Meeting the Challenges for new Smelting Capacity in South Africa

1. Meeting the Challenges for new Smelting Capacity in South Africa David Russell, acting CEO AIM: BRR

2. Disclaimer Statements contained in this document, particularly those regarding possible, projected or assumed future performance and results, including resources, reserves, recoveries, production levels, costs, prices, earnings, returns and potential growth, are or may include forward looking statements. Such statements relate to future events and expectations and as such involve known and unknown risks and uncertainties. Actual results, actions and developments may differ materially from those expressed or implied by those forward looking statements depending on a variety of factors.

3. About us • Mid-stream, PGM and Nickel production focused company with access to proprietary technologies • Located in two key mining regions and growth metals sectors • Processing capability augmented by key processing agreements Braemore Platinum Braemore Nickel

4. Shareholding structure Braemore Resources - at a glance • Listed on AIM in March 2005 • AIM Code: BRR • Market cap: £68.9 million • £1 million cash on hand

5. BEFORE YOU ASK – Power availability in South Africa • All major resource and smelting projects in SA are facing same problem: “Is power availability a showstopper?” • How do we address this? • Engineering companies offering technical reviews and solutions regarding self sufficiency in power

6. Eskom overview & risk assessment Sources: Interview with Eskom CEO 06/02/08 UCT GSB MIR - Dr. G. Steyn

7. Power issues in South Africa All major electricity consuming projects now have to consider alternative ways of generating supplementary power Eskom has permitted reserve margin to fall to critical levels Resulting load shedding and reduced availability of power for future projects is an issue Engineering companies have conducted detailed studies of alternative methods of power generation to meet project specific demand

8. Eskom overview & risk assessment, cont’d Source: Interview with Eskom CEO 06/02/08 • Based on 4% pa fixed growth and current planned generation capacity build to 2014

9. South Africa – previously spoiled for access to electrical power • In Australia major resource projects including global nickel producers are entirely self sufficient for power generation. • It is the norm for projects and even towns in remote parts of Australia to be self sufficient • Have South African projects been spoiled previously by easy access to bountiful reticulated electricity? • Availability of power is not an issue for remote mining and processing projects in Australia –self sufficiency is part of the operating and capital costs of doing business!

10. Alternate power supply options • Diesel / Heavy Fuel Oil Powered Generator Sets • own, build, operate option • Local coal fired power station • Solar thermal hybrid station • International options • Botswana – the power generator of the SADC region • Botswana Power Marupule proposal • Botswana Power Mmamabula project • Various solar thermal projects • Hydro-electric potential of the Congo River

11. Comparison of Cost per KWhr

12. Diesel Powered Generator Sets 12

13. Our strategy – uniquely placed in the metals stream Braemore Platinum Braemore Nickel

14. A looming tidal wave of production • Up to 6Mozof new PGM production forecast over the next 7 years – not all projects will succeed • Largely from emerging producers, major component being from UG2 ore • Even majors have smelter capacity constraints Source: Investec

15. Rustenburg UG2 Smelter Mintek Demonstration Smelter South Africa – Braemore Platinum • Independent smelting and base metals refining facility targeting: • high chrome UG2 concentrates • lower grade PGM, high nickel concentrates from Platreef

16. ConRoast – a major advance in smelting technology • Developed and patented by Mintek • Braemore has an exclusive global license to use the process for a period of 3+7 years • Mintek to receive license fees and provide access to Mintek facilities and technical services • Braemore will facilitate smelting of PGMs and base metals by juniors • up to 50% HDSA participation

17. Cleaner and greener new generation process ConRoast Conventional smelting Concentrate Off-gas Feedconcentrate Sulphuric acid plant Sulphuric acid plant Convertor Furnacematte Furnace Coke Slow cool Slag DC arc furnace Slag cleaning furnace Matte granulation Atomiser Tailings dam Refinery Slag mill Hydro-metallurgical process

18. ConRoast – a solution to environmentally responsible smelting • The ConRoast process: • environmentally acceptable – good SO2 control • has no limit for chrome content – solves UG2 smelting problems • avoids corrosive, high-temperature, matte phase • lower capital and operating costs • improved PGM recovery • hydrometallurgical leach of PGM and Ni rich smelter alloy is key to commercialising ConRoast

19. Current status • 1.5MW demonstration plant currently in production at Mintek • producing PGM Ni alloy, with recoveries of up to 99% from smelting high chrome concentrate at rate of 1000tpm • producing at annualised rate, depending on feed grade of 20,000ozs PGM pa • upgrade to 3.2MW during one month shutdown to mid July 2008 • upgrade smelter to smelt 2000tpm and produce at an annualised rate of 60 to 70,000ozs PGM pa • First 10MW UG2 smelter planned for 2010 • First 35MW Platreef smelter and base metal refinery scheduled from 2012

20. ‘Mine to Metal’ strategic platform developing • Potential to develop vertically integrated platinum company • Acquisition of platinum resources and concentrates through joint ventures and off-take agreements • Two agreements in place • Tharisa Minerals • Grass Valley • further agreements in negotiation

21. Platinum progress • Demonstration plant has proved the new PGM smelting as a environmentally sustainable options for treating high chrome PGM feeds • Progress has been steady: • start production at Mintek Demonstration plant (Q4 2007) • ship first High Fe – PGM Alloy (Q1 2008) • renew agreements for a further 6 months (Q1 2008) • first Leached PGM produced as trial (Q2 2008) • processing of High chrome UG2 ores demonstrated (Q2 2008) • upgrades at Demonstration plant to double production underway (Q2 2008)

22. Platinum timeline to delivery 2008 2009 2010 2011 First ConRoast base metals refinery (Q2 2011) Complete 35MW Platreef smelter DFS (Q4 2008) Commission first 10MW UG2 smelter (Q1 2010) Commission 35MW Platreef smelter (Q4 2010) TWP Completed 10MW UG2 smelter DFS (Q1 2008) Initial Feed agreements in Place (Q3 2008) 22

23. Greener, cheaper to build and operate • Commercialising new generation nickel and PGM smelting and refining • Exclusive rights to proven technology • Current status of process application • nickel production in Australia becoming a reality • small scale commercial PGM production in SA underway – hydrometallurgical leaching • feasibility studies advanced for expanding PGM production • JVs with emerging producers and partners under negotiation pic

24. Meeting the Challenges for new Smelting Capacity in South Africa David Russell, acting CEO Email davidr@braemoreresources.com AIM: BRR