Mineral Resource and

Mineral Reserve Statement

as at 30 June 2023

Supplement to the Annual Integrated Report 30 June 2023

Impala Platinum Holdings Limited

Tel: +27 (11) 731 9000, Email: investor@implats.co.za

2 Fricker Road, Illovo, 2196, Private Bag X18, Northlands, 2116

Contents

1 - 21

INTRODUCTION, GROUP OVERVIEW

AND GOVERNANCE

2

The report

  1. Headline summary
  2. Group structure
    Attributable Mineral Resources and Mineral
  3. Reserves

Our 2023 suite

Annual Integrated Report

  • Reports to providers of financial capital how Implats creates, preserves or erodes value over time.

Introduction, group overview

Technical synopsis

The operations - Mineral Resource

The projects - Mineral Resource

Appendices

and governance

and Mineral Reserve estimates

estimates and chromium ore

Welcome to our Mineral Resource and Mineral Reserve Statement

  1. Reconciliation of estimates
  2. Governance and compliance
  1. Reporting principles and framework
  1. Mineral rights and legal tenure

ESG in Mineral Resource and Mineral Reserve

  1. reporting
  2. Mineral Resource and Mineral Reserve risk management
  3. Managing Mineral Resources, Mineral Reserves and life-of-mine

22 - 33

TECHNICAL SYNOPSIS

22

Anniversary of platinum discovery

24

Regional geological settings

29

Exploration

30

Group production

32

Group life-of-mine outlook

33

Valuation and sensitivities

34 - 89

THE OPERATIONS - MINERAL RESOURCE

AND MINERAL RESERVE ESTIMATES

  1. Impala Rustenburg
  1. Marula
  1. Two Rivers
  1. Zimplats
  1. Mimosa
  1. Impala Canada

90 - 99

THE PROJECTS - MINERAL RESOURCE

ESTIMATES AND CHROMIUM ORE

  1. Afplats project
  1. Waterberg project
  1. Chromium ore

Audited Annual Financial Statements

  • Financial statement assurance, including the audit and risk committee report and directors' report
  • Consolidated financial statements
  • Company financial statements.

ESG Report

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

Climate Change Report

  • Climate change risks and adaptations, decarbonisation plans and adoption of renewable energy
  • Prepared in accordance with the recommendations of the TCFD and the Johannesburg Stock Exchange (JSE) Climate Change Disclosure Guidance.

Remuneration Report

•

Background statement

•

Remuneration philosophy and policy

Our vision

To be the most valued and responsible metals producer, creating a better future for our stakeholders

Our purpose

To create a better future

Our values

RESPECT

  • We believe in ourselves
  • We work together as a team
  • We take ownership of our responsibilities
  • We are accountable for our actions.

CARE

  • We set each other up for success
  • We care for the environment
  • We work safely and smartly
  • We make a positive contribution to society.

DELIVER

  • We play our A-game every day
  • We go the extra mile
  • We learn, adapt and grow
  • We create a better future.

This report provides updated estimates and reconciliations of the Implats Group's Mineral Resources and Mineral Reserves as at 30 June 2023. It conforms to the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, SAMREC Code (2016) and section 12.13 of the JSE Listings Requirements.

Implats is pleased to report a stable inventory of Mineral Resources and Mineral Reserves.

At 30 June 2023, the end of the Group's financial year, Implats held 56.41% of the outstanding shares in Royal Bafokeng Platinum Limited (RBPlat). In July 2023, post financial year-end, its shareholding increased to 98.73%.

Given the timing of this acquisition, Implats was not able to apply its established governance oversight to review and sign off RBPlat's historical Mineral Resource and Mineral Reserve Statements for inclusion in Implats' financial year 2023 (FY2023) Mineral Resource and Mineral Reserve Report. As a result, RBPlat's maiden contribution to Implats' Mineral Resource and Mineral Reserve inventory will be declared in February 2024 when Implats releases its interim results for the half year ending 31 December 2023.

Please visit the RBPlat website (www.bafokengplatinum.co.za) to view RBPlat's Mineral Resource and Mineral Reserve statements and the interim results released on 1 August 2023. These reports are also available on

Implats' website ( www.implats.co.za).

Key take-away 2023

Attributable Mineral Resources

Attributable Mineral Reserves

100 - 107 APPENDICES

  1. Mineral Resource and Mineral Reserve definitions
  1. Third-partyassurance
  2. Glossary of terms

105 Appointed Competent Persons and recognised professional organisations' details

107 Contact details and administration

How to navigate this report

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

Information available on our website www.implats.co.za

Information available elsewhere in this report

Follow us online at www.implats.co.za

  • Direct access to all our reports available on release
  • Our website has detailed investor, sustainability and business information.

https://twitter.com/Implats

https://www.linkedin.com/company/impala-platinum/

https://www.youtube.com/channel/UCgshehA_ JCYUeox7lCZw6bw/featured

C

https://www.facebook.com/implats/

• Implementation report.

Notice to Shareholders

• Notice and 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 Mineral Resource and Mineral Reserve Statement 2023

Strategic objectives

Sustainable development

Operational excellence

We aspire to deliver an industry-

We generate superior

leading sustainability performance,

value for all stakeholders

producing metals that sustain

through modern, safe,

livelihoods through and beyond

responsible, competitive

mining, creating a cleaner

and consistent operational

and better future for all.

delivery.

Organisational

Optimal capital

effectiveness

structure

We place people at the centre

We pursue value creation by

of our organisation, and

sustaining and leveraging a

engender a shared culture

strong and flexible balance sheet

founded on our values

within a prudent capital allocation

to respect, care and deliver.

framework.

Competitive asset portfolio

Future focus

We seek to leverage, strengthen

We sustain and grow value by

and grow our diverse asset base

supporting present and future

through operational exposure to

demand drivers, creating strong

shallow, mechanisable orebodies.

customer relationships and aligning

our production to evolving demand.

Implats Mineral Resource and Mineral Reserve Statement 2023

2022

(5.8%)

2022

(2.2%) 268.6Moz 6E

55.7Moz 6E

2023

2023

262.7Moz 6E

52.5Moz 6E

Prominent changes (Moz 6E)

Prominent changes (Moz 6E)

Zimplats decreased by 4.3Moz

Impala Rustenburg decreased by 3.0Moz

• Production depletion, Hartley re-estimation offset

• Production depletion, model update and

by pillar reclamation.

economic tail-cut.

Impala Rustenburg decreased by 2.0Moz

Lac des Iles decreased by 1.0Moz

• Production depletion and update of models.

• Production depletion, model update and

Two Rivers increased by 1.5Moz

economic tail-cut.

Zimplats increased by 1.2Moz

• Production depletion offset by Merensky Reef

model update.

• Production depletion offset by pillar reclamation

and model updates.

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.

1

The report

Headline

summary

Introduction, group overview

Technical synopsis

The operations - Mineral Resource

The projects - Mineral Resource

Appendices

and governance

and Mineral Reserve estimates

estimates and chromium ore

SecondGroupPage head (continued)structure

as at 30 June 2023

FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements and forecasts, which involve risk and uncertainty as they relate to events and rely on, or may be influenced by, future events. Several factors beyond our control could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements.

Impala Platinum Holdings Limited (Implats) is one of the world's foremost Platinum Group Metals (PGMs) producers. Implats is structured around seven mining operations, with 25 underground shafts, one open pit

MINERAL RESOURCE AND MINERAL RESERVE STATEMENT

The Mineral Resource and Mineral Reserve Statement as at 30 June 2023 reflects the benefit of the positive long-term pricing outlook for the significant PGMs Implats produces, as well as the capital investment in material projects in the period under review. Based on JSE dispensation, the RBPlat Mineral Resource and Mineral Reserve estimates will be included in Implats' interim results released as at 31 December 2023. RBPlat Mineral Resource and Mineral Reserve

Holdings Limited

96%

BE

TO

COPY

56.41%

SUPPLIED

73.26%

46%

74%

15%

South Africa

Impala Rustenburg

4%

RBPlat 43.59%

Marula 26.74%

Two Rivers

54%

Afplats 26%

Waterberg 85%

Impala Share Ownership Trust

Northam Platinum Holdings Limited, Minorities

Tubatse platinum (Pty) Ltd, Mmakau Mining (Pty) Ltd, Marula Community Trust

African Rainbow Minerals Ltd

Ba-Mogopa Platinum Investments (Pty) Ltd

Platinum Group Metals Ltd, Mnombo, JOGMEC, Hanwa

South Africa

Zimbabwe

and refining operations.

Our mining operations are located within the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe and the Lac des Iles Intrusive Complex in Ontario, Canada.

Implats has its primary listing on the JSE Limited (JSE) in South Africa and a secondary listing on the A2X Markets (A2X), also in South Africa. Our headquarters are based in Johannesburg. The six primary mining operations are Impala Rustenburg, Marula and Two Rivers in South Africa, Mimosa and Zimplats in Zimbabwe, and Lac des Iles in Canada. The Mimosa and Two Rivers operations are joint venture operations with Sibanye-Stillwater and African Rainbow Minerals (ARM) respectively, with Mimosa managed by an on-site mine team and overseen by a joint venture board, and Two

statement can be found on the RBPlat website (www.bafokengplatinum.co.za) as at 31 December 2022 and the latest interim release dated 1 August 2023.

The attributable Group Mineral Resource estimate decreased by 5.9Moz 6E to 262.7Moz 6E, while the attributable Group Mineral Reserve estimate decreased by

Impala Platinum

87%

50%

100%

Canada Zimbabwe

Zimplats 13% Minorities

Mimosa 50% Sibanye-Stillwater

Lac des Iles

Canada

Rivers by ARM.

The structure of our operating model allows each operation to establish and maintain close relationships with its stakeholders, while operating within a Group-wide framework to manage the economic, social and environmental (ESG) aspects of their sustainability performances.

The report relates to the Mineral Resource and Mineral Reserve Statement, compiled for Implats and its subsidiaries, and provides the status of estimates as at 30 June 2023.

An abridged version is included in the Implats integrated annual report for 2023, published annually and available at (www.implats.co.za). The report seeks to provide transparent and compliant details relating to the Mineral Resources and Mineral Reserves considered material to stakeholders.

Relationship between Exploration Results, Mineral Resources and Mineral Reserves showing Implats' attributable Mineral Resources and Mineral Reserves

as at 30 June 2023 (Moz 6E)

geoscientific confidence

Exploration Results

Mineral Reserves

Total 52.5Moz

6E

Mineral Resources

Total 262.7Moz 6E

levelIncreasingof knowledgeand

Inferred

50.0Moz 6E

Indicated

104.1Moz 6E

Probable

32.8Moz

6E

Measured

108.6Moz 6E

Proved

19.7Moz

6E

Reported as in situ mineralisation estimates

Reported as mineable production estimates

Consideration of mining, metallurgical, processing, infrastructural, economic, marketing,

legal, environmental, social and governmental factors (the modifying factors)

3.2Moz 6E to 52.5Moz 6E.

Greenfields exploration activities remain dormant at the South African and Zimbabwean operations, with some activity undertaken by Impala Canada in the Ontario province. Shaft sinking activities at Impala Rustenburg's 17 Shaft and Afplats' Leeuwkop Shaft remain suspended.

GROUP OPERATIONS

Implats is structured around six mining and processing operations and Impala Refining Services (IRS), a refining business. Group operations are located on the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe - the two most significant PGM orebodies in the world - as well as the Canadian Shield, a prominent igneous complex domain for PGMs in Canada.

In South Africa, our operations at Impala Rustenburg and the Afplats project are located in the Bojanala Platinum district of the North West province. RBPlat is located contiguous to Impala Rustenburg. The Marula and Two Rivers operations, together with the Waterberg joint venture project, are located in the Limpopo province.

In November 2021, Implats announced the acquisition of 24.5% of the RBPlat shares and increased this to 56.41% as at 30 June 2023. Details regarding the RBPlat mineral assets can be viewed at (www.bafokengplatinum.co.za), or (www.implats.co.za). Summary details regarding the attributable RBPlat Mineral assets will be included in the Implats interim results as at 31 December 2023.

HEADLINE NUMBERS

The headline summary for the Group is shown below. Combined estimates as at 30 June 2023 show a decrease of 2.2% in the Mineral Resource estimates and a decrease of 5.8% in the Mineral Reserve estimates. The estimates are reported in the following section and the various chapters per operation and project, where changes are discussed in more detail. RBPlat is excluded from this declaration, pending conclusion of the transaction. The consolidation and impact on the Group Mineral Resource and Mineral Reserve status will be included in the Implats interim results publication effective 31 December 2023.

Attributable estimates*

2023

2022

2021

2020

2019

Mineral Resources

Moz Pt

127.1

128.2

132.3

132.4

131.6

Moz Pd

85.4

87.7

90.2

89.9

81.5

Moz 3E

223.3

227.7

234.4

233.9

228.0

Moz 4E

237.7

242.4

249.7

249.1

239.5

Moz 6E

262.7

268.6

277.3

277.1

268.3

Mt

1 800.2

1 834.6

1 885.9

1 818.8

1 710.1

Mineral Reserves

Moz Pt

24.3

25.5

24.6

21.8

21.2

Moz Pd

18.4

19.7

18.8

17.3

14.7

Moz 3E

45.3

47.8

46.0

41.2

38.0

Moz 4E

48.0

50.7

48.7

43.6

40.3

Moz 6E

52.5

55.7

53.4

47.8

44.3

Mt

506.0

528.2

512.4

419.7

370.7

* Mineral Resource estimates are inclusive of Mineral Reserves.

2

Implats

Mineral Resource and Mineral Reserve Statement 2023

Implats

Mineral Resource and Mineral Reserve Statement 2023

3

Attributable Mineral Resources and Mineral Reserves

Summary Mineral Resources

Overall, the attributable Group Mineral Resource estimate decreased by 5.9Moz 6E to 262.7Moz 6E. Zimplats accounts for 37% of the Group's Mineral Resource base, Impala Rustenburg accounts for 33%, and the balance of 30% comprises Marula, Mimosa, Two Rivers, Lac des Iles, Waterberg and Afplats. RBPlat is excluded from this declaration, pending conclusion of the transaction.

For more detail, see page 5.

Introduction, group overview

Technical synopsis

The operations - Mineral Resource

The projects - Mineral Resource

Appendices

and governance

and Mineral Reserve estimates

estimates and chromium ore

Attributable Mineral Resources and Mineral Reserves (continued)

ATTRIBUTABLE MINERAL RESOURCE ESTIMATES INCLUSIVE OF MINERAL RESERVES AS AT 30 JUNE 2023

Based on Implats' equity interest

Attributable Mineral Resource estimates, inclusive of Mineral Reserves

Implats'

Moz

share-

3E

4E

6E

holding

Tonnes

grade

grade

grade

Operations and projects

%

Orebody

Category

Mt

g/t

g/t

g/t

Pt

Pd

Rh

Ru

Ir

Au

3E

4E

6E

Impala Rustenburg

96

Merensky

Measured

98.2

6.19

6.53

7.21

13.18

5.61

1.08

1.64

0.49

0.76

19.5

20.6

22.8

South Africa

Indicated

63.8

5.97

6.31

6.96

8.26

3.51

0.68

1.03

0.31

0.48

12.2

12.9

14.3

Inferred

11.9

6.13

6.47

7.14

1.58

0.67

0.13

0.20

0.06

0.09

2.3

2.5

2.7

UG2

Measured

132.4

5.15

5.72

6.68

14.06

7.56

2.44

3.03

1.04

0.28

21.9

24.3

28.4

Indicated

67.5

5.02

5.58

6.52

7.01

3.77

1.21

1.51

0.52

0.14

10.9

12.1

14.2

Inferred

11.9

4.72

5.24

6.12

1.16

0.63

0.20

0.25

0.09

0.02

1.8

2.0

2.3

Attributable Mineral Resource estimate of 262.7Moz 6E

as at 30 June 2023 (%)

2023

2022

■ Zimplats

37%

37%

■ Impala Rustenburg

33%

33%

■ Two Rivers

9%

8%

■ Afplats

8%

8%

■ Marula

6%

6%

■ Mimosa

3%

3%

■ Lac des Iles

2%

3%

■ Waterberg

2%

2%

Attributable Mineral Resource estimate

as at 30 June 2023 (variance Moz 6E)

270

268.6

262.7

6E

260

Moz

250

2022

Impala

Marula

Two Rivers

Zimplats

Mimosa

Lac des Iles

Afplats

Waterberg

2023

Rustenburg

Total

385.7

5.54

6.01

6.83

45.25

21.74

5.75

7.67

2.51

1.76

68.8

74.5

84.7

Marula

73.26

Merensky

Measured

25.1

4.14

4.26

4.56

1.99

1.09

0.10

0.20

0.03

0.26

3.3

3.4

3.7

South Africa

Indicated

5.6

4.08

4.20

4.50

0.44

0.24

0.02

0.04

0.01

0.06

0.7

0.8

0.8

Inferred

3.8

3.71

3.82

4.10

0.27

0.15

0.01

0.03

0.00

0.04

0.5

0.5

0.5

UG2

Measured

31.7

5.69

6.26

7.29

2.72

2.99

0.58

0.85

0.19

0.09

5.8

6.4

7.4

Indicated

15.8

5.74

6.32

7.37

1.40

1.48

0.29

0.44

0.10

0.05

2.9

3.2

3.8

Inferred

4.2

5.75

6.33

7.36

0.37

0.40

0.08

0.11

0.03

0.01

0.8

0.9

1.0

Total

86.2

5.06

5.45

6.19

7.18

6.35

1.09

1.67

0.37

0.50

14.0

15.1

17.2

Two Rivers

46

Merensky

Indicated

41.9

2.97

3.07

3.35

2.47

1.26

0.14

0.31

0.06

0.27

4.0

4.1

4.5

South Africa

Inferred

35.4

3.92

4.06

4.40

2.65

1.52

0.16

0.33

0.06

0.29

4.5

4.6

5.0

UG2

Measured

7.0

4.10

4.58

5.56

0.58

0.33

0.11

0.18

0.04

0.01

0.9

1.0

1.3

Indicated

34.7

4.29

4.78

5.77

2.91

1.84

0.54

0.89

0.22

0.05

4.8

5.3

6.4

Inferred

37.2

4.06

4.51

5.38

2.84

1.96

0.53

0.84

0.21

0.06

4.9

5.4

6.4

Total

156.3

3.79

4.08

4.71

11.45

6.91

1.48

2.56

0.59

0.69

19.0

20.5

23.7

Zimplats

87

MSZ

Measured

220.3

3.23

3.36

3.55

11.98

9.17

0.96

0.87

0.44

1.70

22.9

23.8

25.1

Zimbabwe

Indicated

431.0

3.25

3.39

3.57

24.20

17.72

1.89

1.69

0.87

3.10

45.0

46.9

49.5

Inferred

187.6

3.25

3.39

3.58

10.64

7.38

0.83

0.74

0.39

1.61

19.6

20.5

21.6

Total

838.9

3.24

3.38

3.57

46.82

34.27

3.68

3.30

1.70

6.41

87.5

91.2

96.2

Summary Mineral Reserves

Overall, the attributable Group Mineral Reserve estimate decreased by 3.2Moz 6E to 52.5Moz 6E. Zimplats accounts for 44% of the attributable 6E Mineral Reserve estimate base and Impala Rustenburg accounts for 26%. RBPlat is excluded from this declaration, pending conclusion of the transaction.

For more detail, see page 7.

Mimosa

50

MSZ

Measured

35.5

3.37

3.52

3.74

1.97

1.55

0.17

0.17

0.08

0.33

3.8

4.0

4.3

Zimbabwe

Indicated

12.4

3.35

3.50

3.73

0.69

0.53

0.06

0.06

0.03

0.12

1.3

1.4

1.5

Inferred

14.4

3.27

3.42

3.64

0.79

0.60

0.07

0.07

0.03

0.13

1.5

1.6

1.7

Total

62.3

3.34

3.49

3.71

3.44

2.67

0.30

0.30

0.15

0.58

6.7

7.0

7.4

Lac des Iles

100

LDI

Measured

24.6

2.84

2.84

2.84

0.18

1.93

-

-

-

0.14

2.2

2.2

2.2

Canada

Intrusive

Indicated

46.1

2.50

2.50

2.50

0.31

3.17

-

-

-

0.23

3.7

3.7

3.7

Complex

Inferred

5.5

2.43

2.43

2.43

0.04

0.37

-

-

-

0.03

0.4

0.4

0.4

Total

76.2

2.61

2.61

2.61

0.53

5.46

-

-

-

0.39

6.4

6.4

6.4

Afplats

74

UG2

Measured

58.9

4.68

5.29

6.58

6.09

2.72

1.15

1.98

0.46

0.05

8.9

10.0

12.4

South Africa

Indicated

6.8

4.61

5.22

6.48

0.70

0.31

0.13

0.23

0.05

0.01

1.0

1.1

1.4

Inferred

35.3

4.52

5.15

6.35

3.53

1.58

0.66

1.15

0.27

0.03

5.1

5.8

7.2

Total

101.0

4.62

5.24

6.49

10.31

4.61

1.94

3.36

0.78

0.08

15.0

17.0

21.1

Attributable Mineral Reserve estimate of 52.5Moz 6E

as at 30 June 2023 (%)

2023

2022

■ Zimplats

44%

39%

■ Impala Rustenburg

26%

30%

■ Two Rivers

10%

10%

■ Marula

9%

9%

■ Mimosa

7%

6%

■ Lac des Iles

4%

5%

Attributable Mineral Reserve estimate

as at 30 June 2023 (variance Moz 6E)

55.7

55

52.5

45

Moz6E

35

25

2022

Impala

Marula

Two Rivers

Zimplats

Mimosa

Lac des Iles

2023

Rustenburg

Waterberg

15

T-Zone

Measured

0.7

4.16

4.20

4.20

0.03

0.05

0.00

-

-

0.02

0.1

0.1

0.1

South Africa

Indicated

2.6

4.58

4.61

4.61

0.11

0.19

0.00

-

-

0.07

0.4

0.4

0.4

Inferred

3.3

3.83

3.86

3.86

0.12

0.20

0.00

-

-

0.08

0.4

0.4

0.4

F-Zone

Measured

8.1

3.31

3.36

3.36

0.25

0.57

0.01

-

-

0.04

0.9

0.9

0.9

Indicated

25.0

3.19

3.24

3.24

0.77

1.68

0.04

-

-

0.12

2.6

2.6

2.6

Inferred

6.7

2.94

2.98

2.98

0.19

0.41

0.01

-

-

0.03

0.6

0.6

0.6

Total

46.4

3.31

3.36

3.36

1.46

3.11

0.07

-

-

0.37

4.9

5.0

5.0

Implats

Total underground

1 753.0

3.94

4.20

4.64

126.4

85.1

14.3

18.8

6.1

10.8

222.3

236.7

261.6

Impala Rustenburg

96

TSF1 and 2

Indicated

47.2

0.65

0.67

0.76

0.61

0.24

0.04

0.11

0.03

0.12

1.0

1.0

1.2

South Africa

Total surface

47.2

0.65

0.67

0.76

0.61

0.24

0.04

0.11

0.03

0.12

1.0

1.0

1.2

Implats

Grand total

1 800.2

3.86

4.11

4.54

127.1

85.4

14.3

19.0

6.1

10.9

222.3

237.7

262.7

Estimated values that are less than 0.01 are reported as 0.00.

Implats reports a summary of total attributable ounces, as sourced from all categories of Mineral Resources for the Implats Group of companies and its other strategic interests, on a percentage equity-interest basis. The tabulation above reflects estimates for 3E, 4E and 6E ounces, based on the percentage equity interest. For clarity, both attributable Mineral Resources, inclusive of Mineral Reserves, and

Implats adopted the inclusive reporting style for Mineral Resources, where Mineral Reserves are included in the estimates. All Mineral Resource estimates are reported inclusive of Mineral Reserves, unless otherwise stated. A summary table with the estimated Mineral Resources, exclusive of Mineral Reserves, is provided on page 9.

attributable Mineral Resources, exclusive of Mineral Reserves, are shown separately in different sections of this report. Note that these are not additive to each other. This tabulation excludes RBPlat; the summary table will updated in the Implats interim results publication effective 31 December 2023, with the inclusion of the RBPlat estimates.

4

Implats

Mineral Resource and Mineral Reserve Statement 2023

Implats

Mineral Resource and Mineral Reserve Statement 2023

5

Attributable Mineral Resources and Mineral Reserves (continued)

Summary of attributable Mineral Resource estimate

Attributable Moz 6E

Operations and projects

2019

2020

2021

2022

2023

Impala Rustenburg

93.5

90.2

89.9

87.8

85.8

Marula

18.2

18.0

17.9

17.4

17.2

Two Rivers*

22.3

22.4

22.7

22.2

23.7

Zimplats

102.3

102.8

101.4

100.5

96.2

Mimosa*

6.9

6.8

7.9

7.6

7.4

Lac des Iles

-

6.8

7.4

7.1

6.4

Afplats

25.1

25.1

25.1

21.1

21.1

Waterberg*

-

5.0

5.0

5.0

5.0

Total

268.3

277.1

277.3

268.6

262.7

* Non-managed.

The accompanying graphs illustrate the following:

  • The comparison based on 6E ounces shows that the Impala Rustenburg and Zimplats Mineral Resources comprise the bulk of the Group's Mineral Resources (70% of the total Implats inventory) (see page 4)
  • The 6E ounces per reef grouping show that the Main Sulphide Zone (MSZ) in Zimbabwe's Great Dyke hosts 40% of the attributable Implats Mineral Resources
  • The five-year statistics for the estimated attributable platinum, palladium, rhodium, ruthenium, gold and iridium Mineral Resources indicate an overall stable inventory.
    Attributable Mineral Resource estimate per reef inclusive

of Mineral Reserves

as at 30 June 2023 (Moz)

Waterberg

0.1

T and F

1

3

0.4

Zones

Lac des

1

5

0.4

Iles IC

Merensky

31

14

2

4

1

2

UG2

43

26

8

11

3

1

MSZ

50

37

4

4

2

7

0

20

40

60

80

100

120

Moz

  • Pt ■ Pd ■ Rh ■ Ru ■ Ir ■ Au

Attributable Mineral Resource estimate inclusive of Mineral Reserves

as at 30 June 2023 (Moz per annum)

2019

132

82

15

22

7

11

2020

132

90

15

21

7

11

2021

132

90

15

21

7

12

2022

128

88

15

20

6

12

2023

127

85

14

19

6

11

050100150200250300

Moz

Exploration drilling at Marula

■ Pt ■ Pd ■ Rh ■ Ru ■ Ir ■ Au

Introduction, group overview

Technical synopsis

The operations - Mineral Resource

The projects - Mineral Resource

Appendices

and governance

and Mineral Reserve estimates

estimates and chromium ore

Attributable Mineral Resources and Mineral Reserves (continued)

ATTRIBUTABLE MINERAL RESERVE ESTIMATES AS AT 30 JUNE 2023

Based on Implats' equity interest

Attributable Mineral Reserve estimates

Implats'

3E

4E

6E

Moz

share-

Tonnes

holding

grade

grade

grade

Operations

%

Orebody

Category

Mt

g/t

g/t

g/t

Pt

Pd

Rh

Ru

Ir

Au

3E

4E

6E

Impala Rustenburg

96

Merensky

Proved

12.3

3.43

3.62

3.99

0.91

0.39

0.07

0.11

0.03

0.05

1.4

1.4

1.6

South Africa

Probable

28.7

3.34

3.52

3.89

2.08

0.88

0.17

0.26

0.08

0.12

3.1

3.3

3.6

UG2

Proved

13.3

3.39

3.77

4.40

0.93

0.50

0.16

0.20

0.07

0.02

1.5

1.6

1.9

Probable

43.0

2.97

3.30

3.85

2.63

1.41

0.46

0.57

0.19

0.05

4.1

4.6

5.3

Total

97.3

3.19

3.47

3.95

6.56

3.19

0.86

1.14

0.38

0.24

10.0

10.9

12.4

Marula

73.26

UG2

Proved

2.4

3.95

4.35

5.04

0.14

0.16

0.03

0.04

0.01

0.00

0.3

0.3

0.4

South Africa

Probable

31.6

3.32

3.67

4.27

1.59

1.73

0.35

0.49

0.12

0.05

3.4

3.7

4.3

Total

33.9

3.36

3.71

4.32

1.73

1.89

0.38

0.54

0.13

0.06

3.7

4.1

4.7

Two Rivers

46

Merensky

Proved

0.2

1.88

1.95

2.12

0.01

0.00

0.00

0.00

0.00

0.00

0.0

0.0

0.0

South Africa

UG2

Probable

25.7

2.44

2.53

2.75

1.23

0.65

0.07

0.16

0.03

0.14

2.0

2.1

2.3

Proved

5.1

2.30

2.57

3.13

0.24

0.14

0.04

0.07

0.02

0.00

0.4

0.4

0.5

Probable

26.7

2.46

2.75

3.33

1.31

0.77

0.25

0.41

0.10

0.02

2.1

2.4

2.9

Total

57.8

2.43

2.63

3.05

2.79

1.57

0.36

0.64

0.15

0.17

4.5

4.9

5.7

Zimplats

87

MSZ

Proved

114.2

3.04

3.17

3.35

5.73

4.58

0.48

0.44

0.22

0.83

11.2

11.6

12.3

Zimbabwe

Probable

103.2

2.97

3.10

3.27

5.06

4.05

0.43

0.38

0.19

0.74

9.9

10.3

10.9

Total

217.5

3.00

3.13

3.31

10.79

8.64

0.91

0.82

0.41

1.58

21.0

21.9

23.1

Mimosa

50

MSZ

Proved

22.2

3.32

3.46

3.67

1.22

0.94

0.10

0.10

0.05

0.20

2.4

2.5

2.6

Zimbabwe

Probable

8.2

3.29

3.43

3.65

0.45

0.34

0.04

0.04

0.02

0.08

0.9

0.9

1.0

Total

30.4

3.31

3.45

3.66

1.67

1.29

0.13

0.14

0.07

0.28

3.2

3.4

3.6

Lac des Iles

100

LDI

Proved

4.8

2.61

2.61

2.61

0.03

0.35

-

-

-

0.02

0.4

0.4

0.4

Canada

IC

Probable

17.2

2.65

2.65

2.65

0.10

1.26

-

-

-

0.10

1.5

1.5

1.5

Total

22.0

2.64

2.64

2.64

0.14

1.62

-

-

-

0.12

1.9

1.9

1.9

Implats

Total underground

458.8

3.00

3.18

3.48

23.7

18.2

2.6

3.3

1.1

2.4

44.3

46.9

51.3

Impala Rustenburg

96

TSF

Proved

-

-

-

-

-

-

-

-

-

-

-

-

-

South Africa

Probable

47.2

0.65

0.67

0.76

0.61

0.24

0.04

0.11

0.03

0.12

1.0

1.0

1.2

Total surface

47.2

0.65

0.67

0.76

0.61

0.24

0.04

0.11

0.03

0.12

1.0

1.0

1.2

Implats

Grand total

506.0

2.78

2.95

3.23

24.3

18.4

2.7

3.4

1.2

2.6

45.3

48.0

52.5

This tabulation excludes RBPlat, which will be accounted for in the summary Mineral Reserve table in the Implats interim results report, effective 31 December 2023.

Summary of attributable Mineral Reserve estimates

Attributable Moz 6E

Operations

2019

2020

2021

2022

2023

Impala Rustenburg

12.8

15.1

17.7

16.5

13.5

Marula

2.3

2.2

2.0

5.2

4.7

Two Rivers*

3.4

3.3

5.8

5.6

5.7

Zimplats

23.9

22.4

22.6

21.9

23.1

Mimosa*

1.9

1.6

2.0

3.6

3.6

Lac des Iles

-

3.2

3.3

2.9

1.9

Total

44.3

47.8

53.4

55.7

52.5

* Non-managed.

The attendant graphs compare the past few reporting periods and indicate an overall increase in attributable Mineral Reserves, in line with depletion and the changes mentioned above:

  • Comparisons based on 6E ounces show that the Zimplats Mineral Reserves comprise 44% of the Implats Mineral Reserves (see page 4)
  • The estimates per reef show that the MSZ hosts some 51% of the attributable 6E Implats Mineral Reserves at the Zimplats and Mimosa mines

• The five-year statistics for the estimated attributable 6E Mineral Reserves indicate an increase as at 30 June 2023 compared with the previous reporting period

  • The updated allocation of Implats' 6E Mineral Reserves per operation is shown on the next page. The advantage at Zimplats, related to the operating depth and size, is clearly illustrated.

6

Implats

Mineral Resource and Mineral Reserve Statement 2023

Implats

Mineral Resource and Mineral Reserve Statement 2023

7

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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 05:13:04 UTC.