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Roodekop project overview

Ownership

50%*

Coal resource

82.8Mt in-situ measured, indicated and inferred resource (82.2Mt measured)

Product

Export quality thermal coal, low phosphorous steelmaking coal

Exploration

• Feasibility study commenced 2011
• Mine development 2013

Project highlights

• New Order Mining Right application accepted
• Contains low phosphorous metallurgical coal
• 7km south of New Clydesdale’s RBCT linked railway siding
• Resource modelling for feasibility study completed

The Roodekop Coal Project is located in the Kriel district centrally on the southern margin of the Witbank coalfield. Universal Coal owns 50% of the project and has the opportunity to acquire up to 74% of the prospecting rights of this project from its BEE partner.

Roodekop has a valid new order Prospecting Right and the applications for a Mining Right and Water Licence have been submitted. Roodekop has 82.8Mt (in situ before losses) JORC compliant indicated resource, the western portion of which is amenable to open-pit mining. Universal Coal is targeting 26Mt of reserves.

The final phase of drilling, totalling 25 holes, at the project area was initiated during December 2010. During the March 2011 quarter this drilling was completed and samples submitted for analyses. The coal seam intersections (thickness and depth) are in line with expectations. Following completion of the final phase of drilling at the Roodekop project, Universal has upgraded its open pit resource to 48.6Mt of which all but 0.6Mt is now measured. The feasibility study is due for completion by Q4 2011. The resource modelling for this has been complete. Development and production at Roodekop is planned for H2 2012. The upgrade of the resource over the entire Roodekop project to a JORC Measured category is expected to be completed by end-June 2011. The Company plans to commence a Feasibility Study (BFS) on this project during Q3 2011

The Mining Right Application for Roodekop was submitted to the Department of Mineral Resources (DMR) on 5 November 2010, with the letter of acceptance received on the 8th February 2011.

* Earn in agreement to 50% with option to acquire up to 74%