Audited Annual

Financial Statements

Supplement to the Annual Integrated Report 30 June 2023

Our 2023 suite

Annual Integrated Report

  • Reports to providers of fi nancial capital how Impla creates, preserves or erodes value over time.

Mineral Resource and Mineral Reserve

Statement

  • Provides updated estimates and reconciliation of Mineral Resources and Mineral Reserves
  • Conforms to the South African Code for Reporting
    of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code) (2016)
  • Conforms to Section 12.13 of the JSE Listings Requirements
  • Competent Persons sign-off
  • Third-partyassurance.

ESG Report

  • Detail on material economic, social and environmeperformance and governance
  • GRI G4 core compliance
  • Internal reporting guidelines in line with the UN Global Compacts
  • Independent assurance report.

ate Change Report

limate change risks and adaptations, decarbonisation lans, and adoption of renewable energy

repared in accordance with the recommendations the TCFD and the Johannesburg Stock Exchange SE) Climate Change Disclosure Guidance.

Remuneration Report

  • Background statement
  • Remuneration philosophy and policy
  • Implementation report.

to Shareholders

of annual general meeting f proxy

Tax Transparency and Economic

Contribution Report

Prepared in accordance with GRI 207 and provides information on Implats'

  • Approach to tax
  • Tax governance and risk management
  • Tax numbers and performance
  • Country-by-countrytax and economic contribution

Implats Audited Annual Financial Statements 2023

Financial statement assurance

Consolidated fi nancial statements

Company fi nancial statements

Additional information

This report contains the consolidated financial statements and the separate annual financial statements of Impala Platinum Holdings Limited for the year ended 30 June 2023.

These annual fi nancial statements were prepared according to International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the South African Companies Act, No 71 of 2008, as amended (Companies Act), the Listings Requirements of the JSE Limited (JSE), as well as the recommendations of King IV™*.

  • Copyrights and trademarks are owned by the Institute of Directors in South Africa NPC and all rights are reserved.

Implats is structured around seven mining operations and Impala Refining Services, a refining business.

The mining operations are located on the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe - the two most signifi cant PGM-bearing orebodies in the world - and the Canadian Shield, a prominent layered igneous complex domain for PGMs.

Implats has its primary listing on the JSE Limited (JSE) and a secondary listing on A2X Markets in South Africa, as well as a level 1 American Depositary Receipt programme in the United States of America.

Welcome to our 2023 annual financial statements

Impala Platinum Holdings Limited (Implats) is a leading producer of platinum and associated Platinum Group Metals (PGMs).

Our vision

Our purpose

To be the most valued

To create a better future

and responsible metals

producer, creating a

better future for our

stakeholders

Our values

RESPECT

CARE

DELIVER

We believe in ourselves

We set each other up

We play our

for success

A-game everyday

We work together

We care for the

We go the

as a team

environment

extra mile

We take ownership

We work safely

We learn, adapt

of our responsibilities

and smartly

and grow

We are accountable

We make a positive

We create a

for our actions

contribution to society

better future

We welcome your feedback to ensure we cover all aspects

Go to www.implats.co.za

or email investor@implats.co.za to provide us with your feedback.

How to navigate this report

For easy navigation and cross- referencing, we have included the following icons within this report:

AP Accounting policies

The specifi c principles, bases, conventions, rules and practices applied by the Company for preparing and presenting fi nancial statements.

EJ Estimates and judgements

The complex or subjective judgements that have the most signifi cant effect on amounts recognised and assumptions and other sources of estimation uncertainty where there is a signifi cant risk of material adjustment to the carrying amounts of assets or liabilities with the next reporting period.

Implats

Audited Annual Financial Statements 2023

1

Report of the audit and risk committee

The Implats audit and risk committee (the committee) is pleased to present its report for the financial year ended 30 June 2023, as required by section 94 of the Companies Act, No 71 of 2008, as amended (Companies Act), the King Code of Governance for South Africa (King IV), and the Johannesburg Stock Exchange Listings Requirements (JSE Requirements). This report aims to provide details on how the committee satisfied its statutory and board-delegated duties during the period under review, as well as on some of the significant matters that arose and how they were addressed to ensure the integrity of the Group's financial reporting.

FUNCTION AND RESPONSIBILITIES

The committee's main objective is to assist the board in fulfilling its oversight responsibilities and has terms of reference in place which regulate both its statutory duties and those duties delegated to it by the board. The terms of reference are reviewed and updated annually. The scope of the committee extends to all activities of Implats and its subsidiaries. The committee is focused on ensuring the integrity of the Company's financial statements and the robustness of the Group's systems of internal control and financial and regulatory risk management, as well as its compliance with policies, plans, procedures, laws and regulations. Additionally, the committee monitors the internal and external assurance services to ensure an effective control environment and to confirm that the assurance provided supports the integrity of information produced and reported on by the Company. The committee is also responsible for information technology (IT) governance.

COMPOSITION AND MEETINGS

The committee comprises four members all of whom are independent non-executive directors and have been appointed by the board and approved by the shareholders at the annual general meeting on 12 October 2022. The committee held a total of four scheduled meetings during the year.

Members1

Attendance

Appointed

Ms D Earp BCom, BAcc, CA(SA) (Chairperson)

4/4

1

August 2018

Mr PW Davey BSc (Hons) Mining Engineering, MBA

2/22

18 February 2016

Mr R Havenstein BSc and MSc Chemical Engineering, BCom

4/4

1

January 2021

Ms M Moshe BCom (Accounting), BCom (Hons) (Management Accounting), MBA, CA(SA)

4/43

23 August 2022

Mr PE Speckmann BCompt (Hons), CA(SA)

4/4

1

August 2018

  1. Refer annexure C for the aggregate remuneration of the committee members. Information on the board composition and profiles, including experience and diversity, is disclosed in the annual integrated report which can be accessed at (www.implats.co.za).
  2. Mr Davey ceased to be a member of the committee following his passing in February 2023.
  3. Ms Moshe was officially appointed to the audit and risk committee in August 2022. Prior to her appointment, she participated in the first committee meeting of the financial year as a special invitee.

The Group chief executive officer (CEO), the chief financial officer (CFO), the chief audit executive (CAE), the executive heads representing Group financial reporting, Group management accounting, risk and security, legal services, the chief information officer, the external auditors as well as other members of management are standing invitees to all the committee meetings. At every scheduled quarterly meeting, the chairperson of the committee extends to the internal auditors, external auditors and management the opportunity to meet separately with the committee in closed sessions. The committee chairperson also meets separately with external and internal auditors between committee meetings.

COMMITTEE EVALUATION PROCESS

The board and its committees undergo effectiveness evaluations every two years on an alternating schedule. During the year the effectiveness of the committee was evaluated through a process overseen by the nomination, governance and ethics committee and the latest results indicated that the committee remains effective. The recommendations and key focus areas have been included in the annual work plans.

2

Implats

Audited Annual Financial Statements 2023

Financial statement assurance

Consolidated financial statements

Company financial statements

Additional information

Report of the audit and risk committee

MANDATE OF THE COMMITTEE - DISCHARGE OF DUTIES

The committee has discharged all its responsibilities as required by the Companies Act, King IV, the JSE Listings Requirements and the board-approved terms of reference, including but not limited to the following:

Internal control and risk management and combined

External reporting

assurance

  • Reviewing accounting policies and key accounting judgements and estimates
  • Reviewing management's assessment of the appropriateness of the going-concern basis of preparing the consolidated financial statements
  • Reviewing tax provisions and contingencies including uncertain tax matters
  • Monitoring the reporting processes and the preparation of fairly

presented financial statements in compliance with the applicable legal and regulatory requirements and accounting standards

  • Monitoring the activities of internal auditors, ensuring the independence of their function and recommending the internal audit charter for board approval
  • Reviewing and recommending the annual integrated report and its supplementary reports for board approval
  • Reviewing and recommending publicly disclosed financial information for approval by the board and where appropriate, the quarterly production reports and trading updates to shareholders
  • Considering the impact of the JSE Proactive Monitoring Panel reports on the Group financial statements.
  • Quarterly review and monitoring of the effectiveness and implementation of the Group risk management framework and internal control mechanisms
  • Approving the terms of reference of the internal audit function and assessing its effectiveness
  • Approving the internal audit plan and reviewing regular reports from the Group risk management and internal audit functions and external auditors on the adequacy and effectiveness of the internal control system
  • Ensuring the integrity of financial information issued to stakeholders through robust internal controls and risk management processes
  • Considering the activities of material subsidiaries and non- controlled operations through review of reports and minutes of the respective audit and risk committees
  • Oversee appropriateness of the Group's combined assurance model to provide a coordinated approach to all assurance activities, including cooperation between internal and external auditors
  • Oversight and monitoring of legal and compliance-related matters and approval of the Group compliance policy
  • Monitoring the effectiveness of the information technology (IT), as well as focusing on cyber security particularly with regard to both IT and operational technology (OT) functions
  • Confirmation of adequacy of insurance cover and placement.

External auditors

Governance

  • Monitoring the activities, independence and suitability of the external auditors
  • Approving audit fees and limiting the scope of their non-audit services to those that do not compromise their independence
  • Recommending the appointment of external auditors for shareholder approval and overseeing any change of the lead partner. Prior to making its nomination, the committee requested and considered all information required in terms of section 22.15(h) of the JSE Listings Requirements in assessing the auditor and the designated auditor's suitability for appointment.
  • Considering the solvency and liquidity tests undertaken for specific transactions and distributions, and making associated recommendations to the board
  • Recommending dividends in line with the Group capital allocation framework, balance sheet and liquidity, as well as dividend policies
  • Fulfilling duties attributed to it by the Companies Act, the JSE Requirements and King IV
  • Reviewing and approving the Group tax and treasury policies
  • Reviewing and approving the IT governance framework and strategy
  • Reviewing and approving the compliance framework
  • Reviewing the expertise, experience and performance of the CAE, CFO and the finance and internal audit functions.

FOCUS AREAS DURING THE YEAR

ANNUAL REPORTING

Interim and annual financial statements

The financial statements are prepared using appropriate accounting policies, which conform to International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides and Financial Reporting Pronouncements, the requirements of the South African Companies Act, the JSE Listings Requirements and the recommendations of King IV.

The committee assessed and confirmed the appropriateness of the going-concern assumption adopted in the annual financial statements, considering the reasonableness of the values and commodity prices included in management budgets and the capital and the liquidity plans.

Implats

Audited Annual Financial Statements 2023

3

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Disclaimer

Impala Platinum Holdings Limited published this content on 31 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2023 05:11:04 UTC.