Impala Platinum : Implats Mineral Resources and Reserves Statement 2022

Mineral Resource and Mineral Reserve Statement as at 30 June 2022

Supplement to the Annual Integrated Report 30 June 2022

Creating a better future

Annual integrated report

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

ESG report

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

Remuneration report

• Basis of preparation
• Background statement
• Remuneration philosophy and policy
• Implementation report.

Contents

Audited annual financial statements

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

Notice to shareholders

• Notice and proxy.

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Introduction, Group overview and governance

1 - 21

Headline summary	2
Attributable Mineral Resources
and Mineral Reserves	4
Reconciliation of estimates	11
Governance and compliance	12
Reporting principles and framework	14
Mineral rights and legal tenure	16
ESG in Mineral Resource and Mineral Reserve reporting	18
Mineral Resource management risk	19
Managing Mineral Resources	20
Managing Mineral Reserves and life-of-mine	21

Technical synopsis 22 - 31

Regional geological settings	22
Exploration synopsis	27
Historic Group production trends	28
Group life-of-mine outlook	30
Valuation and sensitivities	31

The operations - Mineral Resource and Mineral Reserve estimates 32 - 87

Impala Rustenburg	32
Marula	42
Two Rivers	51
Zimplats	60
Mimosa	69
Impala Canada	78

The projects - Mineral Resource estimates and chromium ore 88 - 97

Afplats project	88
Waterberg project	92
Chromium ore	97

Appendices 98 - 107

Glossary of terms	98
Mineral Resource and Mineral
Reserve definitions	100
Third-party assurance	101
Appointed Competent Persons and recognised
professional organisations' details	105
Contact details and administration	107

Introduction,		The operations - Mineral	The projects - Mineral
Group overview	Technical	Resource and Mineral	Resource estimates
and governance	synopsis	Reserve estimates	and chromium ore

Welcome to our Mineral Resource and Mineral Reserve Statement

This report contains the Mineral Resource and Mineral Reserve statement of Impala Platinum Holdings Limited as at 30 June 2022.

The report provides updated estimates and reconciliations of Mineral Resources and Mineral Reserves. It conforms to the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, SAMREC Code (2016). The report also conforms to Section 12.13 of the JSE Listings Requirements and has been signed off by the appointed Competent Persons. As at 30 June 2022, Implats is pleased to report a stable inventory of Mineral Resources and Mineral Reserves.

Appendices

1

Strategic objectives

Sustainable development

Aspire to become an industry leader in ESG, producing metals that sustain livelihoods beyond mining and create a better future

Operational excellence

Generate superior value for all stakeholders through modern, safe, responsible, competitive and consistent operational delivery

Organisational effectiveness

Place people at the centre of our organisation, and engender a shared culture founded on our values to respect, care and deliver

Optimal capital structure

Pursue value creation by sustaining and leveraging a strong and flexible balance sheet within a prudent capital allocation framework

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

Our values

RESPECT	CARE	DELIVER
We believe in	We set each other up	We play our
ourselves	for success	A-game everyday
We work together	We care for the	We go the extra
as a team	environment	mile
We take ownership	We work safely	We learn, adapt
of our responsibilities	and smartly	and grow
We are accountable	We make a positive	We create a
for our actions	contribution to society	better future

We welcome your feedback to ensure we cover all aspects

Go to www.implats.co.za or email [e-mail] to provide us with your feedback.

Competitive asset portfolio

Seek to leverage, strengthen and grow our diverse asset base through operational exposure to shallow, mechanisable orebodies

Future focus

Sustain and grow value by supporting present and future demand drivers, creating strong customer relationships and aligning our production to evolving demand

Key take-away 2022

Attributable Mineral Resources

2022

-3.1% 268.6Moz 6E

2021

277.3Moz 6E

Attributable Mineral Reserves

	2022
	55.7Moz 6E
	2021
4.3%	53.4Moz 6E

Implats 2022 Mineral Resource and Mineral Reserve Statement

2

The report

Headline summary

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 currently structured around six main operations with a total of 22 underground shafts and one open pit.

Mineral Resource and Mineral Reserve Statement

The Mineral Resource and Mineral Reserve Statement as at 30 June 2022 reflects the benefit of the positive long-term pricing outlook for the significant PGMs and capital investments in material projects in the period under review. In addition to the Two Rivers Merensky project which was approved in 2021, two additional mining projects were approved during FY2022 - the Marula Phase II UG2 project and the North Hill project at Mimosa. These projects result in a significant increase in the Mineral Reserve position at both operations and have a significant positive impact at a Group portfolio level. Given that the Royal Bafokeng Platinum (RBPlat) transaction had not been concluded by year-end, Implats has elected not to account for the secured proportion of RBPlat in this declaration and this shall be included in the CY2023 declaration.

Our 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 Arica. Our headquarters are based in Johannesburg. The six primary 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 Platinum operations are joint venture operations with Sibanye Stillwater and African Rainbow Minerals (ARM), respectively, with Mimosa being managed by an on-site mine team and overseen

by a joint venture board, and Two Rivers by ARM.

The structure of our operating framework allows for each of our operations to establish and maintain close relationships with its stakeholders, while operating within a Group-wide framework to managing the economic, social and environmental aspects of sustainability.

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 2022. An abridged version is included in the Implats integrated annual report for 2022, 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.

The Group Mineral Resource estimate decreased by 8.7Moz 6E on an attributable basis to 268.6Moz 6E, while the Group Mineral Reserve estimate increased by 2.3Moz 6E on an attributable basis to 55.7Moz 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 and Afplats' Leeuwkop Shafts remain suspended.

Group operations

Implats is structured around six mining and processing operations and Impala Refining Services (IRS), a toll-refining business. Group operations are located on the Bushveld

Relationship between Exploration Results, Mineral Resources and Mineral Reserves showing Implats' attributable Mineral Resources and Mineral Reserves as at 30 June 2022 (Moz 6E)

geoscientificoflevelIncreasing confidenceandknowledge		Exploration Results
		Mineral Resources	Total 268.6Moz 6E					Mineral Reserves	Total 55.7Moz	6E
		Inferred	48.3Moz 6E
		Indicated	109.6Moz 6E					Probable	38.4Moz	6E
		Measured	110.7Moz 6E					Proved	17.3Moz	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)

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, which will be included in the year-end FY2023 declaration, 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.

Implats 2022 Mineral Resource and Mineral Reserve Statement

Introduction,		The operations - Mineral
Group overview	Technical	Resource and Mineral
and governance	synopsis	Reserve estimates

Group structure

as at 30 June 2022

The projects - Mineral		3
Resource estimates
and chromium ore	Appendices

Impala Platinum Holdings Limited

96%
73.26%	Africa
46%
South
74%
37.83%
15%
87%	Zimbabwe
50%
100%	Canada

Impala		Impala Share Ownership Trust
4%
Rustenburg
Marula		Tubatse Platinum (Pty) Ltd, Mmakau Mining (Pty) Ltd,
26.74%
Marula Community Trust	Canada
Two Rivers
	African Rainbow Minerals Ltd
54%
Afplats		Ba-Mogopa Platinum Investments (Pty) Ltd
26%
RBPlat		RBPlat, Northam Platinum Holdings Limited, Public
62.17%
Investment Corporation, Royal Bafokeng Holdings
Waterberg		Zimbabwe
	Platinum Group Metals Ltd, Mnombo, JOGMEC, Hanwa
85%
			South Africa
Zimplats		Minorities
13%
Mimosa		Sibanye Stillwater
50%

Lac des Iles

Implats announced in November 2021 the acquisition of 24.5% of the RBPlat shares and has increased this to 37.83% as at

30 June 2022. A shareholder offer to purchase all RBPlat shares was issued on 7 January 2022. Northam Platinum Holdings Limited applied to the Competition Tribunal to intervene in the approval process, which is under review. The date for finalising the Implats transaction is 19 September 2022. However, the date may be extended. Implats intends incorporating its final consolidated equity-based interest in the year-end FY2023 Mineral Resource and Mineral Reserve declaration.

Given the uncompleted transaction, Implats has elected not to report attributable Mineral Resources and Mineral Reserves related to the RBPlat transaction. Details regarding the RBPlat mineral assets can be viewed at (https://www.bafokengplatinum.co.za).

Headline numbers

The headline summary for the Group is shown below. Combined estimates as at 30 June 2022 show a stable inventory with a 3.1% reduction in the Mineral Resource estimates and a substantial increase in the Mineral Reserve estimates. The estimates are reported in the following section and the various chapters per operation and project, where the changes are discussed in more detail.

Attributable estimates*		2022		2021	2020	2019	2018
Mineral Resources	Moz Pt	128.2	132.3	132.4	131.6	133.8
	Moz Pd	87.7	90.2	89.9	81.5	83.0
	Moz 3E	227.7	234.4	233.9	228.0	228.0
	Moz 4E	242.4	249.7	249.1	239.5	243.9
	Moz 6E	268.6	277.3	277.1	268.3	273.2
	Mt	1 834.6	1 885.9	1 818.8	1 710.1	1 740.7
Mineral Reserves	Moz Pt	25.5	24.6	21.8	21.2	21.2
	Moz Pd	19.7	18.8	17.3	14.7	14.4
	Moz 3E	47.8	46.0	41.2	38.0	37.5
	Moz 4E	50.7	48.7	43.6	40.3	40.0
	Moz 6E	55.7	53.4	47.8	44.3	44.2
	Mt	528.2	512.4	419.7	370.7	365.5

* Mineral Resource estimates are inclusive of Mineral Reserves.

Implats 2022 Mineral Resource and Mineral Reserve Statement