AFRICA RESOURCESINVESTMENT CONGRESS

IRONMONGERS’ HALL, CITY OF LONDON ● TUESDAY-WEDNESDAY, 14-15 JUN 2011

www.ObjectiveCapitalConferences.com

Zimbabwe: a great place to mine? Andrew Cranswick – African Consolidated Resources

African Consolidated Resources plcCompany Update

June 2011

“Exploration, development and production in Zimbabwe”

Exploration & Mining in Zimbabwe

Disclaimer

This presentation (‘Presentation’) has been presented to selected parties (‘Recipients’). The Presentation and the information contained here is confidential to African Consolidated Resources Plc (‘ACR’ or ‘the Company’). It is not intended for and should not be distributed to any other person other than as permitted herein.

By viewing this Presentation, the Recipient agrees that he/she will not transmit, reproduce or make available the Presentation (or any information contained herein) to anyone other than to his/her professional advisers without the prior consent of ACR. Any such disclosure to the advisers of the Recipient must be on a confidential basis, for the purpose only of assessing the information contained herein as adviser to the Recipient.

This Presentation has been prepared as a summary only and does not contain all information about the Company’s assets and liabilities, financial position and performance, profits and losses, prospects and rights and liabilities.

The information contained in this Presentation or subsequently provided to the Recipient of this Presentation whether orally or in writing by or on behalf of ACR and its directors, officers, employees, advisers, agents or consultants (‘Information’) is provided to the Recipients on the terms and conditions set out in this notice.

The purpose of this Presentation is to provide Recipients with Information relating to ACR. The Presentation has been prepared by ACR and each Recipient must make his/her own independent assessment and investigation of ACR and its business and assets and should not rely on any statement or the adequacy and accuracy of any Information contained in this Presentation.

ACR makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the Information. ACR and its directors, employees, agents or consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or any omissions from the Presentation, except liability under statute that cannot be excluded.

The Presentation contains reference to certain intentions, expectations and plans of ACR. These intentions, expectations and plans may or may not be achieved. They are based on certain assumptions which may or may not be met or on which views may differ. The performance and operations of ACR may be influenced by a number of factors, many of which are outside the control of ACR. No representation or warranty, express or implied, is made by ACR any of its directors, officers, employees, advisers, agents or consultants that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. This Presentation does not constitute in any way an offer or invitation to subscribe for securities in ACR.

3

WHY ZIMBABWE ?• GEOLOGY• INFRASTRUCTURE• PEOPLE – SKILLS BASE, LITERACY etc• Judged by a Higher Standard• WORKING ENVIRONMENT• COUNTER-CYCLICAL OPPORTUNITY –

Remember Zambia, South Africa, Russia, Columbia etc

Straw hats in Winter 4

The Commercial Imperative

• A Commodity - Hungry world with diminishing resources can no longer afford to ignore the Zimbabwe treasure trove

• Zimbabwe - A rare concentration of different geological terranes offering an extraordinarily diverse & intense mixture of mineral deposits

FIRST MOVER ADVANTAGE - SCIENCE + RISK-CONTROL 5

Zimbabwean Geology – Continental Setting

Zimbabwe Craton

The Right Address – untapped potential 6

The Zimbabwe OpportunityGEOLOGY

• Gold• Rock phosphate• PGMs• Diamonds• Nickel• Copper• Coal• Ferrochrome• Tantalum• Lithium• Corundum• Tungsten• Uranium• Emeralds

OPERATORS• ACR (multi-

mineral)• Impala

Platinum• Aquarius

Platinum• Anglo-Plats • ENRC (PGMs)• Mwana Africa• New Dawn

Mining (Gold)• RIO Tinto (&

RIO Zim)• Caledonian

(Gold)• Duration Gold

(Whetstone)

World-class minerals - few competitors 7

9Moz

8Moz

7Moz

6Moz

5Moz

4Moz

3Moz

2Moz

1Moz

19

75

20

05

19

95

19

85

Yilgarn

Zimbabwe

Ou

nce A

u /

pa

Year

Gold pricePote

nti

al ??

?

Point of International De-Regulation

HOW GOOD CAN IT GET?HOW GOOD CAN IT GET?Western Australia vs Zimbabwe - Gold Production

8

Greenstone Gold Discoveries - 25 years : Kanowna Belle (Western Australia)

+10MOz – in Felsics , Red Lake Deeps (Ontario) +8MOz, Sunrise Dam (WA) +6MOz Granny Smith (WA) +2MOz

Kalgoorlie Region 1975 vs 2002 (red > 1Moz)

20km

N

In 25 years the number of deposits >1Moz Au 70km radius of Kalgoorlie increased from 2 to 10 through modern exploration techniques.

LACK OF EXPLORATION - Zimbabwe Looming Large Discoveries

Discoveries Kalgoorlie - WA 1975 - 2002

Golden Mile

Kwekwe

Harare

Great Dyke

30 km

N

Western Australia - Zimbabwe Comparison

Gokwe

Wanderer

Globe & Phoenix

Cam & Motor

Pickstone & Peerless

Giant / Blue Rock

One Step

Dalny

20km

N

Golden Mile

Kalgoorlie Pre-1975 (red > 1Moz)

Pre-1975 Midlands Greenstone belt (black squares >1Moz) 10

Zimbabwe – The Business Environment

Political stability - factors Pres Health; SADC involvement; Lack of Certainty

Title/administration/regulation Strong Regulations – tired but effective administration

Regulatory inconsistencies No major issues except “Indigenisation” effects

Taxation & Royalties Favourable (eg Gold Royalty @ 4.5% + 15% Corp tax)

Infrastructure Solid national infrastructure – needs modernisation & ongoing investment. Repairs have recommenced

Socioeconomic/environmental Good, potentially too lenient. Needs self-imposed standards

Geological database Excellent – fully digitised by ACR

Mines & Minerals Act Excellent – But Empowerment law needs rationalisation

Labour issues Acceptable labour Laws; high unemployment = friendly Unions

Security Good. Especially in terms of regional peer comparisons

FROM where; TO where? --- Improving Trajectory 11

Room for Improvement•Compete for Investor $$•Understand driving forces•ZIMBABWE: Heal thyself•Modernise BUT don’t fiddle

with a great ActThe Investment Value Window is open but not forever 12

ZIMBABWE: needs to

COMPETE for investment

What next? Timing?•Politics•Mining Sector vs OTHERS•When to Invest ? •How to Invest ?•Re-Building the JEWEL

The Investment Value Window is open but not forever 14

WHY ACR ?• Zimbabwean founded & managed• Access to International Capital• Risk Identification & Risk Management• 21st Century Science – A Time Capsule• Broad, Multi-mineral footprint = Best Bet

for COUNTER-CYCLICAL OPPORTUNITY and resulting equity value uplift

• Ethical InvestmentStraw hats in Winter 15

ACR: History, Strategy & Positioning

• AIM-listed (2006), exploration development & production company; focus: Zimbabwe & Southern Africa

• Zimbabwean Co. - Active in Mineral Exploration since 2003, first mover advantage; strong local relationships

• GOAL: Established a formidable balance sheet of world class assets at various stages of development – multi-mineral robustness

• Significant successes consolidating gold licences to form critical mass projects. Resource Definition in full swing -- now at 1.4m troz Gold and growing. Further Upgrades Expected - mid-June & July 2011

• Highly experienced board and management team based in Zimbabwe

Well positioned -- Building Mines of the Future 16

Asset Development: – Vision & Foresight – Exploration to Mining: a 10 – 15 year cycle

Build Zimbabwe’s future: STARTS with EXPLORATION

Strategy - find deposit – define Resource – establish mine – extract value

Ground staked

Value to Shareholders :Mine development

Joint Venture - specialists

Production & Dividends

$ Value Accretion

JORC

Macro-Targeting Geo-Chemistry

Geo-Physics Targeted Exploration Drilling

RESOURCE DEFINITION Drilling

Pre-Feasibility & BFS

$ Value Accretion

$ Value Accretion

Maximum Value-realisation dependent on perceived & actual security of investment

17

Capabilities, Facilities & completions

• Highly competent management & technical team – all in-country

• In-house XRF assay lab – base metal, gold- indicator tests; diamond-indicator picking

• Full Blown Fire-assay Gold Lab• In-country geophysics contractors

(Aeromagnetic, radiometrics, EM, IP)• Employee Profile – 98% Zimbabwean• Sampling – 120,000+ soil samples done• Drilling – 145,000+ metres drilled to

date

High Volume throughput – Low cost – Good Science 18

Project Map

Portfolio SummaryCommodity Name Status

Gold Pickstone-Peerless JORC resources of 513,000troz ; Internal Feasibility Ph.1 production; 13 months EBITDA $18m. Discussion - Indigenous Capital @ advanced Stage

Gold Gadzema 25,000 metres drilled since Aug 2010;. Current JORC 912,000 troz Au. TARGET: > 1 million troz by Aug 2011 & >2 million troz by Dec 2012

Gold Chakari & others Highly Prospective Green-field District; RAB Drilling. Plus Brownfield site

Nickel Horseshoe Oxide Good metallurgy, large scale, next step: EIA for JORC drilling – 2012

Nickel Sulphide Perseverance 30km strike –sulphide-rich body – Drilling for Down-Hole EM Commenced

Rock Phosphate Chishanya Carbonatite: First Phase Drilling completed; Awaiting Met (flotation)

PGM’s Great Dyke Exploration Drilling to define Resource Drilling Targets – Awaiting EIA

Copper Cedric Exploration Drilling Complete – Medium scale production feas in discussion

Diamonds Multiple Targets Marange + multiple Kimberlites defined -- awaiting Government discussion

ZAMBIAN Projects REEs & IOCG Target

REE – JV signed; Core & Rock chip analysis complete – 4% to 22% TREO. IOCG target – Ground Consolidation; Geophysics; Exploration holes

20

Gadzema Gold• 30km Greenstone Belt with 900 registered historical workings

• 10km consolidated ground - ACR

• Includes Giant Mine – 560,000 troz production @ 8+ g/t Au (mine-collapse & closure 1967).

• Two mineralisation-styles / host rock. Banded Iron well known & exploited.... Virgin discovery -- parallel Felsic body, 6 – 8kms strike

• 912,000 troz JORC over < 1.3kms. Total 8kms appear mineralised.

• 13,000m Drilling completed; JORC Resource Upgrades June & July 2011

TARGET: 3+ million ounce pittable Resource 21

Blue Rock south target Blue Rock south target areaarea

Giant Mine– JORC Resource 474,000 troz @ 1.6 g/t . Un-drilled Extensions

Shlegani Prospect & JORC Shlegani Prospect & JORC Target - Target - proven mineralised proven mineralised trend continuationtrend continuation

Berks & Rainbow – Possible 800 metres widthBRRC 88; 24m @ 1.7 g/t BRRC 87; 6m @ 3.1 g/tBRRC 108; 6m @ 25.7 g/t BRRC 82; 8m @ 4.2 g/tBRRC 79; 12m @ 3.2 g/tBRRC 94; 1m @ 46.0 g/t

. RC Drillhole

Gadzema Target areas - Radiometrics

912,000 troz over 1.3km; 8km+ strike - drilling to continue

Pickstone Drilling

Pickstone Gold --- Near-term Cash flow

• Brown Field Site – Pickstone (+400,000 troz past production) + Virgin parallel Body (peerless)

• 2007 JORC 513,000+ troz @ surface. Potential to extend pittable & Consistent, high-grade ore to depth – possible 1.5m troz (SRK). Pit feasibility underway

• High Grade tailings – 4.4g/t 28,000 troz. Metallurgy, design & feasibility complete. Plant partly constructed. Infrastructure near completion. Requires further $7.5 million & 6-month. Projected EBITDA $18m over 13 months project life.

• INDIGENISED. Funding and management discussions in progress -- with Indigenous Capital -- Cash flow anticipated 2012

Proof of Concept --- Value Extraction for Shareholders 24

The ore in the core -- Pickstone Ore Body intercepted

P2O5 – Food-Production, No substitute + World Shortage

• Chishanya carbonatite complex• Four carbonatite intrusive events• Surface expression of 10ha • Known resource grading 12-14% P2O5• Rock & Core samples grade 8-26% P2O5• Close to all major infrastructure• Target 50m+ tonne Pittable

• Work included:• Detailed mapping - completed defined facies

at surface• Trenching & drilling for body definition-

completed• First phase drilling for fresh-rock metallurgy

&depth intersection completed• Metallurgy / flotation test-work – underway

• Potential for JV with established South African Fertiliser Industry

Population Growth + Bio-Fuels - The World has < 50 years Remaining Reserves 26

Diamonds & Zimbabwe

Potential:• Marange• Other Targets

In Position: – Upside on Amicable Resolution & further discoveries 27

ACR’s EXPOSURE - Political Stability

• Predominant share price driver = POLITICS

• Indigenisation? New legislation / Structures

• Political Change? Watershed OR Evolution ?

• Perceived Political Instability = Counter-Cyclical Opportunity

Build Balance Sheet to maximise advantage @ turnaround 28

Expenditure: New + remaining Funds

• Priority Funding -- Biggest bang for the buck = drilling for GOLD

• Continue Drill-out of Gadzema trend. 2012 Target > 2million troz pittable & 3m+ 2013. Followed by Pre-feasibility; Realise value

• Nickel Sulphide - advanced geophysics; targeted drilling for down-hole Electromagnetic survey; plan future JORC drill-out

• Phosphates – Met work and planning of JORC drill-out

• PGMs - Precise exploration drilling to identify high-grade zone

• Develop Zambian IOCG Target - Consolidate ground; Geophysics, limited drilling

Where is maximum value gained for money spent? 29

Investment Summary• First Mover - Excellent portfolio of assets – largest diverse foothold in Zimbabwe

• Exposure to Gold Price. 2011 Target > 2 million pittable troz . Current gold JORC resource exceeding 1.4 million troz, upgrades expected July 2011.

• Potential medium-term cash flow prospects on Pickstone gold tailings & oxide pits

• Strong Zambian portfolio:- good REE results; IOCG prospect; offers a broadened base & diversified sovereign risk

• Successful growth from discovery phase to resource definition phase

• Seven years successful operation in difficult circumstances – well positioned for maximum value post Zim recovery.

• POLITICAL & NEWS = MAIN SHARE PRICE DRIVER

In Position: – Work on definition of large economic resources 30

Board & Management (Executives)• Roy Tucker, Executive Chairman, is a Chartered Accountant whose background is as a tax

consultant. He has co-founded and been involved in the management of various financial businesses particularly in the banking and commodity sectors. He is director and co-founder of South Africa based Legend Lodges Group, which holds African tourism interests. Roy Tucker is based in the UK.

• Andrew Cranswick is the Chief Executive Officer of African Consolidated Resources plc. A fourth-generation Zimbabwean, he has lived almost all of his life in the country. He has a geological background with extensive commercial experience in the mining and metals industry of Southern Africa. In the 1990s he established a successful group of IT companies in Zimbabwe, including the nation's first Internet Service which he sold to an International concern before the dot com crash. More recently he was an important stakeholder in the West-Australian cattle ranching industry.

• Michael Kellow, Technical Director, is an exploration geologist with over 27 years' experience in diverse gold, base-metals and uranium exploration in Archaean and Proterozoic terranes both in Australia and Africa. He was team leader in discoveries of virgin mineral systems in Western Australia and the Northern Territory. He has worked in Australia with a range of junior and mid-cap exploration companies, and consulted in Australia and Africa with companies including Anglo American and Gold Fields. He was also a founder of e-geology firm Intierra.

• Greg Sebborn, - Special Projects. A Chartered Accountant by training, Greg is a Zimbabwean who was a founding director and eventually CEO of Zimplats, a $1 billion+ ASX-listed company, now controlled by Impala Platinum. He later advised Renaissance Capital on their establishment of Pan-African investment satellites, with a focus on their Natural Resource investments. His relationships in the diplomatic corps and with multi-party officials and decision makers in Zimbabwe provides an invaluable lobbying and liaison platform for ACR.

Board & Management (Non-Exec)

• Stuart Bottomley, Non-Executive Director, entered the investment world as a stockbroker for nine years, before joining Dawnay Day where he worked for the Target Group of Unit Trusts, managing the Special Situations Fund and Target Energy. In 1984, he joined Fidelity International in London, working with the ERISA group. Since leaving Fidelity, he has consulted for numerous private and public companies, advised a number of Australian companies on admissions to AIM and assisted in IPOs and other fundraisings. He is currently a non-executive director of Polar Star Mining Corp, Starfield Resources Inc and Verona Pharma Plc and was recently the senior non-executive director of Centamin Egypt Ltd.

• Lloyd Munyaradzi Manokore, Non-Executive Director, is a law graduate from the University of Zimbabwe and has 20 years of legal experience. Upon graduation he worked for Stumbles & Rowe in Harare before becoming company secretary for public company, Cairns Holdings. He moved to Innscor Africa in 1996 as group legal advisor and oversaw the reverse listing of the group onto the Zimbabwe Stock Exchange (ZSE) in 1998, growing the company into the top three companies of the ZSE by market cap. In 2000 he founded Ibis Africa, a corporate advisory business focusing on Pan African opportunities and is Chairman & Partner of the Corporate Counsel, a network of boutique law practices in South Africa and Zimbabwe.

• Julian Emery, Non-Executive Director, is an experienced mining analyst and combines practical mining experience with London City experience. Upon graduating from the Camborne School of Mines, he joined the graduate programme at Union Corporation Limited at their South African gold mine. Here he gained experience of all aspects of the mining industry before leaving to work for Tsumeb as an engineer and later for New Jersey Zinc as an engineer on new mining methods. He joined the financial sector in 1970, working in research and fund management for Selection Trust Limited, and as a mining analyst for TC Coombes and Societe General. He progressed to become head of research at VSA Capital, senior research analyst at Fox Davies Capital and Head of Mining Research at WH Ireland. Before retiring from full time work he was Senior Research Analyst in the Metals and Mining team at Ambrian Partners.

Contacts. www.acrplc.com

CompanyAfrican Consolidated Resources plcCompany SecretaryNettlestead PlaceNettlestead, MaidstoneKent ME18 5HAwww.acrplc.com

NOMAD/BrokerPanmure Gordon & Co.

155 MoorgateLondonEC2M 6XBUnited Kingdom

Financial PR AdvisersSt Brides Media & Finance LtdChaucer House38 Bow LaneLondon EC4M 9AY

Contact - ACRRoy Tucker+44 1622 816918or+44 7920 189012

Andrew Cranswick+44 7920 189010

Contact - BrokersAndrew Godber+44 20 7459 3600andrew.godber@panmure.com

Contact - PRHugo de Salis+44 20 7236 1177hugo@sbmf.co.uk

Susie Geliher+44 20 7236 1177susie@sbmf.co.uk

33