RE:Feasibility study with pd 321------------------------------------------------------------------ Base Case (3 Yr Bank Variable 5 Year Trailing Tr Prices)(1) Forecast(2) Prices(3) ------------------------------------------------------------------------- Undiscounted cash flow ------------------------------------------------------------------------- Pre-tax C$847 million C$816 million C$637 million ------------------------------------------------------------------------- After tax C$597 million C$577 million C$453 million ------------------------------------------------------------------------- Net present value @ 6% discount rate ------------------------------------------------------------------------- Pre-tax C$383 million C$373 million C$259 million ------------------------------------------------------------------------- After tax C$251 million C$245 million C$164 million ------------------------------------------------------------------------- Average annual cash flow (pre tax) C$74 million C$71 million C$55 million ------------------------------------------------------------------------- Internal rate of return ------------------------------------------------------------------------- Pre-tax 21% 21% 17% ------------------------------------------------------------------------- After tax 17% 18% 14% ------------------------------------------------------------------------- Capital investment ------------------------------------------------------------------------- Pre-production C$351 million C$351 million C$351 million ------------------------------------------------------------------------- Life-of-mine C$495 million C$495 million C$495 million ------------------------------------------------------------------------- Payback period 4.4 years 4.2 years 5.2 years ------------------------------------------------------------------------- Cash costs, net of credits ------------------------------------------------------------------------- Per PGM+Au oz Negative US$14.4 US$124 US$21.4 ------------------------------------------------------------------------- Per lb copper Negative US$0.25 Negative US$0.96 US$0.00 ------------------------------------------------------------------------- 1. Base Case - Three Year Trailing Price, as of October 31, 2009: US $2.91/lb Cu; US$321/oz Pd; US$1,347/oz Pt; US$819/oz Au, US$14.10/oz Ag, US$/C$ exchange rate = 1.099. 2. Variable Forecast as at November 2009: US$2.50/lb Cu in 2013, US $2.00/lb Cu Long Term (LT), US$400/oz Pd LT, US$1,750/oz Pt LT, US $900/oz Au LT, US$13.00/oz Ag and US$/C$ exchange rate = 1.10 from Bloomberg 3. Five Year Price Trailing Prices, as of October 31, 2009: US$2.63/lb Cu; US$293/oz Pd; US$1,206/oz Pt; US$695/oz Au, US$12.04/oz Ag, US$/C ---------------------------------------------------------------------- Pd Pt Au Cu Ag Classification Tonnes (g/t) (g/t) (g/t) (%) (g/t) ------------------------------------------------------------------------- Proven 76,461,000 0.910 0.254 0.090 0.268 1.464 Probable 14,986,000 0.435 0.147 0.060 0.138 1.318 Total 91,447,000 0.832 0.237 0.085 0.247 1.440 ------------------------------------------------------------------------- ----------------------------------------------------------------- Cu lbs Pd Ozs Pt Ozs Au Ozs Ag Ozs Classification (X1M) (000's) (000's) (000's) (000's) ------