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ANNUAL RESULTS FY2025 28 August 2025
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2IMPLATS ANNUAL RESULTS FY2025 FORWARD-LOOKING AND CAUTIONARY STATEMENT Certain statements contained in this presentation, other than the statements of historical fact, contain forward-looking statements regarding Implats’ operations, economic performance or financial condition, including, without limitation, those concerning the economic outlookfor the platinum industry, expectations regarding metal prices, production, cash costs and other operating results, growth prospects and the outlook of Implats’ operations, including the completion and commencement of commercial operations of certain of Implats’ exploration and production projects, its liquidity and capital resources and expenditure and the outcome and consequences of any pending litigation, regulatory approvals and/or legislative frameworks currently in the process of amendment, or any enforcement proceedings. Although Implats believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Accordingly, results may differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in metal prices, levels of global demand and exchange rates and business and operational risk management. For a discussion on such factors, refer to the risk management section of the company’s Integrated Annual Report. Implats is not obliged to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the dates of the Annual Report or to reflect the occurrence of unanticipated events. Disclaimer: This entire presentation and all subsequent written or oral forward-looking statements attributable to Implats or any person acting on its behalf are qualified by caution. Recipients hereof are advised the presentation is prepared for general information purposes and not intended to constitute a recommendation to buy- or offer to sell shares or securities in Implats or any other entity. Sections of this presentation are not defined and assured under IFRS accounting standards, but included to assist in demonstrating Implats’ underlying financial performance. Implats recommend you address any doubts in this regard with an authorised independent financial advisor, stockbroker, tax advisor, accountant or suitably qualified professional.
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3IMPLATS ANNUAL RESULTS FY2025 AGENDA 01 02 03 04 05CEO overview COO review CFO review Market review Business outlook Nico Muller Patrick Morutlwa Meroonisha Kerber Sifiso Sibiya Nico Muller
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IMPLATS ANNUAL RESULTS FY2025 CEO OVERVIEW Nico Muller 01
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5IMPLATS ANNUAL RESULTS FY2025 SAFETY PERFORMANCE Description FY2025 FY2024 Variance (%) Fatalities No. 8 19 58% FIFR pmmhw* 0.057 0.127 55% LTIFR pmmhw* 3.46 3.90 11% TIFR pmmhw* 8.15 8.31 2% RIFR pmmhw* 2.95 3.44 14% *Per million-man hours worked ** 24-hour period with zero reported injuries across the Group 5 5 3 7 5 19 8 5.30 4.54 4.92 4.21 3.92 3.90 3.46 0 2 4 6 8 10 12 14 16 18 20 0.00 1.00 2.00 3.00 4.00 5.00 6.00 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Injury Frequency Rates* SAFETY PERFORMANCE Fatalities LTIFR 18 white flag days** Continued improvement in number and severity of workplace accidents over past four years Fatal free operations (12 months and more) ▪ Impala Canada ▪ Zimplats ▪ 6 out of 12 Impala Rustenburg shafts ▪ Marula ▪ Two Rivers ▪ Mimosa ▪ Impala Refineries HIGHLIGHTS AND MILESTONES Strengthening our safety-first culture Enhancing risk management and leadership Growing collaboration and teamwork Critical focus on all high-risk activities ▪ Winching and rigging ▪ Mobile equipment • FOG Supporting and boosting employee wellbeing AREAS OF FOCUS
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6IMPLATS ANNUAL RESULTS FY2025 ENVIRONMENTAL HIGHLIGHTS CSA= Corporate Sustainability Assessment; EA = Environmental Authorisation; ESG = Environmental, Social and Governance; ISO = International Organisation for Standards; MW = Megawatt; S&P = Standard & Poor’s • Zimplats’ 35MW solar power plant commissioned • Board approved Phase 2 - 45 MW solar power plant • 5-year green electricity offtake agreement, catering for up to 90% of Impala Refineries’ electricity demand • Development agreement with RBH & RBN for 50MW solar power plant at Impala Rustenburg operations • Marula EA for a 30MW solar power plant secured for a period of 10 years ACHIEVEMENTS • MSCI “BBB” rating • CDP Climate: B and Water: A- • S&P CSA score of 66/100, from 61/100 in previous year • 4th consecutive inclusion in the S&P Sustainability Yearbook • Constituent of the FTSE/JSE Responsible Investment Index RECOGNITION
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7IMPLATS ANNUAL RESULTS FY2025 ENVIRONMENTAL PERFORMANCE ESG INDICATORS FY2025 FY2024 Var (%) Remarks Level 4 or 5 environmental incidents Count 0 0 - • More than 10 years without a significant or major incident • No fines for non-compliance Level 3 environmental incidents Count 2 0 >100 • Dust fallout exceedance at Marula • Release of water into a stormwater channel during a planned maintenance event at Impala Rustenburg Water recycled or reused % 59 55 7% • Return dam levels boosted by Q3 rainfall and improved recycling and reuse Energy consumption GJ/t milled 0.830 0.783 -6% • Energy consumption in line with FY2024, but lower production Renewable electricity consumption (as % of total electricity consumed) % 31 37 -16% • ZESCO hydropower offtake reduced due to a prolonged regional drought • Ramp-up of the 35MW solar power plant at Zimplats Scope 1 and 2 carbon emissions CO2 t/t milled 0.162 0.154 -5% • Increased use of coal-based electricity at Zimplats on the back of reduced ZESCO hydropower offtake (prolonged regional drought) Carbon emissions avoided (due to energy efficiency, power purchase agreements and renewable energy projects) CO2 t 281 539 356 406 -21% • ZESCO hydropower offtake reduced due to a prolonged regional drought • Ramp-up of the 35MW solar power plant at Zimplats Land rehabilitated Hectares 46.5 39.0 19% • Tailings side slopes seeding has commenced at operations • Improved rainfall in Q3
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8IMPLATS ANNUAL RESULTS FY2025 SOCIAL PERFORMANCE Supported >3 700 employment opportunities Benefitting >61 000 people Sustaining livelihoods in mine communities during and beyond mining >9 100 people supported 350 farmers supported 4 agriculture programmes supported 5 GBV programmes supported COMMUNITY WELLBEING >4 500 learners supported 75 mine community schools supported >680 community bursars, learnerships and trainees >7 000 sport programme participants EDUCATION & SKILLS DEVELOPMENT >21 000 beneficiaries >1 100 employment opportunities created 121 houses built 17 projects completed INFRASTRUCTURE R50m regional ESD fund operational > 400 SMMEs supported >1 600 entrepreneurs trained > 2 600 employment opportunities sustained ESD & INCLUSIVE PROCUREMENT
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9IMPLATS ANNUAL RESULTS FY2025 BUSINESS OVERVIEW 3.55Moz 6E Managed operations -4% JV operations -1% 3rd party receipts +9% -3% 6E GROUP PRODUCTION R25 172 / oz 0% RAND REVENUE PER 6E SOLD R9.9bn EBITDA 12% EBITDA MARGIN R8.1bn closing adjusted net cash R2.4bn FREE CASH INFLOW 3.37Moz 6E Platinum 1.60Moz +1% Palladium 1.14Moz -2% Rhodium 193koz +2% 0% 6E REFINED PRODUCTION R22 491 / oz 6E refined (stock-adjusted) Inflation -R958 -5% Volumes & yield -R587 -3% Ex gratia & IC capex -R416 -2% Employees +R441 +2% -7% UNIT COSTS PER 6E OUNCE R7.0bn SIB R5.4bn 33% Replacement R0.7bn 63% Expansion R0.9bn 77% 50% lower CAPITAL EXPENDITURE 165cps dividend c.60% ADJUSTED FCF AS DIVIDEND
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IMPLATS ANNUAL RESULTS FY2025 COO REVIEW Patrick Morutlwa 02
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11IMPLATS ANNUAL RESULTS FY2025 MINERAL RESOURCES AND MINERAL RESERVES For details please see Implats Mineral Resource and Mineral Reserve statement 2025 MINERAL RESERVE BY MINING METHOD FY2025 FY2024 Mechanised 69% 64% Hybrid 3% 9% Conventional 28% 27% MINERAL RESERVES BY GEOGRAPHIC LOCALITY Pt Pd Rh Ru, Ir, Au South Africa 55% 42% 64% 57% Zimbabwe 45% 56% 36% 43% Canada 0% 2% 0% 0% Group Mineral Resources (Attributable) • Decreased by 1.5 million 6E ounces to 315.0 Moz 31% 24% 20% 7% 7% 5%2% 2% 2% ATTRIBUTABLE MINERAL RESOURCES Zimplats Impala Rustenburg Impala Bafokeng Two Rivers Afplats Marula Mimosa Impala Canada Waterberg 315.0 Moz 6E 45% 22% 20% 6%3%3% 1% ATTRIBUTABLE MINERAL RESERVES Zimplats Impala Bafokeng Impala Rustenburg Two Rivers Marula Mimosa Impala Canada 49.1 Moz 6E Prominent changes • Total production impact of 3.8Moz 6E • Inclusion of Camp Lake at Impala Canada of 0.6Moz 3E • Waterberg model update increase of 1.3Moz 4E Group Mineral Reserves (Attributable) • Decreased by 5.5 million 6E ounces to 49.1 Moz Prominent changes • Total production depletion of 3.5Moz 6E • Exclusion of Marula’s Phase 2 • UG2 of 2.2Moz 6E Impala Bafokeng and Zimplats inclusion of mineable area of 0.12Moz 6E 0.5% 10%
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12IMPLATS ANNUAL RESULTS FY2025 Description FY2025 FY2024 Var (%) Tonnes milled# kt 26 294 27 887 -6% 6E production 6E koz 3 553 3 654 -3% Managed operations 6E koz 2 802 2 916 -4% Impala Bafokeng 6E koz 481 483 0% Impala 6E koz 1 275 1 284 -1% Zimplats 6E koz 606 646 -6% Marula 6E koz 202 223 -10% Impala Canada 6E koz 237 281 -15% JV operations 6E koz 542 547 -1% Mimosa 6E koz 254 255 -1% Two Rivers 6E koz 289 291 -1% Third-party purchased 6E koz 209 191 9% Refined production 6E koz 3 375 3 378 0% Unit cost (refined stock-adjusted) R/oz 6E 22 491 20 922 -7% Capital expenditure# Rm 6 979 14 003 50% Stay-in-business Rm 5 379 8 076 33% Replacement / expansion Rm 1 600 5 927 73% GROUP OPERATIONAL OVERVIEW # managed operations 14 840 17 364 19 834 20 922 22 491 R/oz UNIT COST 6 437 9 081 11 510 14 003 6 979 Rm CAPITAL# 3 271 3 087 2 959 3 378 3 375 6E koz REFINED AND SALEABLE 3 301 3 189 3 246 3 654 3 553 6E koz GROUP PRODUCTION Managed JV 3rd Party
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13IMPLATS ANNUAL RESULTS FY2025 3 654 18 43 40 21 8 3 2 1 3 460 3 480 3 500 3 520 3 540 3 560 3 580 3 600 3 620 3 640 3 660 3 680 FY2024 Canada Zimplats Marula Impala Two Rivers Mimosa Bafokeng 3rd party IRS FY2025 6E koz FY2025 vs FY2024 Safety stoppages 3 553 MOVEMENT IN 6E GROUP PRODUCTION 481 -% 237 -15% 1 275 -1% 289 -1% 254 -1% 209 9% 202 -10% koz 6E % variance from FY2024 Revised production parameters Better than expected receipts 606 -6% Safety stoppages Constrained mining flexibility and labour restructuring Fleet availability and smelter commissioning Better UG2, lower Merensky Interruptions to power supply
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14IMPLATS ANNUAL RESULTS FY2025 IMPALA 14 Description FY2025 FY2024 Var % Remarks Tonnes milled kt 9 995 10 204 -2% • Impact of safety stoppages, water-supply disruptions, mining team re-deployment and contractor mobilisation 6E head grade g/t 4.08 3.99 2% • Improved grade control and lower development 6E refined (stock-adjusted) koz 1 275 1 284 -1% 6E refined koz 1 244 1 214 2% Cash cost Rm 29 995 27 949 -7% • Mining inflation of 6.2%, R618m ESOT and ex-gratia payment, offset by lower average labour complement Cost per 6E oz** R/oz 23 520 21 772 -8% • 2% impact from ESOT and ex-gratia payment Capital expenditure Rm 2 689 3 102 13% • Completion of replacement and expansion projects, optimised off- reef development Free cash flow Rm (398) 1 547 -126% • Weak pricing, lower sales volumes and higher costs offset benefit of lower capex, insurance proceeds *6E ounces (stock-adjusted) **Cost per 6E ounce (stock-adjusted) 1 312 1 198 1 232 1 284 1 275 koz PRODUCTION* 16 729 20 340 21 685 21 772 23 520 R/oz COST** 16 768 10 623 7 480 1 547 - 398 Rm FREE CASH FLOW
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15IMPLATS ANNUAL RESULTS FY2025 1 284 1 275 1 2 3 3 12 13 8 4 3 1 1 1 250 1 255 1 260 1 265 1 270 1 275 1 280 1 285 FY2024 16# 6# E&F 20# 14# Re-mining 11# 10# Other 1# 12# FY2025 6E koz 6E OUNCES STOCK-ADJUSTED FY2025 VS FY2024 *Costs including SIB capital **Cash profit (after tax) after replacement capital 1Includes the treatment of dumps, slag and sludge Operating momentum impeded by safety stoppages, water-supply disruptions and movement of labour, but benefited from lower development tonnage and improved grade Production 6E koz 225 31 30 170 215 34 153 96 90 84 148 Revenue R/6E oz 25 550 26 112 26 119 24 773 25 237 24 343 25 379 25 894 25 719 25 780 Cost* R/6E oz 28 488 27 828 24 217 26 185 26 862 17 016 29 138 29 671 27 705 25 351 Cash profit / (loss)** Rm -504 -48 35 -186 -275 180 -450 -274 -129 29
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16IMPLATS ANNUAL RESULTS FY2025 IMPALA BAFOKENG Description FY2025 FY2024 Var % Remarks Tonnes milled kt 4 155 4 243 -2% • Styldrift improvement offset by safety stoppages at BRPM 6E head grade g/t 4.30 4.36 -1% 6E in concentrate koz 481 483 -% • Improved processing recoveries Cash cost Rm 9 870 9 848 -% • Labour restructuring, lower volumes and cost-containment offset mining inflation Cost per 6E oz R/oz 20 507 20 406 -% Capital expenditure Rm 962 1 437 33% • Deferral of off-reef development at Styldrift declines and projects completed in prior period Free cash flow Rm (77) (3 111) 98% • Receipt of additional concentrate payment, once-off acquisition costs incurred in prior period *6E concentrate production **Cost per 6E ounce in concentrate #Graph information prior to July 2023 refers to RBPlat 534 502 483 481 koz PRODUCTION* 16 493 20 486 20 406 20 507 R/oz COST** 4 848 2 086 -3 111 -77 Rm FREE CASH FLOW
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17IMPLATS ANNUAL RESULTS FY2025 483 481 5 13 20 450 460 470 480 490 500 FY2024 Other Styldrift BRPM FY2025 6E koz BAFOKENG 6E OUNCES FY2025 VS FY2024 *costs including SIB capital **cash profit (after tax) after replacement capital #Concentrator gains from prior period Production 6E koz 5 201 275 Revenue R/6E oz 20 950 21 633 Cost* R/6E oz 24 740 21 243 Cash profit / (loss)** Rm (789) (148) #
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18IMPLATS ANNUAL RESULTS FY2025 MARULA Description FY2025 FY2024 Var % Remarks Tonnes milled kt 1 680 1 851 -9% • Constrained mining flexibility, two phases of labour restructuring 6E head grade g/t 3.97 4.28 -7% • Higher development-to-stoping ratio 6E in concentrate koz 202 223 -10% • Treatment of surface concentrates partially offset lower grade and milled throughput Cash cost Rm 4 422 4 361 -1% • Lower volumes and labour complement helped offset impact of mining inflation Cost per 6E oz R/oz 21 902 19 530 -12% Capital expenditure Rm 402 497 19% • Phase 2 suspended, reduced SIB after infrastructure and safety projects in prior year Free cash flow Rm (798) (161) <-100% • Lower sales volumes, weak pricing offset benefit of lower capex *6E concentrate production **Cost per 6E ounce in concentrate 231 259 241 223 202 koz PRODUCTION* 12 157 13 200 16 303 19 530 21 902 R/oz COST** 2 891 3 134 2 488 -161 -798 Rm FREE CASH FLOW All remarks refer to performance against prior period
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19IMPLATS ANNUAL RESULTS FY2025 TWO RIVERS Description FY2025 FY2024 Var % Remarks Tonnes milled kt 3 484 3 568 -2% • Improved UG2 throughput, offset by lower volumes of Merensky ore stockpile 6E head grade g/t 3.01 3.12 -4% • Higher UG2 stoping width 6E in concentrate koz 289 291 -1% Cash cost Rm 4 755 4 673 -2% • Mining inflation partially offset by lower labour complement and cost containment Cost per 6E oz** R/oz 17 487 16 513 -6% • Stock-adjusted unit cost includes cost of Merensky ore milled Capital expenditure Rm 969 3 987 76% • Reduced spend on Merensky project Free cash flow Rm (844) (2 351) 64% • Lower sales and weaker pricing, with some Merensky cashflow carried over to FY2025, partially offset by lower capital spend *6E concentrate production **Cost per 6E ounce in concentrate (stock-adjusted 300 302 295 291 289 koz PRODUCTION* 10 074 11 491 13 974 16 513 17 487 R/oz COST** 3 250 3 173 1 236 -2 351 -844 Rm FREE CASH FLOW
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20IMPLATS ANNUAL RESULTS FY2025 ZIMPLATS 20 Description FY2025 FY2024 Var % Remarks Tonnes milled kt 7 471 7 912 -6% • Lower TMM availability, intermittent power outages, open-cast ore contributions from February 2025 6E head grade g/t 3.37 3.32 1% • Reduced off-reef mining offset impact of low-grade open-cast ore milled 6E in matte koz 606 646 -6% Cash cost US$m 549 532 -3% • Lower labour costs and volumes offset by cost of open-cast restart and expanded smelter complex Cost per 6E oz** US$/oz 898 829 -8% Capital expenditure US$m 161 440 63% • Major projects commissioned Free cash flow US$m (15) (133) 89% **6E matte production (including concentrate sold) **Cost per 6E ounce in matte (stock-adjusted) 579 583 611 646 606 koz PRODUCTION* 661 724 836 829 898 US$/oz COST** 307 241 82 -133 -15 US$m FREE CASH FLOW
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21IMPLATS ANNUAL RESULTS FY2025 MIMOSA Description FY2025 FY2024 Var % Remarks Tonnes milled kt 2 913 2 894 1% • Stable despite intermittent regional power disruptions 6E head grade g/t 3.61 3.61 -% 6E in concentrate koz 254 255 -1% • Plant stability impeded by power outages Cash cost US$m 271 265 -2% • Inflation impact of local currency Cost per 6E oz US$/oz 1 069 1 039 -3% Capital expenditure US$m 46 90 49% • Prior period elevated by TSF spend Free cash flow US$m 41 27 51% • Lower capex and working capital management despite administrative delays on sales *6E concentrate production **Cost per 6E ounce in concentrate All remarks refer to performance against prior period 261 246 245 255 254 koz PRODUCTION* 89 63 32 27 41 US$m FREE CASH FLOW 832 915 1 030 1 039 1 069 US$/oz COST**
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22IMPLATS ANNUAL RESULTS FY2025 IMPALA CANADA Description FY2025 FY2024 Var % Remarks Tonnes milled kt 2 994 3 676 -19% • Revised production parameters on ramp-down 6E head grade g/t 2.98 2.90 3% • Lower throughput of surface stockpile 6E in concentrate koz 237 281 -15% Cash cost C$m 319 306 -4% • Combined costs and capex lower Cost per 6E oz C$/oz 1 348 1 129 -19% • Impacted by transfer of capital to working costs, AISC +2% YoY Capital expenditure C$m - 54 n/a • Capital spend transferred to working costs, in line with Group accounting policies Free cash flow C$m 18 2 >100% • Lower costs and capex, despite lower sales and softer palladium pricing *6E concentrate production **Cost per 6E ounce in concentrate (stock-adjusted) All remarks refer to performance against prior period 260 249 291 281 237 koz PRODUCTION* 1 021 1 272 1 195 1 129 1 348 C$/oz COST** 248 75 46 2 18 C$m FREE CASH FLOW
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23IMPLATS ANNUAL RESULTS FY2025 Description FY2025 FY2024 Var % Remarks Receipts 6Ekoz 1 515 1 606 -6% • Lower volumes from managed operations and JVs Mine-to-market 3rd party 6Ekoz 6Ekoz 1 306 209 1 415 191 -8% 9% • Lower deliveries from Marula and Zimplats with administrative delays on the movement of Mimosa concentrates • Better-than-expected deliveries from third parties Refined output 6Ekoz 1 504 1 492 1% • Impacted by unplanned furnace maintenance and rebuilds Refined metal returned 6Ekoz - 0.7 -% Free cash flow Rm 3 378 99 >100% • Lower volume of metals purchased, stable sales volumes IRS All remarks refer to performance against prior period 1 379 1 412 1 370 1 415 1 306 koz MINE-TO-MARKET RECEIPTS 358 351 287 191 209 koz THIRD-PARTY RECEIPTS 8 996 8 367 1 330 99 3 378 Rm FREE CASH FLOW
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24IMPLATS ANNUAL RESULTS FY2025 FY2025 PROFITABILITY 5% 4% 2% -1% -3% -9% -21% -2% 0 2 500 5 000 7 500 10 000 12 500 15 000 17 500 20 000 22 500 25 000 27 500 30 000 Zimplats matte Impala Canada conc Mimosa conc Two Rivers conc Impala refined Impala Bafokeng conc Marula conc Group refined R/6E ounce GROUP PROFITABILITY BY OPERATION Cash cost Royalties Stay-in-business capital Replacement capital Expansion capital Cash margin %
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25IMPLATS ANNUAL RESULTS FY2025 EXCESS 6E STOCK Excess stock of c.420 6E koz at the end of June 2025 • Slower than expected release in FY2025 • Unplanned maintenance 150koz • Furnace 3 rebuild • Furnace 5 repairs • Weather and utilities at Refineries 80koz • Delay in movement of Mimosa concentrates Steady release of excess stock • Annual maintenance in Q1 of every year • Revised furnace operating and maintenance protocols • Scheduled rebuild of Furnace 4 in December 2025 • Excess stock depleted by FY2029 245 330 390 375 420 0 0 50 100 150 200 250 300 350 400 450 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Jun-26 Jun-27 Jun-28 Jun-29 EXCESS 6E STOCK RELEASE koz ForecastActual
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26IMPLATS ANNUAL RESULTS FY2025 PROJECTS UPDATE Mupani Mine >300koz 6E from FY2029 US$386m ▪ On schedule Marula Phase 2 R2.75bn ▪ Project activity concluded MINE REPLACEMENT New furnace and SO2 abatement plant +600koz 6E capacity from FY2025 US$544m ▪ Zimplats smelter commissioned ▪ Completion of SO2 abatement project by FY2028 SMELTING New solar plant at Zimplats 35MW capacity in Ph 1 and 45MW in Ph 2 US$91m ▪ Phase 1 completed and operational ▪ Phase 2 approved RENEWABLE ENERGY Impala Refineries expansion and new final metals facility +10% capacity in South Africa R1.4bn ▪ Impala Refineries BMR commissioned in December 2024 ▪ New Final Metals processing facility schedule expedited to reach completion in FY2028 REFINING
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IMPLATS ANNUAL RESULTS FY2025 CFO REVIEW Meroonisha Kerber 03
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28IMPLATS ANNUAL RESULTS FY2025 INCOME STATEMENT • Revenue was 1% lower at R85.5bn • -3% on stronger rand exchange -R2.8bn • -1% due to lower sales volumes -R1.1bn • +1 on fair value movements +R1.1bn • +2% on higher dollar prices +R1.8bn • Cash costs increased by 3% or R1.8bn • Mining inflation of 4.7% -R2.8bn • Ex-gratia and ESOT payment -R0.6bn • Impala Canada capital expensed -R0.5bn • Partially offset by lower labour complement +R1.2bn • Translation of foreign subsidiaries’ costs +R0.6bn • Other net income/(expense) includes: • Insurance proceeds of R0.4bn (FY2024: R0.3bn) • Fair value gain on environmental rehabilitation investments of R0.4bn (FY2024: R0.2bn) • Restructuring costs of R0.6bn (FY2024: R0.5bn) • Prior period included several once-off items • IFRS 2 charge on B-BBEE transaction • Impairments at Impala Rustenburg and Impala Canada • Royal Bafokeng Platinum acquisition-related costs • Impairments at Two Rivers and Mimosa included in loss from associates • Effective tax rate of 53% due to no deferred tax being raised on Impala Canada losses R MILLION FY2025 FY2024 Var, % Revenue 85 459 86 398 -1% Cost of sales (83 016) (80 931) -3% Cash costs (60 331) (58 550) -3% Royalties (1 774) (1 750) -1% Metals purchased (15 519) (13 534) -15% Depreciation (7 712) (8 044) 4% Change in stock 3 510 1 850 90% Other cost of sales (1 190) (903) -32% Gross profit 2 443 5 467 -55% Impairment & BEE charge - (23 784) 100% Net foreign exchange (losses)/gains (294) (924) 68% Other net (expense)/income (147) (119) -24% Net finance (expense)/income (12) 116 -110% Share of associates losses (497) (1 182) 58% Profit/(loss) before tax 1 493 (20 426) 107% Tax (expense)/credit (786) 3 275 -124% Profit/(loss) after tax 707 (17 151) 104% Profit/(loss) attributable to shareholders 761 (17 313) 104% GP margin (%) 3 6 -54% EBITDA 9 919 12 367 -20% Headline earnings 732 2 411 -70%
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29IMPLATS ANNUAL RESULTS FY2025 STOCK-ADJUSTED UNIT COSTS • Stock-adjusted unit costs up 7% to R22 491/oz 6E • Implats mining inflation of 4.7% or R958/oz • SA operations 5.9% • Zimplats US$ 0% • Impala Canada C$ 2.4% • Exchange rate benefit of 1% or R156/oz • Translation of foreign subsidiaries’ costs at stronger rand • Volume and yield impact of 3% or R587/oz • Managed operations stock-adjusted production -5% • Impala Canada -22%, • Marula -10% • Zimplats -7% • Smelting cash costs +16% • Impacted by commissioning of the new Zimplats smelter • Gross refined volumes +2% benefiting smelting and refining unit costs • Lower labour complement benefit of 2% or R441/oz • Impala ESOT and ex-gratia payment impact of 1% or R231/oz • Expensing of Impala Canada capital impact of 1% or R185/oz 20 922 22 491 958 587 185 231 206 156 441 FY2024 Exchange rate Inflation Volumes & yield Employees Impala Canada capital ESOT payments Other FY2025 R / 6E oz
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30IMPLATS ANNUAL RESULTS FY2025 CASH FLOW AND LIQUIDITY • Net cash generated from operating activities of R7.4bn • Receipt of R1.0bn June 2024 Bafokeng concentrate debtor in July 2024 • Impacted by higher work-in-process inventory during the period • Moderation of capital expenditure to R6.9bn • Completion and commissioning of major projects at Zimplats • Spend on Marula Phase 2 project stopped • Impala Canada spend expensed due to the shortened LoM • Free cash flow of R2.4 billion • Adjusted debt increased to R3.4bn • Funding raised by Zimplats to complete expanded furnace complex • Includes deferred revenue of R1.6bn and Zimplats borrowings of R1.8bn • Excludes PIC loan and leases 3 0 R8.1bn at 30 June 2025 R8.2bn available on undrawn RCF R11.6bn Cash R19.7bn including undrawn RCF R3.4bn At 30 June 2025at 30 June 2025 Adjusted net cash Borrowing facilities Liquidity headroomAdjusted debt 6.9 8.1 7.4 1.4 0.6 0.1 6.9 Balance at 30 June 2024 Net operating cash flows Finance & dividend income Shares purchased Other Capital Balance at 30 June 2025 Rbn ADJUSTED NET CASH FY2025
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31IMPLATS ANNUAL RESULTS FY2025 CAPITAL ALLOCATION ¹ Free cash flow adjusted for outflows/impacts relating to expansion capital and foreign exchange translation adjustment on cash and cost of purchasing shares for the Implats share schemes BALANCE SHEET STRENGTH • R8.1bn adjusted net cash • RCF remains undrawn • 420koz 6E excess inventory RETURNS TO SHAREHOLDERS Cash dividends • Final dividend (R1.5bn) • Impala Chrome minorities GROWTH AND INVESTMENT • Expansion capital (R0.9bn) • Investment in AP Ventures (R43m) R0.1bn R1.0bn CASH FROM OPERATIONS R8.7bn CAPEX R6.9bn outflow OTHER NET INCOME R2.0bn inflow TAXES PAID R1.0bn outflow INTEREST PAID R0.4bn outflow ADJUSTED FREE CASH FLOW* R2.6bnFREE CASH FLOW R2.4bn ADJUSTED FREE CASH FLOW R2.6bn R1.5bn Add back: EXPANSION CAPITAL R0.9bn inflow NON DISCRETIONARY¹ R0.7bn outflow 60% of adjusted free cash flow allocated to final dividend 4% 58% 38%
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IMPLATS ANNUAL RESULTS FY2025 MARKET REVIEW Sifiso Sibiya 04
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33IMPLATS ANNUAL RESULTS FY2025 PGM MARKET PERFORMANCE Achieved metal prices FY2025 FY2024 Var (%) Platinum (US$/oz) 986 934 6% Palladium (US$/oz) 986 1 083 -9% Rhodium (US$/oz) 4 818 4 360 11% Nickel (US$/t) 15 467 18 241 -15% Revenue per 6E oz sold ($/6E oz) 1 389 1 350 3% Exchange rate (R/US$) 18.12 18.71 -3% Revenue per 6E oz sold (R/6E oz) 25 172 25 257 -%01/Jul/23 01/Jul/24 16.00 17.00 18.00 19.00 20.00 EXCHANGE RATE, R/US$ 01/Jul/23 01/Jul/24 500 1 000 1 500 PALLADIUM PRICE, US$/oz 01/Jul/23 01/Jul/24 600 800 1 000 1 200 1 400 1 600 PLATINUM PRICE, US$/oz 01/Jul/23 01/Jul/24 2 500 3 500 4 500 5 500 6 500 7 500 RHODIUM PRICE, US$/oz
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34IMPLATS ANNUAL RESULTS FY2025 SUPPLY AND DEMAND BALANCES 2025 PLATINUM MARKET to remain in deficit - Demand +3% at 8.1Moz (ex-investment) • Automotive to ease as tariffs impact LV production and BEV growth expected • Jewellery to grow on strong Chinese fabrication and underpinned by the West • Industrial remains elevated, with growth on capacity expansions • Investment demand mixed – with ETF profit taking, but robust bar & coin - Supply to decrease by 4% • Recovery in scrap collections, with 8% increase in secondary supply • Lacklustre primary supply with low destocking after bumper 2024 2025 PALLADIUM MARKET to remain in deficit - Demand to decrease by 4% to 9.8Moz (ex-investment) • Automotive impacted by tariff expectations despite negative BEV revisions • Industrial stable – underpinned by chemical sector • ETF inflows tightening markets in 2025 - Supply to decline by 2% • 6% fall in primary supply on restructured North American output and lower SA production • Offset by expected recovery in secondary supplies of 9% 2025 RHODIUM MARKET to remain in deficit - Demand stable • Weaker automotive demand offset by recovery in glass demand post destocking - Supply to decrease by 2% • Recovery in secondary supply offset by weaker South African sales * 2024 balance includes 572 koz of Pt investment and 242 koz of Pd investment 2025 balance includes 231 koz of Pt investment and 115 koz Pd investment 2026 balances exclude forecast investment flows -1 600 -1 400 -1 200 -1 000 -800 -600 -400 -200 0 2024 2025 2026 koz SUPPLY/DEMAND BALANCES* Platinum Palladium Rhodium
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35IMPLATS ANNUAL RESULTS FY2025 SHORT TERM MEDIUM TERM LONG TERM PLATINUM GLOBAL INVESTMENT CLIMATE, CHINESE PURCHASING & CONSUMPTION, SWITCHING, SOUTH AFRICAN SUPPLY SWITCHING, ABOVE-GROUND STOCKS, INVESTMENT APPETITE, CHINESE AND INDIAN JEWELLERY HYDROGEN SOUTH AFRICAN SUPPLY OUTLOOK, HYDROGEN, ELECTRIFICATION OF HEAVY-DUTY, CHANGES IN INDUSTRIAL CAPACITY PALLADIUM AUTO VOLUME RECOVERY, CONSTRAINED AUTOCAT RECYCLING, RUSSIAN SUPPLY GUIDANCE AUTOCAT RECYCLING GROWTH, RUSSIAN SUPPLY & SALES, ELECTRIFICATION ELECTRIFICATION, RECYCLING, REVERSAL OF SWITCHING, NEW DEMAND DRIVERS RHODIUM AUTO VOLUME RECOVERY, SOUTH AFRICAN SUPPLY, INDUSTRIAL DESTOCKING UG2 ECONOMICS, CHINESE RECYCLING GROWTH, ELECTRIFICATION, INDUSTRIAL DEMAND SOUTH AFRICAN SUPPLY OUTLOOK, ELECTRIFICATION, INDUSTRIAL DEMAND RECOVERY & EVOLUTION IRIDIUM & RUTHENIUM GLOBAL ELECTRO-CHEMICAL DEMAND, SOUTH AFRICAN SUPPLY, STRATEGIC SOURCING HYDROGEN, STRATEGIC SOURCING, SUBSTITUTION HYDROGEN, SOUTH AFRICAN SUPPLY OUTLOOK, RECYCLING VALUE CHAIN PGM MARKET FORCES -2 000 -1 500 -1 000 -500 0 500 1 000 1 500 2018 2020 2022 2024 2026 Platinum: Deficits underpinned by demand resillience Industrial & Jewellery Balance Investment -1 500 -1 000 -500 0 500 1 000 2018 2020 2022 2024 2026 Palladium: Scrap supply shifts market to surplus Industrial & Jewellery Balance Investment -150 -100 -50 0 50 100 150 2018 2020 2022 2024 2026 Rhodium: Market balance determined by EV growth Industrial & Jewellery Balance Investment
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36IMPLATS ANNUAL RESULTS FY2025 30% 28% 29% 1% 2% 10% MARULA R30.9bn R4.6bnR5.2bnR15.0bn R10.7bnR6.2bnR4.1bn R38.4bn PGM REVENUE BASKETS FY2025 Platinum OtherFV pricesNickelRhodiumPalladium REVENUE CONTRIBUTION BY METAL 37% 18% 24% 4% 17% IMPALA 33% 21% 28% 3% 2% 13% TWO RIVERS 39% 16% 21% 5% 4% 15% IMPALA BAFOKENG 31% 25% 13% 9% 4% 18% ZIMPLATS 33% 25% 12% 16% 14% MIMOSA 5% 74% 3% 18% IMPALA CANADA 33% 24% 20% 5% 18% IRS
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IMPLATS ANNUAL RESULTS FY2025 BUSINESS OUTLOOK Nico Muller 05
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38IMPLATS ANNUAL RESULTS FY2025 OUTLOOK Business area Unit Actual GUIDANCE FY2025 FY2026 REFINED PRODUCTION1: 6E koz 3 375 3 400 – 3 600 GROUP PRODUCTION: 6E koz 3 553 3 400 – 3 600 Impala, stock-adjusted 6E koz 1 275 1 250 – 1 300 Bafokeng, concentrate 6E koz 481 500 – 540 Marula, concentrate 6E koz 202 190 – 210 Two Rivers, concentrate 6E koz 289 270 – 300 Zimplats, in-matte 6E koz 606 630 – 660 Mimosa, concentrate 6E koz 254 240 – 260 Impala Canada, concentrate 6E koz 237 170 – 190 IRS (third-party concentrate receipts) 6E koz 209 180 – 200 GROUP UNIT COST R/oz 6E 22 491 23 500 – 24 500 GROUP CAPITAL EXPENDITURE2 Rm 6 979 8 000 – 9 000 EXCHANGE RATE ZAR/US$ 18.12 18.00 C$/US$ 1.39 1.39 ¹ Includes Impala Canada and Bafokeng saleable ounces ² Includes impact of Impala Canada capital transferred to working costs
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39IMPLATS ANNUAL RESULTS FY2025 CAPITAL EXPENDITURE 1. Group managed operations 2. Nominal Rm 3. Includes solar project spend in SIB 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 Rm GROUP CAPITAL EXPENDITURE 1,2,3 SIB Replacement Growth ForecastActual
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ANNUAL RESULTS FY2025 28 August 2025