Leon Coetzer, CEOLondon

12 November 2008

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About us

• 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

• Positive cashflow, debt free, gearing capability

• New CEO, Leon Coetzer; chairman, Dr Mathews Phosa, appointed

Braemore Platinum Braemore Nickel

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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.

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Company overviewAIM; JSE BRR; BRE

Issued shares 789,333,036*

Current share price2.75p; 50c (as at 10 November)

Market capitalisation £22m

Cash at bank £4m

Options outstanding 38.3m @ avg. price of 12p

Major shareholders Atomaer 39.9%, BAC 10%

*plus 305 million performance shares held by Atomaer

Platreef

UG2

Braemore Resources

39.9% 60.1%

100%100%

Atomaer Holdings Free Float

Braemore NickelBraemore Platinum

Leinster Tailings Dumps

Kambalda Tailings Dump

Mt Keith Tailings Dumps

ConRoast

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The Braemore team

“Seize the opportunity - make it real”

• Chief Executive Officer – Leon Coetzer with over 20 years’ experience in the platinum sector

• Leading a highly motivated team with on average more than 15 years’ experience per individual.

• very experienced and skilled individuals

• Internationally recognised technical ability

• fleet footed

• entrepreneurial

• focused on delivery

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Our strategy – uniquely placed in the metals stream

Braemore Nickel

Exploration Mining ProcessingSmelting/Leaching

Refining Marketing

Braemore Platinum

Our market entry pointOur market entry point

Traditional market entry pointTraditional market entry point

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1

Our strategy – innovation in practice

Exploration Mining ProcessingSmelting/Leaching

Refining Marketing

Progress downstream into refining

Integrate into PGM projects and operations

Establish 10MW furnace2

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Braemore Platinum: our operating landscape

• Increase in platinum production through new projects, including junior mining sector

• Mining shift from Merensky to UG2 orebody

• Change from low to high chrome ore body poses threat to current platinum smelting process viability

• Platinum project companies dependent on finding interested partner to treat and refine their product

• dependent on current major platinum producers to find a home for their product

• majors currently enforcing stringent chrome penalties on projects to protect processing plants

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Our technology – world leading

• Identified the ConRoast process • developed and patented by Mintek

• Braemore has an exclusive global license to use the process for a period of 3+7 years

• rights to commercially exploit technology package globally on other nickel and platinum projects

• Chrome insensitive, highly efficient, proven process• 15,000 oz PGM production achieved from 1.5MW facilty• Upgraded facility now offer capacity of 60,000 – 70,000 oz PGM per annum

depending on feed grade• Order of magnitude reduction in sulphur emissions

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• Upgraded facility to 3.2MW to prove scalability, robustness and commercial viability

• successfully contracted out new furnace capacity• contracts support viability of the operation at current depressed

commodity prices• key off-take agreements signed with Northam Platinum smelting a high

chrome product• offers additional flexibility to Northam operation without limitations

imposed by chrome• further synergies for future collaboration are being investigated

• further short term off-take agreement signed with Anglo Platinum

Commercialising technology

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• Completed Definitive Feasibility Study for the proposed 10MW furnace

• capital significantly lower than conventional smelting

• opex competitive even against much larger operating facilities in the market

• Two potential properties identified for new facility

• option purchased on property in Rustenburg area

• in talks with all effected stake-holders as part of due diligence review

• second property targeted in the Brits area depending on power availability

Commercialising technology

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Projected production expansion

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Find technology to address current smelting challenges

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Construct, commission operational demonstration unit

Commercialise technology

Produce PGM ounces

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Braemore Nickel

• Location in Western Australia• Nickel sulphide tailings for initial project

contained in mineral leases of Leinster Nickel Operations of BHP Nickel

• Leinster• high grade massive sulphide 2%, low

grade disseminated 0.6% • underground and open pit mining• 3 Mt pa, producing ~ 48,000t Ni pa

• Kambalda• BHPB mining has ceased, only mined

by juniors, toll treatment by BHPB• high grade sulphides

• Mt Keith• low grade disseminated, averaging 0.5% Ni• 11.5 Mt pa, producing ~ 50,000t Ni pa

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Nickel resources

Deposit TonnesGrade (%Ni)

Ni (Tonnes)

Leinster Nickel Sulphide Tailings 29,610,000 0.46 135,000

JORC Resource Estimate from CSA Australia Pty Ltd 

Kambalda Nickel Sulphide Tailings 32,640,757 0.41 132,452

AMC Consultants Pty Ltd estimate based on historic mill records 

Mt Keith Nickel Sulphide Tailings 101,984,221 0.21 218,306

AMC Consultants Pty Ltd estimate based on historic mill records

485,758

• Combined JORC compliant Inferred and Measured mineral resources for Leinster TSF of 29.61Mt at 0.46% nickel for 135,000t nickel metal

• AMC Consultants estimated total 500,000t of nickel metal are at surface, mined and milled in tailings based on historic mill records

• AMC estimate additional 522,082t of hot nickel tailings from ongoing operations

• In-situ contained nickel metal value > US$8 billion (at US$16,500/tonne)

• Currently reviewing resource value in cooperation with BHP Billiton

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Leinster tenements

• To facilitate future construction of processing plant and related infrastructure, Braemore has acquired adjacent tenements

• Tailings slurried from TSF at Leinster to new atmospheric leach plant

• Tenements 100% owned by Braemore

Leinster tenements

Leinster

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Key terms of BHPB offtake agreement

• BRR purchases sulphide tailings from BHPB at 5% of LME nickel price based on recovered Ni

• BHPB may purchase all nickel sulphide that complies with specification at 70% of LME nickel price

• BRR aims to produce nickel sulphide product (NiS) for contracted sale to BHPB

• BHPB has right to acquire 50% interest in project under joint venture either at development stage or within three years after commissioning plant based on NPV valuation

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Leinster tailings project flow

Tailingsrecovery

Pre-concentrate

Acid leach

Acidrecovery

Output andby-products

• Resources definition • Sample bias• Hot tails definition

• Sizing• Partial floats• Whole float

• Yield vs consumption• Whole leach• Partial leach

• Recovery• Opex• Shortfall of sulphur

• Tailings Agreement• Execution Agreement

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Opportunities

• Fast atmospheric leaching of nickel sulphides

• Pre-concentration of tailings to reduce mass and remove MgO (major acid consumer)

• Recover sulphur for acid regeneration

• Reduce sulphuric acid consumption - lowers opex

• Lower sulphuric acid requirement - reduces capex

• Production of saleable by-products to boost revenues

• Produce nickel metal, nickel hydroxides or nickel sulphide product

• Further purchase and offtake agreements with BHP Billiton

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Pre-concentration

Pre-concentration could lead to more viable flowsheet options• Classification of the feed

• majority nickel reports to -75 micron fraction• reduce mass and MgO content without losing nickel by screening out

coarse fraction• Floatation

• up to 55% recovery at 1% + grade tested at Ammtec

• previously unreported testwork due to limited results

• new test work in Q4 2008 to focus on reducing opex, capex

Nickel distribution

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Acid leach – key findings

• Direct atmospheric leach testwork conducted by Outotec and Atomaer in South Africa

• No requirement for pressure vessels for oxidation and leaching of tailings

• Reported nickel yields, dissolution rates in range 88% to 95.6% in 6 – 8 hours

• best result 92.9% nickel in solution after 8 hours

• Significant metallurgical advance

• Further test work obtained better results

• Continuous pilot plant test work conducted

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Nickel technology

• Simple hydrometallurgical process based on atmospheric leach to produce high quality intermediate nickel sulphide product containing 61% - 65% Ni

• Aim to produce nickel in sulphide product at an operating cost in the lowest quartile

• Acid co-generation and recycling is key driver to low acid consumption with up to 90% of sulphur recycling achieved

• Opportunity to produce MgO as by-product and generate up to 15% additional revenue

• Excellent metallurgical recoveries – in excess of 90% nickel in less than eight hours previously announced

• Technical review and detail financial modeling due for completion Dec 08for review with BHP Billiton

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Nickel metal

• Further opportunity to extend refining process to include nickel metal production

• Current down turn in the nickel commodity prices have resulted in de-commissioned refinery assets becoming available on the market

• Offers real potential to acquire a refining footprint at significantly lower costs that to construct new

• Metal off take agreements significantly more attractive than intermediate product

• significantly enhances the viability of project

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Conclusion

• Braemore commercialising new generation nickel and PGM smelting and refining technology

• Highly motivated and skilled team• Significant emerging platinum processing capacity from ConRoast

• strong technical partner in Mintek• viable solution to current smelting constraints• set to exploit mine-to-metal model to gain maximum exposure

to expanding platinum sector• Small-scale demonstration PGM production proven, 3.2MW

upgrade completed• 3.2MW furnace supported by offtake agreements with junior and major

platinum producers• Feasibility studies in RSA and Australia well under way• Focus on delivery with clear key milestones set

Greener, cheaper to build and operate, proven quality products

Leon Coetzer, CEOLondon

12 November 2008