Interim results presentation 7 April 2009 Page 1

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 Page 2

Contents Page 3

1. Strategic overview Page 4

2. Salient features of last 6 months Page 5

3. BEE update Page 6

4. Key focus: Coal Page 2

Overview of Miranda’s Coal projects Status Summary Project NameHectaresRegionPermit StatusJVExploreResourceProgress Sesikhona - Klip Rand 1 816DannhauserGranted Mining rightNDrilling completedMeas. 5.3 mill tons Infer mill Mining start 2 nd Q, 2009 Uithoek 1 2,437GlencoeMining right application submitted YDrilling completedMeas 6.6 mill tonsMining Q4 ’09 Amajuba 1 3,727DannhauserProspecting rightNDrilling commencedTotal resource 38.1 mill tons Mining Q4 09 Burnside 1 4,540GlencoeProspecting rightNInfill drillingInfer.10.8m tons, Indic 34.4m tons Additional resource drilling Boschoek/ Boschkloof 1 6,608GlencoeProspecting rightNInfill drillingIndic 52.0m tonsUpgrading CPR Yarl 1 1,216DannhauserProspecting rightNDrilling to commenceInfer 16.9m tonsResource Q4 '09 Nungu Trading - Wasbank 1 2,135GlencoeProspecting rightNDrilling commencedInfer 1.5m tonsMining Q4 '09 Point Blank - Learydale 1 253DannhauserProspecting rightNDrilling to commenceInfer 44.3m tonsResource Q3 '09 Majestic Silver 823DannhauserProspecting permitNDrilling commencedReconnaissance Five further permits on 33 farms 6,279KZNApplications and conversions in DME process NDrilling to commenceTo be determinedAwaiting permits Notes: 1 Project to be operated for Miranda account Page 8

Sesikhona Kliprand colliery AreaDannhauser region, Northern Natal ResourceFrom first slide CPR Open cast/underground Open cast and underground Planned production tons per month Capex plannedSubcontractor Type of CoalAnthracite Feasibility StudyInternal feasibility completed Commencement of mining 2 nd Q 2009 Page 9

Uithoek prospect AreaGlencoe region, Northern Natal ResourceMeasured resource of 6.6 million tons CPR August 2008, confirming that the resource is a lean & bituminous coal with the latter having coking qualities Open cast/underground About 40% of resource could be opencast mining Planned production30 – tons per month Capex plannedSubcontractor Type of CoalBituminous (coking properties) Feasibility StudyInternal feasibility completed Commencement of mining Mining could commence during second half 2009 Page 10

Amajuba project AreaNewcastle/Dannhauser region, Northern Natal ResourceTotal resource 38.1 mill tons CPREstimated resource approximating 100 million tons Open cast/undergroundOpen cast and undergound Planned production30 – tons per month Capex plannedsubcontractor Type of CoalBituminous Feasibility StudyCurrently being completed Commencement of mining Mining Q4 09 Page 11

Burnside prospect AreaGlencoe region, Northern Natal ResourceIndicated resource of 34.4 million tons Inferred resource of 10.8 million tons CPR August 2008, confirming that the resource is a lean & bituminous coal with the latter having coking qualities Open cast/underground About 25% of resource would be opencast mining Planned production30 – tons per month Capex plannedSubcontractor Type of CoalBituminous (coking properties) Feasibility StudyCurrently being completed Commencement of mining Additional resource drilling planned Page 12

Boschoek/Boschkloof prospect AreaGlencoe region, Northern Natal ResourceIndicated resource of 52.3 million tons CPRUpgrading CPR Open cast/undergroundUnderground Planned production tons per month Capex plannedSub contractor Type of CoalBituminous with certain areas anthracitic qualities and about 75% of resource with coking qualities Feasibility StudyCurrently being completed Commencement of mining Dependent on results of feasibility Page 13

Wasbank prospect AreaGlencoe region, Northern Natal ResourceInferred resource of 1.5 million tons CPRAugust 2008, confirming that the resource is a lean & bituminous coal with the latter having coking qualities Open cast/undergroundAbout 25% of resource would be opencast mining Planned production30 – tons per month Capex plannedSubcontractor Type of CoalBituminous (coking properties) Feasibility StudyStill outstanding Work outstandingResource to be upgraded Work completed7 boreholes drilled previously Commencement of mining Q4 09 Page 14

Yarl prospect AreaDannhauser region, Northern Natal ResourceInferred resource of 16.9 million tons CPRCompleted Open cast/undergroundUnderground Planned production Capex planned Type of CoalAnthracitic and bituminous Feasibility StudyCurrently being completed Commencement of mining Dependent on results of feasibility Page 15

Learydale prospect AreaGlencoe region, Northern Natal ResourceInferred resource of 44.3 million tons CPRIncluded in Amajuba block Open cast/undergroundUnderground Planned production30 – tons per month Capex plannedSubcontractor Type of CoalBituminous Feasibility StudyCurrently being completed Commencement of mining Dependent on results of feasibility Page 16

Majestic Silver prospect Area Dannhauser ResourceReconnaissance CPRProspecting permit Open cast/underground Planned production Capex planned Type of CoalTo be identified Feasibility Study Commencement of mining Page 17

Summary of MMH Coal Resources Project NameMeasuredIndicatedInferred Recon- naissance Total Tons (million) Sesikhona - Klip Rand Uithoek 6.6 Amajuba Burnside Boschoek/ Boschkloof 52.3 Nungu Trading - Wasbank 1.5 Point Blank - Learydale 44.3 Yarl 16.9 Six further permits on 33 farms Total Page 18

6. Outlook Page 19

Balance Sheet Page 20

Balance Sheet cont. Page 21

Balance Sheet cont. Page 22

Income Statements Page 23

Income Statements cont. Page 24

Cash Flows Page 25

Statements of changes in equity Page 26

Thank you Questions and answers Page 2