedave production levels similar to previous years; the planned Bokoni expansions will bes of future performance and actual results or developments may differ materially frommaterially from those in forward looking statements include market prices, exploitation

t t i i d t l l ti d l it ti d ti drespect to mining and natural resource exploration and exploitation and continueditions. Investors are cautioned that any such statements are not guarantees of futuree projected in the forward looking statements. Investors should review the Company'sd its home jurisdiction filings that are available at www.sedar.com.

nd "inferred resources". Anooraq advises investors that although these terms are01 St d d f Di l f Mi l P j t ) th U S S iti d E h01 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchangeany part or all of the mineral deposits in these categories will ever be converted intoheir existence, and economic and legal feasibility. It cannot be assumed that all or anyer Canadian rules, estimates of Inferred Mineral Resources may not form the basis ofessment as defined under National Instrument 43-101. Investors are cautioned not toeable.

ng statements include market prices, exploitation and exploration successes, changesexploration and exploitation, and general economic, market or business conditions. In

including design, procurement, construction and on-going operating costs and metalno assurance that mining can be conducted at the rates and grades assumed herein.and cost-effective basis. Energy risks include the potential for significant increases in

cted metal prices have been used herein The prices of these metals are historicallycted metal prices have been used herein. The prices of these metals are historicallyned in international markets. There can be no assurance that the prices of platinum,

ey will not decline below the prices assumed herein. A significant increase in costs ofexpansions at Bokoni. Other general risks include those ordinary to large constructionn cost, the need to comply with generally increasing environmental obligations, andhe currency exchange rates, which have been subject to large fluctuations in the lastof future performance and those actual results or developments may differ materially

2

2009 f th t hi hli2009 – fourth quarter highlig

Signed agreements for Bokoni labour restru

Completion of Bokoni concentrator plant upg

R/t it ti t d d b 8% R/t unit operating cost decreased by 8%

R/PGM oz unit cost decreased by 10%

Recovered PGM grade improved by 5% Recovered PGM grade improved by 5%

Cash operating profit achieved

htghts

ucturing

grade

3

S f tSafety

Active engagement with DMR Zero fatalities

1 million fatality-free shifts achieved (2 y ( 1.5 million fatality-free shifts achieved (

LTIFR

0.8

1

1.2

0.2

0.4

0.6

0Q3 2009

November 2009))(6 March 2010)

Q4 2009

4

L b t t iLabour restructuring

Completion of agreements for Bokoni labou labour restructuring commences – Janu labour shift from services to productionp retrenchments – 153 persons unprotected industrial action – 103 dism anticipated completion date March 20 anticipated completion date – March 20

100

110

70

80

90

50

60

Q4 09 Q1 10 Q2 10

Previous quarter CurrPrevious quarter Curr

r restructuring – Dec 2009uary 2010 – 374 personsp

missals (January 2010)010010

Q3 10 Q4 10

rent quarter increase

5

rent quarter increase

C t t l t dConcentrator plant upgrade

Completion of Bokoni concentrator plant upg

Merensky capacity increased to 100 Kt

UG2 it t 65 Kt UG2 capacity at 65 Ktpm

processing capacity in place for Phase

grade – 20 milling days lost during quarter

pm

1 Bokoni growth plan to 2014

6

C ti d f t dContinued focus on cost red

Labour cost restructuring

Change bonus system

Improve discipline

Improve efficiencies

Labour cost decreased 5%, contractor cost decreas

New flexible budget system

Reclamation

Reduce Kw/h usage

Power-saving initiatives

Review all service level agreements

Renegotiate all 3rd party supply contracts

Decreased 21%

d tiduction

Contractors

% operating costs

sed 15%

Contractors3%Power

5%

G l d

Labour58%

General andadministrative

17%

58%

Consumables17%

7

P d ti t l dProduction: metal and reven

Metal Q3 2009 production

Q4 2009 production Variance

Pt (oz) 16 668 16 132 (3%)Pt (oz) 16,668 16,132 (3%)

Pd (oz) 11,249 11,498 2%

Rh (oz) 1,877 1,816 (3%)

Au (oz) 1 040 1 065 2%Au (oz) 1,040 1,065 2%

Ni (t) 214 241 13%

Cu (t) 126 143 13%

PlatinPlatin

litnue split

Copper2%

Revenue contribution %

Rhodium10%

Other 2% Nickel10%

Platinum62%Palladium

11%

Gold3%

um Palladium Gold Rhodium Other Copper Nickeum Palladium Gold Rhodium Other Copper Nicke

8

RRevenue

Revenue improved 25% due to metal price US$/4E increased by 17% ZAR/4E increased by 13% y

ZAR/US$ exchange rate strengthened 4%

Q3 2009 Q4 2009 Variance

Gross average R/PGM(4E) oz R7,003 R7,899 13%( )

Gross average US$/PGM(4E) oz US$901 US$1,055 17%

Average exchange rate R7.78:US$1.00

R7.49:US$1.00 4%

increases

9

Ch i th t filChanging the cost profileDec 2010: R805/t, R

0% 10% 20% 30% 40%

Dec 2011: R705/t, R5,250 PGM oz (US$709)

Rand PGM basket C1 cash cost curve per asset

10,000

11,000

12,000

13,000

14,000

Current PGM B

5 000

6,000

7,000

8,000

9,000

`

Platinum Mile

CTRP Blue Ridge

0

1,000

2,000

3,000

4,000

5,000

Stillw

ater

Ever

est

Mog

alak

we

Bath

opel

e

CR

M

Tum

ela

Mot

otol

o

Mim

osa

Mar

ula

Two

Riv

ers

Impa

la -

Rus

tenb

urg

0 0 500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

4QSource: Company data, Macquarie Research, February 2010

Jun 2010: R905/t, R6,700 PGM oz (US$905)

R6,000 PGM oz (US$811)

50% 60% 70% 80% 90% 100%

1H 2009 – R11,000/oz (US$1,486

1

1

1

1

1

Basket (ZAR/ oz)Western Limb

NAPLimpopo

Tw ickenham

Bokoni

5

6

7

8

9

a

Pandora Marikana

0

1

2

3

4

5

Uni

on

Mog

alak

we

Lonm

in -

Mar

ikan

a

BRPM

Dis

haba

Zim

plat

s

Mod

ikw

a

Kroo

ndal

Khus

elek

a

Nor

tham

Them

bela

niKh

oman

ani

Siph

umel

ele

5,000

5,500

6,000

6,500

7,000

7,500

8,000

8,500

9,000

9,500

0

3Q 2009 R8 334 PGM (US$1 071)

Q 2009 – R7,537 PGM oz (US$1,006)

10

3Q 2009 – R8,334 PGM oz (US$1,071)

I i th iImproving the margin

10,000

12,000

8,000

4,000

6,000

0

2,000

0Jun 09 Sept 09

$/oz R/oz

1,400

1,600

1,000

1,200

ng

Cash margin before capital

600

800

estr

uctu

rin

0

200

400

Labo

ur re

0Dec 09 Mar 10 Jun 10

z Ave Basket Price

11

P d ti t ti ti Q4 20Production statistics – Q4 20

Tonnes milled tonnes

4E oz produced oz

Built-up head grade g/t milled, 4E*

UG2 mined to total output %

Development metres m

Total labour (mine operations) number

R/t operating cost/tonne milled ZAR/t(incl. treatment charges) ZAR/t

R/4E operating cost ZAR/4E* oz

US$/4E operating cost US$/4E* oz

Cash operating profit/ (loss) CAD$

*4E consists of platinum, palladium, rhodium and gold

009009

Q3 2009 Q4 2009 Variance

254,399 248,999 (2%)

30,835 30,512 (1%)

4.19 4.39 5%

38 31 (18%)

3,067 3,178 4%

4,618 4,294 7%

1 005 924 8%1,005 924 8%

8,334 7,537 10%

1,071 1,006 6%

(6,790) 2,121 131%

12

P d ti t tProduction strategy

Staffing up for increased Merensky producti

120 ktpm steady-state production by 20

I t d t t i t UM2 M Introduce new contract miners at UM2 Mere

re-deploy employees from UM2 shaft to

Sustain Merensky production at Vertical Sha Sustain Merensky production at Vertical Sha

continue with infrastructure upgrade

Vamping and reclamation activities to increag

potential build up to 10% of total mine pcurrent unit operating cost

ion at new Brakfontein shaft

014

k h ftensky shaft

o new Brakfontein shaft

aft and UG2 at Middelpunt Hill shaftaft and UG2 at Middelpunt Hill shaft

ase on implementation of labour restructuringg

production from vamping, at 30% of

13

Mi i ‘f thMining sequence ‘for the nex

Vertic

G2 Merensky

Ventilation shaftDeclines

- 650 m- 650 mX cut to reef

- 1300 m

50 Moz PGMM+I

- 1950 m

M+I

t 100 ’xt 100 years’

cal shaft

0 -0 -

Surface

-35 yrs-35 yrs

11 Moz PGM

35 -70 yrs35 -70 yrs

Sub vertical shaft ssshaft

X cut to reef X tram haulage

70-10570-105

X cut to reef

5 yrs5 yrs

14

C it l ditCapital expenditure

Total capital expenditure for quarter: ZAR1 Drawdown on Anglo OCSF facility reduced

cash margins drawn facilities at Dec 31 ZAR1 available facilities at Dec 31 ZAR5

Average monthly capex spend sustaining capital ZAR4 project expansion capital ZAR1

ZAR2

Capex guidance going forward: (including s

2010 2011

ZAR252 million ZAR282 million

CAD$35.8 million CAD$40.1 million

Expressed in real 2009 money terms and using CAD$1:ZAR

102mby 34% as result of increased

194m556m

4m16m20m

ustaining & project capital)

2012 Total

ZAR312 million ZAR846 million

CAD$44.4 million CAD$120.3 million

R7.03 exchange rate

15

C lid t d i t tConsolidated income statem

Expressed in Canadian Dollars (000’s) Three months 30 September

Revenue 27,805

Operating cost 34,595

Cash operating (loss)/profit* (6 790)Cash operating (loss)/profit (6,790)

Operating margin (24.4%)

EBITDA (9,901)

Loss after tax (18,747)

Outside shareholders interest (7,913)

Basic and diluted loss per share - cents (0.04)

*Cash profit before depreciation and amortisation

tment summary

endedr 2009

Three months ended31 December 2009 Variance

34,823 25%

32,702 5%

2 121 131%2,121 131%

6.1% 125%

(2,575) 74%

(18,517) 1%

(8,336) 5%

(0.03) 25%

16

P j t d tProjects update

Kwand

ThabazimbiAmandelbult

UnionNortham

CRF

BUnion

Sedibelo

Pilanesberg

PrJoh

Rustenburg

BritsZeerust Impala

RPM

L i Crocodile

Eland

BRPMPandora

JohLonmin CrocodileRiver

Polokwane

Boikgantsho

Polokwane

Mokopane

T i k h

M’KwenaWF

Dwaalkopda

Bokoni

Modikwa

MarulaTwickenhamLimpopo

Ga-Phasha

Groblersdal

Bela Bela Two RiversMototoloDer BrochenEverest

Booysendal

retoriahannesburg

SF

North

17

Witbankhannesburg North

G Ph hGa-Phasha

Study initiated to investigate potential synercontiguous ore bodies

Potential to mine western portion of Ga-Pha early access to additional Merensky pro

Complete new pre-feasibility study at Ga-Ph

MIDDELPUNT

UMKOANESTAD

DIAMAND

ZEEKOEGAT

BRAKF

AVO

rgies between Bokoni and Ga-Phasha

asha mineral property from Brakfontein oduction tonnagehasha by 2011

Middelpunt HillVertical Shaft

Brakfontein UM2 Incline

Middelpunt HillN

FONTEIN

KLIPFONTEIN

PASCHASKRAALOCA

Ga-Phasha

UG2MER

TWICKENHAM

HACKNEY

SURBITONDE KAMP

BALMORAL

1818

B ik t hBoikgantsho

Further study work initiated to move project study completion

CAD$8.25m (ZAR58m) drill programme com Limited further drilling required to feasibility Pre-feasibility study to complete by 2011

towards pre-feasibility

mpleted to datestudy level

19

O tl kOutlook

Focus on operational turnaround at Bokoni

complete labour restructuring – March 2

increase in stope labour to facilitate proincrease in stope labour to facilitate pro

continue production build up – 160 Ktpm

maintain stringent cost controls

improve production efficiencies

m2/TEC

integrated mining approachintegrated mining approach

maintain grade control

mining discipline

“best cut” approach

Progress key projects at Ga-Phasha, Boikga

2010

oduction growth – April 2010oduction growth April 2010

m by 2013

antsho

20

Q tiQuestions

21

R d RReserves and Resources

Bokoni Platinum Mine Merensky

Grade4E g/t

Total Proven & Probable Reserves

4.44

Total Measured and Indicated Resources

5.81

Total Inferred Resources 5.55

oikgantsho Tons Grade 3 PGE Ni Cu

Mt 3E g/t Moz 000t 000t

TIn

Mt 3E g/t Moz 000t 000t

otal easured and dicated esources

176.4 1.35 7.7 230.0 141.1

TR

otal Inferred esources

104.0 1.23 4.1 145.6 93.6

y Reef UG2 Reef Total

4 PGE Moz

Grade4E g/t

4 PGE Moz

4PGEMoz

3.5 5.44 7.3 10.8

10.0 6.78 39.8 49.8

16.4 6.78 28.6 45.0

Ga-Phasha Merensky Reef UG2 Reef Total

Grade 4 PGE Grade 4 PGE 4PGEGrade4E g/t

4 PGE Moz

Grade4E g/t

4 PGE Moz

4PGEMoz

Total Measured and ndicated Resources

4.61 8.4 6.54 17.3 25.7

Total Inferred Resources

4.45 25.8 6.47 38.6 64.7

22

Results for the quarter endeResults for the quarter ende31 December 2009

eded Philip Kotze, CEO

31 March 2010