ASX Release 20 March 2012 PANTON REVIEW STUDY RESULTS Platinum Australia Limited (ASX:PLA) is pleased to advise that the results from the recently completed Panton Review Study ("PRS") showed that the Project could achieve and Internal Rate of Return ("IRR") of 13% on the Base Case and 18% on the Alternate Case. The Study was focused on updating capital and operating costs and reviewing technical aspects of the project. The technical review identified a number of areas where further work could significantly reduce capital and operating costs and increase recoveries of PGM's and base metals. The key results from the study are as follows:-