Results for the quarterResults for the quarter and six months ended 30 June 2010

Philip Kotze, CEO5 August 2010

O0

Cautionary riskforward-looking stateforward looking state

This presentation includes certain statements that may be deemed "forward-looking sReform Act of 1995. All statements in this presentation, other than statements of histexploitation activities and events or developments that Anooraq expects are forward lbased on reasonable assumptions, including the assumptions that: Bokoni will contexpansions will be completed and successful. Forward-looking statements, however, adiffer materially from those in forward looking statements. Factors that could cause amarket prices, exploitation and exploration successes, changes in and the effect of gexploitation and continued availability of capital and financing, and general economic,are not guarantees of future performance and those actual results or developmentsInvestors should review the Company's annual Form on 20-F with the United Statesavailable at www.sedar.com.

This presentation uses the terms "measured resources", "indicated resources" andrecognized and required by Canadian regulations (under National Instrument 43-101 SCommission does not recognize them. Investors are cautioned not to assume that anyreserves. In addition, "inferred resources" have a great amount of uncertainty as to theany part of an Inferred Mineral Resource will ever be upgraded to a higher category. Uany part of an Inferred Mineral Resource will ever be upgraded to a higher category. Ubasis of feasibility or pre-feasibility studies, or economic studies except for a Prelimcautioned not to assume that part or all of an inferred resource exists, or is economically

Factors that could cause actual results to differ materially from those in forward loochanges in and the effect of government policies with respect to mining and natural reconditions. In addition, actual results may be affected by the following specific risk facosts and metal recoveries could be materially different from those discussed herein Tcosts and metal recoveries could be materially different from those discussed herein. Tassumed herein. There can be no assurance that infrastructure facilities can be develsignificant increases in the cost of fuel and electricity, and fluctuation in the availability ometals are historically volatile, and Anooraq has no control of or influence on the pricesthe prices of platinum, palladium, rhodium, gold, copper and nickel will continue at csignificant increase in costs of capital could materially adversely affect the value and feaordinary to large construction projects, including the general uncertainties inherent inenvironmental obligations and accommodation of local and community concerns The eenvironmental obligations, and accommodation of local and community concerns. The eto large fluctuations in the last several years. Investors are cautioned that any such sdevelopments may differ materially from those projected in the forward looking statemen

2

k factors and ement informationement information

statements" within the definition of the United States Private Securities Litigationorical facts, that address future production, reserve potential, exploration drilling,looking statements. Anooraq believes that such forward looking statements aretinue to have production levels similar to previous years; the planned Bokonire not guarantees of future performance and actual results or developments mayctual results to differ materially from those in forward looking statements include

government policies with respect to mining and natural resource exploration andmarket or business conditions. Investors are cautioned that any such statements

s may differ materially from those projected in the forward looking statements.Securities and Exchange Commission and its home jurisdiction filings that are

"inferred resources". Anooraq advises investors that although these terms areStandards of Disclosure for Mineral Projects), the U.S. Securities and Exchange

y part or all of the mineral deposits in these categories will ever be converted intoeir existence, and economic and legal feasibility. It cannot be assumed that all orUnder Canadian rules, estimates of Inferred Mineral Resources may not form theUnder Canadian rules, estimates of Inferred Mineral Resources may not form the

minary Assessment as defined under National Instrument 43-101. Investors arey or legally mineable.

oking statements include market prices, exploitation and exploration successes,esource exploration and exploitation, and general economic, market or businessctors. Costs, including design, procurement, construction and on-going operating

There can be no assurance that mining can be conducted at the rates and gradesThere can be no assurance that mining can be conducted at the rates and gradesoped on a timely and cost-effective basis. Energy risks include the potential forof electricity. Projected metal prices have been used herein. The prices of theses, which are determined in international markets. There can be no assurance thatcurrent levels or that they will not decline below the prices assumed herein. A

asibility of constructing the expansions at Bokoni. Other general risks include thoseengineering and construction cost, the need to comply with generally increasingeconomics are sensitive to the currency exchange rates which have been subjecteconomics are sensitive to the currency exchange rates, which have been subjectstatements are not guarantees of future performance and those actual results ornts.

2

Second quart

Good safety improvement

LTIFR i d b 35% LTIFR improved by 35%

4E oz up by 12%

Tonnes treated up by 24%

but recoveries let us down

Unit costs in R/t for June on target a

Brakfontein production build-up on tr

Capital projects on time and within b

… well positione

3

ter features

at R903/t

rack

budget

ed for growth

3

Implementing the turnone yeaone yea

Maintained good safety performance 2 million fatality free shifts – 29 J2 million fatality free shifts 29 J

Labour restructured completion of labour restructurin

Reduction in operating costs Reduction in operating costs R/t operating cost reduced by 19 tonnes milled increased by 29%

d d i d b 8% oz produced increased by 8% Increased plant capacity Improved operating margin

stopped operational losses – De productivity/efficiency improved capital expenditure reduced by 3p p y

currently on time and budget) Foundation for growth

4

n around at Bokoni –ar onar on

eJuly 2010July 2010

ng – April 2010

9%%

ecember 2009by 32%35% (all capital projects ( p p j

4

Safe

Zero fatalities

2 million fatality free shifts achieved 2 million fatality-free shifts achieved

*Industry average estimated by company using publicly available d

5

ety

29 July 2010– 29 July 2010

data

5

Labour restructu

Restructuring effects converting into

4,5Productivity (m2/TEC*)

1

3,5

4

ruct

urin

g

2

2,5

3

Labo

ur re

str

2H1 09 Q3 09 Q4 09 Q1 10 Q2 10

*TEC includes all mine employees and contractors

6

ring completed

operational results

12 000

Vamping tonnes

6 000

9 000

0

3 000

0H1 09 Q3 09 Q4 09 Q1 10 Q2 10

6

Concentrator commission

Breakdown in crusher section

Residue pumps Residue pumps

Programmable Logical Controller (P

C

90

95Concentrator r

80

85

75

80

70H1 09 Q3 09 Q4 09 Q1 10 Q2 10

MER

7

ning affected recoveries

LC) system upgrade

i ( / )recoveries (g/t)

UG2

7

Production statis

Continued improvement on developm

Restructuring starting to take effect o Restructuring starting to take effect o

Commissioning problems in concent

Tonnes milled tonnes

4E oz produced oz

Built-up head grade g/t milled, 4E*

UG2 mined to total output %

Development metres m

*4E consists of platinum, palladium, rhodium and gold

8

stics – Q2 2010

ment

on production volumeson production volumes

trator addressed

Q1 2010 Q2 2010 Variance

229,344 283,637 24%

26,677 29,926 12%

4.05 3.79 (6%)

35.5 34.3 (3%)

2,616 2,791 7%

8

Production

Improve concentrator recoveries by

Increasing Merensky production at n Increasing Merensky production at n

25,000 tpm by December 2010

Grow Merensky production at Vertic Grow Merensky production at VerticMiddelpunt Hill shaft

improving productivity

infrastructure upgrade

Vamping and reclamation activities trestructuring

potential build up to 10% of totaat 30% of current unit operating p g

assess growth opportunities and

9

n strategy

stabilising concentrator performance

new Brakfontein shaftnew Brakfontein shaft

al Shaft and UG2 atal Shaft and UG2 at

to increase following labour

l mine production from vamping, cost

d synergies

9

Unit costs –

Unit costs decreased as a result of h

Lower recoveries affecting R/oz cost Lower recoveries affecting R/oz cost

Cash operating cost per tonne mined ZAR/t

Total costs (incl treatment charges) ZAR/t(incl. treatment charges)

R/4E operating cost ZAR/4E* oz

US$/4E operating cost US$/4E* oz

*4E consists of platinum, palladium, rhodium and gold

1

– Q2 2010

igh tonnages

Q1 2010 Q2 2010 V iQ1 2010 Q2 2010 Variance

886 842 5%

987 942 5%

8,516 8,916 (5%)

1,132 1,181 (4%)

0

Total costs

1 100

1 200

800

900

1 000

600

700

800

500H1 09 Q3 09 Q4 09 Q1 10 Q2

1

s (ZAR/t)

Labour restructuring completed

1 100

1 200

p

800

900

1 000

1 100

500

600

700

Apr-10 May-10 Jun-10

2 10

1

Production: metal a

Metal Q1 2010 production

Q2 2010production Variance

Pt ( ) 14 270 16 091 13%Pt (oz) 14,270 16,091 13%

Pd (oz) 9,867 11,044 12%

Rh (oz) 1,622 1,769 9%

Au (oz) 917 1,022 11%

Ni (t) 189 232 23%

Cu (t) 115 137 19%

O

R

P

1

and revenue split

e

Revenue contribution %

Other 2%

Copper2%

Nickel9%

Gold3%

Rhodium10%

Platinum61%Palladium

12%

3%

2

Reven

Revenue increased 21% 24% increase in tonnes milled24% increase in tonnes milled

Metal prices increased by 6% ZAR/US$ exchange rate constant

Q1 2010 Q2 2010 VarianceQ 0 0 Q 0 0 a a ce

Gross average R/PGM(4E) oz R9,019 R9,587 6%

Gross average US$/PGM(4E) oz US$1,200 US$1,269 6%( )

Average exchange rate R7.52:US$1.00

R7.55:US$1.00 –

1

nue

7,9

8Average ZAR/US$ exchange rate

7,4

7,5

7,6

7,7

7,8

7,2

7,3

7,4

H1 09 Q3 09 Q4 09 Q1 10 Q2 10

2 500

3 000

3 500

1 4001 6001 8002 000

Rh ($/oz)Pt, Pd, & Au ($/oz)

1 000

1 500

2 000

400600800

1 0001 2001 400

0

500

0200400

Jul/09 Oct/09 Jan/10 Apr/10 Jul/10

Platinum Palladium Gold Rhodium

3

Bokoni Mine: profit

20 000

0H1 09 Q3 09 Q4 09

-20 000

H1 09 Q3 09 Q4 09

-40 000

-60 000

-80 000

1

t/loss (ZAR 000’s)

9 Q1 10 Q2 109 Q1 10 Q2 10

4

Consolidated income

Expressed in Canadian Dollars (000’s)Thre

eExpressed in Canadian Dollars (000 s) e31 M

Revenue

Operating costsOperating costs

Cash operating (loss)/profit*

Operating margin

EBITDA

Loss after tax (1

Outside shareholders interest

Basic and diluted loss per share – cents

*C h fit b f d i ti d ti ti*Cash profit before depreciation and amortisation

1

statement summary

e months ended

Three months ended Varianceended

March 2010ended

30 June 2010Variance

32,206 38,355 19%

29 606 34 816 (18%)29,606 34,816 (18%)

2,600 3,539 36%

8.1% 9.2% 14%

46 (93) (302%)

13,191) (19,923) (51%)

(6,193) (9,098) (47%)

(0.02) (0.03) (50%)

5

Consolidated income

Expressed in ZAR (000’s)Thre

eExpressed in ZAR (000 s) e31 M

Revenue 2

Operating costs 2Operating costs 2

Cash operating (loss)/profit*

Operating margin

EBITDA

Loss after tax (9

Outside shareholders interest (4

Basic and diluted loss per share – cents

*C h fit b f d i ti d ti ti*Cash profit before depreciation and amortisation

1

statement summary

e months ended

Three months ended Varianceended

March 2010ended

30 June 2010Variance

232,535 281,383 21%

213 762 255 443 (19%)213,762 255,443 (19%)

18,773 25,940 38%

8.1% 9.2% 14%

332 (10) (342%)

95,242) (145,938) (53%)

44,715) (66,653) (49%)

(0.12) (0.18) (50%)

616

Capital exp

Total capital expenditure for quarter: ZA Drawdown on Anglo OCSF facility

drawn facilities at June 30 ZA available facilities at June 30 ZA

C id i f d (i l diCapex guidance going forward: (including s

2010 2011

ZAR252 million ZAR282 million Z

CAD$35.8 million CAD$40.1 million CA

Expressed in real 2009 money terms and using CAD$1:ZAR7.03 e

1

penditure

AR43.2m (CAD$6.0m)

AR272.7m (CAD$37.9m)AR477.3m (CAD$66.3m)

t i i & j t it l)ustaining & project capital)

2012 Total

ZAR312 million ZAR846 million

AD$44.4 million CAD$120.3 million

exchange rate

717

The way f

Short term Lo

Improve recoveries at concentrator

create stability in circuit

new crusher to be commissioned

PLC upgrade

Continue with production build-up

increased production volumes from new

increased production volumes from newlabour base

focus on improving production efficiencies (m2/TEC)

1

forward

ong term

Continue with production build-up

target for operations to cover all capital costs (incl. project capex) from internal cash flows by Jan 2011cash flows by Jan 2011

Identify organic growth opportunities

Vertical Shaft – MER

MPH UG2 MPH – UG2

Brakfontein – Ga-Phasha synergies

progress pre-feasibility study at Boikgantsho

8

Quest

1

ions

9