interim results presentation 7 april 2009 page 1

Interim results presentation7 April 2009

Disclaimer

All forward-looking statements in this presentation, other than historical facts, that address exploration activities and mining potential are forward-looking statements. Although Miranda believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements should not in anyway be construed as guarantees of the future performance and no assurance can be given that such expectations will be realised.

Factors that could cause actual developments to differ materially from expectations include, but are not limited to, the successful conversion of the group’s old order exploration rights into new order rights, exploration results, analysis of geological, metallurgical and other technical information, the operational performance of joint venture partners, and the company’s ability to raise the necessary capital to progress its projects further.

The group is subject to specific risks inherent in the exploration and mining business, and general economic and business conditions including, but not limited to, changes in the regulatory environment and other government action, fluctuations in commodity prices and exchange rates, and business and operational risk management.

Reserves and Resources were compiled using the SAMREC guidance, with CPR’s still to be submitted to the JSE

Contents

1. Strategic Overview

2. Salient Features of last 6 months

3. BEE update

4. A key focus: Coal

5. Outlook

1. Strategic overview

Strengthened portfolio of coal assets in KZN

First mover advantage in KZN

Improved BEE status through Yakani investment

Possible acquisitive opportunities and JV’s in current market

Significant value remains to be unlocked

Ideally placed for next commodity recovery

2. Salient features of last 6 months

Net loss of R10.4 million due to increased spend on exploration and mining licenses applications

First coal mining right granted on the Sesikhona Kliprand project in KZN

Two further mining right applications submitted on Amajuba and Uithoek

Updated CPR on Amajuba

Coal exploration permit granted on Majestic Silver coal prospect

Delay on further spending on other commodity projects

BEE empowerment

3. BEE update

Strategic investment in Miranda by Yakani for initial R17.2 million

Allow further investigations into asset-related transactions

Current stake of 34%

Compliments broad-based structures at operational level

4. Key focus: Coal

Sesikhona

Uithoek

Amajuba

Burnside

Boschhoek/Boschkloof

Yarl

Nungu Trading

Point Blank

Majestic Silver

Page 2

Overview of Miranda’s Coal projects Status Summary

Project Name Hectares Region Permit Status JV Explore Resource Progress Sesikhona - Klip Rand1

816 Dannhauser Granted Mining right N Drilling completed Meas. 5.3 mill tonsInfer. 16.7 mill

Mining start 2ndQ, 2009

Uithoek 1 2,437 Glencoe Mining right application submitted

Y Drilling completed Meas 6.6 mill tons Mining Q4 ’09

Amajuba 1 3,727 Dannhauser Prospecting right N Drilling commenced Total resource 38.1 mill tons

Mining Q4 09

Burnside 14,540 Glencoe Prospecting right N Infill drilling Infer.10.8m tons, Indic

34.4m tonsAdditional resource drilling

Boschoek/ Boschkloof 1

6,608 Glencoe Prospecting right N Infill drilling Indic 52.0m tons Upgrading CPR

Yarl 1 1,216 Dannhauser Prospecting right N Drilling to commence Infer 16.9m tons Resource Q4 '09

Nungu Trading - Wasbank 1

2,135 Glencoe Prospecting right N Drilling commenced Infer 1.5m tons Mining Q4 '09

Point Blank - Learydale 1

253 Dannhauser Prospecting right N Drilling to commence Infer 44.3m tons Resource Q3 '09

Majestic Silver 823 Dannhauser Prospecting permit N Drilling commenced Reconnaissance

Five further permits on 33 farms

6,279 KZN Applications and conversions in DME process

N Drilling to commence To be determined Awaiting permits

Notes:1 Project to be operated for Miranda account

Sesikhona Kliprand colliery

-86000 -85000 -84000 -83000 -82000 -81000

-86000 -85000 -84000 -83000 -82000 -81000

-3100000

-3099500

-3099000

-3098500

-3098000

-3097500

-3097000

-3100000

-3099000

-3098000

-3097000

16 .1

1 6 .6 9

14 .46

7 .4

1 6 .21

12 .4 5

1 1 .88 .8 5

1 4 .3 5

7 .4

8 .8

10 .65

11 .22

41 .62

34 .110 .4

17 .7

1 7 .9 5

4 7 .5 3

4 4 .2 6

9 .27

1 4 .1 1

1 2 .4 5

6 .1 5

11 .3

35 .18

22 .83 41 .6 5 4 4 .4 9

47 .32 4 6 .3 5

38 .09

12 .96

1 5 .6 8 8 .7

7 .565 .54

5 .44 .7 49 .88

10 .2 86 .5 6

3 .54

23 .46

VERDRIETKLIPROTS

KLIPRAND

D am

S ill B reak Through

B oreho le P osition

0 250 500 750 1000

Top S eam S ha llow R esource

Top S eam D eep R esource

Area Dannhauser region, Northern Natal

Resource From first slide

CPR

Open cast/underground

Open cast and underground

Planned production 50 000 tons per month

Capex planned Subcontractor

Type of Coal Anthracite

Feasibility Study Internal feasibility completed

Commencement of mining

2nd Q 2009

Uithoek prospect

Area Glencoe region, Northern Natal

Resource Measured resource of 6.6 million tons

CPR August 2008, confirming that the resource is a lean & bituminous coal with the latter having coking qualities


About 40% of resource could be opencast mining

Planned production 30 – 50 000 tons per month


Type of Coal Bituminous (coking properties)

Feasibility Study Internal feasibility completed


Mining could commence during second half 2009

Amajuba project

Area Newcastle/Dannhauser region, Northern Natal

Resource Total resource 38.1 mill tons

CPR Estimated resource approximating 100 million tons

Open cast/underground Open cast and undergound


Capex planned subcontractor

Type of Coal Bituminous

Feasibility Study Currently being completed


Mining Q4 09

D avelsberg 3286

Burnside 3287

Izem fene

-98000 -96000 -94000 -92000 -90000 -88000 -86000

-98000 -96000 -94000 -92000 -90000 -88000 -86000

-3125000

-3123000

-3121000

-3119000

-3117000

-3125000

-3123000

-3121000

-3119000

-3117000

2

3

45

6

9

23

33

34

45

46

47

48

4951

54

55 56

57585960

103104

106108

109

110D 5

D 6 D 8

D 9 D 12 157.18

136.25

105 .46

119.36

195.61

184.4

204.17

168.1

97.54

97.56

149.68

206.86

175 .13110.39

11.46

104.39101.22

46.5849.99153.72159.03

230.25

212.04

260.02232.13

216.1

214.66253.59

313.71 322.29

298.45196.3

21.3

16 .8

24

23

22.5

16 .6

21.5

13 .8

17.7

17.4

20.3

20

21.2

6

20.517.2

20.5

17.3

18.4 19.9

14.216.7

23

0 2000 4000 6000

1600 m

1600 m

1600 m

1400 m

1400 m

1400 m

1400 m

1200 m

1200 m

1200 m

BUR NSID E

Top Seam Resource Areas

Property Boundaries

Scale 1:750

FAULT LINE

D epth

Burnt Boreho les

R esource B locks

O pen P it

U G B lock1

U G B lock2

U G B lock3

1

2

Burnside prospectArea Glencoe region, Northern

Natal

Resource Indicated resource of 34.4 million tons

Inferred resource of 10.8 million tons



About 25% of resource would be opencast mining






Additional resource drilling planned

Boschoek/Boschkloof prospect

1200m

1200m1200m

1200m

1400m

1400m

1400m

1400m

1400m

1600m 1600m

1600m

1600m

1400m

1400m

1400m

1200m

1200m

1200m

Boschkloof

Boschhoek

-100000 -99000 -98000 -97000 -96000 -95000 -94000 -93000 -92000 -91000 -90000 -89000

-100000 -99000 -98000 -97000 -96000 -95000 -94000 -93000 -92000 -91000 -90000 -89000

-3128000

-3127000

-3126000

-3125000

-3124000

-3123000

-3122000

-3121000

-3120000

-3119000

-3128000

-3127000

-3126000

-3125000

-3124000

-3123000

-3122000

-3121000

-3120000

-3119000

154.66

163.71

143.88

117.32

56.45

54.86

96.67

121.31

48.97

180.78

250.61

190.77

140.49

136.34

123.25

54.66

55.3

146.41

43.7843.03149.51

55.4

115.68

92.75

93.6569.83

201.08

143.08

146.05

158.33

196.37 131.68

123.54

117.61

176.89

108.05

127.52

67.97101.83

40.2

67.33

71.33

123.18

113.97

104.79

112.95162.1

135.05

86.19

151.3

158.19

148.43

199.41

118.68

96.08177.65

126.81163.27173.23

102.44

142.46

112.64

88.21

156.05157.17

150.05

159.09

116.32

184.35

163.09

114.94

114.71

143.2

165.6

126.95

185.7

200.82215.39284

230.6

176.68

189.35

199.04

225.27

226.19

163.89

211.73

218.15

160.41

220.2 258.43

221.4220.84

225.82

146.32

141.43

252.68

129.2

168.44

154.75

170.89

198.53

140.08

120.88154.35

139.25173.9

224.8

185.82

173.01

256.12

173.58

198.38278.79

252.09

152.63

171.5

213.98

1049.28

1057.41

1051.65

1058.58

1103.21

1062.87

1043.57

1109.79

1111.2

1076.6

1076.34

1137.17

1137.55

1085.09

1105.5

1038.91

1038.48

1032.25

1047.131047.21031.98

1043.77

1057.7

1039.25

1079.131066.45

1037.47

1052.85

1087.14

1073.15

1095.34 1129.72

1051.78

1067.61

1073.22

1055.2

1015.59

1063.251050.99

1099.5

1082.3

1088.26

1026.02

1040.5

1030.52

1027.971052.16

1067.18

1172.65

1148.05

1078.89

1161.05

1095.28

1059.67

1132.081073.58

1117.21095.751054.95

1098.41

1067.84

1079.24

1095.85

1045.131044.73

1065.8

1088.35

1131.67

1051.64

1056.1

1087.29

1062.32

1051.6

1149.07

1148.3

1140.79

1145.751163.091155.13

1042.71

1160.58

1099.35

1155.9

1150.66

1090.3

1137.37

1124.75

1160.18

1124.12

1037.48 1065.7

1039.281040.51

1041.08

1129.41

1069.69

1038.42

1119.04

1039.81

1053.59

1104.22

1060.88

1138.44

1137.121139.56

1152.11150.82

1097.31

1159.28

1059.53

1153.3

1133.18

1154.981142.82

1063.12

1086.52

1134.35

1156.12

BH K 1

BH K 3

BH K 5

BH K 6

BH K 8

BH K 9

BH K 10

BH K 11

BH K 12

BH K13

BH K 14

BH K 15

BH K16

BH K18

BH K19

BH K2

BH K22

BH K23

BH K24BH K24ABH K 26

BH K 27

BH K28

BH K29

BH K 30BH K 31

BH K 33

BH K34

BH K35

BH K37

BH K39 BH K40

BH K41

BH K 42

BH K43

BH K44

BH K45

BH K46BH K48

BH K49

BH K50

BH K51

BH K53

BH K54

BH K55

BH K56BH K57

BH K 58

BH K59

BH K60

BH K61

BH K62

BH K63

BH K64

BH K65BH K 66

BH K 67BF1BF3

BF4

BF5

BF6

BF7

BF8BF8A

BF9

BF10

BF11

BF12

BF13

BF14

BF15

BF16

BF17

BF18

BF19

BF21BF24BF26

BF28

BF29

BF30

BF31

BF32

BF33

BF34

BF35

BF36

BF37

BF38 BF39

BF40BF40A

BF41

BF42

BF43

BF45

BF46

BF48

BF49

BF50

BF51

BF52

BF55BF56

BF57BF61

BF63

BF64

BF65

BF66

BF67

BF68BF69

BF70

BF58

BF60

1.06

0.08

0.27

1.9

1.44

0.97

0.16

0.6

0.43

1.02

1.05

0.36

3.96

0.47

0.35

1.23

0.32

0.74

0.290.770.21

1.13

1.22

0.3

0.821.02

1.25

3.77

1.11

0.52

0.39 1.3

0.38

1.08

1.19

2.45

0.39

1.180.98

1.1

0.37

0.41

0.8

0.53

4.69

1.080.04

1.27

1.16

0.65

1.02

0.52

0.31

0.55

1.141.07

1.391.081.42

0.95

1

1.12

3.74

1.120.5

1.15

1.06

0.91

1.31

1.11

0.27

0.97

2.11

1.23

1.15

1.21

0.831.120.07

0.89

0.44

1.3

1.46

1.37

0.31

0.94

1.82

0.67

0.97

0.12 1.57

1.520.95

0.5

1.57

0.78

1

0.96

0.55

0.96

1.39

1.39

1.28

0.60.29

0.550.58

0.29

1.2

0.86

1.18

0.14

1.340.59

0.29

0.65

0.45

1.4

S C A LE

0 2000 4000

Biggarsberg

B iggarsberg

BO TTO M SEAM

B O TTO M S E A M BH Position

Th icknessSeam E levation

D epth

Licence area

R ivers & S tream s

Surface C ontours

S ill B reakthrough

R esource A reas

Possib le D yke

Burnt o r N o C oal

B lock1

B lock2

Uplifted B lock

U plifted B lockLe ft O ut o f R esource

U plifted B lockLeft O ut of Resource

B lock3


Resource Indicated resource of 52.3 million tons

CPR Upgrading CPR

Open cast/underground Underground

Planned production 30 -50 000 tons per month

Capex planned Sub contractor

Type of Coal Bituminous with certain areas anthracitic qualities and about 75% of resource with coking qualities



Dependent on results of feasibility

Wasbank prospect

W asbank

M ooispruit

M eran

Boschhoek

Roa

d R

602

W asbank R iver

0 2000 4000

Scale

S ill L ine

S ill L ine

-93000 -92000 -91000 -90000 -89000 -88000 -87000 -86000 -85000 -84000 -83000

-93000 -92000 -91000 -90000 -89000 -88000 -87000 -86000 -85000 -84000 -83000

-3133000

-3132000

-3131000

-3130000

-3129000

-3128000

-3127000

-3126000

-3133000

-3132000

-3131000

-3130000

-3129000

-3128000

-3127000

-3126000

29/47

6/77M S 2

M S 5

M S1/79

M S9/79

M S10/79

M S1M S3

M S4

M S5/79

M S6/79

M S7/79

M S8/79

W K1

W K2

W K3

W K4W K5

21.3318.38

25.48

17.26

17.85

18.35

18.95

58.1

50.41

31.55

25.8753.4

0.770.14

0.89

0.27

0.65

0.37

0.7

1.34

0.54

0.82

0.280.61

W ASBAN K

BOTTOM SEAM RESOURCE

BH Position N o C oal H oles

P roperty Boundary

2008 Boreholes

R esource B lock

D epthThick


Resource Inferred resource of 1.5 million tons


Open cast/underground About 25% of resource would be opencast mining




Feasibility Study Still outstanding

Work outstanding Resource to be upgraded

Work completed 7 boreholes drilled previously


Q4 09

Yarl prospect

0 1000 2000 3000

Scale 1:250

1400m

1300m

1300m

1300m

1300m

-93000 -92500 -92000 -91500 -91000 -90500 -90000 -89500 -89000 -88500

-93000 -92000 -91000 -90000 -89000

-3092500

-3091500

-3090500

-3089500

-3092500

-3092000

-3091500

-3091000

-3090500

-3090000

-3089500

-3089000

121

24

M 16

M 17

M 18

M 27

M 6

M 7

M 8

M 9

Y L2962/2

1.220.76

1

1

1

0.5

2.02

1.2

0.08

1.07

11041078

1155

1186

1120

1110

1109

1135

1134

1117

1165

1076

194.46130.76

188.32

151.18

116.6

134.75

190.22

155.99

193.84

172.55

162.42

169.98

YAR L 2962

BO TTO M SEAM

YARL 2962

BH No.F loor E levation

Seam ThicknessD epth

N o C oal

Sill Transgression L ine

U plifted B lock

N orm al B lock

Resource B locks

Surface Contours

Area Dannhauser region, Northern Natal


CPR Completed


Planned production

Capex planned

Type of Coal Anthracitic and bituminous




Learydale prospect

-95000 -94000 -93000 -92000 -91000

-95000 -94000 -93000 -92000 -91000

-3097000

-3096000

-3095000

-3094000

-3093000

-3092000

-3091000

-3097000

-3096000

-3095000

-3094000

-3093000

-3092000

-3091000

M 10

M 12

M 13

N C 48B

N C 66B

A

D

E

M .5

M .21

M 22

C R 1

C R 2C R 3

C A 9369/4

C A9369/5

B

90C

M 11

N C 71

N C 75

N C 77

1

M 2

N C .72

4

M 3

M .4

M .19

M 20

131D132D

N C 41

N C 45N C 57

N C 62

1

1.44

1.58

1.47

1.6

1.329

1.03

1.06

1.57

1.1

1.9

2.11

1.09

0.08

1.46

1.1

1.62

1.75

0.94

1.87

1.4

1.58

1.02

0.86

1.25

0.28

0.92

1.68

1.28

1

1.17

1.04

1.07

1.041.45

1.11

0.97

209.02

181.82

192.43

171.91

162.45

157.77

157.77

207.67

190.55

165.4

163.17

148.7

137.02

156.71

151.27

163.04

163.53

131.57

166.71

96.11

89.43

105.56

143

52.9

39.01

14.94

104.87

132.67

77.96

97.97

62.69

141.22

103.3898.75

15.7

62.74

LEARYDALE 4259

Rai

lway

Rai

lway

Rai

lway

Rai

lway

R oad

R oad

1300m

1300m

1300m

1300m

1300m

1300m

Learydale

G lenalgy

Brazil

Christiana

M ilnedale

Yarl

TO P SEAM

BH N o

Seam D epthThickness

Perm it A rea

R esource B locks

0 1000 2000

S cale



CPR Included in Amajuba block




Type of Coal Bituminous




Majestic Silver prospect

Area Dannhauser

Resource Reconnaissance

CPR Prospecting permit


Planned production

Capex planned

Type of Coal To be identified

Feasibility Study


Summary of MMH Coal Resources

Project Name Measured Indicated InferredRecon-

naissance

Total

Tons (million)

Sesikhona - Klip Rand 5.3 16.7 22.0

Uithoek 6.6 6.6

Amajuba 14.5 23.7 38.1

Burnside 34.4 10.8 45.2

Boschoek/ Boschkloof 52.3 52.3

Nungu Trading - Wasbank 1.5 1.5

Point Blank - Learydale 44.3 44.3

Yarl 16.9 16.9

Six further permits on 33 farms

Total 26.4 86.7 113.9 226.9

6. Outlook

Focused coal strategy

First and second phase drilling completed on coal prospects

Moving coal assets up the value curve

Further consolidation of KZN

Prudent use of existing cash resources

Ideally placed for next commodity recovery

Balance Sheet

Unaudited Unaudited Audited at at at (Figures in R’000) 28 Feb 2009 29 Feb 2008 31 Aug 2008

ASSETS Non-current assets 325 638 317 271 323 852 Property, plant and equipment 7 091 321 6 639 Goodwill 11 714 10 109 10 609 Intangible assets 306 833 306 833 306 832 Investments in associates 0 - (228) Other financial assets - 8 Current assets 23 848 28 711 21 387 Trade and other receivables 556 330 905 Cash and cash equivalents 23 292 28 381 20 482

Total Assets 349 486 345 982 345 239

Balance Sheet cont.


EQUITY AND LIABILITIES Capital and Reserves 344 392 344 931 337 817 Share capital and share premium 91 812 75 681 74 645 Reserves 284 522 284 522 284 522 Retained earnings (30 931) (15 272) (20 799) Minority interest (1 011) - (551) Non-current liabilities Finance lease obligation 3 129 1 004 3 614 Current liabilities 1 965 47 3 808 Finance lease obligation 718 - 1 614 Trade and other payables 546 47 1 190 Other financial liabilities 700 - 1 004 Bank overdraft 1 - - Total equity and liabilities 349 486 345 982 345 239

Balance Sheet cont.


Net asset value per share (cents) 139.20 160.34 157.0 Net tangible asset value per share (cents) 10.45 13.01 9.5 Shares in issue – closing number (‘000) 247 400 215 131 215 131

Income Statements

Unaudited Unaudited Audited Six months Six months Year ended ended ended (Figures in R’000) 28 Feb 09 29 Feb 08 31 Aug 08

Revenue - 263 372 Cost of sales - - (298)

Gross profit - 263 74 Other income - - 548 Operating expenses (11 219) (4 370) (11 674)

Operating loss (11 219) (4 107) (11 052) Investment revenue 1 156 817 2 108 Income from equity accounted investments - - (229) Finance costs (291) (229) (423)

Net loss before taxation (10 354) (3 519) (9 596) Taxation - - - Net loss for the period (10 354) (3 519) (9 596)

Income Statements cont.


Attributable to: Equity holders of the parent (10 133) (3 519) (9 119) Minority interest (221) - (477)

Loss per share (cents) (4.4) (1.8) (4.5) Headline loss per share (cents) (4.4) (1.8) (4.5) Shares in issue - weighted average number (‘000)231 266192 053 203 547

Cash Flows


Cash flows from operating activities (10 509) (4 267) (9 103)

Cash utilised in operating activities (11 374) (4 855) (10 789) Interest income 1 156 588 2 108 Finance cost (291) - (422) Cash flows from investing activities (2 164) (91) (7 346) Purchase of property, plant and equipment (1 164) (90) (6 854) Acquisition of businesses (1 000) (1) (500) Loans advanced to group companies - - Sale of financial assets - - 8 Cash flows from financing activities 15 482 20 719 24 911

Proceeds on share issue 17 167 20 719 19 684 Finance lease payments (1 381) - 5 227 Repayment of other financial liabilities (304) - -

Increase in cash and cash equivalents 2 809 16 361 8 462

Cash and cash equivalents at beginning of year 20 482 12 020 12 020

Cash and cash equivalents at end of year 23 291 28 381 20 482

Statements of changes in equity Share Share Accumulated Revaluation Minority

(Figures in R’000) capital premium loss reserve interest Total

Balance at 1 Sep 2007 1 871 53 090 (11 679) 284 522 (73) 327 730 Net loss for the period - - (9 119) - (477) (9 596) Issue of shares 280 20 440 - - - 20 720 Share issue costs - (1 036) - - - (1 036) Business combinations - - - - (1) (1)

Balance at 1 Sep 2008 2 151 72 494 (20 799) 284 522 (551) 337 817 Net loss for the period - - (10 133) - (221) (10 354) Issue of shares 323 16 845 - - - 17 167 Business combinations - - - - (238) (238)

Balance at 28 Feb 2009 2 474 89 338 (30 931) 284 522 (1 011) 344 392

Thank youQuestions and answers

Page 2

interim results presentation 7 april 2009 page 1

Documents

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