E d t dEmpowered to producePhilip Kotze, CEO

BMO Capital Markets2010 Global Metals & Mining Conference

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

P t ti tliPresentation outline

Anooraq: an overview

Bokoni: delivering a turnaround

A t tf li i ifi t i d Asset portfolio: significant emerging produce

Financing: in place and fully funded

Conclusion: a recipe for growth Conclusion: a recipe for growth

er

3

A iAnooraq: an overview

4

A iAnooraq: an overview

Black economic empowerment, Canadian inPGM focused

Listings

primary: TSX Venture Exchange (ARQ

secondary: NYSE-Amex (ANO)

secondary: JSE Limited (ARQ) secondary: JSE Limited (ARQ)

Majority BEE owned by

Pelawan Investments (52%)

ESOP and community trusts (3%)

Market cap of C$264 million (as at 22 Febru

Fully diluted shares in issue: 453 million Fully diluted shares in issue: 453 million

First North American list

ncorporated, SA managed,

Q)

uary 2010)

ted BEE PGM company

5

B k i A ’ l hBokoni: Anooraq’s launch p

ARQ acquired from Anglo Platinum an effec

ARQ controls reserves and resources in exc

26k f t ik l th b th th M k 26km of strike length over both the Merensk

Lease area strike length similar in size to Im

Total resources support LOM exceeding 10 Total resources support LOM exceeding 10

35 years of mining above 650 metres (techn

Existing infrastructure (including water and pg ( g

Fully funded project base to allow 100% prono lead time

Transforms Anooraq into an indep

l tfplatform

ctive 51% of Bokoni Platinum Holdings

cess of 200 million PGM oz

k & UG2 f (B k i/G Ph h )ky & UG2 reefs (Bokoni/Ga-Phasha)

mpala Rustenburg lease area

0 years at Bokoni0 years at Bokoni

nical advantage)

power) positions Bokoni for expansion )

oduction growth from current base with

pendent and significant PGM producer

6

C t tCompany structure

Pelawan Investments (BEE)

ECommun

52%

Anooraq

51%Anglo Platinum(warehoused)

26%

Bok

Boikgantsho Kwanda

100% 100%

ESOP &nity Trusts (BEE)

3%

Anglo Platinum

49%

koni PlatinumHoldings

Ga-Phasha Bokoni Mines

100% 100%

7

O tOur assets

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

8

Witbankhannesburg North

O t tOur strategy

“To be a significant PGM producer with a substaPGM asset base”

1. Complete Lebowa Transaction2. Establish new Bokoni culture, track record

labour restructure

new infrastructure cost reduction

increase tonnages, ounces exploit organic growth opportunities

3. Continue asset portfolio developmentp p

Ga-Phasha, Boikgantsho, Kwanda

antial and diversified

s

9

B k i d li i tBokoni: delivering a turnaro dound

10

B k i t hi lBokoni: topographical map

DIAMAND

NZEEKOEGAT

MIDDELPUNT

UMKOANESTADBRAKFO

K

AVOCAAVOCA

Total Strike Length 26kmTotal Strike Length 26km

Vertical Shaft UM2 Incline

Middel Punt HillN

ONTEIN

Brakfontein UM2 Incline

KLIPFONTEIN

PASCHASKRAALA

Ga-Phasha

TWICKENHAM SURBITON

A

DE KAMP

BALMORAL

HACKNEY

BALMORAL

11

Production profile: current ap

Current production

80ktpm, @ 4.4g/t

Stage 1 (20

160ktpm @ 4.3gp , @ g

Merensky @ 50ktpm

p @ g

Expand MerensUG2 production

UG2 @ 30ktpm

UG2 production

Merensky @ 12

UG2 @ 40ktpm

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

and future

10 – 2014)

g/t

Stage 2 (2016 onwards)

375ktpm @ 4.4g/tg

sky, maintain n to 160ktpm

p @ g

Technical studies indicate Bokoni value maximised at:n to 160ktpm

20ktpm

Bokoni value maximised at:

Merensky @ 120ktpm

UG2 @ 255ktpm

oz per annum ~ 570 000 4E oz per annum

12

P d ti ill litProduction prill split

⅔ of production from Merensky Reef

2:1 Pt:Pd ratio on Merensky Reef with reser

Only Eastern Limb operation with significantOnly Eastern Limb operation with significant

high in platinum value

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

Base metals (Ni, Cu) contribute ~15% of rev

rve grade: 4.3g/t 4E

t Merensky productiont Merensky production

venue

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

T f i B k iTransforming Bokoni

Reduce costs labour restructuring equipment reclamationequ p e t ec a at o capital revision

mine design and expenditure

I production Increase production holistic, integrated mine planning vamping logistics optimisation

Disciplined approach to orebody managem establish quality ore flow managementestablish quality ore flow management quality mining grade control

ment systemsystem

15

L b t t iLabour restructuring

Completion of agreements for Bokoni labou

labour mix shift from services to produ

i l i improve volumes on mine

retrenchments – 153 persons

unprotected industrial action – 108 dis unprotected industrial action 108 dis

labour restructuring commences – Jan

anticipated completion date – March 2

Production team build up

ur restructuring – Dec 2009

uction – 377 persons

smissals (January 2010)smissals (January 2010)

nuary 2010

2010

16

P d ti t th iProduction teams on the rise

95

100

Labour agreement

Planned pr

80

85

90Labour agreement signed in Dec 2009

Labour restructuring finalised Mar 2010

65

70

75

50

55

60

65

50Q4 09 Q1 10

Previous quarterPrevious quarter

e

roduction teams

Q2 10 Q3 10 Q4 10

Current quarter increase

17

Current quarter increase

Transforming Bokoni: gold mine layout

Infrastructure established 1973

Inefficiencies

mining 3km from shaftmining 3km from shaft

high maintenance cost

labour intensive

18

T f i B k i t’dTransforming Bokoni, cont’d

Efficient layout semi-mechanised less labour intensive close to main infrastructure

Driving a lower Merensky unit cost

West Brakfon

St ik d iStrike driveWest

Level 4

Main

Box hole

Raise lineMain

ore pass system

L l 5Level 5

dd

Eastntein decline

East

Strike driveEast

Strike conveyors

Main ore pass system

Ch i th t filChanging the cost profileMedium‐term: R

0% 10% 20% 30% 40%

Long‐term: R705/t, R5,250 PGM oz, De

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

wen

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

Source: Company data, Macquarie Research, February 2010

Short‐term: R905/t, R6,700 PGM oz, Jun 2010 

R805/t, R6,000 PGM oz, Dec 2010 

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

1H 2009 – R11,000/ec 2011 

Basket (ZAR/ oz)Western Limb

NAPLimpopo

Tw ickenham

Bokoni

5

6

7

8

9

a

Pandora Marikana

0

2

3

4

5

Uni

on

Mog

alak

wen

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 

20

C it l ditCapital expenditure

Total capital expenditure for 3Q 09: ZAR 89

sustaining capital: 20%

project expansion capital: 80%project expansion capital: 80%

Drawdown on Anglo facilities reduced by 34

drawn facilities at Dec 31 – ZAR 186 m

available facilities at Dec 31 – ZAR 592

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:ZAR7

9,972 m

4% as result of increased cash margins

m

2 m

ustaining & project capital)

2012 Total

ZAR312 million ZAR846 million

CAD$44.4 million CAD$120.3 million

7.03 exchange rate

21

A t tf li i ifi tAsset portfolio: significant e i demerging producer

22

G Ph hGa-Phasha

Located contiguous to Bokoni Platinum Min

potential synergies being evaluated

Si ifi t Significant resources

measured and indicated 25.7 Moz 4E,

10km strike length over both Merensky UG 10km strike length over both Merensky, UG

Originally envisaged as UG2 project

potential production of ≈ 270 000 oz 4E

es

inferred 64.7 Moz 4E

2 reefs2 reefs

E per annum via twin decline shafts

23

B ik t hBoikgantsho

Located on the Northern Limb of the Bushve

adjacent to Anglo Platinum’s Mogalakw

R Resources

indicated resources 7.7Moz (3E), 230 0

inferred resources 4 1Moz (3E) 75 000 inferred resources 4.1Moz (3E), 75 000

Preliminary assessment (March 2005)

(1.25g/t 3PGM) with high base metal cr( g ) g

open pit operation

32 year mine life @ 400 000tpm

strip ratio: 1,7:1

pre-feasibility underway

eld Complex

wena mine

000t of Ni

0t of Ni0t of Ni

redits (0.15% Ni)( )

24

Offt k d lt tiOfftake and smelter options

Offtake: Anglo Platinum Bokoni 5 year initial term option to extend f competitive mark

metal in concentr metal in concentr

Ga-Phasha 10 year initial term option to extend f competitive mark competitive mark metal in concentr

Polokwane smelter options Smelter option no. 1 to acquire owners ownership interes vests upon exten

Smelter option no. 2i to acquire owners

ownership interes vests upon exten

mfor further 5 year term

ket ratesrate deli ered to Anglo Platin m Polok ane Smelter Complerate delivered to Anglo Platinum Polokwane Smelter Complex

mfor further 10 year term

ket ratesket ratesrate delivered to Anglo Platinum Polokwane Smelter Complex

ship interest in Polokwane Smelter Complexst determined relative to Ga-Phasha feed at Polokwane

nsion of Ga-Phasha offtake

hi i i P l k S l C lship interest in Polokwane Smelter Complexst determined relative to Anooraq group feed at Polokwane

nsion of Ga-Phasha offtake

25

C l i i fConclusion: a recipe for gro thowth

26

O iti i th k tOur position in the market

Attributable oz (m) 4E –

900

600

300

0

*Northam includes Booysendal*Aquarius includes Ridge Mining

Anglo Plats

Implats BokoniHoldco

Lonmin Northam* Anoora

– post transaction

aq Eastern Aquarius* Kameni Elands Jubilee Nkwe

27

3Q09 hi hli ht3Q09 highlights

First quarter in operational control

New management team in place and early “

G d f t f Good safety performance

Tonnes mined and milled up 15%

Production of 30 835 PGM (4E) ounces Production of 30,835 PGM (4E) ounces

R/t unit operating cost decreased by 13%

Excellent PGM (4E) recoveries( )

Completed capital review

“wins” from operations

28

Sh i fShare price performance

29

T d t t ithTurnaround strategy with an

Bokoni Existing plan from Merensky and Approved and funded expansion Further potential expansion to 57

Concentrator plant pgrade com Concentrator plant upgrade com

Ga-Phasha Progressing pre-feasibility study 10km of strike length over both M

270koz 4E per annum via twin de 270koz 4E per annum via twin de

Boikgantsho Near surface open pittable opera Progressing pre-feasibilityProgressing pre feasibility Near surface with 32 year LOM @ Low strip ratio of 1.7:1

Kwanda Early-stage exploration activities

iti j t i lin exciting project pipeline

d UG2 of 150kozn to 270koz 4E by 201370koz 4Epleted

Production

pleted

(synergy review)Merensky and UG2 Reefs ecline shafts

Advancedl tiecline shafts

ation

exploration

Ad d@ 400 000tpm

Advancedexploration

Early-stageexploration

30

A i ifi t PGM thA significant PGM growth op t itpportunity

31

Mi l R d RMineral Reserves and Resou

Merensky UG2Merensky UG2

M tGrade g/t 4E

4PGE oz M t

Grade g/t 4E

Bokoni¹ReservesProven 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 36Total 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 3Inferred 102.9 5.3 17.53 145.0 6.61 3

Ga-Phasha²Ga PhashaResourcesMeasured 8.4 4.32 1.2 24.9 6.50Indicated 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

Boikgantsho³Resources 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 7indicated 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 attTotal Total att4E oz

4E oz

4E oz

100% 51%5.6 8.63 4.401.5 2.23 1.147 1 10 86 5 547.1 10.86 5.54

23.03 27.74 13.9715.18 20.03 10.238.21 47.77 24.1730.82 48.35 24.66

5.2 6.4 3.212.1 19.3 9.917.3 25.7 13.138.6 64.7 33.0

Total att Total att Total att

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

2 Qualified Person G Chunnett Pr Sci Nat Anglo

3E oz

Ni 000t

Cu 000t

51% 51% 51%

3.9 117.0 72.0

3 9 117 0 72 0 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 of Pt, Pd, Au, Cu and Ni grades multiplied by the following metal prices: Pt -

3.9 117.0 72.02.1 74.3 47.7

5.7

46.93 117.0 72.059.8 74.3 47.7

32

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