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