Impala Platinum : Production update and trading statement for the year ended 30 June 2022

IMPALA PLATINUM HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1957/001979/06)

JSE share code: IMP

ISIN: ZAE000083648

ADR code: IMPUY ("Implats" or "the Group")

PRODUCTION UPDATE AND TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2022

Implats will release its audited results for the year ended 30 June 2022 ("the period" or "FY2022") on or about 1 September 2022.

PRODUCTION UPDATE

Implats navigated several operational challenges during the period. Extended safety stoppages, intermittent industrial action and power-supply interruptions at Impala Rustenburg had a notable impact on production, while ongoing supply-chain constraints hampered operational continuity at Impala Canada. Marula delivered a record performance in the period, while Zimplats sustained production levels despite a complex operating environment and increased project activity.

The Group recorded a 3.6% decline in gross concentrate volumes to 3.17 million 6E ounces from 3.29 million 6E ounces for the year ended 30 June 2021 ("the comparative period"). This includes a 4.3% decrease in concentrate production to 2.27 million 6E ounces from managed operations and a 2.1% decrease in concentrate production to 550 000 6E ounces from joint ventures. Concentrate receipts from third parties declined by 1.8% to 351 000 6E ounces.

Gross refined volumes (including saleable production from Impala Canada) were impacted by lower concentrate production and the extended maintenance required on the Number 3 Furnace at Impala Rustenburg. Consequently, gross refined volumes declined by 5.6% to 3.09 million 6E ounces. Refined volumes in the comparative period benefitted from increased availability of processing capacity due to the timing of annual processing maintenance.

Sales volumes of 3.15 million 6E ounces benefitted from some destocking of refined inventory to take advantage of firmer PGM pricing in H2 FY2022 and to offset the impact of the extended furnace maintenance. Revenue per 6E ounce sold is expected to decline by 4.5% to R37 703 per ounce, reflecting the impact of weaker dollar pricing for our primary products.

Group capital expenditure is expected to increase to circa R9.1 billion from R6.4 billion in the comparative period. This is due to accelerated project spend at Zimplats and Group processing assets, together with an overall increase in capital spend across the operations. Spend in the comparative period was constrained by Covid-19-related factors.

Group unit costs per 6E ounce are expected to increase to circa R17 364 on a stock-adjusted basis. Inflationary pressures were compounded by lower production volumes and the payment of the previously signalled discretionary employee bonus in recognition of the Group's strong financial performance in FY2021.

		Unaudited 12	Unaudited 12
		months	months
		June 2022	June 2021	%
6E Concentrate production	000oz	3 172	3 292	-3.6
Managed operations		2 271	2 373	-4.3
Impala		1 174	1 291	-9.1
Zimplats		589	590	-0.1
Marula		259	231	12.1
Impala Canada		249	260	-4.2
JV operations		550	561	-2.1
Mimosa		246	261	-5.6
Two Rivers		303	300	1.0
Third-party purchased		351	358	-1.8
6E Refined production#	000oz	3 087	3 271	-5.6
6E Sales volumes	000oz	3 147	3 274	-3.9
Revenue per 6E ounce sold	R/oz	37 703	39 478	-4.5
Group unit cost per 6E ounce stock adjusted	R/oz	17 364	14 840	-17.0

# Includes saleable ounces from Impala Canada

The information noted under this heading "Production Update" has not been reviewed nor reported on by the Group's external auditors.

TRADING STATEMENT

With reference to the Listings Requirements of the JSE Limited, issuers must publish a trading statement on SENS as soon as they become reasonably certain that the financial results for the period to be reported on will differ by at least 20% from those of the previous corresponding reporting period.

In the comparative period, basic earnings of R47.0 billion and earnings per share ("EPS") of

5 996 cents, benefited from the reversal of impairment losses on property, plant and equipment and the prepayment of royalties of R10.6 billion, or 1 352 cents per share (post tax). As a result of this once-off credit to basic earnings, Implats' basic earnings for the period are expected to decrease by between 29% and 35% to be between R30.5 billion and R33.5 billion and EPS for the period is expected to decrease by between 33% and 39% to be between 3 669 cents and 4 030 cents per share.

The impairment reversals in the comparative period were excluded from headline earnings and headline earnings per share ("HEPS"). As a result, headline earnings are expected to decrease by between 8% and 16% to be between R30.5 billion and R33.5 billion and HEPS is expected to decrease by between 13% and 21% to be between 3 669 cents and 4 030 cents. Headline earnings and HEPS for the comparative period were R36.4 billion and 4 635 cents respectively.

Earnings in the period were adversely impacted by the combination of lower sales revenue and inflationary pressures on operating costs.

The weighted average number of shares in issue for the period increased to 831.25 million from 784.43 million in the comparative period. The number of shares in issue have increased from 817.26 million at 30 June 2021 to 850.22 million at 30 June 2022, following the issue of

32.95 million Implats shares as part of the consideration for the 37.83% stake acquired in Royal Bafokeng Platinum Limited.

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Shareholders are advised that, in accordance with Regulations 111 (9) and (10) of the Companies Regulations, 2011, read with Section 3.4 (b) (viii) (1) of the JSE Listings Requirements, the financial information under this heading "Trading Statement" has been reviewed and reported on by Deloitte & Touche, the Group's external auditors. Their review was performed in accordance with ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A copy of the unmodified report is available for inspection by shareholders at the registered address of Implats. Shareholders are advised that Deloitte & Touche will issue a separate audit report, in accordance with International Standards on Auditing, on the financial statements for the year ended 30 June 2022, which are expected to be released on or about 1 September 2022.

Ends

Queries:

Johan Theron

E-mail:[e-mail]

1. [phone]/43

1. [phone]

Emma Townshend

E-mail:[e-mail]

T : [phone]

M : [phone]

Alice Lourens

E-mail:[e-mail]

1. [phone]/43

1. [phone]

5 August 2022

Johannesburg

Sponsor to Implats

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

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