Impala Platinum : Implats - strategic investment

IMPALA PLATINUM HOLDINGS LIMITED

(Incorporated in the Republic of South Africa) (Registration number 1957/001979/06)

JSE Share code: IMP ISIN: ZAE000175873

ADR code: IMPUY ISIN: ZAE000083648

("Implats" or "the Group")

Further to the announcement on 16 October 2017, Implats announces that it has today closed the first phase of its investment in the Waterberg development project ("Waterberg") by acquiring a 15% shareholding in Waterberg for US$30 million from Platinum Group Metals Ltd and Japan Oil, Gas and Metals National Corporation. As set out in the previous announcement Implats also now has an option to acquire majority ownership of the project following completion of a definitive feasibility study, as well as a right of first refusal to smelt and refine Waterberg concentrate.

Located in Limpopo on the northern limb of the Bushveld complex, Waterberg represents a large scale platinum group metal ("PGM") resource with an attractive risk profile, given its shallow nature and ability to support a fully mechanized operation with the potential for the project to have amongst the lowest operating costs in the PGM sector.

The transaction falls below the categorisation threshold in terms of the JSE Limited Listings Requirements.

Johan Theron

E‐mail: johan.theron@implats.co.za T: +27 (0) 11 731 9013/43

M: +27 (0) 82 809 0166

Alice Lourens

E‐mail: alice.lourens@implats.co.za T: +27 (0) 11 731 9033/43

M: +27 (0) 82 498 3608

6 November 2017 Johannesburg

Sponsor to Implats

Deutsche Securities (SA) Proprietary Limited