Not just another junior mining company

1. Not just another junior mining company Investor relations presentation Marius Saaiman Joint Chief Executive Officer February 2013

2. Disclaimer Statements in this presentation, other than historical facts, that address exploration activities and mining potential are “forward-looking” statements and are not statements of fact. The directors and management of Village Main Reef Gold Mining Company Limited (“the Company”) are of the belief that the expectations expressed in such forward-looking statements are based on reasonable assumptions, expectations, estimates and projections, however such statements should not be construed as being guarantees or warranties (whether express or implied) of future performance.  There can be no assurance that the “forward-looking” statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Factors that could cause developments to differ materially from the “forward-looking” statements expressed in this presentation include, without limitation, the results of further exploration activities, technical analysis, the lack of availability to the Company of necessary capital on acceptable terms, general economic and  business conditions, industry trends, competition, changes in government regulations, interest rate fluctuations, currency fluctuations, changes in business strategy or development plans and other risks. Neither the Company, its directors, its management nor any of its affiliates and shareholders represent nor guaranty that the assumptions underlying such “forward-looking” statements are free from errors nor do they accept any responsibility or liability of what so ever nature for the future accuracy of the opinions expressed in this presentation.  No obligation is assumed to update any “forward-looking” statements.  No person, especially those who do not have professional experience in matters relating to investments, must rely on the contents of this presentation.  If you are in any doubt as to the matters contained in this presentation you should consult an authorised person specialising in advising on investments of the kind contained in this presentation.  Nothing in this presentation constitutes advise or a recommendation regarding any securities of the Company and this presentation has not been reviewed or approved by either the Financial Services Board or the Johannesburg Stock Exchange. No representation or warranty, expressed or implied, is made in this presentation and no reliance should be placed on the accuracy, actuality, fairness, or completeness of the information presented.  None of the Company, its affiliates and shareholders, not any of their directors, officers, employees and advisors nor any other person shall have any liability whatsoever for any losses arising, directly or indirectly, from any information contained in the presentation.  This presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for or otherwise acquire, any securities in the Company in any jurisdiction or an invitation or an inducement to engage in investment activity nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment. Any decision to purchase shares of the Company should be made solely on the basis of information, which has been publicly filed with the Johannesburg Stock Exchange.  This is not an offer of securities for sale in the United States of America “USA” or to or for the account or benefit of any “USA person” and securities may not be offered or sold in the USA or to a “USA person” absent registration or an exemption from registration. By accepting the information provided in this presentation you acknowledge that you are solely responsible for your own assessment of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business.  The information provided in this presentation is current and relevant as at 30 June 2012. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create the impression that the affairs of the company shall not undergo any changes after such date. Investor relations presentation

3. Who we are • New generation, small cap, diversified mining company: • gold, antimony and PGM exploration • Listed on the JSE since 1944 (share code: VIL) • BEE ownership in excess of 23% • Strong leadership • Marius Saaiman • Bernard Swanepoel • Roy Pitchford • Market cap: R1.2 billion (US$141 million) 30 Dec 2012 • Our model is similar to a private equity model • Strong cash generating assets • Dividend paying Investor relations presentation

4. Daily share volumes traded Investor relations presentation

5. Who we are and what we do • Private equity model • XX • Achieved by: • identifying and investing in opportunities that represent value • unlocking opportunities from these assets in a way that realises their potential value • We assess each situation on its merits • We structure our operations around their needs not around conventional wisdom • We strive to make our assets cash positive and sustainable • We make tough decisions to optimise the value of each operation • When the time is right, we move them to other owners and realise their value Investor relations presentation

6. Who we are not • We are not: • a conventional company • creating an empire • bound by specific commodities • attached to our assets Investor relations presentation

7. Our management team Investor relations presentation

8. What we have Investor relations presentation

9. Where our assets are Investor relations presentation

10. Our timeline Investor relations presentation

11. More about OUR ASSETS Investor relations presentation

12. Tau Lekoa Mine Investor relations presentation

13. Buffels Gold Mine Investor relations presentation

14. South Gold Plant Investor relations presentation

15. Blyvoor Gold Mine Investor relations presentation

16. Cons Murch Mine Investor relations presentation

17. Lesego Platinum Project Investor relations presentation

18. Operational analysis Investor relations presentation

19. Recent PERFORMANCE Investor relations presentation

20. Key features from the results for the quarter ended 31 December 2012 • R183 million of cash generated from operations for the six months ended 31 December 2012, compared to R87 million for the six months ended 31 December 2011, an improvement of 110% • Basic earnings per share of 5.92 cents per share compared to 16.57 cents for the six months ended 31 December 2011, a decline of 64% • Gold production for the Village Group on a like for like basis, excluding Blyvoor, was 2,602kg (83,654oz) compared to 2,817kg (90,567oz) for the six months ended 31 December 2011. Total gold production including Blyvoortotalled 3,434kg (110,429oz) • The impact of the industrial action at Blyvoor during October 2012 and safety related stoppages across all our mines negatively impacted total gold production volumes by an estimated 360kg over the six month period • Antimony production was 2,728t compared to 2,285t for the six months ended 31 December 2011, an improvement of 19% • Receipt of R405 million in cash from First Uranium Corporation (FIU), consisting of R392 million in settlement of Village’s investment in the secured Mine Waste Solution (Pty) Ltd Rand Notes (MWS Notes) and R14 million as an interim dividend in relation to its equity investment in FIU • Payment of 30 cents per share special dividend on 6 August 2012 • Village successfully repurchased 25.3 million of its ordinary shares amounting to 2.5% of the company’s share capital through its wholly owned subsidiary Buffelsfontein Gold Mines Limited (Buffels) at a total cost of R30.2 million Investor relations presentation

21. Financial review: income statement at 31 December 2012 Investor relations presentation

22. Financial review: balance sheet at 31 December 2012 Investor relations presentation

23. Mineral reserves and resourcesas at 31 December 2012 Investor relations presentation

24. Gold sector comparison Source: Bloomberg, Company data Source: Bloomberg, Company data *Note: based on gold resources only Investor relations presentation

25. Village Main Reef Listed Note Term Sheet Investor relations presentation

26. Use of funds • Targeted corporate activity in line with stated strategy • Number of exciting investment opportunities in the resource sector which require: • cash or debt required to finance • returns on investment likely to be materially higher than cost of debt • Equity under valued and not ideal as currency Investor relations presentation

27. In conclusion Investor relations presentation

28. Registered office Isle of Houghton 13 Boundary Road Old Trafford One 1st Floor Houghton 2198 PO Box 1539 Houghton 2041 E-mail: info@villagemainreef.co.za Contact details Tel: +27 11 274 4600 Fax: +27 11 484 7343 Email: info@villagemainreef.co.za msaaiman@villagemainreef.co.za charmane@rair.co.za memory@rair.co.za Shareholder data (Incorporated in the Republic of South Africa) Registration number: 1934/005703/06 JSE share code:VIL ISIN: ZAE000007720 Sector: Gold Mining Investor relations presentation