Western Areas FY12 full Year financials

Western Areas NLFull Year Financials20 August 2012 “Think Nickel, think margins, think Western Areas” 1

Disclaimer and Forward Looking StatementsThis presentation is being furnished to you solely for your information and for your use and may not be copied, reproduced or redistributed to any other person in any manner.You agree to keep the contents of this presentation and these materials confidential. The information contained in this presentation does not constitute or form any part of anyoffer or invitation to purchase any securities and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with,any contract or commitment on the part of any person to proceed with any transaction.You must not take or transmit this presentation or a copy of this presentation into the United States or Japan or distribute it, directly or indirectly, in the United States or Japan orto any US persons. By your acceptance of this document, you acknowledge that you are a not a “U.S. person” for the purposes of the US Securities Act. Neither this document, inwhole or in part, nor any copy thereof may be taken or transmitted to any other person. The distribution of this document to other persons or in other jurisdictions may berestricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with theserestrictions may constitute a violation of the federal securities laws of the United States and the laws of other jurisdictions. The distribution of this presentation in otherjurisdictions may be restricted by law, and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions.The information contained in this presentation has been prepared by Western Areas NL. No representation or warranty, express or implied, is or will be made in or in relation to,and no responsibility or liability is or will be accepted by Western Areas NL, employees or representatives as to the accuracy or completeness of this information or any otherwritten or oral information made available to any interested party or its advisers and any liability therefore is hereby expressly disclaimed. No party has any obligation to notifyopinion changes or if it becomes aware of any inaccuracy in or omission from this presentation. All opinions and projections expressed in this presentation are given as of this dateand are subject to change without notice.This document contains forward-looking statements. These statements are subject to certain risks and uncertainties that could cause the performance or achievements ofWestern Areas NL to differ materially from the information set forth herein, although such information reflects forecasts and projections prepared in good faith based uponmethods and data that are believed to be reasonable and accurate as at the dates thereof and although all reasonable care has been taken to ensure that the facts stated hereinare accurate and that the forward-looking statements, opinions and expectations contained herein are based on fair and reasonable assumptions. Western Areas NL undertakesno obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-lookingstatements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect Western Areas NL’s view only as ofthe date hereof.The information within this PowerPoint presentation was compiled by Mr. David Southam, but the information as it relates to mineral resources and reserves was prepared by Mr.Dan Lougher and Mr. John Haywood. Mr. Southam, Mr. Lougher and Mr. Haywood are full time employees of Western Areas. Mr. Lougher and Mr. Haywood are members ofAusIMM and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking toqualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Southam,Mr. Lougher and Mr. Haywood consent to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.For Purposes of Clause 3.4 (e) in Canadian instrument 43-101, the Company warrants that Mineral Resources which are not Mineral Reserves do not have demonstrated economicviability. THIS PRESENTATION IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S. 2

Agenda “Western Areas has an enviable track record of exploring, finding, developing and producing highly profitable mines..” Introduction & Highlights Financials Operations Exploration & Growth Outlook Nickel Industry Explore Develop Sales Produce 3

Key Financial Takeaways – Full Year 31,102t nickel in ore production averaging 4.9% nickel Record nickel in concentrate sales 26,280t to Jinchuan and BHP A$2.43/lb cash cost:  Remains best in class in Australia Cashflow from Operations A$159.3m  Demonstrates the ability to WSA to generate operational cash NPAT of A$40.2m:  Revenue significantly impacted by a reduced nickel price and strong AUD: o Nickel price reduction impacted revenue by A$131.4mm versus FY2011 o Includes one-off KZL nickel acquisition costs of A$3.6m Demonstrated ability to successfully acquire assets – Kagara nickel which includes the high grade Lounge Lizard deposit Final partially franked (30%) dividend at 6c per share representing a payout of NPAT ratio of 49% for FY2012“The overriding difference between FY 2012 and FY 2011 was the weaker nickel price…” 4

Financial Highlights Full Year Highlights ($000) FY 2011 FY 2012 Mine Production (tonnes Ni) 32,222 31,102 Mill Production (tonnes Ni) 25,663 25,641 Recovery 91% 92% Sales Volume (tonnes Ni) 27,498 26,637 Cash Costs (US$/lb) 2.11 2.50 Cash Costs (A$/lb) 2.12 2.43 Exchange Rate USD/ AUD 0.99 1.03 Nickel Price (U$/tn) 25,089 17,791 EBITDA (000) 312,018 186,583 EBIT (000) 231,991 94,902 NPAT (000) 134,973 40,181 Cashflow from Operations (000) 276,235 159,253 Net Cashflow (000) 143,580 (43,446) Cash at Bank 208,948 165,502 Dividend (cents) 25.0 11.0 5

Report Card FY2012 Delivering on ObjectivesObjectives Whats Been DeliveredPay Dividends  5c interim and 6c final dividendCashflow from Operations  A$159m cashflow, debt reduction and dividendsProfitable through the cycle  Weak nickel price, EBITDA A$185m, NPAT $40mCash costs below A$2.50/lb  A$2.43/lbIncrease resources at Spotted Quoll  130kt nickel reserveIncrease resources at Flying Fox  Purchased KZL nickel assets - Lounge Lizard +40kt NiNew discovery at Forrestania  Sunrise - early encouragementMill expansion  Study complete - awaiting board decisionTidy up backyard  Outokumpu royalty retired 6

Financials Lounge Lizard 10m wide face of 7% Massive Nickel Sulphide 7

Income Statement Commentary (FY 2012)Earnings Data ($000) 1H FY 2012 2H FY 2012 FY 2011 FY 2012  Ni price down 29% year on year (QP -Exchange Rate USD/ AUD 1.03 1.03 0.99 1.03 A$26.4m FY2012) reducing revenue byNickel Price (U$/tn avg) 18,761 18,276 24,000 17,791 A$131.4m.Revenue 149,106 181,592 468,659 330,698  Despite nickel price, EBITDA margins remained strong >50%.EBITDA 96,633 89,950 312,018 186,583Depreciation & Amortisation 43,819 47,862 80,027 91,681  Switch to two underground mines in Feb 2012 – SQ Open Pit was A$1.60/lbEBIT (000) 52,814 42,088 231,991 94,902  Cost management remained in focus withInterest Expense (000) 18,086 19,355 36,721 37,441 unit cash costs at $A2.43/lb.Tax (000) 10,626 6,654 60,297 17,280  D&A increases in line with higherNPAT (000) 24,102 16,079 134,973 40,181 investment mine development/ capex &Dividend (cents) 5.0 6.0 25.0 11.0 KZL nickel purchase.Earnings per share (cents) 13.4 9.0 75.1 22.4  D&A should stabilise/reduce in FY2013 with increased reserves.  Final dividend declaration of 6c (partially franked) reflects 49% of NPAT returned to shareholders for FY2012. 8

Income Statement WSA NPAT - Actual FY2011 vs Actual FY2012 250 $10.0 -$1.3 -$11.7 200 $13.1 -$16.5 $43.0 -$131.4 150 $135.0 100 Millions 50 $40.2 0 Royalties Revenue (Price) Tax Depn & Amort Revenue (Other) Actual FY11 Actual FY12 Revenue (Vol) Other -50 -100 -150FY12 NPAT would have matched FY11 if not for the nickel price. 9

Cashflow Statement Commentary (FY 2012)Cashflow Statement ($000) 1H FY 2012 2H FY 2012 FY 2011 FY 2012  Cashflow from Operations of A$159.3mOperating Cashflow 64,412 94,841 276,235 159,253  2nd half FY12 produced A$4.6m free cashflowLess: despite a weaker 2nd half nickel priceExploration (17,860) (15,940) (18,110) (33,800)  A$ Ni price down 29% on FY11 -A$131.4mFinnAust Investment (4,058) (3,307) (1,964) (7,365) impact.Acquisition of Mining Interests (1,512) - - (1,512)  US$15m for Outokumpu Royalty payout.Mine Development (38,506) (28,911) (70,664) (67,417)  Exploration spend of A$33.8m delivers SunriseCapital Expenditure (8,087) (5,625) (13,417) (13,712) and significant resource/ reserve extensionsInvestment activities (274) (811) (1,999) (1,085)  KZL nickel purchase costs of A$71.1m includesOutokumpu Royalty Payout (14,926) - - (14,926) the A$3.1m for ore stockpiles.Payment for subsidiary - (71,100) - (71,100)  Proceeds from financing - draw down ofProceeds from Share Issues - - 380 - A$45m from ANZ for KZL nickel purchaseProceeds/(Costs) from Financing (319) 44,486 (3,517) 44,167  Dividend payments reflect 15c final dividendDividends Paid (26,962) (8,987) (23,364) (35,949) from FY11 and 5c interim dividend for FY12.Net Cashflow (48,092) 4,646 143,580 (43,446)Cash at Bank 160,856 165,502 208,948 165,502 10

Free Cashflow Waterfall WSA Cashflow - Actual FY11 vs Actual FY12 250 $8.0 $3.2 -$4.8 -$5.4 200 $47.7 $10.0 -$12.6 -$14.9 -$15.7 -$71.1 150 $143.6 100 -$131.4Millions 50 -$43.4 0 Dividends Exploration Financing Other Sales (Price) Sales (Vol) Royalty Buyout KZL Nickel Mine Dev Op Costs International Inv Actual FY11 Actual FY12 -50 -100 -150 Nickel price has driven the changes from FY11 to FY12 – A$131.4m KZL nickel purchase is a one-off item – A$71.1m 11

Balance Sheet Commentary (FY 2012)Balance Sheet ($000) FY 2011 FY 2012  Flexible balance sheet with good cash generationCash at Bank 208,948 165,502  Total Assets continue to grow with mineReceivables 27,719 25,360 development and acquisitionsStockpiles & Inventory 30,942 42,121  Repaid A$105.5m bond on 2 July 2012 – wellPP&E 111,683 107,111 flagged to market and strong positioningExploration & Evaluation 91,875 133,282  Capital Management has plenty of headroom:Mine Development 209,454 295,634  ANZ Facility of A$125m – drawn down $45m for KZL nickel purchaseOther 11,705 5,958  Convertible bond July 2014 – A$110.2mTOTAL ASSETS 692,326 774,968  Convertible bond July 2015 – A$125.0mTrade & Other Payables 59,791 66,444Short Term Borrowings 61 162,656  FY13 capex/mine development likely to be <A$70mLong Term Borrowings 344,016 256,003  FY13 exploration around A$20m, with a reduction in regional projects, but full ramp-up aroundTOTAL LIABILITES 403,868 485,103 ForrestaniaSHAREHOLDERS EQUITY 288,458 289,865 12

Operations 13

Flying Fox MineSummary Continuous high grade Nickel to 1300m. Open at depth Resource ore grades increase at depth from 3.9% to 5.8% Nickel Announced intersection T7: 34.7m @ 8.9% NickelProduction FY2012 – 373,726t @ 5.0% nickel for 18.5kt nickel Low cash cost operation <US$3/lbPurchase of Kagara Nickel Assets Combined Total High Grade Resource now stands at around 115,000t of Nickel Major drilling program commenced at Lounge Lizard for next 6 months T5/ T6 & T7 down dip extensions cross into Lounge Lizard and remain open at depth Flying Fox now approaching a 10 year mine life Purchase includes 300sqkm of tenements adjacent to Forrestania operations 14

Spotted Quoll MineSummary Ore reserve was upgraded in June 2012 by 94% with an exceptional 88% conversion ratio:  3.095mt @ 4.20% containing 131,360t nickel Remains open at depth Drilling is ongoing which will result in further conversion of inferred resource to indicated to reserve Already well over a 10 year mine lifeProduction Stage 1 underground first ore delivered ahead of schedule Ramp up to 10,000tpa nickel in FY 12/13 Mine optimisation study well advanced for potential increase in production up to 15,000tpa nickel 15

Forestannia Nickel ConcentratorConcentrator Summary Current capacity of 550,000tpa of ore Nickel concentrate output >25,000tpa Ni Concentrate grades of around 14.0% Ni 14,000t of concentrate storage capacity ($43M value)Export Infrastructure and Logistics Access to >1400 sealed shipping containers Using 25 trucks for concentrate transportation Shipping contract in place, FOB Esperance PortConcentrator Expansion Expansion configured for upgrade to 1mtpa of ore Some items of infrastructure (crusher) already capable of 1mtpa Preliminary high grade expansion study (750ktpa) completed 16

Concentrate Supply and Offtake ContractsConcentrate Supply 1000 Global Smelter Demand vs Global Concentrate Supply 950 Reliable nickel sulphide concentrate supply dwindling 900 850 Quality nickel sulphide is difficult to find Nickel in Conc/ Kt 800 Global nickel grades in decline 750 700 Tightness in smelter supply to be experienced from 2013 650 600 Laterites and Nickel Pig Iron do not fill the void 550 500 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Offtake Contracts Nickel in Concentrate Supply Smelter Demand Long term offtake to BHP – 12ktpa nickel in conc New Jinchuan contract signed: o 12 month contract extension o Improved commercial terms o Significant uncommitted offtake beyond 2013 Tender process to commence Sept/Oct 2012 WSA in a unique position being an independent producer Ability to complete spot/ opportunistic sales NOTE: The graph FORRESTANIA – OFFTAKE CONTRACTS is based on Western Areas’ 10 Year Production Targets. These Targets include estimates and assumptions on production rates of existing ore reserves, conversion of existing mineral resources to ore resources and assumptions on potential extensions to existing mineral resources, based on current information. These Production Targets may vary due to future drilling results, nickel prices, costs and market conditions. Refer to Disclaimer and Forward Looking Statement in Presentation 17

Exploration and Growth Outlook 18

Short Term – Near Mine Exploration Exploration Budget of A$20M for FY13, majority to be spent on drilling at Forrestania 120km strike length (900 sq km) of prospective Forrestania Nickel Project, within 500km long nickel province Drilling Priority within 8km long zone (below). New discovery would access existing mine infrastructure Recent Sunrise discovery (see next slide) 19

New discovery-Sunrise WSA’s latest new high grade discovery, 2km from Spotted Quoll and 300m SE of New Morning Best intersection 4.6m @ 3.7% nickel Major drilling program underway and results to be announced over next 6 months 20

Canada – Mustang Minerals WSA owns 19.9% of Mustang Minerals - a Canadian listed nickel and PGM company  WSA has two of 5 board seats, plus provides technical assistance  Makwa Nickel/PGE mine in Manitoba – feasibility in progress targeting 5ktpa Ni in concentrate  Mayville Copper/Nickel deposit in Manitoba – drilling in progress for open pit resource  Potentially significant Palladium & Platinum discovery adjacent to Mayville WSA is earning a 65% interest with Mustang at East Bull Lake  80km west of Sudbury  Highly anomalous Nickel/Copper and Platinum/Palladium in Gabbro intrusion  Drill program commenced in 2012 East Bull Lake VTEM targeting Mayville drill core: 74.7m @ 0.75% Cu & 0.24% Ni 21

Finland – FinnAust Mining PLC Projects 81% WSA, planning to list on AIM - dependent on market conditions 300km long base metal province in Finland Numerous nickel/copper/zinc mines & occurrences 12 major project areas, many drilling targets Geophysics proving very effective in defining targets Significant results from historic and FinnAust drilling Major ramp up of drilling has commenced at Tormala & Hammaslahti 22

Growth Outlook Short Term Medium Term Long Term < 12 Months 2-5 years >5 years Flying Fox > 10 years – drilling in Spotted Quoll & Flying Fox Base Case production 40- progress – 30ktpa 50ktpa , plus new mines Sunrise drilling results Sunrise reserve & Large disseminated production – 5-10ktpa resource potential Mill expansion decision 4th mine from Forrestania FinnAust producing Cash costs <US$3.00/lb (New Morning) Base Metals exposure Strong cashflow Mill expanded 750ktpa Dividends Dividends First quartile cash costs Continued exploration New offtake contract – process FinnAust in feasibility upside begin Sept/ Oct Dividends Independent producer List FinnAust Mining Mustang prod – 5ktpa 23

The Portfolio Kawana JV 80% Sandstone JV 70% East Bull Lake JV 65% Cosmic Bullfinch Makwa & North JV Mayville Spotted Boy 70% Canada Quoll Resource New Morning Mt Flying Koolyanobbing Diggers Alexander Fox South JV 25% Sunrise Spotted Mt Gibb JV Quoll Bioheap Lake King 70% Southern JV 70% Underground Cross Upgrade Goldfields - Other Cosmic Hatters Finland – Cosmic Boy Mill Hill Copper Boy Mill Jkjjljljlkj Expansion Finland – Nickel Mt Jewel 25% = International = WA Regional = Forrestania 24

Nickel Industry 25

When will the Cycle Turn? Market bottom likely reached – current price uneconomic for many, insufficient to bring on “The current nickel market appears to supply be ignoring the impending impact of Limited sources of good quality future supply for Indonesian legislation… smelters “We therefore favour bullish positions Nickel Pig Iron constrained due to margin in nickel on a 3-6 month forward basis compression and in a quarter-four context.” Huge Laterite projects serial underperformers Citigroup Analysts, 31 May 2012  Capex blowouts  Not meeting production targets “We are raising our long-term nickel price from $7.27/lb to $9.5/lb. …. We Indonesian ore export ban and tax increase still to believe that capex inflation remains a bite significant issue for the nickel industry.” Fortunately, not in the business of making predictions BofA Merrill Lynch, 27 July 2012 Many analysts tipping next 3 – 6 months for pickup, in conjunction with seasonal demand pickup 26

Global Stainless Consumption & Usage 35.0 45.0 Post-War Stainless Steel-Boom: Stainless Steel-Boom: Crisis Years Reconstruction Asia - Europe - USA China 40.0 Global Stainless Steel Consumption, in Mill t 2008 - 2010 30.0 World-Financial China Share of Global Demand, in % Crises 35.0 25.0 30.0 20.0 25.0 15.0 Stainless Steel Consumption 20.0 G.R.: + 6.1% p.a. 15.0 10.0 10.0 5.0 5.0 0.0 0.0 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 27© Heinz H. Pariser Alloy Metals & Steel Market Research

China’s future? 30.0 25.0 South Korea Stainless per Capita Use, in kg 20.0 Japan 15.0 EU 27 10.0 China 5.0 NAFTA India 0.0 1970 0 5 10 15 20 25 30 35 40 45 50 GDP (PPP adjusted) per Capita, in Mill US$ 28© Heinz H. Pariser, Alloy Metals & Steel Market Research

Powering through the CycleWestern Areas is: Australia’s lowest cash cost nickel producer A proven explorer, developer and operator led by an experienced management team An S&P ASX 200 index member  Market cap ~ $740 million at current prices Profitable, even at the current low A$ nickel price A proven dividend payer, with a strong balance sheet Australia’s third largest producer of nickel at 31,000 tonnes of nickel mined and 25,000 tonnes of nickel in concentrate produced  No 1 = BHP-B Nickel West and No 2 = Glencore Employer of approx 500 staff, either directly or through contractors Into its sixth consecutive year of production, eight consecutive quarter with no downside surprises  First production 26 October 2006 Committed to stable organic growth from the current solid platform 29

The End 30

Appendices 31

Introduction – Corporate SummaryListings: ASX & TSX Top 15 Shareholders % 1 T Streeter 14.36 Member of S&P ASX 200 2 Colonial Group 8.58 3 M & A Greenwell 5.45Shares on Issue: 179.7M 4 Northwards Capital 3.19 5 Giovanni Santalucia 3.18Options: 2.0M 6 Sydney Fund Manager 3.02(varying strike prices >$7.00) 7 UBS Asset Management 2.82 8 Celeste Funds Management 2.56Share Price: ~ A$4.00 (August2012) 9 State Street Corporation 2.44 10 Paradice Asset Management 2.39 11 Antares Asset Management 2.33Market Cap: A$720 million 12 Concise Asset Management 1.92(undiluted) 13 Independent Asset Management 1.80 14 Vanguard 1.74Cash: A$165M at 30 June 2012 15 Mount Kellet 1.70 TOTAL 57.48WSA 25 Month Share Price$8.00$6.00$4.00$2.00$0.00 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Closing Share Price 32

Board of Directors Proven Depth & Experience Terry Streeter and Julian Hanna founders of Western Areas Extensive experience in nickel exploration, mining and processing Global expertise in project sourcing, exploration and mine development Strong banking, financial, M&A and corporate governance backgrounds Involvement with other Left to right: David Southam (Exec Director – Corporate), Dan Lougher (Managing Director), successful nickel companies Rick Yeates (Non-Exec Director), Terry Streeter (Non-Exec Chairman), Ian Macliver (Non-Exec Director) Julian (Jubilee Mines) Hanna (Non-Exec Director), Robin Dunbar (Non-Exec Director) & Joseph Belladonna (Company Secretary) Solid understanding of Chinese markets, project financing and offtakes 33

Location WSA concentrate to BHP Billiton WSA operations WSA concentrate exports 34

Another Strong Quarter 2011/2012 FYHighlights (June Qtr) Tonnes Mined Sep Qtr Dec Qtr Mar Qtr Jun Qtr Total Record Flying Fox production Flying Fox Ore Tonnes Mined Tns 95,647 100,647 81,143 96,289 373,726 Spotted Quoll hits 10,000tpa nickel rate Grade Ni % 4.5% 4.9% 5.3% 5.3% 5.0% Cash costs as guided to market A$2.90/lb – Ni Tonnes Mined Tns 4,258 4,920 4,278 5,097 18,553 Spotted Quoll - Tim King Pit reflects two underground mines Ore Tonnes Mined Tns 59,955 71,406 57,204 - 188,565 8th quarterly delivered with no downside Grade Ni % 5.7% 4.8% 4.0% 0.0% 4.8% surprises Ni Tonnes Mined Tns 3,400 3,455 2,280 - 9,135 $18m free cashflow (all up) excluding $9m Spotted Quoll - Underground Ore Tonnes Mined Tns - 5,996 23,261 42,574 71,831 dividend Grade Ni % 0.0% 3.3% 4.5% 5.1% 4.8% Ni Tonnes Mined Tns - 197 1,044 2,173 3,414Highlights (Full Year) Total - Ore Tonnes Mined Tns 155,602 178,049 161,608 138,863 634,122 Grade Ni % 4.9% 4.8% 4.7% 5.2% 4.9% Low cash cost producer A$2.43/lb Total Ni Tonnes Mined Tns 7,658 8,572 7,602 7,270 31,102 Mill recovery at 92% Tonnes Milled and Sold Sep Qtr Dec Qtr Mar Qtr Jun Qtr Total Nickel in ore – 31,102t Ore Processed Grade Tns % 134,412 138,360 131,748 143,148 5.1% 5.2% 5.1% 4.9% 547,668 5.1% Record nickel in concentrate sold 26,260t Ave. Recovery % 93% 92% 93% 90% 92% Spotted Quoll Underground operating to plan Ni Tonnes in Concentrate Tns 6,413 6,632 6,276 6,320 25,641 Ni Tonnes in Concentrate Sold Tns 4,751 6,487 8,154 6,888 26,280 Ni Tonnes in Ore Sold Tns 357 - - - 357 Total Nickel Sold Tns 5,108 6,487 8,154 6,888 26,637FY2013 – Preliminary Guidance Stockpiles Sep Qtr Dec Qtr Mar Qtr Jun Qtr Nickel in ore production 26,000t nickel Ore Tns 109,969 146,109 175,971 171,682 Grade % 4.8% 4.5% 4.2% 4.4% Mill recovery 90% Concentrate Tns 19,903 19,375 11,346 7,243 Cash costs to remain stable below $3.00/lb Grade % 14.3% 14.1% 14.3% 14.3% Dividends Contained Ni in Stockpiles Tns 8,132 9,300 9,013 8,586 Cash Cost Ni in Con (***) A$/lb 2.20 2.15 2.48 2.90 2.43 35

Energy Intensity 1. Conventional Nickel Sulphide Mature nickel camps contribute ~45% global production NO MAJOR NEW DISCOVERIES 2. Low Grade disseminated sulphide Increasing reliance on low grade and low quality nickel sulphide production. HIGH CAPEX, MODERATE ENERGY3. Nickel Laterite Laterite & Ferro Nickel contribute >40% global production HIGH CAPEX, HIGH ENERGY COST4. Chinese Nickel Pig Iron Chinese nickel pig iron, 15% global production. Announced cut backs ENERGY INTENSIVE, HIGH COST Increasing energy intensity and production cost Increasing energy intensity and production cost 36

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Western Areas FY12 full Year financials

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Western Areas FY12 full Year financials Presentation Transcript