African Rainbow Minerals : 1H F2022 Excel Spreadsheets

SOFP

Page 1
CONDENSED GROUP INTERIM STATEMENT OF FINANCIAL POSITION
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Note	Rm	Rm	Rm
ASSETS
Non-current assets
Property, plant and equipment	4	8 679	7 678	8 244
Investment properties	24	24	24
Intangible assets	69	78	76
Deferred tax assets	174	-0	274
Loans and long-term receivables	5	41	52	40
Non-current financial assets	10	233	222	193
Investment in associate	6	239	703	534
Investment in joint venture	7	19 903	18 763	20 938
Other investments	8	5 204	5 612	4 210
34 566	33 132	34 533
Current assets
Inventories	423	624	467
Trade and other receivables	9	6 272	6 366	7 825
Taxation	17	112	70
Financial assets	10	823	459	523
Cash and cash equivalents	11	12 082	6 815	9 671
19 617	14 376	18 556
Assets held for sale	-0	( 1)	-0
Total assets	54 183	47 508	53 089
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital	11	11	11
Share premium	5 213	5 202	5 212
Treasury shares	(2 405)	(2 405)	(2 405)
Other reserves	3 892	3 987	2 915
Retained earnings	34 437	28 661	34 461
-	-	-
-	-	-
Equity attributable to equity holders of ARM	41 148	35 456	40 194
Non-controlling interest	3 819	2 844	3 582
-	-	-
-	-	-
Total equity	44 967	38 300	43 776
Non-current liabilities
Long-term borrowings	12	795	1 551	1 105
Deferred tax liabilities	3 100	2 527	2 968
Long-term provisions	1 934	2 007	1 883
5,829	6,085	5,956
Current liabilities
Trade and other payables	2 132	1 928	1 940
Short-term provisions	490	541	898
Taxation	534	202	155
Overdrafts and short-term borrowings	12	-0	-0	-0
- interest-bearing	50	452	57
- non-interest-bearing	181	-	307
3 387	3 123	3 357
-	-	-
-	-	-
-	-	-
Total equity and liabilities	54 183	47 508	53 089

SOPL

Page 2
CONDENSED GROUP INTERIM STATEMENT OF PROFIT OR LOSS
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Note	Rm	Rm	Rm
Revenue	3	7 709	9 813	21,457
Sales	3	7 066	9 046	19,657
Cost of sales	(3 670)	(4 104)	(7,900)
-0	-	-
-0	-	-
Gross profit	3 396	4 942	11,757
Other operating income	16	870	971	2,378
Other operating expenses	(1 361)	(1 245)	(2,717)
-0	-	-
-0	-	-
Profit from operations	2 905	4 668	11,418
-0	-	-
Income from investments	307	183	487
Finance costs	( 130)	( 131)	(329)
Loss from associate	17	-0	( 87)	(260)
Income from joint venture	7	2 387	2 784	7 498
-0	-	-
-0	-	-
Profit before taxation and capital items	5 469	7 417	18,814
Capital items	13	238	-	(9)
-0	-	-
Profit before taxation	5 707	7 417	18,805
Taxation	18	(1 074)	(1 365)	(3,333)
-0	-	-
Profit for the period	4 633	6 052	15 472
Attributable to:
Equity holders of ARM
Profit for the period	3,893	4,868	12 626
-0	-0	-0
Basic earnings for the period	3,893	4,868	12 626
Non - controlling interest
Profit for the period	740	1,184	2 846
740	1 184	2 846
Profit for the period	4 633	6 052	15 472
Earnings per share
Basic earnings per share (cents)	14	1 988	2 499	6 464	-0
-0	-0	-0
-0	-0	-0
Diluted basic earnings per share (cents)	14	1 968	2 474	6 399
224 459	224 410	224 453

SOCI

CONDENSED GROUP INTERIM STATEMENT OF COMPREHENSIVE INCOME	Page 3
Financial instruments at fair value through other comprehensive income	Other	Retained earnings	Total share holders of ARM	Non controlling interest	Total
Rm	Rm	Rm	Rm	Rm	Rm
Six months ended 31 December 2021 (Unaudited)
Profit for the period	-0	-0	3 893	3 893	740	4 633
Total other comprehensive income	802	110	-0	912	-0	912
Other comprehensive income that will not be reclassified to the statement
of profit or loss in subsequent periods:
Net impact of revaluation of listed investment	802	-0	-0	802	-0	802
Revaluation of listed investment ¹	1 033	-0	-0	1 033	-0	1 033
Deferred tax on above	( 231)	-0	-0	( 231)	-0	( 231)
Other comprehensive income that may be reclassified to the statement
of profit or loss in subsequent periods:
Foreign currency translation reserve movement	-0	110	-0	110	-0	110
Total comprehensive income for the period	802	110	3 893	4 805	740	5 545
Six months ended 31 December 2020 (Reviewed)
Profit for the period	-0	-0	4 868	4 868	1 184	6 052
Total other comprehensive loss	( 16)	( 116)	-0	( 132)	-0	( 132)
Other comprehensive income that will not be reclassified to the statement
of profit or loss in subsequent periods:
Net impact of revaluation of listed investment	( 16)	-0	-0	( 16)	-0	( 16)
Revaluation of listed investment ¹	( 20)	-0	-0	( 20)	-0	( 20)
Deferred tax on above	4	-0	-0	4	-0	4
Other comprehensive income that may be reclassified to the statement
of profit or loss in subsequent periods:
Foreign currency translation reserve movement	-0	( 116)	-0	( 116)	-0	( 116)
Total comprehensive (loss) / income for the period	( 16)	( 116)	4 868	4 736	1 184	5 920
Year ended 30 June 2021 (Audited)
Profit for the year	-	-	12,626	12,626	2,846	15,472
Total other comprehensive loss	(1 107)	( 161)	-0	(1 268)	-0	(1 268)
Other comprehensive income that will not be reclassified to the statement
of profit or loss in subsequent periods:
Net impact of revaluation of listed investment	(1 107)	-0	-0	(1 107)	-0	(1 107)
Revaluation of listed investment ¹	(1 426)	-0	-0	(1 426)	-0	(1 426)
Deferred tax on above	319	-0	-0	319	-0	319
Other comprehensive income that may be reclassified to the statement
of profit or loss in subsequent periods:
Foreign currency translation reserve movement	-0	( 161)	-0	( 161)	-0	( 161)
Total comprehensive (loss) / income for the year	(1 107)	( 161)	12 626	11 358	2 846	14 204
¹ The share price of Harmony Limited at 31 December 2021 was R66.60, R52.76 at 30 June 2021 and R71.60 at 31 December 2020 per share.
The valuation of the investment in Harmony is based on a level 1 fair value hierarchy level in terms of IFRS.
ARM shareholding at 31 December 2021 was 12.11% (31 December 2020: 12.12%, 30 June 2021: 12.12%).

SOCE

CONDENSED GROUP INTERIM STATEMENT OF CHANGES IN EQUITY	Page 4
Other reserves
Financial instruments at fair value through other comprehensive income
Share capital and premium	Treasury	Share based payments	Total	Non-
share	Retained earnings	shareholders	controlling
capital	Other	of ARM	interest	Total
Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm	Rm
Six months ended 31 December 2021 (Unaudited)
Balance at 30 June 2021	5 223	(2 405)	2 237	700	( 22)	34 461	40 194	3 582	43 776
Total comprehensive income for the period	-0	-0	802	-0	110	3 893	4 805	740	5 545
Profit for the period	-0	-0	-0	-0	-0	3 893	3 893	740	4 633
Other comprehensive income	-0	-0	802	-0	110	-0	912	-0	912
Share options exercised	1	-0	-0	-0	-0	-0	1	-0	1
Dividend paid	-0	-0	-0	-0	-0	(3 917)	(3 917)	-0	(3 917)
Dividend declared to non-controlling interests	-0	-0	-0	-0	-0	-0	-0	( 503)	( 503)
Share based payment expense	-0	-0	-0	65	-0	-0	65	-0	65
-0
Balance at 31 December 2021	5 224	(2 405)	3 039	765	88	34 437	41 148	3 819	44 967
Six months ended 31 December 2020 (Reviewed)
Balance at 30 June 2020	4 961	(2 405)	3 344	884	139	25 157	32 080	2 028	34 108
Total comprehensive (loss) / income for the period	-0	-0	( 16)	-0	( 116)	4 868	4 736	1 184	5 920
Profit for the period	-0	-0	-0	-0	-0	4 868	4 868	1 184	6 052
Other comprehensive loss	-0	-0	( 16)	-0	( 116)	-0	( 132)	-0	( 132)
Bonus and performance shares issued to employees	213	-0	-0	( 325)	-0	-0	( 112)	-0	( 112)
Share options exercised	39	-0	-0	-0	-0	-0	39	-0	39
Dividend paid	-0	-0	-0	-0	-0	(1 364)	(1 364)	-0	(1 364)
Dividend declared to non-controlling interests	-0	-0	-0	-0	-0	-0	-0	( 368)	( 368)
Share based payment expense	-0	-0	-0	77	-0	-0	77	-0	77
-0	-0	-0	-0	-0	-0	-0	-0	-0
Balance at 31 December 2020	5 213	(2 405)	3 328	636	23	28 661	35 456	2 844	38 300
Year ended 30 June 2021 (Audited)
Balance at 30 June 2020	4 961	(2 405)	3 344	884	139	25 157	32 080	2 028	34 108
Total comprehensive (loss) / income for the year	-0	-0	(1 107)	-0	( 161)	12 626	11 358	2 846	14 204
Profit for the year 30 June 2021	-0	-0	-0	-0	-0	12 626	12 626	2 846	15 472
Other comprehensive loss	-0	-0	(1 107)	-0	( 161)	-0	(1 268)	-0	(1 268)
Bonus and performance shares issued to employees	262	-0	-0	( 332)	-0	-0	( 70)	-0	( 70)
Dividend paid	-0	-0	-0	-0	-0	(3 322)	(3 322)	-0	(3 322)
Dividend declared to non-controlling interests	-0	-0	-0	-0	-0	-0	-0	(1 292)	(1 292)
Share based payment expense	-0	-0	-0	148	-0	-0	148	-0	148
Balance at 30 June 2021	5 223	(2 405)	2 237	700	( 22)	34 461	40 194	3 582	43 776

SOCF

Page 5
CONDENSED GROUP INTERIM STATEMENT OF CASH FLOWS
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Note	Rm	Rm	Rm
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers	9 413	6,984	17,189
Cash paid to suppliers and employees	(4 588)	(4,958)	(9,387)
-0	-0	-0
-0	-0	-0
Cash generated from operations	19	4 825	2 026	7 802
Interest received	267	160	358
Interest paid	( 24)	( 25)	( 45)
Taxation paid	( 643)	(800)	(2,291)
4,425	1,361	5,824
-0	-	-
Dividends received from joint venture	7	3 500	1 500	4 000
Dividend received from investments - Harmony	20	- 0	82
7,945	2,861	9,906
Dividends paid to non-controlling interest - Impala Platinum	( 391)	( 368)	(1 219)
Dividends paid - equity holders of ARM	(3,917)	(1 364)	(3,322)
Net cash inflow from operating activities	3,637	1,129	5,365
CASH FLOW FROM INVESTING ACTIVITIES
31 December 2005	2
Additions to property, plant and equipment to maintain operations	( 485)	( 551)	(1 224)
Additions to property, plant and equipment to expand operations	( 368)	(292)	(433)
Proceeds on disposal of property, plant and equipment	- 0	- 0	3
Investment in financial assets	( 555)	(216)	( 308)
Proceeds from financial assets matured	241	1,072	1 124
-0	-0	-0
Net cash (outflow) / inflow from investing activities	(1,167)	13	( 838)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from exercise of share options	1	39	44
Long-term borrowings raised	2	-0	264
Long-term borrowings repaid	( 63)	( 80)	( 461)
Short-term borrowings raised	-0	-0	-0
Short-term borrowings repaid	(5)	( 97)	( 187)
-0	-0	-0	420
-0	-0	-0
Net cash outflow from financing activities	( 65)	( 138)	( 340)
Net increase in cash and cash equivalents	2 405	1 004	4 187
Cash and cash equivalents at beginning of period	9 655	5,512	5,512
Foreign currency translation on cash balances	6	(31)	( 44)
-0	-0	-0
Cash and cash equivalents at end of period	11	12 066	6 485	9 655
Made up as follows:
- Available	11 164	5 753	8 849
- Cash set aside for specific use	902	732	806
12 066	6 485	9 655
Overdrafts	12	16	330	16
Cash and cash equivalents per the statement of financial position	12 082	6 815	9 671
Cash generated from operations per share (cents)	2 464	1 040	3 994

Note 1

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 6
for the six months ended 31 December 2021
1. STATEMENT OF COMPLIANCE
The condensed Group interim financial statements for the six months ended 31 December 2021 have been prepared in
accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting
Standards (IFRS), the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and contains the information
required by IAS 34 - Interim Financial Reporting, requirements of the South African Companies Act and the Listings
Requirements of the Johannesburg Stock Exchange (JSE) Limited.
BASIS OF PREPERATION
The condensed Group interim financial statements for the six months ended 31 December 2021 have been prepared on the historical cost basis,
except for certain financial instruments, which include listed investments, and unlisted investments that are fair valued.
shown under comprehensive income.	The accounting policies used are consistent with those in the most recent annual financial statements except for those listed
below and comply with IFRS. The condensed group interim financial statements for the period have been prepared under the
supervision of the Finance Director, Miss TTA Mhlanga CA(SA).
The presentation and functional currency is the South African Rand and the Group interim condensed consolidated financial statements are
rounded to the nearest R million.
ADOPTION OF NEW AND REVISED ACCOUNTING STANDARDS
The Group has adopted the following new and/or revised standards and interpretations issued by the International Financial Reporting
Interpretation Committee (IFRIC) of the IASB during the period under review. The date of initial application for the ARM Group being 1 July 2021.
Standard	Subject	Effective date
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16	Interest rate benchmark reform	1 January 2021
The adoption of the above standards had no significant effect on the Group interim condensed consolidated financial statements.
COVID-19 IMPACT ON OPERATIONS
Health and safety measures are complied with at all operations, measures that have been put in place to reduce the risk of an Covid-19
outbreak include the following:
- Daily screening of all employees
- Compulsory wearing of face masks
- Social distancing throughout the mine
- Installation of hand wash basins and sanitising stations
- Regular disinfection of high risk areas
- Rollout of vaccination programme at all our operations
It is estimated that the negative impact of Covid-19 on all operations is currently minimal.
NEW STANDARDS ISSUED BUT NOT YET EFFFECTIVE
The following amendments, standards or interpretations have been issued but are not yet effective for the ARM Group. The effective date
refers to periods beginning on or after, unless otherwise indicated.
Standard	Subject	Effective date
IFRS 3	Business Combinations - Amendment	1 January 2022
IAS 1	Presentation of financial statements - Amendment	1 January 2023
IAS 16	Property, Plant and Equipment - Amendment	1 January 2022
IAS 37	Provisions, Contingent Liabilities and Contingent Assets - Amendment	1 January 2022
IFRS 9	Financial instruments - Amendment	1 January 2022
IFRS 17	Insurance Contracts	1 January 2023
The Group does not intend early adopting any of the above amendments or standards.
ARM continuously evaluates the impact of these standards and amendments, the adoption of which are not expected to have a significant
effect on the Group financial results.

Seg 2021

ARMPlatinum	Ferrousmetals	Armcoal	corpandother
NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 7
for the six months ended 31 December 2021
2	SEGMENTAL INFORMATION
Primary segmental information
For management purposes the Group is organised into operating divisions. The operating divisions are ARM Platinum (which includes
platinum and nickel), ARM Ferrous, ARM Coal, ARM Corporate (which includes Corporate, Machadodorp Works, gold and other)
in the table below.
ARM Platinum¹ Rm	ARM Ferrous² Rm	ARM Coal Rm	ARM Corporate Rm	Total Rm	IFRS adjust ment³ Rm	Total per IFRS financial statements Rm
2.1	Six months ended 31 December 2021 (Unaudited)
Sales	6 111	9 396	891	64	16 462	(9 396)	7 066
Cost of sales	(2 992)	(5 795)	( 605)	( 53)	(9 445)	5 775	(3 670)
Other operating income ⁴	120	72	259	443	894	( 24)	870
Other operating expenses ⁴	( 480)	( 702)	( 58)	( 823)	(2 063)	702	(1 361)
Segment result	2 759	2 971	487	( 369)	5 848	(2 943)	2 905
Income from investments	62	143	5	240	450	( 143)	307
Finance cost	(32)	( 16)	( 84)	( 14)	( 146)	16	( 130)
Loss from associate ⁵	-0	-0	-0	-0	-0	-0	-0
Profit from joint venture	-0	215	-0	-0	215	2 172	2 387
Capital items before tax ⁶	-0	( 57)	120	118	181	57	238
Taxation	( 805)	( 849)	( 57)	( 204)	(1 915)	841	(1 074)
Profit / (loss) after tax	1 984	2 407	471	( 229)	4 633	-0	4 633
Non-controlling interest	( 739)	-0	-0	( 1)	( 740)	-0	( 740)
Consolidation adjustment ⁷	-0	( 20)	-0	20	-0	-0	-0
Contribution to basic earnings / (losses)	1 245	2 387	471	( 210)	3 893	-0	3 893
Contribution to headline earnings / (losses)	1 245	2 428	351	( 328)	3 696	-0	3 696
Other information
Segment assets including investment in
associate and joint venture	15 196	26 295	3,061	16 024	60 576	(6 393)	54 183
Investment in associate	239	239	239
Investment in joint venture	19 903	19 903
Segment liabilities	2 438	2 586	1 711	1 433	8 168	(2 586)	5 582
Unallocated liabilities - Deferred taxation and taxation	7 441	(3,807)	3 634
Consolidated total liabilities	15 609	(6 393)	9 216
Cash generated from operations	4 194	5 353	52	579	10 178	(5 353)	4 825
Cash inflow / (outflow) from operating activities	3 442	4 967	53	(3 358)	5 104	(1 467)	3 637
Cash (outflow) / inflow from investing activities	( 998)	(1 128)	( 57)	( 112)	(2 295)	1 128	(1 167)
Cash (outflow) / inflow from financing activities	( 23)	( 10)	2	( 34)	( 65)	-0	( 65)
Capital expenditure	792	1 070	67	4	1 933	(1 070)	863
-	-	-	-	-	-	-
Amortisation and depreciation	318	566	109	5	998	( 566)	432
Impairment loss / reversal (gain) before tax	-	44	( 121)	( 118)	( 195)	( 44)	( 239)
Impairment loss / (reversal)	-	-	-	-	-	-	-
EBITDA	3 077	3 537	596	(364)	6 846	(3 509)	3 337
There were no significant inter - division sales
¹ Refer note 2.4 for more detail on the ARM Platinum segment.
² Refer note 2.7 and note 7 for more detail on the ARM Ferrous segment.
³ Includes IFRS 11 - Joint Arrangements adjustments related to ARM Ferrous.
⁴ Included in ARM Corporate is R365 million re-measurement loss, partially offset with a R259 million re-measurement gain in ARM Coal (refer note 15).
⁵ Includes re-measurement loss on ARM Coal loans of R241 million (refer note 15).
⁶ Refer note 13 for more detail.
⁷ Relates to capitalised fees in ARM Ferrous.
ERROR:#REF!

Seg 2020

Armplatinum	Ferrousmetals	Armcoal	corpandother	Page 8
NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2021
2	SEGMENTAL INFORMATION continued
ARM Platinum¹ Rm	ARM Ferrous² Rm	ARM Coal Rm	ARM Corporate Rm
Total Rm	IFRS adjust ment³ Rm	Total per IFRS financial statements Rm
2.2	Six months ended 31 December 2020 (Reviewed)
Sales	8 494	10 939	482	70	19 985	(10 939)	9 046
Cost of sales	(3 483)	(5 295)	( 538)	( 64)	(9 380)	5 276	(4 104)
Other operating income	93	53	- 0	834	980	( 9)	971
Other operating expenses ⁴	( 691)	(1 535)	( 31)	( 523)	(2 780)	1 535	(1 245)
Segment result	4 413	4 162	( 87)	317	8 805	(4 137)	4 668
Income from investments	27	88	6	150	271	( 88)	183
Finance cost	(33)	( 22)	( 83)	( 15)	( 153)	22	( 131)
Loss from associate ⁵	-0	-0	( 87)	-0	( 87)	-0	( 87)
Loss from joint venture	-0	( 56)	-0	-0	( 56)	2 840	2 784
Capital items before tax ⁶	-0	( 171)	-0	-0	( 171)	171	-0
Taxation	(1 203)	(1 200)	29	( 183)	(2 557)	1 192	(1 365)
Profit / (loss) after tax	3 204	2 801	( 222)	269	6 052	- 0	6 052
Non-controlling interest	(1 183)	-0	-0	( 1)	(1 184)	-0	(1 184)
Consolidation adjustment ⁷	-0	( 17)	-0	17	-0	-0	-0
Contribution to basic earnings / (losses)	2 021	2 784	( 222)	285	4 868	-0	4 868
Contribution to headline earnings / (losses)	2 021	2 955	( 222)	285	5 039	-0	5 039
Other information
Segment assets including investment in
associate and joint venture	12 495	24 930	3 345	12 905	53 675	(6 167)	47 508
Investment in associate	703	703	703
Investment in joint venture	18 763	18 763
Segment liabilities	2 816	2 447	2 018	1 645	8 926	(2 447)	6 479
Unallocated liabilities - Deferred taxation and taxation	6 449	(3,720)	2 729
Consolidated total liabilities	15 375	(6 167)	9,208
Cash generated from operations	2 102	3 293	123	( 199)	5 319	(3 293)	2 026
Cash inflow / (outflow) from operating activities	1 134	2 706	124	(1 629)	2 335	(1 206)	1 129
Cash (outflow) / inflow from investing activities	( 724)	(1 067)	( 118)	855	(1 054)	1 067	13
Cash (outflow) / inflow from financing activities	( 138)	( 10)	( 8)	18	( 138)	-0	( 138)
Capital expenditure	724	957	195	1	1 877	( 957)	920
Amortisation and depreciation	316	545	102	3	966	( 545)	421
Impairment loss before tax	-	169	-	-	169	(169)	-
EBITDA	4 729	4 707	15	320	9 771	(4 682)	5 089
There were no significant inter - division sales
¹ Refer note 2.5 for more detail on the ARM Platinum segment.
² Refer note 2.8 and note 7 for more detail on the ARM Ferrous segment.
³ Includes IFRS 11 - Joint Arrangements adjustments related to ARM Ferrous.
⁴ Included in Modikwa is R129 million re-measurement loss, partially offset with a R123 million re-measurement gain in ARM Corporate (refer note 15).
⁵ Includes re-measurement gain on ARM Coal loans of R25 million (refer note 15).
⁶ Refer note 13 for more detail.
⁷ Relates to capitalised fees in ARM Ferrous.

Seg June 2021

Page 9
NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2021
2	SEGMENTAL INFORMATION continued
ARM Platinum Rm	ARM Ferrous¹ Rm	ARM Coal Rm	ARM Corporate Rm	Total Rm	IFRS adjust ment ² Rm	Total per IFRS financial statements Rm
2.3	Year ended 30 June 2021 (Audited)
Sales	18 463	24 907	1 058	136	44 564	(24 907)	19 657
Cost of sales	(6 687)	(11 046)	(1 078)	( 93)	(18 904)	11 004	(7 900)
Other operating income	293	81	236	1 747	2 357	21	2 378
Other operating expenses	(1 611)	(2 914)	( 50)	(1 056)	(5 631)	2 914	(2 717)
-
Segment result	10 458	11 028	166	734	22 386	(10 968)	11 418
Income from investments	72	245	11	404	732	( 245)	487
Finance cost	( 95)	( 37)	( 175)	( 59)	( 366)	37	( 329)
Loss from associate	-0	-0	( 260)	- 0	( 260)	-0	( 260)
Loss from joint venture	-0	( 3)	-0	-0	( 3)	7 501	7 498
Capital items before tax ³	-0	( 502)	- 0	( 9)	( 511)	502	( 9)
Taxation	(2 925)	(3 190)	8	( 399)	(6 506)	3 173	(3 333)
-0	-0	-0	-0	-0	-0	-0
Profit / (loss) after tax	7 510	7 541	( 250)	671	15 472	-0	15 472
Non-controlling interest	(2 844)	-0	-0	( 2)	(2 846)	-0	(2 846)
Consolidation adjustment ⁴	-0	( 43)	-0	43	-0	-0	-0
Contribution to basic earnings / (losses)	4 666	7 498	( 250)	712	12 626	-0	12 626
-
Contribution to headline earnings / (losses)	4 666	7 927	( 250)	721	13 064	-0	13 064
Other information
Segment assets including investment in associate	14 403	27 441	3 085	14 663	59 592	(6 503)	53 089
Investment in associate	534	534	534
Investment in joint venture	20 938	20 938
Segment liabilities	2 644	2 997	1 847	1 699	9 187	(2 997)	6 190
Unallocated liabilities - Deferred taxation and taxation	6 629	(3 506)	3 123
Consolidated total liabilities	15 816	( 6 503)	9 313
Cash generated from operations	7 758	9 836	197	( 153)	17 638	(9 836)	7 802
Cash inflow / (outflow) from operating activities	4 742	7 255	199	(3 576)	8 620	(3 255)	5 365
Cash (outflow) / inflow from investing activities	(1 562)	(2 345)	( 193)	917	(3 183)	2 345	( 838)
Cash (outflow) / inflow from financing activities	( 313)	( 19)	( 10)	( 17)	( 359)	19	( 340)
Capital expenditure	1 611	2 221	263	10	4 105	(2 221)	1 884
Amortisation and depreciation	619	1 126	182	8	1 935	(1 126)	809
-	-	-	-	-	-	-
Impairment loss before tax	-	500	-	9	509	( 500)	9
EBITDA	11 077	12 154	348	742	24 321	(12 094)	12 227
There were no significant inter-company sales.
¹ Refer to ARM Ferrous segment note 2.9 and note 7 for more detail.
² Includes IFRS 11 - Joint Arrangements adjustments related to ARM Ferrous.
³ Refer note 13 for more detail.
⁴ Relates to fees capitalised in ARM Ferrous and reversed upon consolidation.

Plat 2021+20

Page 10
NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2021
2	SEGMENTAL INFORMATION continued
Additional information
The ARM platinum segment is analysed further into Nkomati, Two Rivers Platinum Proprietary Limited and ARM
Mining Consortium Limited which includes 50% of the Modikwa Platinum Mine.
Two Rivers Rm	Modikwa Rm	Nkomati Rm	ARM Platinum Rm
2.4	Six months ended 31 December 2021 (Unaudited)
Sales	3 969	2 160	( 18)	6 111
Cost of sales	(1 885)	(1 107)	-0	(2 992)
Other operating income	45	73	2	120
Other operating expenses	( 287)	( 146)	( 47)	( 480)
-0	-0	-0	-0
Segment result	1 842	980	( 63)	2 759
Income from investments	32	26	4	62
Finance cost	( 11)	( 7)	( 14)	( 32)
Capital items before tax	-0	-0	-0	-0
Taxation	( 521)	( 283)	( 1)	( 805)
Profit / (loss) after tax	1 342	716	( 74)	1 984
Non-controlling interest	( 617)	( 122)	-0	( 739)
Contribution to earnings / (losses)	725	594	( 74)	1 245
-	-	-	-
Contribution to headline earnings / (losses)	725	594	( 74)	1 245
Other information
Segment and consolidated assets	10 192	4 792	212	15 196
Segment liabilities	1 066	681	691	2 438
Cash inflow from operating activities	2 307	1 135	-0	3 442
Cash outflow from investing activities	( 572)	( 398)	( 28)	( 998)
Cash outflow from financing activities	( 8)	( 15)	-0	( 23)
-	-	-	-
Capital expenditure	572	220	-0	792
-	-	-	-
Amortisation and depreciation	244	74	-0	318
Impairment	-	-	-	-
EBITDA	2 086	1 054	( 63)	3 077
2.5	Six months ended 31 December 2020 (Reviewed)
Sales	5 341	1 957	1 196	8 494
Cost of sales	(1 699)	( 939)	( 845)	(3 483)
Other operating income	52	38	3	93
Other operating expenses	( 388)	( 241)	( 62)	( 691)
Segment result	3 306	815	292	4 413
Income from investments	9	16	2	27
Finance cost	(12)	( 7)	( 14)	(33)
Taxation	( 936)	( 267)	-0	(1 203)
Profit after tax	2 367	557	280	3 204
Non-controlling interest	(1 088)	( 95)	-0	(1 183)
-	-	-	-
Contribution to basic earnings	1 279	462	280	2 021
Contribution to headline earnings	1 279	462	280	2 021
Other information
-	-	-	-
Segment and consolidated assets	8 274	3 719	502	12 495
Segment liabilities	1 566	453	797	2 816
-	-	-	-
Cash inflow from operating activities	903	207	24	1 134
Cash outflow from investing activities	( 552)	( 172)	-0	( 724)
Cash outflow from financing activities	( 65)	( 73)	-0	( 138)
Capital expenditure	552	172	-0	724
Amortisation and depreciation	244	72	-0	316
EBITDA	3,550	887	292	4,729

Plat Jun 2021

Page 11
NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2021
2	SEGMENTAL INFORMATION continued
Platinum	Two Rivers Rm	Modikwa Rm	Nkomati¹ Rm	ARM Platinum Rm
2.6	For the year ended 30 June 2021 (Audited)
Sales	11 992	4 924	1 547	18 463
Cost of sales	(3 533)	(1 924)	(1 230)	(6 687)
Other operating income	180	110	3	293
Other operating expenses	( 952)	( 525)	( 134)	(1 611)
Segment result	7 687	2 585	186	10 458
Income from investments	32	34	6	72
Finance cost	( 60)	( 9)	( 26)	( 95)
Taxation	(2 156)	( 768)	( 1)	(2 925)
Profit after tax	5 503	1 842	165	7 510
Non-controlling interest	(2 531)	( 313)	-0	(2 844)
Contribution to basic earnings	2 972	1 529	165	4 666
Contribution to headline earnings	2 972	1 529	165	4 666
Other information
Segment and consolidated assets	9 709	4 410	284	14 403
Segment liabilities	1 402	552	690	2 644
Cash generated from operations	5 878	1 765	115	7 758
Cash inflow from operating activities	3 289	1 334	119	4 742
Cash outflow from investing activities	(1 182)	( 374)	( 6)	(1 562)
Cash outflow from financing activities	( 221)	( 92)	-0	( 313)
Capital expenditure	1 281	330	-0	1 611
Amortisation and depreciation	488	131	-0	619
-	-	-	-
-	-	-	-
EBITDA	8 175	2 716	186	11 077
¹ Nkomati ceased mining operations on 14 March 2021. The mine is currently under care and maintenance.

Fer 2021

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 12
for the six months ended 31 December 2021
2	SEGMENTAL INFORMATION continued	at 100% basis
Analysis of the ARM Ferrous segment
Iron ore division Rm	Manganese division Rm	ARM Ferrous Total Rm	ARM share Rm	IFRS Adjustment ¹ Rm	Total per IFRS financial statements Rm
2.7	Six months ended 31 December 2021 (Unaudited)
Sales	12 606	6 187	18 793	9 396	(9 396)	-0
Cost of sales	(6 532)	(5 058)	(11 590)	(5 795)	5 795	-0
Other operating income	1 101	274	1 375	72	( 72)	-0
Other operating expenses	(2 210)	( 427)	(2 637)	( 702)	702	-0
Segment result	4,965	976	5,941	2,971	(2,971)	-0
Income from investments	282	3	285	143	(143)	-0
Finance cost	( 21)	( 12)	(33)	(16)	16	-0
Profit from joint venture	-0	431	431	215	(215)	-0
Capital items before tax ²	( 114)	-0	(114)	(57)	57	-0
Taxation	(1,417)	(280)	(1,697)	(849)	849	-0
Profit after tax	3,695	1,118	4,813	2,407	(2,407)	-0
Consolidation adjustment ³	(20)	20	-0
Contribution to basic earnings and
total comprehensive income	3 695	1 118	4,813	2 387	-0	2 387
Contribution to headline earnings	3 777	1 118	4,895	2 428	-0	2 428
Other information
-0
Segment assets	34 563	19 670	54 233	26 295	(6 392)	19 903
-	-
Segment liabilities	8 156	5 089	13 245	2 586	(2 586)	-0
Cash inflow from operating activities ⁴	2 028	905	2 933	4 967	(4 967)	-0
Cash outflow from investing activities	(1 125)	(1 131)	(2 256)	(1 128)	1 128	-0
Cash outflow from financing activities	( 20)	( 1)	( 21)	( 10)	10	-0
Capital expenditure	1 152	1 083	2 235	1 070	( 1 070)	-0
Amortisation and depreciation	793	379	1 172	566	( 566)	-0
-0	-	-	-0
EBITDA	5 758	1 355	7 113	3 537	( 3 537)	-0
Additional information for ARM Ferrous at 100%
Non-current assets
Property, plant and equipment	29 971	(29,971)	-0
Investment in joint venture	1 262	(1,262)	-0
Other non-current assets	1 443	(1,443)	-0
Inventories	763	(763)	-0
Current assets
Inventories	5 054	(5,054)	-0
Trade and other receivables	6 726	(6,726)	-0
Financial assets	157	(157)	-0
Cash and cash equivalents	8 855	(8,855)	-0
Non-current liabilities
Other non-current liabilities	8 708	(8 708)	-0
Current liabilities
Trade and other payables	3 463	(3 463)	-0
Short-term provisions	617	( 617)	-0
Taxation	254	( 254)	-0
Refer note 2.1 and note 7 for more detail on the ARM Ferrous segment
¹ Includes consolidation and IFRS 11 - Joint Arrangements adjustments.
² Refer note 13 for more detail.
³ Includes consolidation adjustment for capitalised fees.
⁴ Iron ore division includes dividend paid amounting to R3.5 billion included in cash flows from operating activities.

Fer 2020

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2021	Page 13
2	SEGMENTAL INFORMATION continued	at 100% basis
Iron ore division Rm	Manganese division Rm	ARM Ferrous Total Rm	ARM share Rm	IFRS Adjustment¹ Rm	Total per IFRS financial statements Rm
2.8	Six months ended 31 December 2020 (Reviewed)
Sales ²	15 942	5 935	21 877	10 939	(10 939)	-0
Cost of sales	(5 916)	(4 674)	(10 590)	(5 295)	5 295	-0
Other operating income	657	79	736	53	( 53)	-0
Other operating expenses	(2,916)	(783)	(3 699)	(1 535)	1 535	-0
Segment result	7,767	557	8,324	4,162	(4,162)	-0
Income from investments	170	6	176	88	(88)	-0
Finance cost	(24)	(20)	(44)	(22)	22	-0
Loss from joint venture	-	(112)	(112)	(56)	56	-0
Capital items before tax	-	(341)	(341)	(171)	171	-0
Taxation	(2,244)	(157)	(2,401)	(1,200)	1,200	-0
Profit (loss) after tax	5,669	(67)	5,602	2,801	(2,801)	-0
Consolidation adjustment ³	(17)	17	-0
Contribution to basic earnings / (losses) and total comprehensive income / (losses)	5,669	(67)	5,602	2,784	-	2,784
Contribution to headline earnings	5,669	274	5,943	2,955	-	2,955
Other information
Segment assets	30 663	20 713	51 376	24 930	(6 166)	18 763
Segment liabilities	7 827	4 933	12 760	2 447	(2 447)	-0
Cash inflow / (outflow) from operating activities ⁴	4 713	(2 300)	2 413	2 706	(2 706)	-0
Cash outflow from investing activities	(1 100)	(1 034)	(2 134)	(1 067)	1 067	-0
Cash outflow from financing activities	( 19)	-0	( 19)	( 10)	10	-0
Capital expenditure	962	1 038	2 000	957	( 957)	-0
Amortisation and depreciation	752	375	1 127	545	( 545)	-0
ERROR:#REF!
EBITDA	8 519	932	9 451	4 707	(4 707)	-0
Additional information for ARM Ferrous at 100%
Non-current assets
Property, plant and equipment	28 162	(28,162)	-0
Investment in joint venture	878	(878)	-0
Other non-current assets	1 872	(1,872)	-0
Current assets
Inventories	4 919	(4,919)	-0
Trade and other receivables	8 769	(8,769)	-0
Financial assets	100	(100)
Cash and cash equivalents	6 678	(6,678)	-0
Non-current liabilities
Other non-current liabilities	8 365	(8 365)	-0
Current liabilities
Trade and other payables	2 577	(2 577)	-0
Short-term provisions	1 266	(1 266)	-0
Taxation	411	( 411)	-0
Financial liabilities	131	(131)	-0
Refer note 2.2 and note 7 for more detail on the ARM Ferrous segment
¹ Includes consolidation and IFRS 11 - Joint Arrangements adjustments.
² Refer note 13 for more detail.
³ Includes consolidation adjustment for capitalised fees.
⁴ Iron ore division includes dividend paid amounting to R3 billion included in cash flows from operating activities.

Fer Jun 2021

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS
for the six months ended 31 December 2021	Page 14
2	SEGMENTAL INFORMATION continued	at 100% basis
Iron ore division Rm	Manganese division Rm	Total ARM Ferrous Total Rm	ARM share Rm	IFRS Adjustment ¹ Rm	Total per IFRS financial statements Rm
2.9	For the year ended 30 June 2021 (Audited)
Sales	37 621	12 192	49 813	24 907	(24 907)	-0
Cost of sales	(12 286)	(9 807)	(22 093)	(11 046)	11 046	-0
Other operating income	1 329	168	1 497	81	( 81)	-0
Other operating expenses	(5 970)	(1 190)	(7 160)	(2 914)	2 914	-0
Segment results	20 694	1 363	22 057	11 028	(11 028)	-0
Income from investments	478	13	491	245	( 245)	-0
Finance cost	( 62)	( 12)	( 74)	( 37)	37	-0
Loss from joint venture	-0	( 7)	( 7)	( 3)	3	-0
Capital items before tax ²	( 49)	( 956)	(1 005)	( 502)	502	-0
Taxation	(6 065)	( 314)	(6 379)	(3 190)	3 190	-0
Profit after tax	14 996	87	15 083	7 541	(7 541)	-0
Consolidation adjustment	(43)	43	-0
Contribution to basic earnings	14,996	87	15,083	7,498	-	7,498
Contribution to headline earnings	15 046	897	15 943	7 927	-0	7 927
Other information
Consolidated total assets	35 662	20 806	56 468	27 441	(6 503)	20 938
Consolidated total liabilities	6 846	6 606	13 452	2 997	(2 997)	-0
Cash inflow / (outflow) from operating activities ³	10 477	(3 968)	6 509	7 255	(7 255)	-0
Cash outflow from investing activities	(2 464)	(2 225)	(4 689)	(2 345)	2 345	-0
Cash outflow from financing activities	( 39)	-	( 39)	( 19)	19	-0
Capital expenditure	2 397	2 248	4 645	2 221	(2 221)	-0
Amortisation and depreciation	1 561	775	2 336	1 126	(1 126)	-
EBITDA	22 255	2 138	24 393	12 154	(12 154)	-
Additional information for ARM Ferrous at 100%
Non-current assets
Property, plant and equipment	29 029	(29,029)	-
Investment in joint venture	778	(778)	-
Other non-current assets	1 851	(1,851)	-
Current assets
Inventories	5 131	(5,131)	-
Trade and other receivables	11 378	(11,378)	-
Financial assets	102	(102)
Cash and cash equivalents	8 198	(8,198)	-
Taxation
Non-current liabilities	8 199	(8 199)
Other non-current liabilities	-0
Current liabilities
Trade and other payables	3 511	(3 511)	-0
Short-term provisions	1 423	(1 423)	-0
Taxation	161	( 161)
Refer note 2.3 and note 7 for more detail on the ARM Ferrous segment.
¹ Includes consolidation and IFRS 11 - Joint Arrangements adjustments.
² Refer note 13 for more detail.
³ Dividend paid amounting to R4 billion included in cash flows from operating activities.

Corp 2021

Ferrousmetals	Armcoal
NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 15
for the six months ended 31 December 2021
2	SEGMENTAL INFORMATION continued
ARM Corporate as presented in the table on page 7 to 9 is analysed further into the ARM
Corporate and other, Gold and Machadodorp.
Machadodorp Works Rm	31 December 2021	Machadodorp Works Rm	31 December 2020	Machadodorp Works Rm	30 June 2021
Corporate and other¹ Rm	Gold Rm	Total ARM Corporate Rm	Corporate and other¹ Rm	Gold Rm	Total ARM Corporate Rm	Corporate and other¹ Rm	Gold Rm	Total ARM Corporate Rm
2.10	Unaudited	(Reviewed)	(Audited)
Sales	64	-	64	70	-	70	136	-	136
Cost of sales	( 78)	25	( 53)	( 90)	26	( 64)	( 149)	56	( 93)
Other operating income	2	441	443	5	829	834	7	1 740	1 747
Other operating expenses	( 86)	( 737)	( 823)	( 51)	( 472)	( 523)	( 130)	( 926)	(1 056)
Segment result	( 98)	( 271)	( 369)	( 66)	383	317	( 136)	870	734
Income from investments	-0	220	20	240	-0	150	150	-0	322	82	404
Finance cost	( 1)	( 13)	( 14)	( 1)	( 14)	( 15)	( 22)	( 37)	( 59)
Capital item	-0	118	118	-0	-0	-0	-0	( 9)	( 9)
Taxation	8	( 212)	( 204)	7	( 190)	( 183)	51	( 450)	( 399)
(Loss) / profit after tax	(91)	(158)	20	(229)	(60)	329	269	(107)	696	82	671
Non-controlling interest	-0	( 1)	( 1)	-0	( 1)	( 1)	-0	( 2)	( 2)
Consolidation adjustment ¹	-0	20	20	-0	17	17	-0	43	43
-	-	-	-	-	-	-	-	-
Contribution to basic (losses) / earnings	( 91)	( 139)	20	( 210)	( 60)	345	285	( 107)	737	82	712
-	-	-	-	-	-	-	-	-
Contribution to headline (losses) / earnings	( 91)	( 257)	20	( 328)	( 60)	345	285	( 107)	746	82	721
Other information
Segment assets	72	10 979	4 973	16 024	77	7 482	5 346	12 905	151	10 572	3 940	14 663
Segment liabilities	290	1 143	1 433	519	1 126	1 645	298	1 401	1 699
Cash inflow / (outflow) from operating activities	12	(3 390)	20	(3 358)	5	(1 634)	(1 629)	( 4)	(3 654)	82	(3 576)
Cash (outflow) / inflow from investing activities	( 3)	( 109)	( 112)	-0	855	855	( 1)	918	917
Cash (outflow) / inflow from financing activities	-0	( 34)	( 34)	-0	18	18	-0	( 17)	( 17)
Capital expenditure	3	1	4	-0	1	1	1	9	10
Amortisation and depreciation	1	4	5	-0	3	3	-0	8	8
Impairment (reversal) gain / loss before tax	-	( 118)	( 118)	-0	-	-	-0	9	9
EBITDA	(97)	(267)	( 364)	(66)	386	320	(136)	878	742
¹ Relates to fees capitalised in ARM Ferrous and reversed on consolidation.

Note 3 - 6

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 16
for the six months ended 31 December 2021
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Rm	Rm	Rm
3	SALES AND REVENUE
Sales	7,066	9,046	19,657
Made up as follows:
Local sales	6 287	7 495	17 266
Export sales	779	1 551	2 391
Revenue	7 709	9 813	21 457
Fair value adjustments to revenue	( 998)	778	792
Revenue from contracts with customers	8 707	9 035	20 665
Sales - mining and related products	8 170	8 490	19 273
Penalty and treatment charges	( 106)	( 222)	( 408)
Modikwa	-	( 1)	( 2)
Nkomati	-	( 44)	( 58)
Two Rivers	( 106)	( 177)	( 348)
Fees received	643	767	1 800
4. IMPAIRMENT AND IMPAIRMENT REVERSAL
4.1 ARM Ferrous
Property, plant and equipment
Khumani mine
A gross impairment loss was recognised in 1H F2022 on property, plant and equipment at Khumani for R88 million before tax.
This relates to a capital project to fill an underground cavity. The impairment loss was accounted for due to
management's assessment of limited future economic benefits associated with the capital spend. ARM's attributable share of the impairment
amounted to R44 million before tax of R12 million (refer note 13).
Tshenolo Iron Ore Mine
An attributable impairment loss was recognised in F2021 on property, plant and equipment for R26 million with no tax effect (refer note 13).
Cato Ridge Works
An impairment loss of R514 million before tax of R144 million was recognised in F2021 on property, plant and equipment.
ARM's attributable share of the impairment amounted to R257 million before tax of R72 million (refer note 13).
Investments
Cato Ridge Alloys
An impairment of R97 million with no tax effect was recognised in F2021 on Assmang's equity-accounted investment in
Cato Ridge Alloys. ARM's attributable share of the impairment amounted to R48 million with no tax effect (refer note 13).
Sakura
An impairment loss of R337 million with no tax effect was recognised in 1H F2021 on Assmang's equity-accounted investment,
Sakura Ferroalloys Sdh Bhd. ARM's attributable share of the impairment loss amounted to R169 million with no tax effect (refer note 13).
Details of the impairments were included in the financial results ended 30 June 2021, which can be found on www.arm.co.za.
NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 17
for the six months ended 31 December 2021
4. IMPAIRMENT AND IMPAIRMENT REVERSAL
4.2 ARM Coal
Investments
Participative Coal Business (PCB)
At 31 December 2021 previous impairment losses recognised against the investment in PCB was reversed by ARM, due to
- increased export coal commodity prices and
- a decline in PCB loan liabilities resulting from earlier than anticipated PCB loan repayments in 1H F2022.
A discounted cash flow valuation model was prepared to determine the net present value of the investment in PCB.
The recoverable amount of ARM's net investment in PCB amounted to R239 million.
The level 3 valuation recoverable amount of the investment in the PCB cash generating unit was determined based on the
fair value less cost of disposal calculation performed in terms of IFRS. ARM's attributable share of the impairment reversal amounted to
R239 million (nil tax impact).
Tax	After tax
Rm	Rm
PCB 20.2%: reversal of impairment (refer note 6)	-	239
Total attributable to ARM	-	239
A pre-tax discount rate of 19.4% was used for the discounted cash flow valuation model together with the following commodity prices
and exchange rates:
F2023 Real	F2024 Real	Long-term Real
R/US$	14.93	14.82	14.90
US$/t	98	85	73
4.3 Venture Building Trust
An impairment loss was recognised in F2021 on property, plant and equipment for R9 million with no tax effect (refer note 13).
Details of the impairments were included in the financial results ended 30 June 2021, which can be found on www.arm.co.za.
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Rm	Rm	Rm
5	LOANS AND LONG - TERM RECEIVABLES
ARM Coal	41	52	40
Glencore South Africa	-	-	-
Total	41	52	40
6	INVESTMENT IN ASSOCIATE
Opening balance	534	795	795
Loss from associate per statement of profit or loss	-	(87)	(260)
Profit / (loss) for the period	241	(112)	(296)
Re-measurement (loss) / gains on loans	(241)	25	36
Movement in loans	(534)	(5)	(1)
Reversal of impairment on investment (refer note 4.2)	239	-	-
Closing balance	239	703	534

Note 7 - 9

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 18
for the six months ended 31 December 2021
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Rm	Rm	Rm
7	INVESTMENT IN JOINT VENTURE
This investment relates to ARM Ferrous and comprises Assmang
as a joint venture which includes iron ore and manganese operations.
Opening balance	20,938	17,545	17,545
Net income for the period	2,387	2,784	7,498
Income for the period	2,407	2,801	7,541
Consolidation adjustments	(20)	(17)	(43)
Foreign currency translation reserve	78	(66)	(105)
Less dividends received for the period	(3,500)	(1,500)	(4,000)
Closing balance	19,903	18,763	20,938
Refer to notes 2.1; 2.2; 2.3; 2.7; 2.8 and 2.9 for further detail relating to the ARM Ferrous segment.
8	OTHER INVESTMENTS
Harmony ¹	4,973	5,346	3,940
Opening balance	3,940	5,366	5,366
Fair value in other comprehensive income	1,033	(20)	(1,426)
Guardrisk ²	10	27	36
Preference shares	1	1	1
Richards Bay Coal Terminal (RBCT) ³	220	238	233
Closing balance	5,204	5,612	4,210
¹	This is a level 1 valuation in terms of IFRS 13.
²	This is a level 2 valuation in terms of IFRS 13.
Fair value based on the net asset value of the cell captive
³	This is a level 3 valuation in terms of IFRS 13.
The fair value of the RBCT investment was determined by calculating the present value of the future wharfage cost
savings by being a shareholder in RBCT as opposed to the wharfage payable by non-shareholders. The fair value is
most sensitive to wharfage cost. The current RBCT valuation is based on a wharfage cost differential of between
$41/tonne and $47/tonne (1H F2021: R43/tonne) (F2021:between $42/tonne and $48/tonne). If increased by 10% this
would result in a R22 million (1H F2021: R24 million) (F2021: R23 million) increase in the valuation on the RBCT
investment. If decreased by 10% this would result in a R22 million (1H F2021: R24 million) (F2021: R23 million)
decrease in the valuation on the RBCT investment. The valuation is calculated based on the duration of the RBCT
lease agreement with Transnet SOC Limited to 31 December 2038, using a pre-tax
discount rate of 19.4% (1H F2021: 19.4%) (F2021: 19.1%).
Opening balance	233	238	238
Fair value loss	( 13)	-	( 5)
Closing balance	220	238	233
9	TRADE AND OTHER RECEIVABLES
The decrease in trade and other receivables is largely as a result of a decrease in revenue during the reporting period.
Trade and other receivables contain provisional pricing features linked to commodity prices and exchange rates,
which have been designated to be measured at fair value through profit or loss because of the embedded derivative.
This is a level 2 valuation in terms of IFRS.
Trade and other receivables include a contract asset from Assmang of R603 million (1H F2021: R577 million)
(F2021: R1 156 million). The contract asset resulted from revised fee arrangements whereby fees
received from Assmang only become payable following receipt by Assmang from the relevant customer.

Note 10

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 19
for the six months ended 31 December 2021
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Rm	Rm	Rm
10	FINANCIAL ASSETS
Investments in fixed deposits
Current financial assets ¹
- African Rainbow Minerals Limited	-	27	-
- ARM Finance Company SA ²	268	165	161
- Two Rivers	31	26	30
- Modikwa	382	105	203
- Nkomati	87	85	59
- Mannequin Captive Cell (Cell AVL 18) (refer note 21)	55	36	61
- Other	-	15	9
823	459	523
Non-current financial assets ¹
- ARM Coal	48	43	46
- Modikwa	1	1	1
- Venture Building Trust	-0	- 0	1
- Mannequin Captive Cell (Cell AVL 18) (refer note 21)	184	178	145
233	222	193
Total	1 056	681	716
¹ Cash and cash equivalents were invested in fixed deposits with maturities longer than three months to achieve
better returns. When these investments mature, to the extent that amounts are not re-invested
in new investments with maturities of longer than 3 months, they will again form part of cash and
cash equivalents. The carrying amounts of the financial assets shown above approximate their fair value.
² During 1H F2022 ARM Finance Company SA invested R252 million in fixed deposits with maturities longer
than three months. The amount was translated at the 31 December 2021 closing exchange rate resulting in a
foreign currency translation gain of R16 million.
The following guarantees issued are included in financial assets:
- Guarantees issued by Two Rivers to DMRE, Eskom and BP Oil amounting to R31 million (1H F2021 : R26 million)
(F2021 : R30 million).
- Guarantees issued by Modikwa to DMRE and Eskom amounting to R146 million (1H F2021 : R105 million)
(F2021 : R164 million).
- Guarantees issued by Nkomati to DMRE and Eskom amounting to R87 million (1H F2021 : R85 million) (F2021 : R59 million).
Other financial assets include trust funds of Rnil (1H F2021 : R15 million) (F2021 : R9 million).

Note 11 + 12

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 20
for the six months ended 31 December 2021
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Rm	Rm	Rm
11	CASH AND CASH EQUIVALENTS
Total cash at bank and on deposit	11 180	6 083	8 865
- African Rainbow Minerals Limited	8 603	5 383	7 739
- ARM BBEE Trust	6	4	4
- ARM Coal	1	7	4
- ARM Finance Company SA	2	83	81
- ARM Platinum Proprietary Limited	827	491	538
- ARM Treasury Investments Proprietary Limited	42	41	42
- Nkomati	79	12	106
- Two Rivers Platinum Proprietary Limited	1 597	38	329
- Other cash at bank and deposit	23	24	22
Total cash set aside for specific use	902	732	806
- Mannequin Cell Captive ¹	750	672	681
- Rehabilitation trust funds ¹	64	47	44
- Other cash set aside for specific use ¹	88	13	81
Total as per statement of financial position	12 082	6 815	9 671
Less - Overdrafts (refer note 12)	( 16)	( 330)	( 16)
Total as per statement of cash flows	12 066	6 485	9 655
Cash at bank and on deposit earns interest at floating rates based on daily bank deposit rates.
¹ Cash set aside for specific use in respect of the group includes:
- Mannequin captive cell is used as part of the group insurance program. The cash held in the cell is invested in highly liquid
investments and is used to settle claims as and when they arise as part of the risk finance retention strategy.
- The trust funds of R15 million (1H F2021: R2 million) (F2021: R6 million)
- African Rainbow Minerals Limited of R35 million (1H F2021: Rnil) (F2021: R35 million)
- Guarantees issued by ARM Coal to DMRE amounting to R45 million (1H F2021:R43 million) (F2021: R44 million).
- Guarantees issued by Two Rivers to DMRE, Eskom and BP oil amounting to Rnil (1H F2021: R4 million) (F2021: Rnil).
- Guarantees issued by Nkomati to DMRE and Eskom amounting to R38 million (1H F2021: R11 million) (F2021: R40 million).
- Guarantees issued by Modikwa to DMRE and Eskom amounting to R19 million (1H F2021: Rnil) (F2021: Rnil).
12	BORROWINGS
Long-term borrowings are held as follows:
- Anglo Platinum Limited (partner loan)	-0	-0	-0
- ARM BBEE Trust	185	302	217
- ARM Coal Proprietary Limited	437	1 070	707
- African Rainbow Minerals Limited (lease liability)	-0	2	-0
- Anglo Platinum Limited (lease liability)	13	33	29
- Two Rivers Platinum Proprietary Limited (lease liability)	160	144	152
795	1 551	1 105
Short-term borrowings are held as follows:
- Anglo Platinum Limited (partner loan)	-0	8	-0
- Anglo Platinum Limited (lease liability)	31	20	30
- ARM Coal Proprietary Limited (partner loans)	181	-0	307
- ARM Coal Proprietary Limited (lease liability)	-0	2	1
- African Rainbow Minerals Limited (lease liability)	3	4	4
- Nkomati	-0	-0	-0
- Two Rivers Platinum Proprietary Limited	-0	-0	-0
- Two Rivers Platinum Proprietary Limited (lease liability)	-0	88	6
215	122	348
Overdrafts are held as follows:
- African Rainbow Minerals Limited	-0	-0	-0
- Nkomati	-0	-0	-0
- Two Rivers Platinum Proprietary Limited	-0	313	-0
- Other	16	17	16
16	330	16
Total borrowings	1 026	2 003	1 469
Overdrafts and short-term borrowings
- interest bearing	50	452	57
- non-interest bearing	181	-0	307
The carrying amounts of the financial liabilities shown above approximate their fair value.

Note 13-14

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 21
for the six months ended 31 December 2021
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Rm	Rm	Rm
13	CAPITAL ITEMS
Impairment loss on property, plant and equipment - Venture Building Trust	-0	-0	( 9)
Loss on sale of property, plant and equipment and intangible assets - ARM Coal	( 1)	-0	-0
Impairment reversal on investment in 20.2% PCB - ARM Coal ¹	239	-0	-0
Capital items per statement of profit or loss before taxation effect	238	-0	( 9)
Impairment loss on investment in Sakura accounted for directly
in joint venture - Assmang	-0	( 169)	( 169)
Impairment loss on property, plant and equipment accounted for directly
in joint venture - Assmang	( 44)	-0	( 283)
Impairment loss on investment in Cato Ridge accounted for directly
in joint venture - Assmang	-0	-0	( 48)
Loss on sale of property, plant and equipment accounted for directly
in joint venture - Assmang	( 13)	( 2)	( 2)
Capital items before taxation effect	181	( 171)	( 511)
Taxation accounted for in joint venture - impairment loss of property, plant and
equipment and intangible assets - Assmang	12	-0	72
Taxation accounted for in joint venture - loss on sale of property,
plant and equipment - Assmang	4	-0	1
Total amount adjusted for headline earnings	197	( 171)	( 438)
¹ Impairment reversal through ARM's 51% investment in ARM Coal of R121 million and ARM's 10% direct investment of R118 million.
14	EARNINGS PER SHARE
Headline earnings (R million)	3 696	5 039	13 064
Headline earnings from continuing operations (R million)	3 696	5 039	13 064
Headline loss from discontinued operation (R million)	-0	-0	0
Headline earnings per share (cents)	1 887	2,587	6,688
Headline earnings per share (cents)	1 887	2 587	6,688
Headline earnings per share (cents)	-0	-0	-0
Basic earnings per share (cents)	1 988	2 499	6,464
Headline earnings per share (cents)	1 988	2 499	6,464
Headline earnings per share (cents)	ERROR:#REF!	-	ERROR:#REF!
Diluted headline earnings per share (cents)	1 868	2 560	6 621
Diluted headline earnings per share from continuing operations (cents)	1,868	2,560	6,621
Diluted headline loss per share from discontinued operation (cents)	-	-	-
Diluted basic earnings per share (cents)	1 968	2 474	6,399
Diluted basic earnings from continuing operations per share (cents)	1 968	2 474	6,399
Diluted basic loss from discontinued operation per share (cents)	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Number of shares in issue at end of the period (thousands)	224 459	224 410	224,453
Weighted average number of shares (thousands)	195 840	194 810	195,333
Weighted average number of shares used in calculating
diluted earnings per share (thousands)	197 815	196 817	197,314
Net asset value per share (cents)	18,332	15,800	17,908
EBITDA (R million)	3 337	5 089	12,227
EBITDA from continuing operations (R million)	3 337	5 089	12,227
Interim dividend declared (cents per share)	1 200	1 000	1,000
Dividend declared after period end (cents per share)	-	-	2,000
Reconciliation to headline earnings
Basic earnings attributable to equity holders of ARM	3 893	4 868	12 626
Impairment loss on property, plant and equipment - Venture Building Trust	-0	-0	9
Impairment loss of property, plant and equipment in joint venture - Assmang	44	-0	283
Impairment loss on investment in Sakura in joint venture - Assmang	-0	169	169
Impairment loss on investment in Cato Ridge accounted for directly in joint venture - Assmang	-0	-0	48
Loss on sale of property, plant and equipment and intangible assets - ARM Coal	1	-0	-0
Impairment reversal on investment in 20.2% PCB - ARM Coal ¹	( 239)	-0	-0
Loss on sale of property, plant and equipment in joint venture - Assmang	13	2	2
3 712	5 039	13 137
Taxation accounted for in joint venture - impairment loss at Assmang	( 12)	-	( 72)
Taxation accounted for in joint venture - loss on disposal of fixed assets at Assmang	( 4)	-	( 1)
Headline earnings	3 696	5 039	13 064
¹ Impairment reversal through ARM's 51% investment in ARM Coal of R121 million and ARM's 10% direct investment of R118 million.

Note 15 - 17

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 22
for the six months ended 31 December 2021
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Rm	Rm	Rm
15	RE-MEASUREMENT AND FAIR VALUE GAINS AND LOSSES
ARM Coal
Included in other operating income / (expenses) and profit from associate are re-measurements with no tax effect
relating to the GGV and PCB loans. The gain and loss is as a result of a re-measurement of debt between ARM and
Glencore Operations South Africa Proprietary Limited (GOSA) and ARM Coal Proprietary Limited.
The re-measurement adjustments are as follows:
Other operating income gain / expenses (loss) - ARM coal segment	259	(23)	206
Other operating expenses (loss) - ARM Corporate	( 365)	(3)	(153)
Re-measurement (loss) / gain in other operating (expenses) / income	( 106)	(26)	53
Income from associate (re-measurement (loss) / gain) - (refer note 6)	( 241)	25	36
Net ARM Coal re-measurement (loss) / gain	( 347)	(1)	89
The re-measurements are as a result of changes in the future repayment cash flows applied to the net present
value calculations. The discount rate used in the calculation of the re-measurement is 10%. A $1 increase in
commodity prices would increase the re-measurement loss by R8 million (1H F2021: R68 million) (F2021: R17 million).
A $1 decrease in commodity prices would decrease the re-measurement loss by R13 million
(1H F2021: R66 million) (F2021: R17 million).
Modikwa
There was no re-measurement in Modikwa for 1H F2022 (1H F2021: R129 million loss) (F2021: R143 million loss)
is partially eliminated against a re-measurement gain in ARM Company of Rnil (1H F2021: R123 million)
(F2021: R137 million).
The re-measurement adjustments are as follows:
Other operating expense (loss) - ARM platinum segment	-	( 107)	( 119)
Re-measurement loss	-	( 129)	( 143)
Non-controlling interest	-	22	24
Other operating income gain - ARM Corporate	-	123	137
Net Modikwa re-measurement gain	-	16	18
ARM BBEE Trust (loan from Harmony)
The re-measurements are as a result of changes in the future repayment cash flows applied to the net present
value calculations.
F2021 includes a fair value gain of R47 million as a result of the new loans advanced to the ARM BBEE Trust
by Harmony. The fair value at initial recognition is as a result of the difference in the stipulated interest rate the
lender may charge in the future in the new loan agreement and the interest rate the ARM BBEE Trust would have
to pay if the loan was advanced in an open market. The discount rate used in the calculation of the fair value is 9.04%.
Other operating income increase (re-measurement gain on loan) - ARM Corporate segment	1	-	-
Net ARM BBEE Trust re-measurement gain	1	-	-
The fair value gains are as follows:
Other operating income increase (fair value gain on loan) - ARM Corporate segment	-	-	47
Net ARM BBEE Trust fair value gain	-	-	47
The carrying amounts of the financial liabilities approximate their fair value.
16	OTHER OPERATING INCOME
Management fees	643	779	1,800
Insurance income	55	42	92
Foreign exchange gains	1	2	1
Royalties received	69	35	173
Loan fair value gain (refer note 15)	-	-	47
Re-measurement gains (refer note 15)	1	-	53
Other	101	113	212
Total	870	971	2,378
17	LOSS FROM ASSOCIATE
Profit / (loss) (before re-measurement/fair value on loans)	241	( 112)	( 296)
Re-measurement (refer note 15)	( 241)	25	36
Total	-	( 87)	( 260)

note 18 -20

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 23
for the six months ended 31 December 2021
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Rm	Rm	Rm
18	TAXATION
South African normal tax - current year	1,073	919	2,411
- mining	883	741	1 880
- non-mining	190	178	531
- prior year	-0	-0	( 6)
Deferred tax - current year	1	446	928
0	0	-
Total taxation	1 074	1 365	3 333
19	CASH GENERATED FROM OPERATIONS
Cash generated from operations before working capital movement	3 789	5 613	13 107
Working capital inflow / (outflow)	1 036	(3 587)	(5 305)
Movement in inventories inflow / (outflow)	47	( 17)	54
Movement in payables and provisions outflow	( 479)	( 420)	( 729)
Movement in receivables inflow / (outflow)	1 468	(3 150)	(4 630)
-0	-0	-0
Cash generated from operations (per statement of cash flows)	4 825	2 026	7 802
20	RELATED PARTIES
The Group in the ordinary course of business enters into various sale, purchase, service and lease transactions
with subsidiaries, associated companies, joint ventures and joint operations.
Transactions between the Company, its subsidiaries and joint operations relate to fees,
insurances, dividends, rentals and interest and are regarded as intra-group transactions and eliminated on consolidation.
Amounts accounted in the statement of profit or loss relating to transactions with related parties
Subsidiaries
Impala Platinum - Sales	3,969	5 341	11 992
Joint operations
Rustenburg Platinum Mines - Sales ¹	2,160	1 957	4 924
Glencore International AG - Sales	797	387	884
Norilsk Nickel - Sales	-	1 165	1 507
Norilsk Nickel - management fees	-	17	13
Glencore Operations SA - management fees	72	65	68
Joint venture
Assmang Proprietary Limited
- Management services	638	744	1 770
- Dividends received	3 500	1,500	4 000
Amounts outstanding at year-end (owing to) / receivable by ARM on current account
Joint venture
Assmang - Trade and other receivables	603	577	1 156
Joint operations
Rustenburg Platinum Mines - Trade and other receivables ¹	1 505	1,267	1 755
Norilsk Nickel - Trade and other payables	( 2)	(2)	-
Norilsk Nickel - Trade and other receivables	-	218	67
Rustenburg Platinum Mines - Short-term borrowings ¹	-	( 8)	-
Glencore Operations SA - Long-term borrowings	(437)	(1,070)	(707)
Glencore Operations SA - Short-term borrowings	(181)	-	(307)
Glencore Operations SA - Trade and other receivables	532	257	218
Glencore International AG - Trade and other receivables	142	72	120
Teal Minerals (Barbados)	9	6	8
Subsidiary
Impala Platinum - Trade and other receivables	3 258	3,639	4 324
Impala Platinum - dividend paid	391	368	1 219
¹ These transactions and balances for joint operations do not meet the definition of a related party as per
IAS 24 but have been included to provide additional information.

Note 21 - 24

NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 24
for the six months ended 31 December 2021
Unaudited	Reviewed	Audited
Six months ended	Year ended
31 December	30 June
2021	2020	2021
Rm	Rm	Rm
21	PROVISIONS
Silicosis and tuberculosis class action provision
Long-term provisions
The provision movement is as follows:
Opening balance	146	189	189
Settlement payments	-0	( 24)	-0
Interest unwinding	6	9	16
Demographic assumptions changes	-0	-0	( 3)
Administration costs	-0	-0	-0
Additional special purpose vehicle trust	-0	-0	-0
Transfer from / (to) short-term provisions	30	4	( 56)
Closing balance	182	178	146
Short-term provisions
The provision movement is as follows:
Opening balance	60	51	51
Settlement payments	( 28)	-0	( 47)
Transfer (to) / from long-term provisions	( 30)	( 4)	56
Closing balance	2	47	60
Total silicosis and tuberculosis class action provision	184	225	206
ARM has a contingency policy in this regard which covers environmental site liability and
silicosis liability with Guardrisk Insurance Company Limited ('Guardrisk'). In turn, Guardrisk
has reinsured the specified risks with Mannequin Insurance PCC Limited - Cell AVL 18,
Guernsey which cell captive is held by ARM.
Following the High Court judgement previously reported, the Tshiamiso Trust was registered
in November 2019. As part of the settlement a guarantee of R304 million was issued by
Guardrisk on behalf of ARM in favour of the Tshiamiso Trust on 13 December 2019.
Details of the provision were discussed in the 30 June 2021 financial results, which can be
found on www.arm.co.za.
22	COMMITMENTS
Commitments in respect of future capital expenditure which will be funded from operating
cash flows and by utilising debt facilities at entity and corporate levels, are summarised below:
Approved by directors
- contracted for	998	647	677
- not contracted for	203	44	126
Total commitments	1 201	691	803
23	CONTINGENT LIABILITIES
Nkomati
The Nkomati mine closure may have a potential exposure regarding rehabilitation and management of water post closure.
There are uncertainties regarding the on-going assessment of long-term water management measures, and anticipated
amendments to the existing Water Use License (WUL). Technical studies towards providing an integrated Water Management
Plan are underway. The results of the studies will be used as input towards a risk assessment that is required to apply for an
amended WUL, such as applying for authorised water discharges. The WUL conditions are not yet known and the subsequent
potential water resource impact liability as part of the mine rehabilitation and closure process is uncertain. The obligation will be
recognised when it is probable and can be reliably estimated.
The environmental rehabilitation provision at 31 December 2021 is the best independent estimate and is based on the most reliable
information currently available. It will be re-assessed on an ongoing basis as engineering designs evolve and new information
becomes available, as well as when approvals of a revised Environmental Management Plan and Water Use Licence are secured.
NOTES TO THE CONDENSED GROUP INTERIM FINANCIAL STATEMENTS	Page 25
for the six months ended 31 December 2021
23	CONTINGENT LIABILITIES (Continued)
ARM Coal
The South African Revenue Services (SARS) disallowed Glencore Operations South Africa (Pty) Ltd (GOSA) diesel rebates
on the basis that the diesel was not considered to be used in the primary production activities in the mining process.
GOSA lost the SARS internal appeal process and took the matter to the High Court. The matter was heard in the High Court, which
ruled in favour of GOSA. SARS however appealed the ruling through the Supreme Court of Appeal (SCA). The dispute was heard on
27 May 2021 and judgement was handed down on 10 August 2021 where the SCA ruled in favour of SARS.
At 30 June 2021, this matter was disclosed as a contingent liability. During the current reporting period, the calculated shortfall of
R8 million has been paid to SARS.
There have been no other significant changes in the contingent liabilities of the Group as disclosed
since 30 June 2021 annual financial statements.
For a detailed disclosure on contingent liabilities refer to ARM's annual financial statements for the
year ended 30 June 2021 available on the group's website (www.arm.co.za).
24	EVENTS AFTER REPORTING DATE
Change in Tax rate
During the 2022 Budget Speech held on 23 February 2022, it was announced that the corporate income tax rate will be reduced from
28 per cent to 27 per cent for companies with years of assessment ending on or after 31 March 2023. This change will affect recorded
deferred tax assets and liabilities and effective tax rate in the future. The new corporate tax rate of 27 per cent is considered to be substantively
enacted since 23 February 2022. This is considered a non-adjusting subsequent event.
Assmang
Since the period end ARM received a dividend of R2 000 million from Assmang.
Bokoni Platinum Mines Proprietary Limited
On 20 December 2021, ARM entered into a sale and purchase agreement which provides for a wholly owned subsidiary of
ARM to acquire all of the shares of Bokoni Platinum Mines Proprietary Limited (BPM) from Bokoni Platinum Holdings Proprietary
Limited, in turn owned by Rustenburg Platinum Mines Limited (RPM) a wholly-owned subsidiary of Anglo American Platinum
Limited (AAPL) and Plateau Resources Proprietary Limited (Plateau) a wholly owned subsidiary of Atlatsa Resources
Corporation (Atlatsa) for a consideration of R3.5 billion payable in cash. Since entering into the sale and purchase agreement,
the process to fulfil the conditions precedent, required for completion of the transaction, is ongoing.
No other significant events have occurred subsequent to the reporting date that could materially affect the reported results.