1. Strategic update January 2005 A new lease of life for Aflease

2. Presentation overview Corporate issues The uranium market The Aflease uranium project The Aflease gold projects A new lease of life for Aflease

3. The executive team Clear production and project focus Neal Froneman (44) CEO Pr Eng 23 Years Mining Experience Executive positions with Goldfields, Harmony, JCI Jean Nortier (36) CFO CA (SA) Substantial board and international corporate finance experience Bruce Jones (47) Technical Director Pr Eng 29 Years Mining Experience Executive positions with Gold Fields & Merelani Mining Norman Schwab (44) GM Operations BSc Mining Eng 21 Years Mining Experience Executive manager Anglovaal Target Mine project leader

4. The Aflease asset base Aflease is positioned as a shallow, low risk mining operator Modder East Gold Operations The Aflease Uranium Operations

5. Aflease resource & reserve statement Aflease owns high quality gold and uranium reserves Tonnage (Kt) GoldUranium Grade (g/t) Gold (000 oz's) Grade Kg/t U 3 O 8 (000 lbs) Audited - East Rand & Afrikander Gold Reserves5,7294.9900 Resources19,9494.4*2,802 Unaudited - Afrikander Uranium Resources302,0000.686,5920.52333 000 TOTAL RESOURCE321,9490.949,3940.52333 000 Audited Reserves and Resources Declared at R85 000/kg Uranium Resource Cut Off 0.25 kg/t

6. The Aflease uranium resource Previous mining history at Dominion and Rietkuil Orebody data (+250 boreholes, 46 000 data points from previous mining, 3D seismic survey) AngloGold information is not SAMREC compliant Information as presented was summarized by Dr Kingsley in February 2004 Further exploration will be required to up-grade and extend portions of the resource This is not a greenfields project

7. The Aflease uranium resource in context Aflease accounts for more than 50% of South Africa’s uranium resource Source: OEDC Nuclear Energy Agency & IAEA 1999 & 2001

8. Australian resource comparison A world class uranium resource! Source: UIC Australia’s Uranium

9. Canadian resource comparison A world class uranium resource! Source: UEX Corporation 2003

10. The Aflease uranium strategy To assess the project in a professional and structured manner To incorporate Aflease’s ability to open cast and heap leach multiple, narrow reef ore bodies To maximise the use of existing plant and infrastructure To formalise relationships with partners to ensure access to the appropriate skills base and finance To create a focused uranium company The first step is to complete a feasibility study

11. No more bull! Step 1 On the 17th of January 2005 the name change was unanimously approved by shareholders Step 2 Create a uranium brand and divisionalise the business along commodity lines Step 3 Create critical mass and maximise value for the pure gold business. The logical end point is separate listed entities  Creating focus

12. Aflease “pure gold” assets (Modder East) Sell the pure gold assets for cash (this is not a fire sale) or Merge the pure gold assets into another listed gold vehicle or Build a gold business with critical mass Aflease will always have an association with gold through its by products.

13. Relative gold price trends 6% SA Inflation factor applied to the ZAR gold price Temporary Closure of Operations Positioning for a Strong Rand Strategy Temporary Closure of Operations Positioning for a Strong Rand Strategy Positioning for a Strong Rand Strategy Temporary Closure of Operations

14. The Aflease action plan – positioned for a strong Rand! 1.Restructure the existing operations  2.Expedite the development of our high margin assets  Bonanza   Modder East   Dominium Uranium  3.Continue with focused exploration  4.Acquire new high margin assets Aflease is incurring zero, nothing, naught, nil operating losses Every Rand spent is adding value!

15. Shareholder profile Offshore shareholders now exceed 65% Offshore Funds Randgold Trinity ADR Program Kabusha SA Institutions Jipangu Management Other Current 38% 4% 12% 10% 3% 4% 6% 1% 22% October 2004 3% 33% 13% 11% 7% 1% 18% Change +35% -29% -1% -4% -3% -1% - +4%

16. Temporary Closure of Operations Relative share prices from the top of the gold market (28/5/2002) Capital Raising Uncertainty Temporary Closure of Operations Capital Raising Uncertainty Relative Share Price Performance Strategically well positioned?

17. Funding requirements Aflease is fully funded to complete;  The Bonanza South project  The extended uranium feasibility study  The Modder East feasibility study (including the resource drilling) An estimated $75m - $100m is required for phase 1 of the Dominion uranium project  20% is required in Q3 2005  20% is required in Q2 2006  60% is required in Q3 2006 New shareholders have indicated their desire to be part of any capital raising

18. Aflease still holds about 6m Randgold shares (10%) Randgold holds more than 30% of Randgold Resources Other Randgold listed investments are Harmony, DRD, Angloplats and Aflease Randgold’s NAV is R27 per share Randgold is trading at a significant discount Randgold investment Aflease will only liquidate its investment at appropriate value Source: Randgold Interim Report 16 Sept 2004

19. The International Uranium Market A new lease of life for Aflease

20. Western World uranium supply and demand A new lease of life for Aflease Source: Nufcor International Limited Price Demand Primary Production

21. World nuclear energy forecast Source: WNA 2003 A new lease of life for Aflease

22. World uranium requirements Source: International Nuclear Inc 2005 A new lease of life for Aflease

23. Historical uranium production and consumption Source: WNA 2003 A new lease of life for Aflease

24. World secondary uranium supply Source: International Nuclear Inc 2005 A new lease of life for Aflease

25. Scheduled world uranium production Source: International Nuclear Inc 2005 A new lease of life for Aflease

26. World uranium supply and demand Source: International Nuclear Inc 2005 A new lease of life for Aflease

27. The uranium supply gap! Source: International Nuclear Inc 2005 A new lease of life for Aflease

28. Recent uranium price trends Source: International Nuclear Inc 2005 A new lease of life for Aflease

29. Uranium resource sensitivity A 100% increase in the price results in a 35% increase in international uranium resources Source: Fresh Fuel Volume 21 No 769

30. The uranium market in relation to Aflease The market could easily absorb an additional 11 million lbs of U3O8 per annum from South Africa* Utilities will pay a premium to diversify supply Structural changes in the supply cycle opens unique opportunities for obtaining funding from end users Very positive supply and demand fundamentals * Nufcor International Limited

31. The Dominion uranium project update A new lease of life for Aflease

32. This ore body structure is well understood Dominion Mine Rietkuil Mine Seismic survey model

33. Red = Measured Yellow = Indicated Blue = Inferred White = OOR A number of new entrants to the uranium market have made it their business to own lbs in the ground and have no intention of ever producing uranium Aflease’s focus is to increase the confidence in the areas where mining will take place in the shorter term (blue area) The initial SAMREC conversion process has delineated 34 years of equivalent production Our key objective is to delineate ore reserves for mining Initial SAMREC conversion focus area - Rietkuil

34. Initial SAMREC compliant uranium resource Category Tonnes (million) U 3 O 8 kg/ton U 3 O 8 (million lbs) Au (g/t) Au (000 oz's) Measured 0.2390.760.4030.856.5 Indicated 7.3140.619.8661.36319.1 Inferred 98.8030.57126.2200.732 317.9 Total SAMREC106.3570.58136.4890.772643.5 OOR*204.5800.48216.4880.593880.2 Total310.9370.52352.9770.656.523.7 Gold and uranium grades have increased by 13% and 12% respectively *OOR information is based on the AngloGold inferred resource Uranium Resource Cut Off 0.35 kg/t

35. Resource up-grade In-fill drilling to enable detailed open-pit & underground mine design Drill to delineate identified payshoots Other geological & geostatistical investigations to:  Determine geological domains  Establish grade distributions  Increase confidence in grade estimates & mine planning Drill extension blocks to add to resource statement Our key objective is to delineate ore reserves for mining

36. Red = Measured Yellow = Indicated Blue = Inferred 20% Measured 30% Indicated 50% Inferred Our key objective is to delineate ore reserves for mining 5 year target for the Rietkuil resource upgrade

37. The feasibility study Preliminary evaluation was based on:  A “soft start” at 100 000 TPM throughput with a life of 6 years  A “mega mine” of 200 000 TPM throughput with a life of a further 14 years The feasibility indicates sufficient near surface resources for a production rate of 200 000 TPM with a life of 10 years (Phase 1) To ensure sustainable production Vertical shafts (Phase 2) will be required by year 9 The feasibility study is now focused on Phase 1 The first step is to complete a feasibility study

38. Rietkuil Mining Area Decline 1 Area Rietkuil Mine Decline 2 Area The first step is to complete a feasibility study

39. Rietkuil Mine Incline Shaft & Decline Existing Incline Shaft Proposed Decline Mining Levels Raise Lines The first step is to complete a feasibility study

40. Dominion Mining Area Decline 3 Area Decline 4 Area The first step is to complete a feasibility study

41. Decline 4 Proposed Decline Mining Levels Raise Lines The first step is to complete a feasibility study

42. ROM Production Profile The first step is to complete a feasibility study

43. Production profiles The first step is to complete a feasibility study

44. Source – World Nuclear Association, 2003 A world class uranium project Top 10 uranium companies

45. Break even operating costs Gold as a by-product enhances the project parameters

46. Uranium project value Exchange Rate - R6.5/$ Discount Factor – 10% The rare earth elements have not been included in the valuations

47. Value analysis – code compliant lbs Company Market Capitalisation (million $) Reserves (million lbs) Resources (million lbs) Market Capitalisation per lb Cameco Corporation6606.752312.63 Denison Mines214.319.411.05 Average Value11.8 Palladin Resources1391361.02 Sothern Cross Resources58.222.72.56 Average Value1.8 Source – Haywood Securities October 2004 This would value Aflease at $244 million or R4.25/share

48. Value analysis – non compliant lbs Company Market Capitalisation (million $) Reserves (million lbs) Resources (million lbs) Market Capitalisation per lb UEX Corporation355.545.37.85* International Uranium341.338.18.96* Strathmore Minerals44125.60.35 Laramide Resources25.4420.60 Fronteer Development Group26.29.22.85 Altius Minerals94.39.210.25* Clan Resources9.2250.37 Western Prospector Group24.141.70.58 Average0.9 Source – Haywood Securities October 2004 This would value Aflease at $299 million or R5.21/share * Excluded from the analysis due to operating income from other sources

49. The Aflease uranium strategy The first step is to complete a feasibility study To assess the project in a professional and structured manner To incorporate Aflease’s ability to open cast and heap leach multiple, narrow reef ore bodies To maximise the use of existing plant and infrastructure To formalise relationships with partners to ensure access to the appropriate skills base and finance To create a focused uranium company

50. Mine design, process engineering, marketing and distribution Discussions with Eastern and Western distributors and end users is progressing well Nufcor International Limited

51. The Aflease advantage! This is not a greenfields project  The orebody is well understood  Substantial infrastructure exists and will be utilised  Extensive process testwork and design was conducted by the previous owners The first 10 years of mining is no deeper than 500m below surface Proposed access methods are proven at Bonanza South South Africa has a friendly mining and environmental code Gold and Rare Earth Elements are important by products Aflease is well positioned to take advantage of the supply inelasticity

52. Existing infrastructure This is not a greenfields project!

53. Dominion uranium funding strategy Funding is not a major hurdle – shareholder dilution will be a major consideration Type of FundingConsiderations End User FinanceEnd users have already indicated a willingness in this regard Convertible Debentures Attractive to offshore and institutional investors. Aflease shareholders will also experience less dilution due to conversion above market EquityEasiest form of capital raising but dilution needs to be limited Debt/Project Financing The lowest financing cost with the highest gearing for our shareholders. Will have to be supported by minor equity placements Sale of Gold AssetsSale or separate listing of the gold assets

54. Bonanza South On time and under budget

55. The Bonanza Basin Cash operating cost - $306/oz Reserve – 168 000 oz’s Capital – $6.5 million Production - 34 000 oz’s/yr NPV – $8.6 million IRR – 67% LOM – 6 years ($420/oz & R6.5/$) Bonanza South Project

56. Bonanza grade distribution Upper ReefIntermediate ReefLower Reef Underground intersections are correlating with the block models

57. Bonanza South production build up On schedule

58. Mine Development DevelopmentAchievedPlanDifference Capital (m)13161912-596 Working Cost (m)17281247481 Total (m)30443159-115 A 3% shortfall is, under the circumstances, very commendable

59. Surface Bonanza South 220 level 105 level Bonanza Central Dyke Bonanza Central – Vertical section looking north 9 boreholes completed to date – additional drilling underway

60. Uranium potential Cores from previous drilling currently being re-assayed for uranium Early results show upper reef has uranium potential Uranium will be extracted as part of the larger uranium project which is currently in the feasibility phase Uranium will provide a second revenue stream at a low incremental cost (processing only) This revenue is currently not accounted for in any financial evaluation for Bonanza Continuous value enhancement

61. The Modder East Project Continuous value enhancement

62. Modder East mine layout Cash operating cost - $206/oz Reserve – 770 000 oz’s Capital – $43.5 million Production - 85 000 oz’s/yr NPV – $60.5 million IRR – 49% LOM - 10 years ($420/oz $ R6.5/$)

63. Current BPLZ resource and reserve base BPLZ current extent Continuous value enhancement

64. Additional BPLZ exploration focus BPLZ current extent BPLZ current drilling targets Continuous value enhancement

65. Blanket facies exploration focus BPLZ current extent BPLZ current drilling targets Blanket Facies areas being considered Continuous value enhancement

66. BPLZ high grade channel exploration targets BPLZ current extent BPLZ current drilling targets Blanket Facies areas being considered BPLZ exploration targets Continuous value enhancement

67. Kimberley reef exploration focus BPLZ current extent BPLZ current drilling targets BPLZ exploration targets Kimberley Reef potential Blanket Facies areas being considered Continuous value enhancement

68. Modder East Summary Existing BPLZ resources and reserve base of 964 000 oz’s and 772 000 oz’s respectively 2004 annual declaration; BPLZ resource and reserve base will increase Blanket Facies resource and reserve to be included for the first time Kimberley Reef resource to be included for the first time Additional exploration targets on the Kimberley Reefs, the BPLZ and high grade BPLZ channels will be subject of ongoing exploration during 2005 Very significant value enhancement with little additional capital expenditure

69. Conclusion A new lease of life for Aflease

70. Conclusion 1.Aflease owns a world class uranium resource 2.Aflease will continue to transform into a focused uranium company 3.Aflease will move from a development phase to a gold producer in Q2 2005 and a uranium producer in 2007 4.There is further upside to the uranium resource with the by-product potential at Bonanza and the Outer Basin 5.The company remains unhedged and investors are exposed to the movement in the underlying commodities Happiness is where you find it, and very seldom where you seek it

71. Total Aflease value (gold and uranium) Exchange Rate - R6.5/$ Positioned for significant capital appreciation!

72. Forward looking statement Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of gold; hazards associated with underground and surface gold mining; labour disruptions; changes in government regulations, particularly environmental regulations; changes in exchange rates; currency devaluations; inflation and other macro- economic factors; and the impact of the AIDS crisis in South Africa. These forward looking statements speak only as of the date of this document. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. A new lease of life for Aflease

73. Questions? A new lease of life for Aflease www.aflease.com