Objective Capital's Africa Resources Investment Congress 2011 Ironmongers' Hall, City of London 14-15 June 2011 Day 2: Focus on Zimbabwe Speaker: Andrew Cranswick, African Consolidated Resources

1. AFRICA RESOURCES
INVESTMENT CONGRESS
Zimbabwe: a great place to mine?
Andrew Cranswick – African Consolidated Resources
IRONMONGERS’ HALL, CITY OF LONDON ● TUESDAY-WEDNESDAY, 14-15 JUN
2011
www.ObjectiveCapitalConferences.com

2. African Consolidated Resources plc
Company Update
Exploration & Mining in Zimbabwe
June 2011
“Exploration, development and production in Zimbabwe”

3. Disclaimer
This presentation (‘Presentation’) has been presented to selected parties (‘Recipients’). The Presentation and the information contained
here is confidential to African Consolidated Resources Plc (‘ACR’ or ‘the Company’). It is not intended for and should not be distributed to
any other person other than as permitted herein.
By viewing this Presentation, the Recipient agrees that he/she will not transmit, reproduce or make available the Presentation (or any
information contained herein) to anyone other than to his/her professional advisers without the prior consent of ACR. Any such disclosure to
the advisers of the Recipient must be on a confidential basis, for the purpose only of assessing the information contained herein as adviser to
the Recipient.
This Presentation has been prepared as a summary only and does not contain all information about the Company’s assets and liabilities,
financial position and performance, profits and losses, prospects and rights and liabilities.
The information contained in this Presentation or subsequently provided to the Recipient of this Presentation whether orally or in writing by
or on behalf of ACR and its directors, officers, employees, advisers, agents or consultants (‘Information’) is provided to the Recipients on the
terms and conditions set out in this notice.
The purpose of this Presentation is to provide Recipients with Information relating to ACR. The Presentation has been prepared by ACR and
each Recipient must make his/her own independent assessment and investigation of ACR and its business and assets and should not rely on
any statement or the adequacy and accuracy of any Information contained in this Presentation.
ACR makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the Information. ACR and its
directors, employees, agents or consultants shall have no liability (including liability to any person by reason of negligence or negligent
misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or any
omissions from the Presentation, except liability under statute that cannot be excluded.
The Presentation contains reference to certain intentions, expectations and plans of ACR. These intentions, expectations and plans may or
may not be achieved. They are based on certain assumptions which may or may not be met or on which views may differ. The performance
and operations of ACR may be influenced by a number of factors, many of which are outside the control of ACR. No representation or
warranty, express or implied, is made by ACR any of its directors, officers, employees, advisers, agents or consultants that any intentions,
expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. This Presentation does
not constitute in any way an offer or invitation to subscribe for securities in ACR.
3

4. WHY ZIMBABWE ?
• GEOLOGY
• INFRASTRUCTURE
• PEOPLE – SKILLS BASE, LITERACY etc
• Judged by a Higher Standard
• WORKING ENVIRONMENT
• COUNTER-CYCLICAL OPPORTUNITY –
Remember Zambia, South Africa, Russia,
Columbia etc
Straw hats in Winter 4

5. The Commercial Imperative
• A Commodity - Hungry world with
diminishing resources can no longer
afford to ignore the Zimbabwe treasure
trove
• Zimbabwe - A rare concentration of
different geological terranes offering an
extraordinarily diverse & intense mixture
of mineral deposits
FIRST MOVER ADVANTAGE - SCIENCE + RISK-CONTROL 5

6. Zimbabwean Geology – Continental Setting
Zimbabwe Craton
The Right Address – untapped potential 6

7. The Zimbabwe Opportunity
GEOLOGY OPERATORS
• Gold • ACR (multi-
mineral)
• Rock phosphate
• Impala
• PGMs
Platinum
• Diamonds
• Aquarius
• Nickel Platinum
• Copper • Anglo-Plats
• Coal • ENRC (PGMs)
• Ferrochrome • Mwana Africa
• Tantalum • New Dawn
• Lithium Mining (Gold)
• Corundum • RIO Tinto (&
• Tungsten RIO Zim)
• Uranium • Caledonian
• Emeralds (Gold)
• Duration Gold
(Whetstone)
World-class minerals - few competitors 7

8. HOW GOOD CAN IT GET?
Western Australia vs Zimbabwe - Gold Production
Point of International De-Regulation
9Moz
8Moz
7Moz Zimbabwe
6Moz
Ounce Au / pa
5Moz
Yilgarn
Potential ???
4Moz
3Moz
2Moz Gold price
1Moz
1985
1995
2005
1975
Year
8

9. Discoveries Kalgoorlie - WA 1975 - 2002
Greenstone Gold Discoveries - 25 years : N
 Kanowna Belle (Western Australia)
+10MOz – in Felsics ,
 Red Lake Deeps (Ontario) +8MOz, Golden
 Sunrise Dam (WA) +6MOz Mile
 Granny Smith (WA) +2MOz
In 25 years the number of deposits >1Moz Au
70km radius of Kalgoorlie increased from 2 to
10 through modern exploration techniques.
LACK OF EXPLORATION - Zimbabwe
Looming Large Discoveries 20k
m
Kalgoorlie Region 1975 vs 2002 (red > 1Moz)

10. Western Australia - Zimbabwe Comparison
N
Dalny Harare
Giant / Blue Rock
Pickstone
& Peerless
Gokwe
Golden Cam & Motor
Mile
One Step
Kwekwe
Globe &
Phoenix
Great Dyke
Wanderer N
20k
m
30
km
Pre-1975 Midlands Greenstone belt (black
Kalgoorlie Pre-1975 (red > 1Moz) 10
squares >1Moz)

11. Zimbabwe – The Business Environment
Political stability - factors Pres Health; SADC involvement; Lack of Certainty
Title/administration/regulation Strong Regulations – tired but effective administration
Regulatory inconsistencies No major issues except “Indigenisation” effects
Taxation & Royalties Favourable (eg Gold Royalty @ 4.5% + 15% Corp tax)
Infrastructure Solid national infrastructure – needs modernisation &
ongoing investment. Repairs have recommenced
Socioeconomic/environmental Good, potentially too lenient. Needs self-imposed
standards
Geological database Excellent – fully digitised by ACR
Mines & Minerals Act Excellent – But Empowerment law needs
rationalisation
Labour issues Acceptable labour Laws; high unemployment = friendly
Unions
Security Good. Especially in terms of regional peer comparisons
FROM where; TO where? --- Improving Trajectory 11

12. Room for Improvement
•Compete for Investor $$
•Understand driving forces
•ZIMBABWE: Heal thyself
•Modernise BUT don’t fiddle
with a great Act
The Investment Value Window is open but not forever 12

13. ZIMBABWE:
needs to
COMPETE
for
investment

14. What next? Timing?
•Politics
•Mining Sector vs OTHERS
•When to Invest ?
•How to Invest ?
•Re-Building the JEWEL
The Investment Value Window is open but not forever 14

15. WHY ACR ?
• Zimbabwean founded & managed
• Access to International Capital
• Risk Identification & Risk Management
• 21st Century Science – A Time Capsule
• Broad, Multi-mineral footprint = Best Bet
for COUNTER-CYCLICAL OPPORTUNITY
and resulting equity value uplift
• Ethical Investment
Straw hats in Winter 15

16. ACR: History, Strategy & Positioning
• AIM-listed (2006), exploration development & production company;
focus: Zimbabwe & Southern Africa
• Zimbabwean Co. - Active in Mineral Exploration since 2003, first
mover advantage; strong local relationships
• GOAL: Established a formidable balance sheet of world class assets at
various stages of development – multi-mineral robustness
• Significant successes consolidating gold licences to form critical mass
projects. Resource Definition in full swing -- now at 1.4m troz Gold
and growing. Further Upgrades Expected - mid-June & July 2011
• Highly experienced board and management team based in Zimbabwe
Well positioned -- Building Mines of the Future 16

17. Asset Development: – Vision & Foresight –
Exploration to Mining: a 10 – 15 year cycle
Strategy - find deposit – define Resource – establish mine – extract value
Macro-Targeting Ground staked Geo-Chemistry
$ Value $ Value
Accretion Accretion
Geo-Physics Targeted Exploration Drilling
$ Value Accretion
Value to Shareholders :
RESOURCE DEFINITION Drilling J Mine development
O
R Joint Venture - specialists
Pre-Feasibility & BFS
C Production & Dividends
Maximum Value-realisation dependent on perceived & actual security of investment
Build Zimbabwe’s future: STARTS with EXPLORATION 17

18. Capabilities, Facilities & completions
• Highly competent management &
technical team – all in-country
• In-house XRF assay lab – base metal,
gold- indicator tests; diamond-
indicator picking
• Full Blown Fire-assay Gold Lab
• In-country geophysics contractors
(Aeromagnetic, radiometrics, EM, IP)
• Employee Profile – 98% Zimbabwean
• Sampling – 120,000+ soil samples done
• Drilling – 145,000+ metres drilled to
date
High Volume throughput – Low cost – Good Science 18

19. Project Map

20. Portfolio Summary
Commodity Name Status
Gold Pickstone-Peerless JORC resources of 513,000troz ; Internal Feasibility Ph.1 production; 13
months EBITDA $18m. Discussion - Indigenous Capital @ advanced Stage
Gold Gadzema 25,000 metres drilled since Aug 2010;. Current JORC 912,000 troz Au.
TARGET: > 1 million troz by Aug 2011 & >2 million troz by Dec 2012
Gold Chakari & others Highly Prospective Green-field District; RAB Drilling. Plus Brownfield site
Nickel Horseshoe Oxide Good metallurgy, large scale, next step: EIA for JORC drilling – 2012
Nickel Sulphide Perseverance 30km strike –sulphide-rich body – Drilling for Down-Hole EM Commenced
Rock Phosphate Chishanya Carbonatite: First Phase Drilling completed; Awaiting Met (flotation)
PGM’s Great Dyke Exploration Drilling to define Resource Drilling Targets – Awaiting EIA
Copper Cedric Exploration Drilling Complete – Medium scale production feas in discussion
Diamonds Multiple Targets Marange + multiple Kimberlites defined -- awaiting Government discussion
ZAMBIAN Projects REEs & IOCG REE – JV signed; Core & Rock chip analysis complete – 4% to 22% TREO.
Target IOCG target – Ground Consolidation; Geophysics; Exploration holes
20

21. Gadzema Gold
• 30km Greenstone Belt with 900 registered historical workings
• 10km consolidated ground - ACR
• Includes Giant Mine – 560,000 troz production @ 8+ g/t Au (mine-
collapse & closure 1967).
• Two mineralisation-styles / host rock. Banded Iron well known &
exploited.... Virgin discovery -- parallel Felsic body, 6 – 8kms strike
• 912,000 troz JORC over < 1.3kms. Total 8kms appear mineralised.
• 13,000m Drilling completed; JORC Resource Upgrades June & July 2011
TARGET: 3+ million ounce pittable Resource 21

22. Giant Mine– JORC
Resource 474,000 troz
@ 1.6 g/t . Un-drilled
Extensions
Shlegani Prospect & JORC
Target - proven mineralised
trend continuation
Gadzema Berks & Rainbow –
Target areas - Possible 800 metres width
Radiometrics BRRC 88; 24m @ 1.7 g/t
BRRC 87; 6m @ 3.1 g/t
BRRC 108; 6m @ 25.7 g/t
BRRC 82; 8m @ 4.2 g/t
BRRC 79; 12m @ 3.2 g/t
BRRC 94; 1m @ 46.0 g/t
912,000 troz over
1.3km; 8km+ strike -
Blue Rock south target
drilling to continue
area
. RC Drillhole

23. Pickstone Drilling

24. Pickstone Gold --- Near-term Cash flow
• Brown Field Site – Pickstone (+400,000 troz past production) +
Virgin parallel Body (peerless)
• 2007 JORC 513,000+ troz @ surface. Potential to extend pittable
& Consistent, high-grade ore to depth – possible 1.5m troz (SRK).
Pit feasibility underway
• High Grade tailings – 4.4g/t 28,000 troz. Metallurgy, design &
feasibility complete. Plant partly constructed. Infrastructure near
completion. Requires further $7.5 million & 6-month. Projected
EBITDA $18m over 13 months project life.
• INDIGENISED. Funding and management discussions in progress
-- with Indigenous Capital -- Cash flow anticipated 2012
Proof of Concept --- Value Extraction for Shareholders 24

25. The ore in the core -- Pickstone Ore Body intercepted

26. P2O5 – Food-Production, No substitute
+ World Shortage
• Chishanya carbonatite complex
• Four carbonatite intrusive events
• Surface expression of 10ha
• Known resource grading 12-14% P2O5
• Rock & Core samples grade 8-26% P2O5
• Close to all major infrastructure
• Target 50m+ tonne Pittable
• Work included:
• Detailed mapping - completed defined facies
at surface
• Trenching & drilling for body definition-
completed
• First phase drilling for fresh-rock metallurgy
&depth intersection completed
• Metallurgy / flotation test-work – underway
• Potential for JV with established South
African Fertiliser Industry
Population Growth + Bio-Fuels - The World has < 50 years Remaining Reserves 26

27. Diamonds & Zimbabwe
Potential:
• Marange
• Other Targets
In Position: – Upside on Amicable Resolution & further discoveries 27

28. ACR’s EXPOSURE - Political Stability
• Predominant share price driver = POLITICS
• Indigenisation? New legislation /
Structures
• Political Change? Watershed OR Evolution ?
• Perceived Political Instability =
Counter-Cyclical Opportunity
Build Balance Sheet to maximise advantage @ turnaround 28

29. Expenditure: New + remaining Funds
• Priority Funding -- Biggest bang for the buck = drilling for GOLD
• Continue Drill-out of Gadzema trend. 2012 Target > 2million troz
pittable & 3m+ 2013. Followed by Pre-feasibility; Realise value
• Nickel Sulphide - advanced geophysics; targeted drilling for down-
hole Electromagnetic survey; plan future JORC drill-out
• Phosphates – Met work and planning of JORC drill-out
• PGMs - Precise exploration drilling to identify high-grade zone
• Develop Zambian IOCG Target - Consolidate ground; Geophysics,
limited drilling
Where is maximum value gained for money spent? 29

30. Investment Summary
• First Mover - Excellent portfolio of assets – largest diverse foothold in Zimbabwe
• Exposure to Gold Price. 2011 Target > 2 million pittable troz . Current gold JORC
resource exceeding 1.4 million troz, upgrades expected July 2011.
• Potential medium-term cash flow prospects on Pickstone gold tailings & oxide
pits
• Strong Zambian portfolio:- good REE results; IOCG prospect; offers a broadened
base & diversified sovereign risk
• Successful growth from discovery phase to resource definition phase
• Seven years successful operation in difficult circumstances – well positioned for
maximum value post Zim recovery.
• POLITICAL & NEWS = MAIN SHARE PRICE DRIVER
In Position: – Work on definition of large economic resources 30

31. Board & Management (Executives)
• Roy Tucker, Executive Chairman, is a Chartered Accountant whose background is as a tax
consultant. He has co-founded and been involved in the management of various financial
businesses particularly in the banking and commodity sectors. He is director and co-founder of
South Africa based Legend Lodges Group, which holds African tourism interests. Roy Tucker is
based in the UK.
• Andrew Cranswick is the Chief Executive Officer of African Consolidated Resources plc. A
fourth-generation Zimbabwean, he has lived almost all of his life in the country. He has a
geological background with extensive commercial experience in the mining and metals industry
of Southern Africa. In the 1990s he established a successful group of IT companies in Zimbabwe,
including the nation's first Internet Service which he sold to an International concern before the
dot com crash. More recently he was an important stakeholder in the West-Australian cattle
ranching industry.
• Michael Kellow, Technical Director, is an exploration geologist with over 27 years' experience in
diverse gold, base-metals and uranium exploration in Archaean and Proterozoic terranes both in
Australia and Africa. He was team leader in discoveries of virgin mineral systems in Western
Australia and the Northern Territory. He has worked in Australia with a range of junior and mid-
cap exploration companies, and consulted in Australia and Africa with companies including Anglo
American and Gold Fields. He was also a founder of e-geology firm Intierra.
• Greg Sebborn, - Special Projects. A Chartered Accountant by training, Greg is a Zimbabwean who
was a founding director and eventually CEO of Zimplats, a $1 billion+ ASX-listed company, now
controlled by Impala Platinum. He later advised Renaissance Capital on their establishment of
Pan-African investment satellites, with a focus on their Natural Resource investments. His
relationships in the diplomatic corps and with multi-party officials and decision makers in

32. Board & Management (Non-Exec)
• Stuart Bottomley, Non-Executive Director, entered the investment world as a stockbroker for nine
years, before joining Dawnay Day where he worked for the Target Group of Unit Trusts, managing the
Special Situations Fund and Target Energy. In 1984, he joined Fidelity International in London, working
with the ERISA group. Since leaving Fidelity, he has consulted for numerous private and public
companies, advised a number of Australian companies on admissions to AIM and assisted in IPOs and
other fundraisings. He is currently a non-executive director of Polar Star Mining Corp, Starfield
Resources Inc and Verona Pharma Plc and was recently the senior non-executive director of Centamin
Egypt Ltd.
• Lloyd Munyaradzi Manokore, Non-Executive Director, is a law graduate from the University of
Zimbabwe and has 20 years of legal experience. Upon graduation he worked for Stumbles & Rowe in
Harare before becoming company secretary for public company, Cairns Holdings. He moved to Innscor
Africa in 1996 as group legal advisor and oversaw the reverse listing of the group onto the Zimbabwe
Stock Exchange (ZSE) in 1998, growing the company into the top three companies of the ZSE by market
cap. In 2000 he founded Ibis Africa, a corporate advisory business focusing on Pan African opportunities
and is Chairman & Partner of the Corporate Counsel, a network of boutique law practices in South
Africa and Zimbabwe.
• Julian Emery, Non-Executive Director, is an experienced mining analyst and combines practical mining
experience with London City experience. Upon graduating from the Camborne School of Mines, he
joined the graduate programme at Union Corporation Limited at their South African gold mine. Here he
gained experience of all aspects of the mining industry before leaving to work for Tsumeb as an
engineer and later for New Jersey Zinc as an engineer on new mining methods. He joined the financial
sector in 1970, working in research and fund management for Selection Trust Limited, and as a mining
analyst for TC Coombes and Societe General. He progressed to become head of research at VSA Capital,
senior research analyst at Fox Davies Capital and Head of Mining Research at WH Ireland. Before retiring
from full time work he was Senior Research Analyst in the Metals and Mining team at Ambrian Partners.

33. Contacts. www.acrplc.com
Company NOMAD/Broker Financial PR Advisers
African Consolidated Panmure Gordon & Co. St Brides Media & Finance
Resources plc Ltd
Company Secretary 155 Moorgate Chaucer House
Nettlestead Place London 38 Bow Lane
Nettlestead, Maidstone EC2M 6XB London EC4M 9AY
Kent ME18 5HA United Kingdom
www.acrplc.com
Contact - ACR Contact - Brokers Contact - PR
Roy Tucker Andrew Godber Hugo de Salis
+44 1622 816918 +44 20 7459 3600 +44 20 7236 1177
or andrew.godber@panmure.com hugo@sbmf.co.uk
+44 7920 189012
Susie Geliher
Andrew Cranswick +44 20 7236 1177
+44 7920 189010 susie@sbmf.co.uk
33