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Pallinghurst Resources Limited ANNUAL REPORT 2010 OVERVIEW Chairman’S Welcome 1 Delivering Our Vision 2 Our Value 4 Potential New Investments 5 01 Our World 6

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Pallinghurst Resources Limited ANNUAL REPORT 2010 OVERVIEW Chairman’S Welcome 1 Delivering Our Vision 2 Our Value 4 Potential New Investments 5 01 Our World 6 Pallinghurst Resources Limited ANNUAL REPORT 2010 OVERVIEW Chairman’s welcome 1 Delivering our vision 2 Our value 4 Potential new investments 5 01 Our world 6 REVIEW Chairman’s Statement 7 02 Chief Executive’s Statement 8 INVESTMENT PLATFORMS Platinum Group Metals 10 Steel Making Materials 16 Coloured Gemstones 22 03 Fabergé 28 PEOPLE Directors 32 04 Partners of the Investment Manager 35 GOVERNANCE Directors’ Report 36 Principal Risks and Uncertainties 37 Corporate Governance Report 38 05 Statement of Directors’ Responsibilities 42 CONSOLIDATED Independent Auditor’s Report 45 FINANCIAL STATEMENTS Primary Statements 46 06 Notes to the Consolidated Financial Statements 51 OTHER INFORMATION Shareholder Information 82 Company Information 83 Notice of Annual General Meeting 84 07 Form of Proxy loose Cover photos from left to right Rock outcrops at Jupiter’s Mount Mason DSO Haematite Project in the Central Yilgarn, Australia; Reverse circulation drilling at the open pit mining operation at PPM while geologists inspect rock chips for grade control purposes; Conveyor belts transporting ore from the run of mine stockpile to the concentrator at PPM; Sorting through emeralds at the washing plant at the Kagem Emerald Mine in Zambia; A high quality emerald specimen from Kagem. It is 6 x 7 cm in size and weighs approximately 190 grams; One of the ‘White Damask Earrings’ from Fabergé’s Carnet de Bal all-white-diamond jewellery collection. The piece is set in white gold and features 160 white diamonds, totalling 4.86 ct. Chairman’s welcome We invest alongside the Pallinghurst Co-Investors, controlling mining businesses and the luxury brand Fabergé, with the aim of producing superior returns. Pallinghurst Resources Limited Annual Report 2010 1 Overview Delivering our vision Unique opportunities are sourced Short-listed opportunities are A Pallinghurst Partner takes specific from an extensive and proprietary analysed by a dedicated team of responsibility for each investment, network. Brian Gilbertson and the Pallinghurst professionals. Where driving the strategy and implementing Pallinghurst Partners have almost a transaction meets our strategic the vision. Furthermore, issues, 100 years of relevant experience, focus and indicates superior returns, challenges and opportunities are providing a pipeline of potential an experienced team is tasked with handled by the Partner’s dedicated investments. delivering the transaction. “hands-on” team. Identify Acquire De-risk Platinum Group Metals Moepi Magazynskraal Platmin Sedibelo Steel Making Materials Jupiter Coloured Gemstones Gemfields Fabergé Fabergé 2 Pallinghurst Resources Limited Annual Report 2010 As a core principle, Pallinghurst is Aggressive and sustainable growth When further strategic input is never a passive investor; actively is key to the value creation of each unlikely to result in significant value involved in managing each of its investment. Financial and operational uplift, the investment will be realised investments, holding key board support is provided, where required, to maximise the return profile. positions and taking operational as investments are taken up the control where deemed necessary. value-curve through rationalisation, This day-to-day management is consolidation, organic growth and fundamental to realising the superior management. potential of each investment. Manage Grow Realise Pallinghurst Resources Limited Annual Report 2010 3 Overview Our value Financial performance for the year ended 31 December 2010 NAV per share Net profit US$0.92 36% US$116 m 86% Net funds invested NAV per investment by investment at 31 December 2010 US$480m 25 90 US$246m 55 64 139 226 120 Platinum Group Metals Jupiter 7 Gemfields Fabergé Control of each of the investments PRL ownership at 31 December 2010 Pallinghurst Co-Investors’ aggregate ownership, including PRL at 31 December 2010 100% 100 100 88% 90 90 85% 80% 80 80 70 70 63% 60 60 49% 49% 50 50 From left to right % Ownership% 40 Ownership% 40 33% Jupiter 30 30 Platmin 18% Moepi 20 20 Magazynskraal 8% 9% 6% 10 10 Gemfields 0 0 Fabergé Pallinghurst Resources Limited The Pallinghurst Co-Investors 4 Pallinghurst Resources Limited Annual Report 2010 Potential new investments Copper Coking Coal The copper industry has strong underlying fundamentals In addition to manganese and iron ore, another key input and over the past year, Pallinghurst has analysed a number material used in steel production is coking coal. As part of of potential copper investments. Accordingly, Pallinghurst our Steel Making Materials focus, Pallinghurst is pursuing may complete a copper transaction in the future. a strategy which could lead to securing a coking coal investment. African Iron Ore Coloured Gemstones Besides its successful investment in Jupiter, Pallinghurst Gemfields’ strategy is to create the world’s leading supplier is evaluating additional iron ore investment opportunities. of coloured gemstones. In addition to the current interests, The geographical focus is on the African continent, which which are predominantly in emeralds, Pallinghurst is looking is set to contribute an increasing share of the future for further investments that will secure the supply of other global supply of iron ore. coloured gemstones. Realised investments to date Transaction Realised IRR Consolidated Minerals In 2007, Pallinghurst acquired a position in the ASX-listed Consolidated Minerals. The initial intention was to acquire a controlling interest and use Consolidated Minerals as the vehicle for our Steel Making Materials strategy. However, a competing offer at a 158% significantly higher price was made by a third party, and Pallinghurst decided to sell into this offer and realise a significant profit. POSCO transaction During June 2009, the Pallinghurst Co-Investors agreed to dispose of a partial interest in Tshipi to POSCO. The rationale was to introduce one of the world’s leading steel producers into the Tshipi ownership consortium, in order to benefit from POSCO’s 160% technical expertise as well as their knowledge of the manganese end-user market. The sale crystallised a significant profit for the Company. Tshipi Jupiter transaction In 2010, Pallinghurst supported the acquisition of the Pallinghurst Co-Investors’ 49.9% stake in Tshipi by the ASX-listed Jupiter. This transaction created an attractive platform 269% for Steel Making Materials with significant South African manganese and Australian iron ore projects, and crystallised a marked value uplift. Pallinghurst Resources Limited Annual Report 2010 5 Overview Our world 12, 18 1 17 15 Grand Cayman 13, 14 19 4, 5, 6, 7 16 9, 10, 11 Bermuda 8 2 3 PALLINGHURST RESOURCES LIMITED LOCATION NOTES 1 Pallinghurst Resources Limited Guernsey Registered office 2 Pallinghurst Resources Limited Johannesburg Primary listing 3 Pallinghurst Resources Limited Bermuda Secondary listing PLATINUM GROUP METALS 4 Pilanesberg Platinum Mine Western Limb, Bushveld Complex PGM mine 5 Sedibelo Western Limb, Bushveld Complex PGM exploration 6 Magazynskraal Western Limb, Bushveld Complex PGM exploration 7 Other Boynton projects Eastern Limb, Bushveld Complex PGM exploration STEEL MAKING MATERIALS 8 Tshipi Hotazel, Northern Cape Manganese mine, under development 9 Oakover East Pilbara, Western Australia Manganese exploration 10 Mount Mason Central Yilgarn, Western Australia Iron ore (DSO haematite) exploration 11 Mount Ida Central Yilgarn, Western Australia Iron ore (magnetite) exploration COLOURED GEMSTONES 12 Gemfields plc London, United Kingdom AIM listing/registered office 13 Kagem Near Kitwe, northwest Zambia Emerald mine 14 Kariba Near Livingstone, southern Zambia Amethyst mine 15 Gemfields plc Jaipur, India Cutting and polishing facility 16 Gemfields plc Madagascar Gemstone exploration FABERGÉ 17 Fabergé Geneva, Switzerland Boutique 18 Fabergé London, United Kingdom Offices/boutique 19 Fabergé Grand Cayman, Cayman Islands Registered office 6 Pallinghurst Resources Limited Annual Report 2010 Review Chairman’s statement The Company performed well during the Jupiter is one such example: prior to Our investments are well placed to benefit year with investment valuations increasing by Pallinghurst’s involvement Jupiter owned a as markets strengthen and as developing almost US$200 million. Jupiter contributed variety of exploration assets and had a economies such as China and India continue a substantial portion of the gains, both as a market capitalisation of less than US$30 to grow. Each member of the investment result of the transformational acquisition of million. Following our initial investment, team is 100% committed to realising the the Tshipi manganese asset and strong Jupiter focused on building a Steel Making value inherent in each asset, and I remain share price performance. Materials company. Non-core assets were confident that each investment platform has sold and the iron ore and manganese portfolio the potential to be a company maker. Gemfields also performed well thanks to a strengthened, leading to a market capitali- series of record breaking auctions and robust sation that recently reached US$1 billion. I conclude with thanks to my fellow Board production performance. Fabergé built on Although Jupiter’s transformation took place members for their dedication to our shared its successful international launch in the over a relatively short period, patience is vision and to our shareholders for their prior year, unveiling a second high jewellery usually required when revitalising “unloved” support. collection. investments.
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