Platinum Australia

Platinum Australia 

ASX Mid to Small Cap 

Conference 

March 2012 

ACN 093 417 942 

PLA 

www.platinumaus.com 

1


Smokey Hills (70% PLA, ~85% Economic Interest) 

Established mine with production capacity of 90,000 ozs per annum at a Cash Margin 

of US$400/oz with a five year life 

Kalplats (PLA earning up to 49%) 

DFS completed - Total Resource 6.7 Mozs, open pit production of 120,000 ozs pa at a 

Cash Margin of US$500/oz with an initial 10 year life 

Resources drilled to only ~200 metres. Significant potential to expand resource along 

strike, at depth and due to large regional presence (~70 km strike length) 

Rooderand (PLA earning 70%) 

PFS completed - Total Resource 4.2 Moz, open pit production of 115,000 ozs pa at a 

Cash Margin of US$500/oz with 10 year life followed by ~7 year underground 

Panton (PLA 100%) 

Total Resource 2.4 Moz, proposed open pit & underground operation with production 

of 90,000 ozs pa 

PLA www.platinumaus.com 3


Total Resources of 14 Mozs 4E PGM (PLA attributable 9.7 Mozs) 

Production Capacity 

Current – 90,000 ozs 4E pa 

Potential – +300,000 ozs 4E pa within three years (Smokey 

Hills, Rooderand and Kalplats (PLA attributable ~220,00 ozs 4E) 

Cash Margin - +US$400/oz 4E (current prices) 

Panton PGM Project 

Large strategic asset containing 2.4 Mozs PGM 

Established Management Team in place in South Africa 


Market – Key Issues 

Supply 

Primary supply at same level as 2001 

South Africa – Strong Rand, Power, Inflation, 

Depth, Grade, Skills shortages, Labour unrest 

Nationalisation – Implementation in 

Zimbabwe, South Africa? 

New Mines – Capital, Lead Time, Country 

Risk, Power 

Depletion of Russian stockpile of palladium 

(+1 Moz/year over last 10-15 years) 


Market – Key Issues 

Demand 

Global Economic Recovery 

Autocatalysts – production, diesel/petrol, 

legislation 

Jewellery 

China – 25% of Platinum, 20% of Palladium, 

30% growth in last 5 years 

2010 Demand still 10% below peak 


Market – Prices 


ZAR Basket Price 

Ave US$ /oz Platinum Price 

Basket Prices 

12,000 

10,000 


Rooderand PFS 


Smokey Hills ZAR/oz 

Rooderand ZAR/oz 

Kalplats ZAR/oz 

8,000 

Kalplats DFS 


6,000 

1800 

4,000 

Ave US$ Platinum Price 

1600 

2,000 

1400 

- 

Mar April May June July Aug Sept Oct Nov Dec Jan Feb 



Exciting Portfolio of Advanced PGM Projects in 

South Africa and Australia 

Smokey Hills – Shallow underground mine 

building up to full production in 2012 

Kalplats – DFS completed on development 

of 1.5 Mtpa Open Pit Operation 

Rooderand – PFS completed on 

development of 1.2 Mtpa Open Pit and 

Underground Operation 

Panton – Review Study underway for 

600,000 tpa Open Pit and Underground 

Operation 



Executive Committee 

John Lewins 

Managing Director 

(Perth) 

David Neill 

Chief Financial Officer 

(Perth) 

Gavin Ferguson 

Chief Operating Officer 

(Johannesburg) 

Gordon Ramsay 

GM – Projects & 

Metallurgy 


John Dawson 

GM - Finance 


Richard Wallis 

GM – Mining & 

Technical Services 


Steve Hunns 

GM – Exploration 


McMillan Motimele 

Manager – 

Stakeholder Relations 


William Smart 

GM – Smokey Hills Mine 

(Smokey Hills) 




Smokey Hills Platinum Mine 

Updated Resource 

Resource Tonnes Grade Content 

Million Tonnes 4E g/t ‘000’s 4E Ozs 

Snowden – DFS July 2006 

Measured 3.6 5.59 650 

Indicated 1.9 5.61 344 

Total 5.5 5.60 994 

Geologix – July 2011 

Measured 2.85 5.61 516 

Indicated 1.68 5.64 306 

Total 4.53 5.63 822 

gg 

gg 

gg 

gg 

g 



Processing 

Standard MF2 design for treating UG2 Reef 

Planned throughput 60,000 tpm 

Planned production 90,000 ozs 4E per annum in concentrate 

Shipped to IRS in Rustenburg, South Africa for smelting & refining 

Power 

Eskom power connected (8 MVA with up to 12.5 MVA for future) 

8 MVA Diesel Generating Capacity Installed 

Water 

Lebalelo Water Scheme – 60,000 m3 per month 20 km pipeline 



Underground Mine 

Moved from contract mining to Owner Operator in January 2012 

Ramp up in underground production scheduled to achieve design in 

June Quarter 2012 

Access via six adits developed on reef - mechanised using jumbos, 

LHD’s and trucks 

Conventional narrow reef mining, hand held production drilling, 

winch cleaning, tramming to surface by LHD and truck 

Average Design Head Grade over life of mine ~4.8 g/t 4E PGM 



Underground Mine Performance in 2012 

Contractor 

Owner Operator 

Stope Broken m 2 

Stope Broken m 2 

350.0 

350.0 

300.0 

300.0 

250.0 

250.0 

200.0 

150.0 

m2 

Linear (m2) 

200.0 

150.0 

m2 

Linear (m2) 

100.0 

100.0 

50.0 

50.0 

0.0 

1 2 3 4 5 6 7 8 9 10 

0.0 

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 



Planned Production 

5.5 years at average of ~90,000 ozs 4E per annum (2012 Planned 70,000 

ozs 4E) 

Estimated Average LOM Cash Costs US$850/oz 4E 

Average Basket Price in 2011* US$1,300/oz 4E 

Margin US$450/oz 

* Platinum US$1730/oz; Palladium US$730/oz; Rhodium US$2,000/oz; Gold US$1,570/oz; 



Local Community Mine Ownership – 9% 

Employment – +1,000 at full production 

Social and Labour Plan (SLP) commitments of ZAR14 million including: 

Sealing of ~2.5 km of local district road (underway) 

Construction of classrooms for local schools (scheduled for 2011/12) 

Construction of new soccer pitch and stands (scheduled for 2011/12) 

Water infrastructure (awaiting completion of work by Government) 

Training & Development, scholarships and bursaries (ongoing) 


Kalahari Platinum Project 

JV with ARMplatinum – PLA earning up to 

49% 

330 km West of Johannesburg 

Stella Layered Intrusive (“SLI”) within the 

Kraaipan Greenstone Belt 

Multiple PGM bearing “magnetite” reefs 

Large Regional Presence 



Definitive Feasibility Study 

DFS Results Base Case November 2011 

ZAR US$ ZAR US$ 

Capital Cost Million 1,145 150 1,145 140 

Throughput t/annum 1,500,000 1,500,000 

Grade g/t 3E 2.96 (Ave 3.3 first five years) 2.96 (Ave 3.3 first five years) 

Site Opex Per ton 214 28.2 214 26 

Per oz 3,155 415 3,155 385 

Basket Price Per oz 7,606 1,001 9,430 1,150 

NPV 10 Million 530 70 1,347 164 

Cash Flow Million 1,598 210 3,205 391 

IRR % 24.4 24.4 41 41 

Base Case – Platinum US$1500/oz; Palladium US$500/oz; Gold US$1100/oz; ZAR7.6:US$1 

November 2011 – Platinum US$1610/oz; Palladium US$635/oz; Gold US$1725/oz; ZAR8.2:US$1 



Capital cost ~ZAR1.1 Billion (~US$1,200/annual oz 3E 

production) 

Production ~120,000 ozs 3E per annum (first five years) 

Site operating costs ~US$400/oz 3E 

Total cost including smelting and refining - ~US$600/oz 3E (at 

Base Case Metal Prices and Exchange Rate) 

Initial 10 year life based on current Measured and Indicated 

Resources (~50% of current resource) 

Potential for major extension of life with further drilling 

Power available from Eskom from 2014 

Mining of bulk sample from existing trial pit and pilot plant 

testwork planned for 2012 


Rooderand Platinum Project 

JV with Atla Mining Resources – PLA 

30%, earning 70% 

UG2, Merensky and Pseudo/Tarentaal 

Reefs 

Pre Feasibility Study completed April 

2011 

Definitive Feasibility Study drilling 

program completed July 2011 

Updated Resource due March 2012 

DFS due for completion First half 2012 

Over 350 diamond drill holes 

completed since November 2009 



Pre Feasibility Study 

PFS Results Base Case November 2011 

ZAR US$ ZAR US$ 

Capital Cost Million 968 129 968 118 

Throughput t/annum 1,200,000 1,200,000 

Grade g/t 4E 3.46 (Open Pit) 4.39 (u/ground) 3.46 (Open Pit) 4.39 (u/ground) 

Site Opex Per ton 605 80 605 74 

Per oz 5,025 670 5,025 613 

Basket Price Per oz 11,812 1,575 11,013 1,343 

NPV 10 Million 1,616 215 1,598 195 

Cash Flow Million 4,485 598 4,362 532 

IRR % 40 40 41 41 

Base Case – Platinum US$1,800/oz; Palladium US$800/oz; Rhodium US$2,400; Gold US$1,330/oz; ZAR7.5:US$1 

November 2011 – Platinum US$1,610/oz; Palladium US$635/oz; Rhodium US$1,660/oz; Gold US$1,725/oz; ZAR8.2:US$1 



Pre Feasibility Study 

Resource 28.8 Mt @ 4.55 g/t for 

4.2 Moz 4E PGM 

Outcrop to depth of ~500 m 

Open Pit 9.6 Mt @ 3.49 g/t to 

Max depth ~180 metres 

Underground focus on UG2 - 7.3 

Mt @ 4.39 g/t 4E over ~1.2 m 

stope width 

Simple MF1/MF2 Flowsheet 

Eskom power available 

immediately 



Located in the Kimberley region of Western 

Australia 

Resource of 14.3 Mt @ 5.2 g/t PGM, 0.27% Ni 

& 0.08% Cu 

Open Pit followed by Underground Mining 

Use of “Panton Process” to achieve 75 – 80% 

recovery into high grade concentrate ~2,000 

g/t PGM & 50% Ni + Cu 

Potential production up to 90,000 ozs PGM per 

annum based on throughput of 600,000 tpa 

Ownership – 100% Platinum Australia 



Metal Prices have increased between 250% 

and 500% since completion of BFS 

Technical and Commercial Project review due 

for completion December 2011 

Mining update TetraTech, Plant update DRA 

Pacific 

Initial indications – Open Pit increased in size 

by up to 50% to 1.9 million tonnes ore 

providing 3 year life ahead of u/ground mine 

Strategic Review of development options 



Project Status Resource Target 

Production 

Smokey 

Hills 

Kalahari 

Platinum 

Rooderand 

Platinum 

Panton 

Project 

Total 

Product 

DFS 

PFS 

Review 

of DFS 


5.6 g/t 


High Grade 3.2 

Moz @ 3.1 g/t 


4.55 g/t 

2.4 Moz PGM 

5.2 g/t 

14.1 Moz 

PLA ~9.7 Moz 

Comments 

90,000 oz/a In build up 

U/ground to ~200m 

PLA 70% (85% economic) 

~120,000 oz/a Open Pit to ~200m then 

u/ground to ? 

PLA 49% (earning) 

~115,000 oz/a Open Pit to ~150m then 

u/ground to ~500m 

PLA 70% (earning) 

~90,000 oz/a Open pit to 120m then 

u/ground to ~600m 

PLA 100% 

~415,000 oz/a 

PLA ~310,000 oz/a 

Open Pit or Shallow 

Underground 



Projects 

Project Resource Target 

Production 

Est. Opex LOM 

US$/oz 4E 

Initial Capex 

US$/annual oz 4E 

Smokey Hills 

Kalahari 

Rooderand 

Panton 


5 g/t 


incl 3.2 Moz @ 3.1 g/t 


4.55 g/t 

2.4 Moz PGM 

5.2 g/t 

90,000 oz/a US$850 US$500 

~120,000 oz/a ~US$600 ~US$1,200 

~115,000 oz/a ~US$650 ~US$1,000 

~90,000 oz/a ~US$1,000 ~US$1,800 

Total 

14.1Moz 

Total 

~415,000 oz/a 

Industry 

~US$1,300 

Industry 

+US$3,000 




Expected move to positive cash flow in June Qrt 2012 

LOM Expected Annual Production – 90,000 ozs 4E (Planned production for 2012 – 

70,000 ozs 4E) 

LOM Cash Cost US$850/oz, Basket (ave 2011)US$1,300/oz, Margin US$450/oz 


Commence development in late 2013, with first production early 2015 

Capital cost ~ZAR1.1 Billion 

Annual Production 120,000 ozs @ US$600/oz 3E (est. Cash Cost) 


Commence development in late 2012, with first production early 2014 

Capital cost ~ZAR1 Billion 

Annual Production 115,000 ozs @ US$650-700/oz 4E (est. Cash Costs) 

Panton Project 

Project Review to be completed in first Quarter 2012 

Strategic Review first Quarter 2012 


Deposit 

Crater 

Crux 

Orion 

Vela 

Sirius 

Mira 

Serpens North 

Kalahari Platinum Project Resource 

Total Resource Main Reef Resource High Grade Resource 

Tonnes Grade Ozs Tonnes Grade Ozs Tonnes Grade Ozs 

Measured 1,337,500 1.89 81,130 695,000 2.52 56,270 459,000 3.50 51,520 

Indicated 6,215,500 1.85 370,500 2,414,000 2.37 184,230 2,640,000 2.99 254,000 

Inferred 18,663,000 2.11 1,267,900 8,434,000 2.68 726,240 8,540,000 3.26 896,070 

Total 26,216,000 2.04 1,719,530 11,543,000 2.60 966,740 11,639,000 3.21 1,201,590 

Measured 7,698,000 1.55 383,370 3,360,000 2.04 220,320 1,716,000 2.96 163,430 

Indicated 10,882,000 1.40 489,880 5,239,000 1.62 272,580 1,905,000 2.55 156,030 

Inferred 9,458,000 1.35 410,190 4,348,000 1.53 213,860 1,470,000 2.47 116,720 

Total 28,038,000 1.42 1,283,440 12,947,000 1.70 706,760 5,091,000 2.66 436,180 

Measured 4,201,000 1.57 211,720 1,983,000 2.15 136,960 995,000 3.29 105,400 

Indicated 4,011,000 1.56 202,450 1,841,000 2.15 127,010 856,000 3.42 94,130 

Inferred 3,644,000 1.61 189,040 1,773,000 2.14 121,740 869,000 3.28 91,600 

Total 11,856,000 1.58 603,210 5,597,000 2.14 385,710 2,720,000 3.33 291,130 

Indicated 21,790,000 1.36 949,910 8,474,000 2.09 570,770 4,579,000 3.11 458,090 

Inferred 14,872,000 1.32 629,770 6,329,000 2.07 420,800 3,591,000 3.02 348,350 

Total 36,662,000 1.34 1,579,680 14,803,000 2.09 991,570 8,170,000 3.07 806,440 

Measured 802,000 1.52 39,070 378,000 2.13 25,810 185,000 3.32 19,740 

Indicated 5,305,000 1.49 254,540 2,086,000 2.13 142,960 1,116,000 3.12 111,770 

Inferred 3,377,000 1.27 137,880 639,000 2.03 41,620 270,000 3.40 29,510 

Total 9,484,000 1.42 431,490 3,103,000 2.11 210,390 1,571,000 3.19 161,020 

Indicated 2,708,000 1.42 123,720 931,000 2.31 69,020 461,000 3.55 52,510 

Inferred 3,925,000 1.44 181,090 1,315,000 2.49 105,310 731,000 3.60 84,750 

Total 6,633,000 1.43 304,810 2,246,000 2.41 174,330 1,192,000 3.58 137,260 

Indicated 4,962,000 1.41 224,620 2,057,000 1.95 129,180 861,000 3.15 87,180 

Inferred 2,741,000 1.47 129,330 1,142,000 1.90 69,630 408,000 3.31 43,460 

Total 7,703,000 1.43 353,950 3,199,000 1.93 198,810 1,269,000 3.20 130,640 

Serpens South Inferred 10,762,000 1.34 462,020 5,890,000 1.71 324,230 848,000 5.10 138,980 

Total 137,354,000 1.53 6,738,130 59,328,000 2.08 3,958,540 32,500,000 3.16 3,303,240 


Rooderand Platinum Project Resource 

Mineral Resource 

Category 

Reef Type 

Tonnes 

(million) 

Grade 

4E g/t 

4E Kg's 

('000) 

4E 

Moz 

Pt 

(g/t) 

Pd 

(g/t) 

Rh 

(g/t) 

Au 

(g/t) 

Cu 

(ppm) 

Ni 

(ppm) 

Meas + Ind + Inf Merensky 2.81 10.93 30.75 0.99 7.32 2.65 0.58 0.37 1418 2844 

Meas + Ind + Inf Upper Pseudo 3.85 3.11 11.97 0.38 2.31 0.43 0.22 0.15 548 1427 

Meas + Ind + Inf Lower Pseudo 8.64 1.87 16.19 0.52 1.10 0.58 0.08 0.10 229 1443 

Meas + Ind + Inf UG2 13.52 5.35 72.34 2.33 3.13 1.54 0.65 0.02 18 1217 

Measured TOTAL 2.62 4.89 12.84 0.41 2.93 1.35 0.55 0.05 108 1320 

Indicated TOTAL 6.76 5.30 35.81 1.15 3.18 1.50 0.54 0.07 189 1415 

Meas + Indicated TOTAL 9.38 5.19 48.65 1.56 3.11 1.46 0.54 0.07 167 1388 

Inferred TOTAL 19.45 4.25 82.60 2.66 2.68 1.10 0.36 0.11 348 1511 

TOTAL TOTAL 28.83 4.55 131.25 4.22 2.82 1.21 0.42 0.10 289 1471 


Panton PGM Project Resource 

Reef Type 

Mineral 

Resource 

Category 

Tonnes 

(million) 

Grade 

*6E g/t 

*6E 

Moz 

Pt 

(g/t) 

Pd 

(g/t) 

Au 

(g/t) 

Cu 

(ppm) 

Ni 

(ppm) 

Top Reef Measured 4.40 6.01 0.85 2.46 2.83 0.42 0.28 0.08 

Indicated 4.13 6.65 0.88 2.73 3.21 0.38 0.31 0.09 

Inferred 1.56 5.11 0.26 2.10 2.35 0.38 0.36 0.13 

Top Reef TOTAL 10.08 6.13 2.0 2.51 2.91 0.40 0.30 0.09 

Middle Reef Measured 2.13 2.86 0.19 1.36 1.09 0.10 0.18 0.03 

Indicated 1.5 3.28 0.16 1.56 1.28 0.10 0.19 0.04 

Inferred 0.6 2.38 0.05 1.22 1.07 0.01 0.19 0.05 

Middle Reef TOTAL 4.22 2.99 0.4 1.41 1.15 0.10 0.18 0.03 

TOTAL TOTAL 14.32 5.20 2.4 2.19 2.39 0.31 0.27 0.08 

*6E – Platinum, Palladium, Rhodium, Ruthenium, Iridium & Gold 



“This presentation and information contained in it is being provided to shareholders and investors for information purposes 

only. Shareholders and investors should undertake their own evaluation of this information and otherwise contact their 

professional advisers in the event they wish to buy or sell shares. To the extent the information contains any projections the 

Company has provided these projections based upon the information that has been provided to the Company. The 

Company does not make any representations as to the accuracy or otherwise of that third party information." 

Qualification Statement 

We confirm that exploration results contained in this report are based on information compiled by PLA Exploration Staff and reviewed by Peter Allchurch, who is a Fellow of the Australian 

Institute of Mining and Metallurgy. Peter Allchurch is non-executive Chairman of Platinum Australia Limited. Peter Allchurch has more than 5 years experience which is relevant to the style of 

mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a competent person as defined in the 2004 edition of the „Australasian Code 

for Reporting of Exploration Results, Mineral Resources and Ore Reserves‟. Peter Allchurch consents to the inclusion in the report of the matters based on his information in the form and 

context in which it appears. 

The information in this report that relates to the Crater ,Vela, Orion, Sirius, Mira, Serpens North and Crux Mineral Resource is based on a resources estimates compiled by Mr. Ken Lomberg who 

was a full-time employee of Coffey Mining and is a Member of the South African Council for Natural Scientific Professions. Mr. Lomberg has more than 15 years experience which is relevant to 

the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking and qualifies as a Competent Person as defined in the 2004 edition of the 

„Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves‟. Mr Lomberg consents to the inclusion in the report of the matters based on his information in the 

form and context in which it appears. 

The information in this report that relates to the Rooderand Mineral Resource is based on a resources estimate compiled by Mr. Andre Deiss who is a Principal of ExplorMine Consultants and is 

a Member of the South African Council for Natural Scientific Professions (member no 400007/97). Mr. Deiss has more than 7 years experience which is relevant to the style of mineralisation and 

type of deposit under consideration and 15 years experience in the activity which he is undertaking and qualifies as a Competent Person as defined in the 2004 edition of the „Australasian 

Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves‟. Mr Deiss consents to the inclusion in the report of the matters based on his information in the form and 

context in which they appears. 

The information in this report that relates to the Smokey Hills Mineral Resource is based on a resources estimate compiled by Mr. John Murgatroyd who is a Director of Deswik Mining 

Consultants (Pty) Ltd and is a Member or Fellow of “Recognised Overseas Professional Organisation”. Mr. Murgatroyd has more than 5 years experience which is relevant to the style of 

mineralisation and type of deposit under consideration and in the activity which he is undertaking and qualifies as a Competent Person as defined in the 2004 edition of the „Australasian 

Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves‟. Mr Murgatroyd consents to the inclusion in the report of the matters based on his information in the form and 

context in which they appears. 

The information in this report that relates to the Panton Mineral Resource is based on a resources estimate compiled by Mr. Ted Copeland who is a Director of Cube Consulting Pty Ltd. and is 

a Member of the Australian Institute of Mining and Metallurgy. Mr. Copeland has more than 10 years experience which is relevant to the style of mineralisation and type of deposit under 

consideration and in the activity which he is undertaking and qualifies as a Competent Person as defined in the 2004 edition of the „Australasian Code for Reporting of Exploration Results, 

Mineral Resources and Ore Reserves‟. Mr Copeland consents to the inclusion in the report of the matters based on his information in the form and context in which they appears.

Platinum Australia

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