Analyst site visitAnalyst site visit Bokoni Platinum Mines

Philip Kotze, CEO2 October 2009

Cautionary risk factors andCautionary risk factors and forward-looking statement in

This presentation includes certain statements that may be deemed "forward-looking statementsstatements in this presentation, other than statements of historical facts, that address fudevelopments that Anooraq expects are forward looking statements. Anooraq believes thassumptions that: Bokoni will continue to have production levels similar to previous years; thhowever are not guarantees of future performance and actual results or developments may difhowever, are not guarantees of future performance and actual results or developments may difto differ materially from those in forward looking statements include market prices, exploitationmining and natural resource exploration and exploitation and continued availability of capital anany such statements are not guarantees of future performance and those actual results orInvestors should review the Company's annual Form on 20-F with the United States Sewww.sedar.com.

This presentation uses the terms "measured resources", "indicated resources" and "inferred reCanadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Prcautioned not to assume that any part or all of the mineral deposits in these categories wiluncertainty as to their existence, and economic and legal feasibility. It cannot be assumed thUnder Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feadefined under National Instrument 43-101. Investors are cautioned not to assume that part or ap

Factors that could cause actual results to differ materially from those in forward looking statemegovernment policies with respect to mining and natural resource exploration and exploitationaffected by the following specific risk factors. Costs, including design, procurement, constructidiscussed herein. There can be no assurance that mining can be conducted at the rates adeveloped on a timely and cost-effective basis. Energy risks include the potential for significdeveloped on a timely and cost effective basis. Energy risks include the potential for significProjected metal prices have been used herein. The prices of these metals are historicallyinternational markets. There can be no assurance that the prices of platinum, palladium, rhodiuprices assumed herein. A significant increase in costs of capital could materially adversely affecthose ordinary to large construction projects, including the general uncertainties inherent in eobligations, and accommodation of local and community concerns. The economics are sensiseveral years. Investors are cautioned that any such statements are not guarantees of futprojected in the forward looking statements

nformation

s" within the definition of the United States Private Securities Litigation Reform Act of 1995. Allture production, reserve potential, exploration drilling, exploitation activities and events orhat such forward looking statements are based on reasonable assumptions, including thee planned Bokoni expansions will be completed and successful. Forward-looking statements,ffer materially from those in forward looking statements Factors that could cause actual resultsffer materially from those in forward looking statements. Factors that could cause actual resultsn and exploration successes, changes in and the effect of government policies with respect tond financing, and general economic, market or business conditions. Investors are cautioned that

developments may differ materially from those projected in the forward looking statements.ecurities and Exchange Commission and its home jurisdiction filings that are available at

sources". Anooraq advises investors that although these terms are recognized and required byrojects), the U.S. Securities and Exchange Commission does not recognize them. Investors arel ever be converted into reserves. In addition, "inferred resources" have a great amount ofat all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.asibility or pre-feasibility studies, or economic studies except for a Preliminary Assessment asll of an inferred resource exists, or is economically or legally mineable., y g y

ents include market prices, exploitation and exploration successes, changes in and the effect ofn, and general economic, market or business conditions. In addition, actual results may beion and on-going operating costs and metal recoveries could be materially different from thoseand grades assumed herein. There can be no assurance that infrastructure facilities can be

cant increases in the cost of fuel and electricity, and fluctuation in the availability of electricity.cant increases in the cost of fuel and electricity, and fluctuation in the availability of electricity.volatile, and Anooraq has no control of or influence on the prices, which are determined in

um, gold, copper and nickel will continue at current levels or that they will not decline below thect the value and feasibility of constructing the expansions at Bokoni. Other general risks includengineering and construction cost, the need to comply with generally increasing environmentaltive to the currency exchange rates, which have been subject to large fluctuations in the lastture performance and those actual results or developments may differ materially from those

2

Presentation outline

Anooraq: an overview

B k i i d t fBokoni: poised to perform

Asset portfolio: significant emerging pro

Financing: in place and fully funded

Conclusion: delivering a turnaroundConclusion: delivering a turnaround

oducer

3

Anooraq: an overview

4

Anooraq: the journey so far

1983 Anooraq incorporated in Canada

1999 Exploration focus shifts to South

2004 P l I t t ff t2004 Pelawan Investments effects reve

2006 Inward listing on JSE completed

4 Sep 2007 Announcement for purchase of Linterests from Anglo Platinum

2008 Fi li ti f t ti ti2008 Finalisation of transaction continu

1 July 2009 Anooraq assumes operational co

* Pursuant to transaction agreements, Lebowa Platinum Mines (Lebowa) chang(Bokoni)

Africa

t k f Aerse takeover of Anooraq

ebowa and JV Projects controlling

ues

ontrol of Bokoni*

ges name to Bokoni Platinum Mines

5

Company structure

Pelawan Investments (BEE)

ECommun

52%

Anooraq

51%Anglo Platinum26%

Bok

Anglo Platinum(warehoused)

100% 100%

Boikgantsho Kwanda

100% 100%

ESOP &nity Trusts (BEE)

3%

Anglo Platinum

49%

koni PlatinumHoldingsHoldings

100% 100%

Ga-Phasha Bokoni Mines

100% 100%

6

Our assets

Kwand

Thabazimbi

CRF

Kwand

B

ThabazimbiAmandelbult

Union

Pilanesberg

Northam

BritsZeerust

Sedibelo

BRPMPandora

PrJoh

Rustenburg

Zeerust Impala

RPM

Lonmin CrocodileRiver

Eland

River

Boikgantsho

PolokwaneM’Kwena

WF

daBokoni

Mokopane

MarulaTwickenhamLimpopo

Dwaalkop

da

Bela Bela

Modikwa

Two RiversMototolo

Ga-Phasha

Groblersdal Der BrochenEverest

Booysendal

Witbank

retoriaannesburg

SF

North

7

Our strategy

“To be a significant ‘mine-to-market’ PGM cand diversified PGM asset base”

1.Complete Lebowa Transactionto become a PGM producerto become a PGM producercontrol 200 Moz of PGM resource

2.Establish new Bokoni culture, track recornew infrastructurecost reductionincrease tonnages ouncesincrease tonnages, ouncesexpand Merensky outputexploit organic growth opportunitie

3.Continue asset portfolio developmentGa-Phasha, Boikgantsho, Kwanda

company with a substantial

srd

es

a

8

Our team: technical expertis

Philip KotzePresident & CEO: AnooraqIndustry experience: 28 yearsPositions held: AngloGold, Kalgold and Harmony Gold

Bernard WesselsGeneral Manager: Bokoni Mines Industry experience: 13 yearsPositions held: General Manager at Harmony Gold’sPositions held: General Manager at Harmony Gold s Masimong and Kalgold operations

Bava ReddyBava ReddyExecutive Mineral Strategy: AnooraqIndustry experience: 15 yearsPositions held: Senior Geologist at AngloGold; General Manager at Harmony Gold’s Target operationGeneral Manager at Harmony Gold s Target operation

se

Dickson MamoseboSection Manager: Middelpunt UG2Industry experience: 22 years

Kevin ErasmusSection Manager: Vertical & UM2 MerenskyIndustry experience: 30 years

Gerhard van NiekerkGerhard van NiekerkSection Manager: Brakfontein MerenskyIndustry experience: 27 years

9

Our empowerment credentia

55% BEE shareholding

52% Pelawan Investments52% Pelawan Investments

broad-based, 100% black-owne

42% women owned42% women-owned

3% community trusts, ESOPs

f l t i l lsource of employment in local a

direct shareholding in Anooraq

Anooraq board is majority HDP

als

ed company

area

10

Bokoni: poised to perform

11

Bokoni: topographical map

NZEEKOEGAT

MIDDELPUNT

DIAMAND

UMKOANESTADBRAKFO

KK

AVOCA

Total Strike Length 26kmTotal Strike Length 26kmTotal Strike Length 26kmTotal Strike Length 26km

Vertical ShaftMiddel Punt HillN

Vertical Shaft

Brakfontein UM2 Incline

ONTEIN

KLIPFONTEINGa-Phasha

KLIPFONTEIN

PASCHASKRAALA

TWICKENHAM SURBITONDE KAMP

BALMORAL

HACKNEY

12

Production profile: current aProduction profile: current a

Current production Stage 1 (20

80ktpm, @ 4.4g/t 160ktpm @ 4.

Merensky @ 50ktpm Expand MerenUG2 productio

UG2 @ 30ktpm Merensky @ 1

UG2 @ 40ktpUG2 @ 40ktp

~ 150 000 4E oz per annum ~ 270 000 4E o

and futureand future

010 – 2013) Stage 2 (2016 onwards)

.3g/t 375ktpm @ 4.4g/t

nsky, maintain on to 160ktpm

Technical studies indicate Bokoni value maximised at:

120ktpm

m

Merensky @ 120ktpm

UG2 @ 255ktm UG2 @ 255ktpm

oz per annum ~ 570 000 4E oz per annum

13

Production prill split

⅔ of production from Merensky Reef

2:1 Pt:Pd ratio on Merensky Reef with r2:1 Pt:Pd ratio on Merensky Reef with r

Only Eastern Limb operation with signif

high in platinum valuehigh in platinum value

High reserve grade on UG2: 5.36g/t 4E

reserve grade: 4 3g/t 4Ereserve grade: 4.3g/t 4E

ficant Merensky production

14

Mining sequence ‘for the nex

UG2 MerenskyVentilation shaft

VerticDeclines

Current mining @ 70m

Current mining @ 300m

- 650 mX cut to reef

1300 m- 1300 m

- 1950 m

xt 100 years’

Surface

cal shaft

0 -35 yrs0 -35 yrs

35 -35 -

S

-70 yrs-70 yrs

Sub vertical shaft

X cut to reef X tram haulage

70-105 yr70-105 yr

X cut to reef

rsrs

15

Mining sequence ‘for the nex

Tonnes to c5000

UG2

4000

4500 MER

UG2 HistoryMER History

UG2 Capacity

3000

3500

00's

)

MER Capacity

1500

2000

2500

Tonn

es (0

0

MPH - 45 ktpm

500

1000

1500

Brakfontein 120 k

0

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

xt 100 years’, cont’d

concentrator stockpile5000

4000

4500

3000

3500UG2 Brakfontein

120 ktpm

1500

2000

2500

MPH - 125 ktpm

500

1000

1500

ktpmMER MPH Vert #

120 ktpmMER Zeekoegat

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

0

120 ktpm

16

Transforming Bokoni

Mining strategyestablish and expand Brakfontein – a nmaintain production at Vertical and MPH

New business culture: “SMART” businessS – SafetyM – Management

on-site technical team strengtheneA – AccountabilityyR – Return on investment

immediate access to existing produexisting infrastructure (incl. water &existing infrastructure (incl. water &fully-funded project base to allow 1no lead time

T – TeamworkT Teamworkcorrect level decision makingfully-empowered corporate structur

ew mine infrastructureH

d, lean

uction and cash flows from Bokoni& power) positions Bokoni for expansion& power) positions Bokoni for expansion00% production growth from current base with

re

17

Transforming Bokoni, cont’d

Reduce costslabour restructuring

re-deployment of own labour, displaequipment reclamationcapital revisioncapital revision

mine design and expenditureIncrease production

l i fplanning for successvampinglogistics optimisation

Disciplined approach to orebody managemeestablish quality ore flow management quality miningquality miningsystems and controls

d

acement of contractors

ent, grade controlsystem

18

Transforming Bokoni, cont’d

New mine infrastructure in place for Me

Driving a lower Merensky unit costDriving a lower Merensky unit cost

West Mai

Strike driveStrike driveWest

Level 4

Main

Box hole

Raise lineMain

ore pass system

Level 5

d

erensky shaft system at Brakfontein

Eastin decline

St ik d iStrike driveEast

Strike conveyors

Main ore pass system

Changing the cost profile

ShMedium-term: RLong-term: R705/t, R5hort-term: R905/t, R6 700 PGM oz, Jun 2010 R805/t, R6 000 PGM oz, Dec 2010 5 250 PGM oz, Dec 2011

R1 153/t, H1 2009

20

Asset portfolio: significant eemerging producer

21

Ga-Phasha

Located adjacent and contiguous to Bo

potential synergies being evaluatedpotential synergies being evaluated

Significant resources

measured and indicated 25.7 Moz 4

10km strike length over both Merensky,g y

Originally envisaged as UG2 project

potential production of ≈ 270 000 ozpotential production of ≈ 270 000 oz

koni Platinum Mines

dd

4E, inferred 64.7 Moz 4E

, UG2 reefs

z 4E per annum via twin decline shaftsz 4E per annum via twin decline shafts

22

Boikgantsho

Located on the Northern Limb of the Bu

adjacent to Anglo Platinum’s Mogaadjacent to Anglo Platinum s Moga

Resources

indicated resources 7 7Moz (3E) 2indicated resources 7.7Moz (3E), 2

inferred resources 4.1Moz (3E), 75

Preliminary assessment (March 2005)

(1.25g/t 3PGM) with high base met

open pit operation

32 year mine life @ 400 000tpm

strip ratio: 1,7:1

pre-feasibility underway

ushveld Complex

lakwena minelakwena mine

30 000t of Ni30 000t of Ni

000t of Ni

al credits (0.15% Ni)

m

23

Financing: in place

24

Funding

Purchase considerationR2.6 billion

APL“A” preference sh9 year term12% coupon ro12% coupon ro1 x mandatory

Pelawan and APL “B”issued to Pelawissued to Pelaw9 year termzero coupon compulsory coPelawan share

SCB senior debt: R0.3

ARQ working capital ESOP and communityequity financin14 million new application: ARapplication: AR

hares: R1.2 bn

olled up to repaymentolled up to repaymentdebt refinance (years 3 to 6)

preference shares: R1.1 bn wan Finance SPVwan Finance SPV

onvertible into 227 million ARQ shareses locked in until 2015

3 bn

y trust: R0.12 bn gARQ share issuance

RQ working capital (three years)RQ working capital (three years)

2525

Funding, cont’d

Debt facilities SCB senior debt: R0.79 year termcoupon: JIBARcoupon: JIBARR500m drawdoNo refinance p

APL operating cash flAPL operating cash flto fund any ope9 year term15.84% (nacq)1 x mandatory

APL standby facility 9 year term

Scoupon: SA priARQ has acceSCB senior de

Security SCB: 51% of the asseSecurity SCB: 51% of the asseAPL: back ranked sec

75 bn

R + 4 50% (excl liquid and reserving costs)R + 4.50% (excl liquid and reserving costs)own and R250m capital and interest rolled up for three years

penalty

ow shortfall facility up to R0.75bnow shortfall facility up to R0.75bn ex and capex contributions by ARQ for three years

) coupon rolled up to repaymentdebt refinance (years 3 to 6)

( %)ime rate (currently 11%) rolled upess to 80% of cash flows from Lebowa mine to service ebt

ets and cash flows from the Lebowa Mineets and cash flows from the Lebowa Minecurity to SCB

2626

Offtake and smelter options

Offtake: Anglo Platinum Bokoni5 year initial teoption to extenoption to extencompetitive mametal in conce

Ga PhashaGa Phasha10 year initial toption to extencompetitive mametal in conce

Polokwane smelter options Smelter option no. 1to acquire ownownership intevests upon ext

Smelter option no. 2to acquire ownto acquire ownownership intevests upon ext

ermnd for further 5 year termnd for further 5 year termarket ratesentrate delivered to Anglo Platinum Polokwane Smelter Complex

termnd for further 10 year termarket ratesentrate delivered to Anglo Platinum Polokwane Smelter Complex

nership interest in Polokwane Smelter ComplexG ferest determined relative to Ga Phasha feed at Polokwane

tension of Ga Phasha offtake

nership interest in Polokwane Smelter Complexnership interest in Polokwane Smelter Complexerest determined relative to Anooraq group feed at Polokwanetension of Ga Phasha offtake

2727

Conclusion: delivering a turnaround

28

Turn around strategy with an

Bokoni Existing plan from MerenskyApproved and funded expanFurther potential expansion t

Ga-Phasha Progressing pre-feasibility st10km of strike length over bo270koz 4E per annum via tw

Boikgantsho Near surface open pittable oProgressing pre-feasibilityNear surface with 32 year LOLow strip ratio of 1.7:1

K d E l t l ti tiKwanda Early-stage exploration activ

n exciting project pipeline

y and UG2 of 150kozsion to 270koz 4E by 2013 Productionto 570koz 4E

tudy (synergy review)

Production

oth Merensky and UG2 Reefs win decline shafts

Advancedexploration

operation

AdvancedOM @ 400 000tpm

iti

exploration

vities

Early-stageexploration

29

Our position in the market

Attributable oz (m) 4E –

900

600

300

0Anglo Implats Bokoni Lonmin Northam* Anoora

*Northam includes Booysendal*A i i l d Rid Mi i

Plats Holdco

*Aquarius includes Ridge Mining

– post transaction

aq Eastern Aquarius* Kameni Elands Jubilee Nkwe

3030

Enterprise value

77

70

80EV / Moz of M&I

(Measured and Indicated Resource)

61

5552

48 47 4642

50

60

70

$/oz

42

27 2630

40$/oz Average: $39/oz

139

6

0

10

20

na0

Impa

la

Lonm

in

latin

um A

ustra

lia

quar

ius

Plat

inum

Nor

tham

Pla

tinum

Angl

o Pl

atin

um

Jubi

lee

Plat

inum

Plat

min

Nkw

e

um G

roup

Met

als

Anoo

raq

esiz

we

Plat

inum

East

ern

Plat

inum

Sylv

ania

Pl Aq N

Plat

inu

We E

Source: Bloomberg, Company materialsNotes:1. Market capitalization as of August 27, 2009; calculated using fully diluted TSM method, inc2. Enterprise value equals market capitalization plus debt less cash balances3. Attributable 4 PGE resources calculated including any earn-in, out arrangements4. Anooraq proforma acquisition of 51% of Bokoni, and 1% of Ga Phasha, Boikgantsho and K5. Proforma restructuring of WBJV resulting in PTM increasing its interest in Project 1 and 3 t6. Aquarius Platinum proforma for Ridge Mining acquisition, Inferred resource excludes Chief

4445

50 EV / Moz of Inventory (Measured, Indicated and Inferred Resource)

36 36 35

2630

35

40

26

2018

1315

20

25

Average: $19/oz

6 64 4 3

0

5

10

na

quar

ius

Plat

inum

Plat

inum

Aus

tralia

Impa

la

Lonm

in

Angl

o Pl

atin

um

Plat

min

um G

roup

Met

als

Nor

tham

Pla

tinum

Wes

izw

e Pl

atin

um

Anoo

raq

East

ern

Plat

inum

Jubi

lee

Plat

inum

Nkw

e

Sylv

ania

Aq P

Plat

inu N W

E

clusive of market value of listed warrants; converted at spot exchange rates

Kwanda as announced on May 14, 2009 for R2.6 billion to 74% and Wesizwe increasing its interest in Project 2 to 100%ftains Plain and Walhalla

Q&A

32

Mineral Reserves and Resou

Merensky UG2

M tGrade g/t 4E

4PGE oz M t

Grade g/t 4E

Bokoni¹ReservesP 21 7 4 34 3 03 32 1 5 43Proven 21.7 4.34 3.03 32.1 5.43Probable 5.4 4.16 0.73 9.1 5.17Total 27.1 4.31 3.76 41.2 5.36Resources (excl reserves)Measured 25.9 5.64 4.71 108.5 6.60 2Indicated 27.4 5.51 4.85 17.9 6.56 1Total measured & indicated 52 3 5 68 9 56 180 4 6 58 3Total measured & indicated 52.3 5.68 9.56 180.4 6.58 3Inferred 102.9 5.3 17.53 145.0 6.61 3

Ga-Phasha²ResourcesMeasured 8.4 4.32 1.2 24.9 6.50Indicated 48.2 4.65 7.2 57.5 6.56Indicated 48.2 4.65 7.2 57.5 6.56Total measured & indicated 56.6 4.61 8.4 82.3 6.54Inferred 180.0 4.45 25.8 185.8 6.47

Platreef Total Total Total T

M tGrade g/t 3E

Ni %

Cu %

Ni 000t

Cu 000t

3E oz

Boikgantsho³BoikgantshoResources 100% 100% 100%MeasuredIndicated 176.4 1.35 0.13% 0.08% 230.3 141.1 7.7Total measured & indicated 176.4 1.35 0.13% 0.08% 230.3 141.1 7.7Inferred 104.0 1.23 0.14% 0.09% 145.6 93.6 4.1

Total ProformaTotal Reserves 10.86Total measured & indicated (inc reserves) 92.03Total inferred resources 117.2

Total ProformaTotal Reserves 10.86Total measured & indicated (inc reserves) 92.03Total inferred resources 117.2

urces

Total Total att4E oz

4E oz

4E oz

100% 51%5 6 8 63 4 405.6 8.63 4.401.5 2.23 1.147.1 10.86 5.54

23.03 27.74 13.975.18 20.03 10.2

38 21 47 77 24 1738.21 47.77 24.1730.82 48.35 24.66

5.2 6.4 3.212.1 19.3 9.912.1 19.3 9.917.3 25.7 13.138.6 64.7 33.0

Total att Total att Total att 3E

ozNi

000tCu

000t

1. Source: Anglo Platinum 31 December 2008; assumes completion of acquisition of a 51% interest in Lebowa by Anooraq.

51% 51% 51%

3.9 117.0 72.0

3.9 117.0 72.02.1 74.3 47.7

2. Qualified Person G. Chunnett, Pr.Sci.Nat., Anglo Platinum October 2007.

3. Source: Independent QP G.J. van der Heever, November 2004. The mineral resources are based on a US$20 gross metal value per tonne cut-off. Gross Metal Value per tonne (GMV/t) is sum

5.7

46.93 117.0 72.059.8 74.3 47.7

of Pt, Pd, Au, Cu and Ni grades multiplied by the following metal prices: Pt - US$650/oz; Pd - US$250/oz; Au - US$375/oz; Ni - US$4/lb; Cu - US$1/lb. Metallurgical recoveries assumed to be 100%.

5.7

46.93 117.0 72.059.8 74.3 47.7

Analyst site visitAnalyst site visit Bokoni Platinum Mines

Philip Kotze, CEO2 October 2009