www.anooraqresources.com

THE WAY

FORWARD

February 2012

‘Building through the tough times’

Cautionary risk factors and

forward-looking statement information

This presentation includes certain statements that may be deemed "forward-looking statements" within the definition of the United States Private Securities Litigation Reform

Act of 1995. All statements in this presentation, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation

activities and events or developments that Anooraq expects are forward looking statements. Anooraq believes that such forward looking statements are based on reasonable

assumptions, including the assumptions that: Bokoni will continue to have production levels similar to previous years; the planned Bokoni expansions will be completed and

successful. Forward-looking statements, however, are not guarantees of future performance and actual results or developments may differ materially from those in forward

looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration

successes, changes in and the effect of government policies with respect to mining and natural resource exploration and exploitation and continued availability of capital and

financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual

results or developments may differ materially from those projected in the forward looking statements. Investors should review the Company's annual Form on 20-F with the

United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.

This presentation uses the terms "measured resources", "indicated resources" and "inferred resources". Anooraq advises investors that although these terms are recognized

and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does

not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition,

"inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral

Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility

studies, or economic studies except for a Preliminary Assessment as defined under National Instrument 43-101. Investors are cautioned not to assume that part or all of an

inferred resource exists, or is economically or legally mineable.

Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, changes in

and the effect of government policies with respect to mining and natural resource exploration and exploitation, and general economic, market or business conditions. In

addition, actual results may be affected by the following specific risk factors. Costs, including design, procurement, construction and on-going operating costs and metal

recoveries could be materially different from those discussed herein. There can be no assurance that mining can be conducted at the rates and grades assumed herein. There

can be no assurance that infrastructure facilities can be developed on a timely and cost-effective basis. Energy risks include the potential for significant increases in the cost of

fuel and electricity, and fluctuation in the availability of electricity. Projected metal prices have been used herein. The prices of these metals are historically volatile, and

Anooraq has no control of or influence on the prices, which are determined in international markets. There can be no assurance that the prices of platinum, palladium, rhodium,

gold, copper and nickel will continue at current levels or that they will not decline below the prices assumed herein. A significant increase in costs of capital could materially

adversely affect the value and feasibility of constructing the expansions at Bokoni. Other general risks include those ordinary to large construction projects, including the

general uncertainties inherent in engineering and construction cost, the need to comply with generally increasing environmental obligations, and accommodation of local and

community concerns. The economics are sensitive to the currency exchange rates, which have been subject to large fluctuations in the last several years. Investors are

cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the

forward looking statements.

1

Agenda

2

1 Background

2 Transaction rationale

3 Strategic review and results

• technical

• financial

4 Capital restructure

5 Debt refinancing

6 Shareholding structure

7 Operating structure

8 Transaction benefits

9 Critical success factors

Background

• 2009: Amplats, ARQ created Bokoni Platinum Group (BPG)

• Bokoni Platinum Mine (formerly Lebowa Platinum)

• Ga-Phasha, Boikgantsho and Kwanda exploration and

development projects

• ARQ acquired 51% interest in BPG from Amplats for ZAR2.6 billion

• cash amount of ZAR1.5 billion

• issued 26% of ARQ share capital to Amplats (B prefs)

• ARQ assumed debt of ZAR1.7 billion plus OCSF up to ZAR750 million

at an average interest rate of 16% p.a. to effect 2009 acquisition

• 2009 transaction premised upon key technical and financial

assumptions

• Key transformation transaction for Amplats to receive ‘new order’

mineral title conversions under the MPRDA

3

Transaction rationale

• 2009 transaction ramp-up profile has proven difficult to achieve

• challenges experienced at new Brakfontein development project

• ageing infrastructure at old Merensky shafts

• restricted mining flexibility

• April 2011: Amplats and ARQ undertook strategic review of BPG,

as well as key technical and financial assumptions informing

2009 transaction

• Outcome of review: new strategic plan for BPG

• disposal of undeveloped PGM ounces to Amplats

• recapitalisation and refinancing of ARQ and BPG

• accelerated production growth at Bokoni Platinum Mine

4

Before transaction…

5

Atlatsa Holdings (BEE)* ESOP &

Community Trusts (BEE)

Anooraq Anglo Platinum

Bokoni Platinum

Holdings

Boikgantsho Kwanda Ga-Phasha Bokoni Mine

51% 3%

49% 51%

100% 100% 100% 100%

26%

(B prefs)

Equity Attributable debt

Fully diluted shares in issue: 445 million** ~ZAR3 billion

Cash and available facilities

ZAR100 million

Cost of facilities: 16% p.a. (weighted average)

*Formerly Pelawan Investments

**Includes 227 million B preference shares

Anooraq capital structure

… after transaction

6

Atlatsa Holdings (BEE)* ESOP &

Community Trusts (BEE)

Anooraq Anglo Platinum

Bokoni Platinum

Holdings

Kwanda

Ga-Phasha West

Bokoni Mine

51% 3%

49% 51%

100% 100%

26%

(B prefs)

Equity Attributable debt

Fully diluted shares in issue: 445 million** ~ZAR1 billion

Cash and available facilities

ZAR1.5 billion

Cost of facilities: escalating from 0% - ~12% (weighted average)

*Formerly Pelawan Investments

Enlarged Bokoni Mine

Exploration project

**Includes 227 million B preference shares

Anooraq capital structure

Strategic review: technical results

• BPG to accelerate production growth and

dispose of exploration and development

Resource ounces to Amplats

• Strategic realignment of BPG exploration and

development assets

• Ga-Phasha development project to be

split into East and West sections

• Ga-Phasha East to be consolidated

into Amplats’ adjacent Twickenham

operation

• Ga-Phasha West to be consolidated

into adjacent Bokoni Mine

7

Ga-Phasha

North-eastern limb of the Bushveld Igneous Complex

Strategic review: technical results, cont’d

Boikgantsho exploration project

to be consolidated into Amplats’ adjacent

Mogalakwena operation

8

Boikgantsho Project

Amplats Mogalakwena Mine

Northern limb of the Bushveld Igneous

Complex

Mogalakwena and Boikgantsho

Strategic review: technical results, cont’d

Net result:

• ARQ disposes of the Boikgantsho Project and the Eastern

section of the Ga-Phasha Project to Amplats for a net

consideration of ZAR1.7 billion

• ARQ retains 51% interest in enlarged Bokoni Platinum Mine

• ARQ and Amplats create more opportunity for organic production

growth through established mining infrastructure at Bokoni,

Twickenham and Mogalakwena operations

9

0

50000

100000

150000

200000

250000

300000

350000

400000

2012 2013 2014 2015 2016 2017

4E

oz

Year

4Eoz profile

UM2 VERTICAL BRAKFONTEIN

MPH 45 DELTA 80 TOTAL BOKONI

New Bokoni growth plan

10

MER

UG2

Greater focus on

growth projects at

Brakfontein and

Middelpunt Hill

Old Merensky

shafts to be phased

out within the next

five years

New growth plan to

increase steady state

target from 160,000tpm

to 245,000tpm through

to 2016

MPH Delta 80 UG2 expansion

project to be accelerated, adding

100,000 new PGM oz p.a. to

Bokoni production profile prior

to 2016

New UG2 concentrator

to increase total milling

capacity to 265,000tpm

Accelerate annual production

from 115,000 PGM oz to

300,000 PGM oz by 2016

Unit costs to reduce through

increased volumes and

lower cost operations

Capex spend on new growth

plan estimated at ZAR2.6 billion

through to 2016

Strategic review: financial

• ARQ debt ~ZAR3 billion at 31 December 2011

• Current ARQ cost of debt = ~16% per annum

• Current ARQ balance sheet is highly leveraged

• creating excessive risk considering global financial crisis and macro risk factors

affecting PGM market

• Additional ARQ and Bokoni facilities required to finance new Bokoni growth plans

11

ARQ AND BOKONI BALANCE SHEETS NEED TO BE DELEVERAGED AND

RECAPITALISED TO FUND BOKONI GROWTH ON A SUSTAINABLE BASIS

THROUGH TO 2020

Capital restructure

• ARQ disposes of Ga-Phasha East and Boikgantsho to Amplats for net consideration

of ZAR1.7 billion

• proceeds used to partially reduce ARQ debt

• Amplats and ARQ enter into an interest standstill agreement effective 1 July 2011

• ~ZAR300 million interest saving for ARQ

• Net effect of the disposal and interest standstill

• ARQ debt reduced by 66% from ~ZAR3 billion to ~ZAR1 billion

• Amplats and ARQ commit to fund ZAR2.6 billion growth plan at Bokoni

• completion of Brakfontein Merensky growth project

• expand existing UG2 operations through MPH Delta 80 UG2 growth project

• new UG2 concentrator

• Balance of historical ARQ debt (ZAR1 billion) and an additional debt facility (up to ZAR1.3 billion)

to be consolidated into one debt facility going forward

12

ARQ REDUCES HISTORICAL DEBT BY 66%

Debt refinancing

• New consolidated debt facility terms

• nine-year term debt terminating on 31 Dec 2020

• variable interest rate will be determined by adding a fixed margin to 3-month JIBAR

• maximum facility limit of ZAR2.3 billion

• weighted average interest rate escalating from 0% to ~12% through to 2020 with low

interest rate during capital intensive growth phase through to 2016

• no fixed repayment terms during peak funding years of new growth plan

• Amplats to provide ARQ with working capital facility of ZAR90 million at coupon rate of

JIBAR + 4% per annum to fund general corporate expenses through to 2015

13

Debt balance 2012 2013 2014 2015 2016 2017 2018 2019 2020

% % % % % % % % %

First tranche (ZAR1 billion) 0.0 0.0 0.0 2.5 5.0 7.5 10.0 15.0 15.0

Second tranche (ZAR1 billion) 5.0 5.0 10.0 10.0 12.5 15.0 15.0 20.0 20.0

Third tranche (ZAR300 million) 15.0 15.0 15.0 15.0 20.0 20.0 20.0 25.0 25.0

Estimated weighted average interest rate (%) 0.5 1.4 4.3 6.9 9.4 10.8 11.6 15.0 15.0

ARQ FULLY FUNDED TO FINANCE NEW BOKONI GROWTH PLAN

THROUGH TO 2020

Shareholding structure

• Amplats extends its 26% shareholding in ARQ (B prefs) into long-term equity investment

• Atlatsa Holdings (formerly Pelawan) extends shareholding to 51% in ARQ

through to 31 Dec 2018

• ARQ not required to issue any new equity under refinancing, recapitalisation plan

• ARQ major shareholders post restructure plan

14

Shareholder No. of shares % of share capital

Atlatsa Holdings (formerly Pelawan) 227 million* 51

Amplats (B preference shares) 116 million** 26

Employee and community trusts 14 million 3

Public (incl. share options) 88 million 20

* Includes 111.2 million B preference shares convertible into Anooraq common shares after 31 December 2018

** B preference shares are convertible into 116 million Anooraq common shares after 31 December 2018

ARQ AND AMPLATS SOLIDIFY LONG TERM STRATEGIC PARTNERSHIP

Bokoni Platinum Holdings (Pty) Ltd

Chairman: VP Pillay

Bokoni Platinum Mines (Pty) Ltd

Chairman: VP Pillay

Managing Director

Dawid Stander

Senior mine management

team

New Group operating structure

15

51% 49%

Board members: 3

Board members: 3

Management Services

Board members: 4

Board members: 4

Management Services

Transaction benefits

• Disposal of undeveloped ounces

• Re-alignment of BPG exploration and development ounces

• Accelerated production growth at Bokoni

• ARQ reduces debt by 66%

• Substantial reduction in ARQ cost of debt through to 2020

• ARQ and Bokoni fully funded for growth to 2020

• Amplats and Bokoni extend long-term offtake agreement

• Amplats and ARQ solidify long term strategic equity partnership

• Enhanced management team, capacity for BPG

16

… WELL POSITIONED FOR GROWTH

Critical success factors

17

Strategy Operations People

Capital management and growth Safety Focused management team

• MPH Productivity Community

• Brakfontein Cost management Social investment

• concentrator expansion

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Questions

and answers