Impala Platinum : Implats delivers robust full-year performance

NEWS RELEASE

IMPLATS DELIVERS ROBUST FULL-YEAR PERFORMANCE

Johannesburg, 31 August 2023 - Impala Platinum Holdings Limited (Implats) produced a strong production and safety performance, delivered robust earnings and cash generation for its full year to end 30 June 2023, and concluded the acquisition of Royal Bafokeng Platinum (RBPlat). Amid softening rand PGM pricing and lower refined production and sales, the Group recorded EBITDA of R36.0 billion, headline earnings of R18.8 billion or 2 211 cents per share, and generated free cash flow of R14.2 billion, after funding capital expenditure of R11.4 billion and R4.9 billion in acquistion costs for RBPlat in the period.. The board of directors declared a final dividend of 165 cents per share, resulting in a total dividend for FY2023 of 585 cents per share.

Implats CEO, Nico Muller, said: "Enhanced operational flexibility, resilience and disciplined execution enabled Implats to successfully navigate a series of domestic and regional challenges, which compounded the effects of softening dollar PGM pricing, rand depreciation and persistent inflation in the period under review. This is testament to the skills and strength of our people, with standout performances at Impala Canada, Zimplats and Impala Rustenburg.

"The year's highlight was securing ownership of RBPlat and the Group is now implementing its plans to integrate and optimise the asset to ensure maximum value from this important acquisition. The combined asset base of Impala Rustenburg and RBPlats will result in a more secure and sustainable Rustenburg operating complex in years to come, with a premier mine-to-market production base, well-capitalised infrastructure and long-term competitive positioning, enhanced by industry-leading integrated processing capability and through the achievement of material potential synergies.

"The Group improved its safety metrics and its sustainability journey gained momentum with several accolades received in the period, recognising its excellence in and enduring commitment to environmental, social and governance (ESG) management.

"Despite the challenging operating environment, Implats delivered a strong performance and we ended the year in a sustainable, flexible and more competitive position, well placed to continue creating and sharing value with all our stakeholders.

"The uncertain macroeconomic environment and the recent material decline in dollar PGM pricing has heralded a period of rapid margin compression across the sector, which requires decisive action and focus to preserve business sustainability. The pricing decline is, however, taking place in the context of a robust medium-term outlook for our primary products, with destocking of metal by industrial and auto end-users and the flow of discounted metal from Russia negatively impacting market liquidity and pricing.

"We have invested heavily in asset integrity, harvesting some of the benefit of our recent strong financial performance to materially strengthen our portfolio competitiveness. We remain focused on delivering consistent and safe production, constructively collaborating with key stakeholders and entrenching operational agility and flexibility.

"Our near-term focus at our newest asset, RBPlat, is to provide technical support, guidance and oversight to optimise costs, improve metallurgical performance, complete the Styldrift ramp-up, and plan and implement the medium- and longer-term initiatives to realise the synergies provided by the acquisition."

KEY FEATURES FOR THE 12 MONTHS

Safety and sustainability

• Regrettably, five fatalities at managed operations
• 7% improvement in LTIFR* to 3.92
• 13 of Group's 18 operations achieved fatality free millionaire or multimillionaire status
• No major or significant environmental incidents
• Maintained A-rating from MSCI for ESG performance
• Second consecutive inclusion in the S&P Global Sustainability Yearbook (2023)

Operational

• 6% increase in managed 6E concentrate production to 2.42Moz
• 1% lower JV 6E concentrate production of 541koz
• 18% decrease in third-party 6E receipts to 287koz
• Refined 6E production declined 4% to 2.96Moz
• 6E sales volumes declined 6% to 2.97Moz
• Group 6E unit costs rose 14% to R19 834/oz (stock-adjusted)
• Consolidated Group capital expenditure of R11.5 billion

Financial

• Gross profit of R22.3 billion at a gross profit margin of 21%
• EBITDA of R36.0 billion and EBITDA margin of 34%
• Headline earnings of R18.8 billion or 2 211 cents per share
• Basic earnings of R4.91 billion or 577 cents per share
• Financial performance negatively impacted by the accounting impact of end-of-period inventory valuations and impairments related to Impala Canada and RBPlat
• Free cash flow of R14.2 billion
• R25.3 billion in closing net cash (excl. leases)
• 30% of adjusted free cash flow allocated to shareholder returns
• Final dividend of 165c per share, bringing total FY2023 dividend to 585c per share

Market

• Dollar revenue per 6E ounce sold down 18% to US$2 035/oz
• Rand revenue per 6E ounce sold decreased by 4% to R36 118/oz
• Precious metal pricing heavily influenced by global macro-economic factors
• Tightening markets for platinum and palladium, with rhodium undercut by industrial destocking in 2023

*per million man-hours worked

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SAFETY

Safe production remains the Group's foremost priority, with the goal of achieving zero harm to the health and safety of our employees and contractors. All safety metrics improved in the period, benefiting from a focus on fatal risk control protocols, risk control management using leading indicators, visible leadership and mine-safety discipline. However, the Group regrettably reported five employee fatalities at managed operations during the period (FY2022: seven), and one at joint venture (JV) operation, Two Rivers.

Following investigations in each case, the Group renewed its focus on targeted safety interventions, adopted leading practices related to fall-of-ground incidents, further embedded critical controls and intensified employee engagement on safety adherence. The board of directors and the management team extended their sincere condolences to the families and peers of our lost colleagues and the Group offers ongoing support to their families.

During the 12 months to end-June 2023, the Group's fatal-injury frequency rate improved by 29% to 0.040 per million man-hours worked (FY2022: 0.056). The lost-time injury frequency rate improved by 7% to

3.92 (FY2022: 4.21) and the all-injury frequency rate by 5% to 9.25 per million man-hours worked (FY2022: 9.76). Notable improvements in safety were recorded at Impala Rustenburg, specifically,which achieved a lost-time injury frequency rate of 4.71 for the year - the lowest reported in 13 years. By year end, 13 of the Group's 18 operations had achieved millionaire or multimillionaire status in terms of fatality free shifts.

RBPLAT ACQUISITION

The Group launched the proposed acquisition of RBPlat in November 2021, with an offer of R90.00 in cash and 0.3 Implats shares per RBPlat share. The Competition Tribunal approved the transaction on 16 November 2022, and the mandatory offer closed on 21 July 2023, with Implats securing 98.91% ownership post year end. The compulsory acquisition of the residual shareholding, in terms of Section 124(1) of the Companies Act (71 of 2008) as amended, will be effected by 14 September 2023.

The equity interest in RBPlat was accounted for as an associate until Implats' shareholding crossed the 50% threshold - on 30 May 2023, it became a subsidiary of Implats. As a result, with effect from 1 June 2023, RBPlat's operating and financial results are consolidated into the Implats results.

Securing outright ownership of RBPlat marks an important milestone for Implats, after a process that was lengthy and contentious. It creates the best possible chance of maximising value from this important acquisition - it enables sustainable socioeconomic benefits for the Rustenburg region and its communities, secures employment, unlocks significant value from the neighbouring operations and contiguous orebodies at Impala Rustenburg, and secures a Western Limb production base to entrench the region's position as the most significant source of global primary PGM production.

The combined asset base represents the dominant resource and production base in the region and it is further differentiated by the quality of its well-capitalised,long-life operating assets, which include the Groups' competitive smelting and refining infrastructure.

Through a series of short-, medium- and long-term priorities, the Group looks forward to delivering meaningful value from RBPlat as it optimises the current performance, delivers on latent production potential and secures the significant synergies available.

Please visit www.implats.co.zafor more detailed commentary related to the acquisition.

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KEY PROJECTS

Implats is proceeding responsibly with its multi-billion rand, multi-year capital investment programme to extend life-of-mine development at several of its operations, increase beneficiation capacity, ensure regulatory compliance, strengthen energy security and progress the Group towards achieving its decarbonisation targets.

Of this capital investment, R12 billion is earmarked to expand its South African and Zimbabwean smelting and refining facilities. Around R8 billion is being invested across managed and JV southern African mining operations to extend life-of-mine at producing mines, secure meaningful employment and entrench southern Africa's status as a stable and sustainable global PGM producer, to support enduring benefits for all stakeholders.

The projects under study and in implementation at our integrated processing assets will reduce the Group's processing environmental footprint and directly increase local beneficiation, positioning the region more competitively as a global mine-to-market PGM producer.

Added to several other life-of-mine extension projects at Impala Rustenburg and the successful acquisition of RBPlat, Implats is confident of growing total refined 6E PGM supply from its southern African assets over the next decade.

Energy security and decarbonisation projects

Implats' Zimplats operations are midway through constructing a US$37 million solar plant at the Selous Metallurgical Complex. The 35MW facility is the first phase of an intended 185MW complex that will secure supply and reduce the unit cost of energy. The first phase will go live in Q2 FY2024. This is the first large-scale project towards meeting the Group's short-term (2030) decarbonisation target of a 30% reduction against the 2019 baseline, and it supports Implats' stated ambition of achieving carbon neutrality by 2050. Following the agreement of a 50MW hydro-power offtake with the Zambia Electricity Supply Corporation Limited (ZESCO) in April 2023, Zimplats now sources 67% of its energy from regional hydro-electric facilities. The proportion of renewable energy will grow during FY2024 as the first phase of the operation's solar programme is commissioned.

Feasibility studies are underway at Impala Rustenburg (140MW) and Marula (30MW) for the construction of photo-voltaic facilities to advance energy security and improve the carbon footprint. These studies are taking place in parallel to Implats' programme to procure wheeled renewable electricity for all South African operations - wheeling is the process of moving privately generated electricity (own-generated or generated by independent power producers) to customers across national utility-owned power grids. Energy wheeling will address the site limitations at Impala Rustenburg and Impala Refineries. In addition, Impala Refineries is undertaking conceptual studies for a combined heat and power project to eliminate coal usage.

For a detailed breakdown of the Group's project pipeline at Zimplats, Mimosa, Marula, Two Rivers, Impala Canada and Impala Refineries, please visit www.implats.co.za

SUSTAINABILITY

Implats is committed to creating a better future for all stakeholders, building value through excellence and execution, and delivering responsible stewardship and long-term value creation. The Group seeks to sustain livelihoods through and beyond mining and leave a positive social and environmental legacy. As such, sustainable development is a core strategic focus.

During the past financial year, Implats made significant progress in its efforts to build sustainable livelihoods in mine communities. Projects worth R545 million were delivered, focused on community wellbeing, education and skills development, enterprise development, inclusive procurement and

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infrastructure development. Collectively, these initiatives directly benefited more than 135 000 people and sustained approximately 5 400 employment opportunities in the Group's mine communities.

The Group's commitment to superior sustainable development and environmental, social and governance (ESG) disclosure practices is recognised in several rankings by leading global and regional agencies. The rankings assist in benchmarking Implats' ESG performance against global best practice, as expected by responsible investors and other stakeholders.

ESG ratings and recognition

• During the period, Implats' annual S&P Global Corporate Sustainability Assessment score (for the Dow Jones Sustainability Index, DJSI) improved to 66 out of 100 (FY2022: 61 out of 100), ranking the Group in the 89th percentile of the mining and metals industry
• Implats earned its second consecutive inclusion in S&P's Global Sustainability Yearbook (2023), a distinction reserved for top-performing companies
• FTSE Russell ranked Implats second in the mining sub-sector for disclosures on managing environmental, social and governance risks
• The Group maintained an overall A-rating from MSCI, reflecting excellent emissions and water performances, and strong governance structures
• For the fourth consecutive year, Implats is included in the Bloomberg Gender-Equality Index (2023), based on progressive inclusivity policies and practices
• Implats holds an 'A' rating for water security risk management, and a 'B' rating for climate change action and disclosures, both from the Carbon Disclosure Project (CDP)
• The Group remains a constituent of the FTSE4Good Index Series and the FTSE/JSE Responsible Investment Top 30 Index
• All operations, with the exception of Impala Canada, are ISO 14001:2015 certified
• Impala Refineries, Marula and Zimplats are ISO 45001:2018 certified
• Impala Refineries holds the London Palladium and Platinum Markets Responsible Sourcing Standard certificate
• The Biodiversity Disclosure Project's inaugural report, by the non-profit Endangered Wildlife Trust, ranked Implats in the top 10 in its sector for biodiversity mainstreaming
• Sustainalytics ranked Implats as a ''leader" for its management of governance-related risks
• Responsible investment firm, ISS ESG, rated the Group above industry average on ESG risk management, with low governance risk, and ranked it among industry leaders in environmental and social disclosures.

For the detailed breakdown on our social, environmental and health and wellbeing performances, visit www.implats.co.za

GROUP OPERATIONAL REVIEW

Tonnes milled from the Group's managed operations increased by 7% to 23.88 million tonnes (FY2022:

22.36 million tonnes) with higher reported volumes at each of Impala Rustenburg, Zimplats and Impala Canada together with a consolidated contribution of 403 000 tonnes at RBPlat offsetting lower throughput at Marula.

Group 6E production increased by 2% to 3.25 million ounces (FY2022: 3.19 million ounces). 6E

production at managed operations increased by 6% to 2.42 million ounces (FY2022: 2.29 million ounces), and a maiden contribution of 43 000 6E ounces in concentrate from RBPlat was recorded for the 30 days to 30 June 2023. 6E concentrate production of 541 000 ounces from JV operations declined by 1% (FY2022: 548 000 ounces). Safety stoppages, and intermittent localised community disruptions at Two Rivers exacerbated the ongoing impact of split-reef and development tonnage on milled grade. At Mimosa, processing and plant stability was impacted by commissioning and optimising the concentrator

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