Annual financial statement
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Delivering on our purpose AFS Audited Annual Financial Statements For the year ended 30 June 2025
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About our reports OUR 2025 REPORTING SUITE Implats is committed to building and maintaining trust through high-quality, transparent and stakeholder-relevant reporting. Our 2025 reporting suite is designed to meet the diverse information needs of our stakeholders, with a particular focus on providers of financial capital and those interested in our broader environmental, social and governance (ESG) performance. The annual integrated report is our primary communication to the providers of financial capital, explaining how Implats creates, preserves or erodes value over time. It reflects our commitment to integrated thinking and aligns with evolving sustainability reporting standards. AIR Delivering on our purpose Annual Integrated Report For the year ended 30 June 2025 AIR AFS Delivering on our purpose Audited Annual Financial Statements For the year ended 30 June 2025 AFS MRMR Delivering on our purpose Mineral Resource and Mineral Reserve Statement For the year ended 30 June 2025 MRMR Environmental, Social and Governance For the year ended 30 June 2025 ESG Delivering on our purpose ESG Annual integrated report Audited annual financial statements Mineral Resource and Mineral Reserve Statement Environmental, social and governance report Explains how Implats creates, preserves or erodes value in the short, medium and long term. Provides detailed financial performance, position and cash flow information to support resource allocation decisions. Offers updated estimates and reconciliations of Group Mineral Resources and Mineral Reserves. Presents a comprehensive view of our social, environmental and governance performance and impacts. The report further details climate-related risks, opportunities and disclosures aligned with global benchmarks. • Providers of financial capital (investors, lenders and creditors) • Financial materiality • Providers of financial capital • Financial materiality • Providers of financial capital • Financial materiality • All stakeholders • Double materiality • King IVTM* • Integrated Reporting Framework • IFRS ISSB Standards • IFRS Accounting Standards • Companies Act of South Africa No 71 of 2008, as amended (Companies Act) • JSE Listings Requirements • The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, SAMREC Code (2016) • Section 12.13 of the JSE Listings Requirements • GRI • JSE Sustainability and Climate Disclosure Guidance • ICMM • United Nations Global Compact • UN Sustainable Development Goals (UNSDGs) • CDP • IFRS S2 Climate-related Disclosures • European Financial Reporting Advisory Group (EFRAG) • European Sustainability Reporting Standards and other voluntary codes Approach to Sustainability Management Report and GRI Report For the year ended 30 June 2025 ASMRGR Delivering on our purpose ASMRGR Delivering on our purpose Tax Transparency and Economic Contribution Report For the year ended 30 June 2025 TTECR TTECR Delivering on our purpose Notice to Shareholders For the year ended 30 June 2025 AGM AGM Delivering on our purpose Remuneration Report For the year ended 30 June 2025 REM REM Approach to sustainability management report and GRI report Tax transparency and economic contribution report Notice to shareholders Remuneration report Serves as a supplement to the ESG report by outlining Implats’ governance and management practices related to sustainable development practices. It includes disclosures aligned with the GRI Standards, as referenced in the GRI Content Index. Discloses tax practices, estimates and contributions across jurisdictions, promoting transparency, responsible tax conduct and highlighting Implats’ socio-economic contributions. Provides details of the annual general meeting, including the business to be conducted and proposed resolutions. It enables transparent governance, informed shareholder participation and effective engagement. Provides insight into remuneration philosophy, policy and practices for executives and employees. • All stakeholders • Double materiality • All stakeholders • Impact materiality • Shareholders, investors and other stakeholders • Shareholders, investors and other stakeholders • GRI • JSE Sustainability and Climate Disclosure Guidance • ICMM • United Nations Global Compact • UN Sustainable Development Goals (UNSDGs) • CDP • IFRS S2 Climate-related Disclosures • European Financial Reporting Advisory Group (EFRAG) • European Sustainability Reporting Standards and other voluntary codes • GRI 207 • UN SDGs • IFRS Accounting Standards • JSE Listings Requirements • King IV • Companies Act • JSE Listings Requirements • King IV • Companies Act * Copyright and trademarks are owned by the Institute of Directors in South Africa NPC, and all of its rights are reserved. Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Contents https://twitter.com/Implats https://www.linkedin.com/company/impala-platinum/ https://www.youtube.com/channel/UCgshehA_JCYUeox7lCZw6bw/featured https://www.facebook.com/implats/ Contents 02 – 20 FINANCIAL STATEMENT ASSURANCE 02 Report of the audit and risk committee 10 Directors’ responsibility statement 11 Chief executive officer and chief financial officer responsibility statement 11 Certificate by Company secretary 12 Independent auditor’s report 16 Directors’ report 21 – 109 CONSOLIDATED FINANCIAL STATEMENTS 21 General information 24 Consolidated statement of profit or loss and other comprehensive income 25 Consolidated statement of financial position 26 Consolidated statement of changes in equity 28 Consolidated statement of cash flows 29 Notes to the consolidated financial statements 96 Annexures to the consolidated financial statements This report contains the consolidated financial statements and the separate annual financial statements of Impala Platinum Holdings Limited for the year ended 30 June 2025. These annual financial statements were prepared according to IFRS® Accounting Standards of the International Accounting Standards Board (IASB), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the South African Companies Act, No 71 of 2008, as amended (Companies Act), the Listings Requirements of the JSE Limited, (JSE) as well as the recommendations of King IV™. Implats is a leading producer of platinum group metals (PGMs), structured around seven mining operations and Impala Refining Services (IRS), a refining business. The Group’s mining operations are located on the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe and the Canadian Shield. The Group maintains a primary listing on the JSE in South Africa, a secondary listing on South Africa’s A2X, and a level 1 American Depositary Receipt programme in the United States of America. 115 – 129 COMPANY FINANCIAL STATEMENTS 115 Company statement of profit or loss and other comprehensive income 116 Company statement of financial position 117 Company statement of changes in equity 118 Company statement of cash flows 119 Notes to the Company financial statements 130 ADDITIONAL INFORMATION 130 Contact details and administration HOW TO NAVIGATE THIS REPORT For easy navigation and cross-referencing, we have included the following icons within this report: Information available on our website www.implats.co.za Information available elsewhere in this report AP Accounting policies The specific principles, bases, conventions, rules and practices applied by the Company for preparing and presenting financial statements. EJ Estimates and judgements The complex or subjective judgements that have the most significant effect on amounts recognised and assumptions and other sources of estimation uncertainty where there is a significant risk of material adjustment to the carrying amounts of assets or liabilities with the next reporting period. FOLLOW US ONLINE AT www.implats.co.za • Direct access to all our reports available on release • Our website has detailed investor, sustainability and business information. We welcome your feedback to ensure we cover all aspects Go to www.implats.co.za or email investor@implats.co.za to provide us with your feedback. KEY Key content and objective Target audience and reporting materiality Regulatory and reporting frameworks applied or otherwise referred to Impala Bafokeng Implats Audited Annual Financial Statements 2025 01 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Report of the audit and risk committee The Implats audit and risk committee (the committee) is pleased to present its report for the financial year ended 30 June 2025, as required by section 94 of the Companies Act, No 71 of 2008, as amended (Companies Act), the King Code of Governance for South Africa (King IV), and the Johannesburg Stock Exchange Listings Requirements (JSE Listings Requirements). This report aims to provide details on how the committee satisfied its statutory and board-delegated duties during the period under review, as well as their oversight on some significant matters that arose to ensure the integrity of the Group’s financial reporting. FUNCTION AND RESPONSIBILITIES The committee’s main objective is to assist the board in fulfilling its oversight responsibilities and has terms of reference in place which regulate both its statutory duties and those duties delegated to it by the board. The terms of reference are reviewed and updated every other year or as necessary. The scope of the committee extends to all activities of Implats and its subsidiaries. The committee is focused on ensuring the integrity of the Company’s financial statements and the robustness of the Group’s systems of internal control and financial and regulatory risk management, as well as its compliance with legislation, regulations and accounting standards. Additionally, the committee monitors the internal and external assurance services to ensure an effective control environment and to confirm that the assurance provided supports the integrity of information produced and reported on by the Company. The committee is also responsible for information technology (IT) governance. COMPOSITION AND MEETINGS The committee comprises four members, all of whom are independent non-executive directors and have been appointed by the board and approved by the shareholders at the annual general meeting on 30 October 2024. The committee held a total of four scheduled meetings during the year. Members1 Attendance Appointed Ms D Earp BCom, BAcc, CA(SA), Chartered Director (SA) (chairperson) 4/4 1 August 2018 Mr R Havenstein BSc, MSc Chemical Engineering, BCom 4/4 1 January 2021 Ms MJ Moshe BCom (Accounting), BCom (Hons) (Management Accounting), MBA, CA(SA) 4/4 23 August 2022 Mr PE Speckmann BCompt (Hons), CA(SA) 4/4 1 August 2018 1 Refer annexure C for the aggregate remuneration of the committee members. Information on the board composition and profiles, including experience and diversity, is disclosed in the annual integrated report and notice to shareholders which can be accessed at ( www.implats.co.za). The Group chief executive officer (CEO), the chief financial officer (CFO), the chief audit executive (CAE), the executive heads representing Group financial reporting, Group management accounting, risk, insurance and security, legal services, the chief information officer, the external auditors as well as other members of management are standing invitees to all the committee meetings. At every scheduled quarterly meeting, the chairperson of the committee extends to the internal auditors, external auditors and management the opportunity to meet separately with the committee in closed sessions. The committee chairperson also meets separately with external and internal auditors between committee meetings. COMMITTEE EVALUATION PROCESS The board and its committees are evaluated for effectiveness every two years on an alternating basis. This year, both the board and its committees were evaluated, as the board’s evaluation was deferred from the previous cycle. The committee’s effectiveness was assessed through a process overseen by the nomination, governance and ethics committee, with the outcome confirming that the committee remains effective. Relevant recommendations and focus areas have been incorporated into the committee’s annual work plan. MANDATE OF THE COMMITTEE – DISCHARGE OF DUTIES The committee has discharged all its responsibilities as required by the Companies Act, King IV and the JSE Listings Requirements. The committee satisfied itself of the establishment of appropriate financial reporting procedures and that those procedures are operating effectively as intended. This included consideration of all entities included in the consolidated Group IFRS financial statements, to ensure that the audit and risk committee has access to all the financial information of the Group to allow Implats to effectively prepare and report on Company and Group annual financial statements. 02 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Report of the audit and risk committee The board-approved terms of reference, including but not limited to the following: External reporting External auditors • Reviewing accounting policies and key accounting judgements and estimates • Reviewing management’s assessment of the appropriateness of the going-concern basis of preparing the consolidated financial statements • Reviewing tax provisions and contingencies, including uncertain tax matters • Monitoring the reporting processes and the preparation of fairly presented financial statements in compliance with the applicable legal and regulatory requirements and accounting standards • Reviewing and recommending the annual integrated report and its supplementary reports for board approval • Reviewing and recommending publicly disclosed financial information for approval by the board and, where appropriate, the quarterly production reports and trading updates to shareholders • Considering the impact of the JSE Proactive Monitoring Panel reports on the Group financial statements and new and proposed accounting standards • Considering the developments in sustainability and climate- related standards and their impact on Implats’ general purpose financial reporting. • Monitoring the activities, independence and suitability of the external auditors • Approving audit fees and limiting the scope of their non-audit services to those that do not compromise their independence • Recommending the appointment of external auditors for shareholder approval and overseeing any change of the lead partner. Prior to making its nomination, the committee requested and considered all information required in terms of the JSE Listings Requirements in assessing the auditor and the designated auditor’s suitability for appointment. Internal control and risk management and combined assurance Governance • Quarterly reviewing and monitoring of the effectiveness and implementation of the Group risk management framework and internal control • Monitoring the activities of internal auditors, ensuring the independence of their function and approving the internal audit charter • Approving the terms of reference of the internal audit function and assessing its effectiveness • Approving the internal audit plan and reviewing regular reports from the Group risk management and internal audit functions and external auditors on the adequacy and effectiveness of the systems of internal control • Ensuring the integrity of financial information issued to stakeholders through robust internal controls and risk management processes • Considering the activities of material subsidiaries and non- controlled operations through review of reports and minutes of the respective audit and risk committees • Overseeing the appropriateness of the Group’s combined assurance model to provide a coordinated approach to all assurance activities, including cooperation between internal and external auditors • Monitoring and oversight of legal and compliance-related matters and approval of the Group compliance policy • Monitoring the effectiveness of the information technology (IT), as well as focusing on cyber security, particularly with regard to both IT and operational technology (OT) functions • Confirmation of adequacy and terms of insurance cover and placement. • Considering the solvency and liquidity tests undertaken for specific transactions and distributions, and making associated recommendations to the board • Recommending dividends in line with the Group capital allocation framework, balance sheet and liquidity, as well as dividend policies • Fulfilling duties attributed to it by the Companies Act, the JSE Listings Requirements and King IV • Reviewing and approving the Group tax and treasury policies • Reviewing and approving the IT governance framework and strategy • Reviewing and approving the compliance framework • Reviewing the expertise, experience and performance of the CAE, CFO and the finance and internal audit functions. Implats Audited Annual Financial Statements 2025 03 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Report of the audit and risk committee FOCUS AREAS DURING THE YEAR – ANNUAL REPORTING Interim and annual financial statements The financial statements are prepared using appropriate accounting policies, which conform to IFRS Accounting Standards, the SAICA Financial Reporting Guides and Financial Reporting Pronouncements, the requirements of the South African Companies Act, the JSE Listings Requirements and the recommendations of King IV. The committee assessed and confirmed the appropriateness of the going-concern assumption adopted in both the interim and the annual financial statements. This included assessing the accounting treatment of significant transactions and estimates and considering the reasonableness of the key assumptions included in management budgets and the capital and liquidity plans. Specific attention was given to areas of significant judgement, which included, but were not limited to, the items tabulated below: Significant accounting issues considered by the committee in relation to the Group’s financial statements Responses of audit and risk committee Significant non-adjusting event after the reporting period: Consolidation of Impala Bafokeng into Impala (note 37) The consolidation of Impala Bafokeng and Impala into a single legal entity from 1 July 2025, in response to the low PGM prices and to ensure the ongoing sustainability of both operations. The merger will align the legal structure with current reporting lines and drive operational synergies between the two operations. Discontinued operation Consideration was given to the classification of Impala Canada as a discontinued operation following the revised operating strategy implemented in response to the persistent lower PGM pricing. When assessing the status of the change at Impala Canada, judgement was applied to whether Impala Canada qualifies as an asset held for sale or a discontinued operation. The transaction entails judgement in the accounting treatment of business combinations under common control, which are scoped out of IFRS 3 Business Combinations, as well as tax considerations in terms of the tax rollover provisions contemplated in section 44(1) of the South African Income Tax Act, No 58 of 1962, pursuant to which Impala Bafokeng sells its entire business to Impala as a going concern. The committee considered the accounting judgements and tax implications of the merger and determined that they were appropriate. The committee considered the requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations in determining whether the operations at Impala Canada constituted a discontinued operation by comparing the standard’s criteria against the revised strategy and was satisfied that it was appropriate not to classify Impala Canada as a discontinued operation in the current reporting period as operating activities had not yet ceased. The committee considered additional disclosures in respect of the judgement relating to discontinued operations, but was satisfied that the disclosures related to Impala Canada were appropriate. Currency or exchange-rate-induced inflation and instability due to devaluation of the Zimbabwe Gold (ZWG) (notes 34 and 35) The Zimbabwe Gold (ZWG) currency was introduced in April 2024 (replacing the ZWL) and co-circulates with other currencies in the economy. Financial risks emanate from the local currency instability emanating from the difference between the official and the alternative exchange rates. Consequently, the Group’s Zimbabwean operations are exposed to exchange losses as the local currency continues to devalue against the US dollar (US$) on both the official and alternative markets. The committee noted the characteristics of the currency, being a structured currency anchored by precious minerals and foreign currency reserves, assessed the financial impact of the Zimbabwe Gold on the Group’s Zimbabwean operations and the measures in place by our Zimbabwean operations to protect against the depreciation of the local currency against the US dollar. The committee is therefore satisfied with the appropriateness of the classification and measurement criteria applied to the Zimbabwe Gold in the financial statements. 04 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Report of the audit and risk committee Significant accounting issues considered by the committee in relation to the Group’s financial statements Responses of audit and risk committee Impairment of non-financial assets (notes 4, 11, 13 and 18.4) The value of mining operations is sensitive to a range of characteristics unique to each asset. Management is required to apply judgement in the estimation of ore reserves, metal prices and production forecasts, which impact cash flow projections. The committee exercised oversight over the impairment review of property, plant and equipment, right-of-use assets, goodwill and equity-accounted investments. The committee assessed the identification of impairment and impairment reversal indicators, the impact of economic and geopolitical factors and climate change on commodity prices and exchange rate assumptions, the review of changes in the valuation of cash-generating units (CGUs) and associated sensitivity analyses, as well as the appropriateness of disclosures made in the current year financial statements on key sources of estimation uncertainty. The macro-economic conditions characterised by recent persistent inflation, high interest rates and a lower PGM pricing have led to continued contraction in profit margins and cash-generation capacity across the PGM industry. This caused a sharp decline in equity valuations across the PGM sector and a decline in the value of the underlying fair value of the net assets, as reflected in the R21 852 million pre-tax impairment expense in the prior year. While positive indicators such as the softening of inflation and risk-free interest rates, and the cautious rally in PMG prices in the latter part of the current reporting period did not result in a reversal of impairment, no additional impairments were accounted for in the current period. The committee reviewed the updates provided by management on estimates and sensitivities used in the valuation of these assets, including the discount rates and long-term metal prices and was satisfied with the appropriateness of the calculation and impairment disclosures in the annual financial statements. Measurement of in-process metal inventories (note 19) Inventory valuation is an area of focus for the Group due to the inherent level of judgement and complexity involved in assessing the carrying value of inventory carried on the balance sheet. Areas of judgement include quantifying in-process metal inventory. The committee considered the relevant internal controls around the determination of in-process metal inventories and concluded that the in-process metal was fairly valued. The significant accounting judgements and estimates, including net realisable value adjustments, are appropriately disclosed in the consolidated audited annual financial statements. Legal matters (note 34) Provisions are recognised where, based on the Group’s legal views and, in some cases, independent advice, it is considered probable that an outflow of resources will be required to settle a present obligation that can be measured reliably. This requires the exercise of judgement. The committee was updated on the status of legal matters over the course of the year. Various legal matters were reviewed and the committee considered management’s assessment that there were no individually material provisions required with respect to ongoing legal matters and that the disclosures made in respect of contingent liabilities were appropriate. Implats Audited Annual Financial Statements 2025 05 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Report of the audit and risk committee Significant accounting issues considered by the committee in relation to the Group’s financial statements Responses of audit and risk committee Climate change There are increasing demands from users of general-purpose financial reports for information to assist them in understanding entities’ impact on the environment in their investment-making decisions and their assessment of management’s stewardship. The committee was updated on the 2025 increases in the carbon tax rates levied in South Africa and Canada and their expected financial impacts. Additionally, management considered climate change impacts on the estimates and judgements used in preparing the consolidated financial statements as follows: • The impact of climate change on the residual values and useful lives of assets in determining the carrying value of non-current assets (refer to note 11) • The impact of climate change in relation to indications of impairment and the forecast of cash flows used in the impairment assessments of non-current assets, including goodwill (refer to notes 11, 12 and 14) • The impact of climate change was considered in relation to the measurement of financial assets (refer to note 35.1) • The impact of climate change was considered in relation to the recognition and measurement of provisions and contingencies (notes 27 and 34). For the year ended 30 June 2025, no material impact on financial reporting judgement and estimates were identified, and the valuations of assets or liabilities were not significantly impacted by climate change risks. Taxation (notes 9, 21 and 28) The Group’s tax affairs are governed by complex domestic tax legislation, international tax treaties between countries and the interpretation of both tax authorities and courts. Given the many uncertainties that could arise from these factors, judgement is often required in determining the taxes due. Where required, legal counsel from independent experts is obtained. The Group CFO provided the committee with updates throughout the year on various tax matters, including foreign and domestic tax updates, the implementation and operational outcomes of the tax risk management framework, the status of tax audits, tax reporting, and the status of uncertain tax positions, which are disclosed in note 34. Although all these matters are inherently judgemental, the committee was satisfied with management’s treatment of all tax matters during the reporting period. The Implats Group tax policy and the tax transparency and economic contribution report (once published) can be accessed at ( www.implats.co.za). The annual financial statements were approved by the board subsequent to the committee’s review thereof and recommendation for approval. JSE section 3.84(k) – Group CEO and CFO sign-off on internal controls over financial reporting The committee was informed of the outcome of the internal financial controls certification process performed during the reporting period, which supports the CEO and CFO’s attest statement. Where necessary, the committee considered the identified deficiencies as well as the appropriateness of management’s response, including remediation, reliance on compensating controls and additional review procedures. The committee noted the ongoing progress made by Impala Rustenburg’s senior executives to integrate and align Impala Bafokeng’s internal financial controls with the Group in advance of the consolidation of Impala Bafokeng into Impala. Mineral Resource and Mineral Reserve Statement The committee is satisfied with the review of the Mineral Resources and Mineral Reserves report, which was prepared in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code (2016)), the relevant JSE Listings Requirements by the strategy and investment committee and the sign-off by the Competent Persons. The control environment associated with the estimation of reserves is adequate and effective, and the committee believes the reporting to be appropriate in all material aspects. Third party assurance on the Mineral Resource and Mineral Reserve Statement is contained on page 107 of that report. Jointly with the strategy and investment committee, the committee reviewed and recommended the Mineral Resource and Mineral Reserve Statement for board approval. 06 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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and receives confirmation from management on the adequacy of insurance coverage and the status of any material claims. The committee considered and approved the risk appetite and tolerance curves of the risks assigned to it, on which a review is performed at least annually. Details of the material Group risks, the board committees that oversee them, as well as their related deliberations are provided in the annual integrated report, which can be accessed at ( www.implats.co.za). Internal controls Implats aims to maintain a strong ethical culture and risk awareness and has implemented adequate and effective internal financial controls to confirm the integrity and reliability of the financial statements. The committee reviews management’s self-assessment of the effectiveness and adequacy of the internal control environment, as well as internal audit’s assessment of the effectiveness thereof, as part of the Group’s combined assurance model. The committee receives quarterly reports on the status of risks and controls and has the opportunity to discuss and evaluate the findings and the reasonableness of remediation steps, if applicable. The committee was satisfied with the controls and risk mitigation measures in place, and no material or significant deficiencies were identified that could result in a material misstatement of the annual financial statements. Technology and cyber security The committee receives detailed reports from the chief information officer on the Group’s IT framework and has regular detailed discussions around the increased cyber security risk, including the inherent risks and vulnerabilities, with an increased focus on the security associated with OT. The committee considered the performance of information management, which includes IT, against an approved governance framework strategic roadmap and is satisfied that adequate controls including vulnerability monitoring, simulated ransomware attacks and high backup success rates across all platforms are in place and effective. The feedback of external auditors and specialists on the Group’s systems of internal control, financial controls and IT risks and controls was reviewed. Other risks and compliance The committee further considered the risk of fraud, certain tax risks, security risks and the risks related to legislative compliance and measures taken to safeguard Implats. IMPLATS GROUP INTERNAL AUDIT (IGIA) IGIA provides independent assurance to the committee and is the overall coordinator of combined assurance for the Group. In line with its charter, IGIA coordinates input into the combined assurance map (CAM) by collating assurance-related information from across the organisation related to the Group strategic risks. This input is arranged according to four levels of assurance to provide the committee with a view of overall assurance per risk. The third level of assurance is provided by IGIA in the form of assurance through internal audits and CAM verification reviews. Report of the audit and risk committee Annual integrated report The committee is responsible for the content of the annual integrated report and its compliance with applicable reporting frameworks, guidelines and best practice, including the International Integrated Reporting Framework, which informs the integrated reporting process, and with reference to other investor-focused sustainability-related standards, guidance and frameworks, including those issued by the IFRS International Sustainability Standards Board (ISSB). The material matters included in the report, identified by senior management through third-party facilitated workshops, as well as the structure and contents of the annual integrated report for the current year are approved by the committee. The committee reviews and recommends the report to the board for approval. Environmental, social and governance (ESG) report The committee is responsible for reviewing the material issues reported to shareholders and other stakeholders, and considers the appointment, scope and conclusion of independent assurance providers for the ESG report (including certain climate-related performance indicators). The committee reviews and comments on the material matters included in the ESG report, which include climate-related disclosures, which are prepared and jointly recommended to the board by the health, safety and environment committee, the social, transformation and ethics committee, and the audit and risk committee. Tax transparency and economic contribution report The committee reviews Implats’ tax transparency and economic contribution report, which aims to explain the Group’s approach to tax, including its tax strategy, governance, risk management and economic contribution, to ensure that it was prepared in accordance with appropriate reporting frameworks and that its disclosures fairly represent the position of the Group. RISK MANAGEMENT AND COMPLIANCE, INTERNAL CONTROL The committee monitors the Group’s system of risk management and internal control under delegation from the board. The Implats risk management system is designed to ensure awareness of current and emerging risks that threaten the achievement of strategic and operational objectives and the controls that mitigate those risks are identified so that assurance can be provided on the effectiveness of those controls. A determination can then be made on whether the risk is contained within the Group’s risk appetite and tolerance levels. The Implats executive committee reviews the material Group risks quarterly. Strategic risks are allocated to the relevant board committees to oversee the adequacy of executive management’s responses to those risks and their assessment of emerging or special interest risks. The committees request detailed analyses by management to entrench their understanding where additional focus on specific risks is warranted. The committee reviews the risk management policies and processes to mitigate key risks and receives quarterly reports on the material Group and individual operations’ risks. In addition, the committee provides oversight Implats Audited Annual Financial Statements 2025 07 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Report of the audit and risk committee CAM verification reviews are conducted on allocated key strategic risks per board committee, on a quarterly rotational basis, to provide assurance that associated controls are in place and operating as intended. The outcomes of these reviews are shared with the relevant committee and with the audit and risk committee. No concerns were noted in the current period. The committee assesses the work of internal audit regularly through the review of quarterly internal audit activity reports, progress of the internal audit plan and issues arising through its annual effectiveness review. The resources of the internal audit are also monitored to ensure appropriate expertise and experience. The internal audit department budget and annual plans for the material Group subsidiaries, associates and joint ventures were approved by their respective audit and risk committees. The risk-based audit plans, which cover key risks for appropriate scope and coverage, are aligned across the Group subsidiaries. The revised Global Internal Audit Standards issued by the Institute of Internal Auditors, which became effective on 9 January 2025, has been considered, and any changes and enhancements to audit processes and methodologies are being updated accordingly. The CAE has a direct reporting line to the audit and risk committee chair and administratively reports to the CFO. The CAE has unrestricted access to the members of the committee and internal audit reports rated as ‘needs significant improvement’ and ‘unsatisfactory’ are provided to the chairperson of the board and committee members. Significant findings from these internal audit reports are reviewed in detail at the quarterly committee meetings. The committee has the option to convene private sessions in the absence of management, where issues could be brought to the attention of the committee, however, such a meeting was not required in the current period. Premised on King IV principles, IGIA provided the committee with an annual assessment of the effectiveness of the Group’s system of internal controls, risk management and internal financial controls. The assessment considered the results of internal control reviews completed during the year, which encompassed various aspects of the audit universe (such as mining technical, financial, operational, IT and OT systems) in line with a risk-based audit plan and was found to be satisfactory. Cyber risk and automation continue to evolve and, where appropriate, specialists and data-driven techniques were utilised to deliver on assurance requirements. As new risks emerge, focus is placed on strengthening the associated control environment. The committee has considered the appropriateness of management responses and timelines associated with significant audit findings and was satisfied that the identified deficiencies are in the process of being addressed and remediated. These are tracked to resolution through a formal issues-log tracking system, and IGIA continued to successfully verify management’s closure of actions. While noting that improvements are required in certain areas of the business, the committee is of the opinion that, having reviewed the assessments undertaken by IGIA, nothing has come to the attention of the committee that caused it to believe that the Group’s system of internal controls and risk management is not effective, and that the internal financial controls do not form a sound basis for the preparation of reliable financial statements. Forensic investigation activities In order to realise its purpose and safeguard against risks of fraud, corruption, bribery and other unlawful behaviour, Implats has various policies ( https://www.implats.co.za/ governance-and-leadership.php) in place and reporting mechanisms which include a toll-free Whistleblower Hotline (number: 0800 005 314) which is available 24 hours, to facilitate reports in all the official languages of South Africa. The hotline is operated by an independent third party with specialist knowledge and experience, and all information is treated with strict confidentiality. The anonymity of all callers is also guaranteed if requested. The chairperson of the committee and the board receive all whistleblowing call reports. There is quarterly reporting of direct and indirect allegations received, including the results of closed cases, details of new cases per category and location, and the ageing profile of open cases based on the risk priority. In addition, monitoring of corrective action taken by management, root cause identification and feedback to whistleblowers are also reviewed by the committee. Chief audit executive review The committee reviews the performance appraisal of the CAE and determines the competence and independence of the internal audit department annually. The committee is of the view that the CAE, Ms Daneshri Naidu, has the necessary qualifications, skills and experience to fulfil this role and is further satisfied with her performance and that of the internal audit function. EXTERNAL AUDIT Auditor effectiveness and independence – Assessment of Deloitte The committee monitored and assessed the effectiveness of the external auditors in respect of their independence and expertise and satisfied itself of the suitability and independence of the external auditor of the Group and the lead audit partner, Mr Sphiwe Stemela, in accordance with the requirements of paragraph 3.84(g)(iii) of the JSE Listings Requirements. The committee reviewed reports submitted by Deloitte on the quality assessment reviews undertaken internally and by the Independent Regulatory Board for Auditors, together with progress on any remedial actions. 08 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Report of the audit and risk committee The committee reviewed and approved the 2025 external audit plan and the key audit risks identified. As part of the assessment of the performance and quality of the audit, the committee performed its assessment of the planning, delivery and execution of the audit, as well as considered the views of management and found the performance of the external auditor to be satisfactory. No unresolved issues of concern between the Group and the external auditors were brought to the attention of the committee. Audit fees The committee, in consultation with executive management, approved the audit fee for the 2025 financial year. Audit fees are disclosed in note 6 to the consolidated annual financial statements. To safeguard the independence of the external auditor, the nature, extent and approval of permitted non-audit-related services and related fees are governed by a policy that sets the limit as a percentage of the audit fee. The committee pre-approved all non-audit services and concluded that there were none that impacted the external auditor’s independence. Consideration given to the appointment of the external auditor The committee’s assessment of the external auditor’s performance and independence underpinned its recommendation to propose to shareholders the re- appointment of Deloitte as auditor for the seventh year until the conclusion of the annual general meeting in 2026. After reaching his mandatory five-year term limit as the designated audit partner at the end of the current reporting period, Mr Sphiwe Stemela will rotate off the Group engagement with effect from the conclusion of the annual general meeting on 30 October 2025. He will be succeeded by Mr Ntokozo Nxumalo who will assume the role of the designated audit partner for the Group thereafter . Resolutions to authorise the re-appointment of Deloitte will consequently be proposed at the annual general meeting. Key audit matters The external auditors communicated one key audit matter in respect of their 2025 audit, concerning the determination of physical quantities and measurement of in-process metal inventories. In addition to the committee’s consideration of this matter (refer to the significant accounting issues considered by the committee in relation to the Group’s financial statements on pages 4 to 6), the committee discussed the key audit matter with the external auditor to understand the audit procedures followed and the auditor’s views. Following its assessment, the committee was satisfied with the conclusions reached by management and the external auditor. The report of the external auditor can be found on pages 12 to 15. CHIEF FINANCIAL OFFICER AND FINANCE FUNCTION REVIEW The committee reviewed an internal assessment of the skills, expertise and experience of Ms Meroonisha Kerber, the Group CFO, and is satisfied she has the appropriate expertise and experience to meet her responsibilities. Additionally, the committee considered and concluded on the appropriateness of the expertise, continuous development and adequacy of resources in the finance function. FUTURE FOCUS AREAS Future focus areas of the committee include, but are not limited to, the continued monitoring and oversight of: • Market conditions and the implementation of appropriate cash preservation responses to improve profitability and ensure sustainability of the Group’s various operations • The closure of Impala Canada’s operations and adequate provisioning and funding of the rehabilitation of the operation • The increasing cyber security risk and the internal and mitigating controls in place, including an assessment of the findings and implementation of remedial actions following the recent cyber security incident at one of the Group operations, as well as continuing the focus and monitoring of the integration of the IT and OT environment and the associated impact on cyber security • The progress and internal preparedness of preparing for the adoption of IFRS 18 Presentation and Disclosure of Financial Statements • The transition to the new designated external audit partner following the lapsing of the five-year tenure of the current designated audit partner • The sustainability and climate-related financial reporting landscape to ensure that the Group has the appropriate resources and controls to respond to and meet stakeholder requirements. CONCLUSION AND APPRECIATION The committee is satisfied that it has considered and discharged its responsibilities in accordance with its mandate and statutory responsibilities. The committee further confirms that Implats has complied with the provisions of the Companies Act specifically relating to its incorporation, and has operated in conformity with its Memorandum of Incorporation, during the reporting period. I wish to extend my appreciation to my fellow committee members, management, the external auditor and internal auditors for their work and support throughout the year. Ms Dawn Earp Chairperson of the audit and risk committee 28 August 2025 Implats Audited Annual Financial Statements 2025 09 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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The directors of Impala Platinum Holdings Limited (the board) present the consolidated and separate annual financial statements (the annual financial statements) for the year ended 30 June 2025. The annual financial statements have been prepared in accordance with the IFRS Accounting Standards, the requirements of the Companies Act, No 71 of 2008 (as amended) and the Listings Requirements of the JSE Limited (the JSE Listings Requirements), and incorporate full and responsible disclosure in line with the accounting policies of the Group which are supported by prudent judgements and estimates. The board is responsible for the maintenance of effective systems of internal control which are based on established organisational structures and procedures. These systems are designed to provide reasonable assurance as to the reliability of the annual financial statements, and to prevent and detect material misstatement and loss. The audit and risk committee assessed the adequacy and effectiveness of the system of internal controls and risk management during the year under review. This was achieved through the various levels of assurance such as management self-assessments and reports from the internal and external auditors. On the recommendation of the audit and risk committee, the board has considered and is satisfied that adequate accounting records, risk management processes and internal controls were maintained to provide reasonable assurance on the integrity and reliability of the annual financial statements and compliance with policies, plans, procedures, laws and regulations. The board is further satisfied that the internal controls, processes and procedures provide reasonable assurance that all Group assets are safeguarded and verified, and that the possibility of material loss or misstatement is minimised. The board further confirms that nothing has come to its attention that caused it to believe that the Company’s system of internal controls and risk management are not effective and that the internal financial controls do not form a sound basis for the preparation of reliable financial statements. The board’s opinion is underpinned by the audit and risk committee’s statement which appears on pages 2 to 9. The consolidated and separate annual financial statements have been prepared under the supervision of the chief financial officer, Ms M Kerber, CA(SA). The annual financial statements have been prepared on a going-concern basis as the directors believe that the Company and the Group will continue to be in operation in the foreseeable future. The annual financial statements as set out on pages 21 to 129 have been approved and authorised for issue by the board and are signed on its behalf by: NDB Orleyn NJ Muller Chairman Chief executive officer 28 August 2025 Directors’ responsibility statement 10 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Each of the directors, whose names are stated below, hereby confirms that: (a) The annual financial statements set out on pages 21 to 129 fairly present in all material respects the financial position, financial performance and cash flows of the issuer in terms of IFRS Accounting Standards (b) To the best of our knowledge and belief, no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading (c) Internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated subsidiaries have been provided to effectively prepare the financial statements of the issuer (d) The internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, having fulfilled our role and function as executive directors with primary responsibility for implementation and execution of controls (e) Where we are not satisfied, we have disclosed to the audit and risk committee and the auditors any deficiencies in design and operational effectiveness of the internal financial controls, and have taken steps to remedy the deficiencies (f) We are not aware of any fraud involving directors. M Kerber NJ Muller Chief financial officer Chief executive officer 28 August 2025 Certificate by Company secretary In terms of section 88(2)(e) of the Companies Act, I certify that the Company has lodged with the Commissioner all such returns and notices as required by the Act and that all such returns and notices are true, correct and up to date. TT Llale Company secretary 28 August 2025 Chief executive officer and chief financial officer responsibility statement Implats Audited Annual Financial Statements 2025 11 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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To the shareholders of Impala Platinum Holdings Limited REPORT ON THE AUDIT OF THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS OPINION We have audited the consolidated and separate financial statements of Impala Platinum Holdings Limited and its subsidiaries (the Group and Company) set out on pages 21 to 129, which comprise the consolidated and separate statement of financial position as at 30 June 2025; and the consolidated and separate statement of profit or loss and other comprehensive income; the consolidated and separate statement of changes in equity; and the consolidated and separate statement of cash flows for the year then ended; and notes to the consolidated and separate financial statements, including material accounting policy information. In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of Impala Platinum Holdings Limited and its subsidiaries as at 30 June 2025, and its consolidated and separate financial performance and consolidated and separate cash flows for the year then ended, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and the requirements of the Companies Act of South Africa. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements section of our report. We are independent of the Group and Company in accordance with the Independent Regulatory Board for Auditors’ Code of Professional Conduct for Registered Auditors (IRBA Code) and other independence requirements applicable to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In terms of the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities, published in Government Gazette No 49309 dated 15 September 2023 (EAR Rule), we report: FINAL MATERIALITY We define materiality as the magnitude of misstatement in the consolidated and separate financial statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the nature and extent of our audit work and in evaluating the results of our work. Based on our professional judgement, we determined materiality for the consolidated and separate financial statements as a whole as follows: Financial statements – Group Financial statements – Company Overall materiality R966 million (2024: R966 million) R392 million (2024: R349 million) How we determined it It represents 1% of the Group’s consolidated equity balance at 30 June 2025. It represents 1% of total assets at 30 June 2025. Rationale for benchmark applied A key judgement in determining materiality is the appropriate benchmark to select, based on our understanding of the needs of shareholders. We considered which benchmarks and key performance indicators have the greatest bearing on shareholder decisions. We determined that equity remained the key benchmark for the Group materiality and total assets remained the key benchmark for the Company. SCOPE OF OUR AUDIT Our Group audit was scoped by obtaining an understanding of the Group and its environment, including the structure and organisation of the Group and assessing the risks of material misstatement at the Group level. We selected components at which audit work in support of the Group audit opinion needed to be performed in order to provide an appropriate basis to address the risks of material misstatement. Our selection was informed by taking into account the component’s contribution to relevant classes of transactions, account balances or disclosures. Based on our assessment, we performed work at eight components. The following audit scoping was applied: • Seven components were audits of the components’ financial information; and • One component was an audit of one or more classes of transactions, account balances or disclosures. Residual values were addressed by risk assessment and analytical procedures performed at a Group level. These eight components account for 99.4% of the Group’s total assets and 100% of the Group’s revenue. Independent auditor’s report 12 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Total assets (%) ● Audit of /f_inancial information 95.6% ● Audit of speci/f_ic account balances, classes of transaction and disclosures 3.8% ● Residual 0.6% Revenue (%) ● Audit of /f_inancial information 95.1% ● Audit of speci/f_ic account balances, classes of transaction and disclosures 4.9% ● Residual 0% KEY AUDIT MATTERS Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated and separate financial statements of the current period. These matters were addressed in the context of our audit of the consolidated and separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. No key audit matters were noted for the audit of the separate financial statements of Impala Platinum Limited. In terms of the EAR Rule, we are required to report the outcome of audit procedures or key observations with respect to the key audit matters and these are included below. Key audit matter (Group) How the matter was addressed in the audit In-process metal inventories The in-process metal inventories comprise various forms containing metal within a carrier material, preceding the refining phase as a precious metal. The precise metal content embedded within the carrier material cannot be quantified until the completion of the refining process. Therefore, theoretical quantities are estimated through metal accounting, a systematic procedure entailing sampling, analysis, and weighing to ascertain the content and segregation of metal types. Quantities of recoverable metal are rigorously reconciled against the input quantity and grade, as well as the metal quantities effectively recovered. The inherent limitations of this process impede the precise monitoring of recoverability levels. Consequently, the metal accounting process undergoes constant scrutiny, with engineering estimates being refined in alignment with actual results over time. Due to significant variability in the accuracy of metal accounting, and the considerable estimations and judgements required in assessing the quantum of in-process metal inventories, this matter has been identified as a key audit matter. Disclosures regarding the estimates and judgements related to in-process metal inventories, inclusive of the adjustments in engineering estimates for the current financial year, can be found in note 19 of the consolidated financial statements. Our work on the in-process metal inventories included: • Obtained an understanding of the Group’s procedures around the estimation of physical quantities and measurement of in-process metal inventories • We considered the consistency of application of these processes across the Group. Our review included assessing whether the procedures for estimating physical quantities and measuring in-process metal inventories are applied uniformly across different reporting periods and entities within the Group • Evaluated the design and implementation of key metal accounting controls, including an evaluation of the process by our technical mining advisory specialists • We tested the operating effectiveness of key controls designed to ensure the reliability of these measurements, which included controls over the base metals refinery (BMR) weighbridge, review of calibration certificates, smelter moisture content controls, reconciliation of final metal quantities, base metals lab (BML) and precious metals lab (PML) analyses, transfer and analysis of platinum group metals (PGM) concentrate sent from BMR to precious metals refinery (PMR), and the verification and review of weights of refined base metals • Attended the physical in-process metal inventories counts at the refineries and the smelter • Using our internally developed metal accounting tool, we verified the accuracy of management’s valuation of inventories by independently recalculating key physical quantities • Tested the allocation of costs to the in-process metal inventories • Tested the elimination of intercompany profits associated with the in-process metal inventories • Evaluated the change in engineering estimates with respect to in-process metal inventories that have been recognised in the current financial year; and • Reviewed the disclosures in respect of in-process metal inventories, including the description of the estimates and judgements in estimating the physical quantities of metal inventories, in the consolidated financial statements. The estimates and judgements with respect to the in-process metal inventories, including the relevant disclosures in the consolidated financial statements, are substantiated and the Group’s processes for estimation of in-process metal inventories are reliable, and the disclosures in the financial statements are considered appropriate. Independent auditor’s report Implats Audited Annual Financial Statements 2025 13 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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OTHER INFORMATION The directors are responsible for the other information. The other information comprises the information included in the document titled “Impala Platinum Holdings Limited Consolidated Annual Financial Statements for the year ended 30 June 2025” and in the document titled “Impala Platinum Holdings Limited Annual Financial Statements for the year ended 30 June 2025”, and the document titled “Impala Platinum Holdings Limited Integrated Annual Report 2025” which includes the Directors’ Report, the Report of the Audit and Risk Committee and the Certificate by Company Secretary as required by the Companies Act of South Africa, which we obtained prior to the date of this report. The other information does not include the consolidated or the separate financial statements and our auditor’s reports thereon. Our opinion on the consolidated and separate financial statements does not cover the other information and we do not express an audit opinion or any form of assurance conclusion thereon. In connection with our audit of the consolidated and separate financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated and separate financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. RESPONSIBILITIES OF THE DIRECTORS FOR THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS The directors are responsible for the preparation and fair presentation of the consolidated and separate financial statements, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated and separate financial statements, the directors are responsible for assessing the Group and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group and/or Company or to cease operations, or have no realistic alternative but to do so. AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated and separate financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated and separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group and/or Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated and separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and/or Company to cease to continue as a going concern • Evaluate the overall presentation, structure and content of the consolidated and separate financial statements, including the disclosures, and whether the consolidated and separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation • Plan and perform the G roup audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the G roup as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. Independent auditor’s report 14 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the consolidated and separate financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report, unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS Audit tenure In terms of the IRBA Rule published in Government Gazette No. 39475 dated 4 December 2015, we report that Deloitte & Touche has been the auditor of Impala Platinum Holdings Limited for six years. Deloitte & Touche Registered Auditor Per: Sphiwe Stemela Partner 28 August 2025 The Ridge 6 Marina Road Portswood District V&A Waterfront Cape Town, 8000 Independent auditor’s report Implats Audited Annual Financial Statements 2025 15 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Directors’ report for the year ended 30 June 2025 NATURE OF BUSINESS Impala Platinum Holdings Limited (Implats/Company/Group) is a holding company and one of the world’s foremost producers and suppliers of platinum group metals (PGMs) to industrial economies. The Company is incorporated in South Africa and has a primary listing on the JSE Limited and a secondary listing on A2X Markets. The Company has interests in mining, processing and refining operations which are held as follows: Company Effective interest in % Impala Platinum Limited (Impala), includes Impala and Impala Refining Services division 87 Marula Platinum (Pty) Ltd 73.2 Zimplats Holdings Limited 87 Impala Canada Limited 100 Impala Bafokeng Resources (Pty) Ltd (IBR) 87 Mimosa Investments Limited 50 Two Rivers Platinum (Pty) Ltd 46 Impala Chrome (Pty) Ltd 65 Makgomo Chrome (Pty) Ltd 50 FINANCIAL MATTERS Compliance with financial reporting standards The Company annual financial statements and the Group consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards of the International Accounting Standards Board (IASB), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, requirements of the South African Companies Act and the Listings Requirements of the JSE Limited. Accounting policies Amended standards were effective for the first time on 1 July 2024 or were not yet effective and early adopted by the Group on 1 July 2024. None of the amendments had an impact on the Group. Refer to the accounting policy section on page 22 for the principal accounting policies and the changes to the accounting policies that were adopted during the financial year. Results for the year The consolidated annual financial statements can be found on pages 21 to 114. Management has included further commentary on the operational and financial performance of the Group for the year (including summarised consolidated annual results), which can be accessed at https://www.implats-ir.co.za/results/2025/annual-results-2025/index.php. Capital expenditure Capital expenditure amounted to R7.0 billion (2024: R14.0 billion). 16 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Directors’ report for the year ended 30 June 2025 DIVIDENDS The Company has a dividend policy which is aligned with the Company’s capital allocation framework. The framework prioritises the Company’s commitment to providing sustainable and attractive returns to shareholders while retaining a strong and flexible balance sheet and sufficiently capitalising the business to allow the Group to take advantage of future value-accretive growth opportunities. The dividend policy recommends a minimum payout of 30% of free cash flow, pre-growth capital for the period. However, at the time of the dividend declaration, the board will consider market conditions, the balance sheet position and the Company’s forecast funding requirements and exercise its discretion in determining the final quantum of the dividend. This allows the board to adjust the minimum threshold through the cycle depending on the capital allocation priorities and enable the board to pay out much higher ratios at the top of the PGM cycle. For the 12 months ended 30 June 2025, the persistence of weak PGM pricing and lower sales volumes, despite a commendable operating performance and lower capital spend, resulted in a free cash inflow of R2.4 billion. After adding back growth capital of R0.9 billion and other non-discretionary outflows of R0.7 billion, an adjusted free cash inflow for the financial year of R2.6 billion was recorded. After consideration of the Group’s financial performance, strong balance sheet position at year-end, the favourable movement in PGM prices leading up to the declaration and future capital requirements, the board declared a final cash dividend of 165 cents per ordinary share or R1.5 billion in aggregate for the year ended 30 June 2025. This represents a return of approximately 60% of adjusted free cash flow to ordinary shareholders of the Company. POST-BALANCE SHEET EVENTS In response to low prevailing PGM pricing and to secure the long-term sustainability of both Impala and IBR, both subsidiaries of Implats, the operations of IBR were consolidated into Impala post-year-end. To give effect to the consolidation, Impala and IBR entered into an agreement in terms of which IBR has transferred its entire business (comprising the exploration, development and mining of PGMs and activities related thereto), including all its assets and liabilities to Impala as a going concern in terms of the tax rollover provisions as provided for in the Income Tax Act, 1962, after IBR and other companies of the Implats Group have implemented certain reorganisational steps relating to the businesses prior to the consolidation. All the conditions precedent were met and this transaction became effective on 1 July 2025. The agreement did not have any impact on these consolidated annual financial statements and is also not expected to have any impact on the consolidated annual financial statements of the next financial year. The directors are not aware of any subsequent events that materially impact the annual financial statements. GOING CONCERN Based on the review of the Group’s financial budgets and forecasts, the directors believe that the Company and Group have adequate financial resources to continue to be in operation for the foreseeable future. As a result, the consolidated financial statements have been prepared on a going-concern basis, using appropriate accounting policies and supported by reasonable and prudent judgements and estimates. ASSOCIATED AND SUBSIDIARY COMPANIES Information regarding the Company’s associated and subsidiary companies is given in note 7 and note 8 of the annual financial statements of the Company. Share capital The issued share capital was 904 368 485 at 30 June 2025. The authorised share capital remains at 1 044 008 000 no par value shares and the unissued share capital remains at 139 639 515. Further details on the authorised and issued share capital appear in note 23 of the consolidated annual financial statements. Authorised share capital 1 044 008 000 ordinary no par value shares Issued share capital 904 368 485 ordinary no par value shares Unissued share capital 139 639 515 ordinary no par value shares Implats Audited Annual Financial Statements 2025 17 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Directors’ report for the year ended 30 June 2025 Shares repurchased During the year under review, the Group repurchased 5 529 363 shares in the market at the average price of R105.84 to satisfy the requirements of its long-term incentive plans. To the extent that these awards have not yet vested, these shares are reflected as treasury shares. Treasury shares There are currently 7 373 942 treasury shares held in terms of the long-term incentive plans. Share-based compensation The participation of the directors and prescribed officers in the Group’s share option schemes is set out in annexure D of the consolidated financial statements. American depositary receipts At 30 June 2025, Implats had 27 020 273 (2024: 25 780 409) sponsored American depositary shares in issue through Deutsche Bank AG London and trading on the over-the-counter markets in the USA. Each American depositary share is equal to one Implats ordinary share. Shareholding in the Company The issued capital of the Company held by public and non-public entities as at 30 June 2025 was as follows: Shareholder type Number of shareholders % of total shareholders Number of shares % of issued capital Public shareholders 26 006 99.98 896 261 234 99.10 Non-public shareholders 6 0.02 8 107 251 0.90 Treasury 1 0.00 7 373 942 0.82 Directors and executives 5 0.02 733 309 0.08 Total 26 012 100.00 904 368 485 100.00 BENEFICIAL SHAREHOLDINGS The following table provides the details of the beneficial shareholding of more than 3% at 30 June 2025: Beneficial shareholdings Total shareholding % of issued capital Government Employees Pension Fund (PIC) 154 056 169 17.03 Lingotto Long/Short Fund 27 251 047 3.01 Total 181 307 216 20.04 INVESTMENT MANAGEMENT SHAREHOLDINGS The following investment managers held, directly or indirectly, more than 3% of the issued share capital at 30 June 2025: Investment manager Total shareholding % of issued capital PIC 129 512 159 14.32 Fidelity Management & Research Company 77 049 484 8.52 Lingotto Investment Management, LLP 58 910 811 6.51 The Vanguard Group Inc 38 100 419 4.21 Ninety One SA (Pty) Ltd 31 792 331 3.52 Kopernik Global Investors, LLC 29 671 412 3.28 BlackRock Advisors, LLC 28 634 853 3.17 Total 393 671 469 43.53 18 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Directors’ report for the year ended 30 June 2025 Nationality Black South African 9 White South African 4 Independence Executive 3 Non-executive 1 Independent 9 non-executive Gender Male 6 Female 7 CHANGES IN DIRECTORATE There were no changes in directorate during FY2025. Directorate The board comprises nine independent non-executive directors, one non-executive director and three executive directors. In compliance with the Company’s Memorandum of Incorporation and Schedule 10 of the JSE Listings Requirements, the directors who will retire at the next annual general meeting are Ms Dawn Earp and Ms Mametja Moshe. In addition to the directors retiring by rotation, shareholders are advised that, after having served on the board for 10 years, Ms Mpho Nkeli has decided not to offer herself for re-election and will accordingly retire from the board at the conclusion of the annual general meeting. Furthermore, Mr Billy Mawasha has also elected not to stand for re-election, having decided to focus on other professional commitments and will similarly retire at the conclusion of the annual general meeting. The average length of service of the current 10 non-executive directors is 6.6 years (2024: 5.8 years), while that of the three executive directors is 7.6 years (2024: 6.6 years). Name Position as director Appointment date NDB Orleyn Independent non-executive chairman 3 August 2020 D Earp Independent non-executive director 1 August 2018 R Havenstein Independent non-executive director 1 January 2021 M Kerber Chief financial officer 1 August 2018 BT Koshane Non-executive director 27 August 2019 B Mawasha Independent non-executive director 1 September 2022 MJ Moshe Independent non-executive director 1 July 2022 FS Mufamadi Independent non-executive director 5 March 2015 NJ Muller Chief executive officer 3 April 2017 MEK Nkeli Independent non-executive director 29 April 2015 LN Samuel Executive director 27 November 2017 PE Speckmann Independent non-executive director 1 August 2018 ZB Swanepoel Independent non-executive director 5 March 2015 Board diversity Directors’ interests No contracts of significance were entered into during the financial year where any directors of the Company had a material interest in the contract. Ms M Kerber, Mr NJ Muller, Ms LN Samuel, Mr ZB Swanepoel and Mr R Havenstein had an interest in some intercompany contracts and agreements by virtue of their membership of the board of Impala, Zimplats Holdings Limited and Impala Bafokeng. No change in the interests has taken place between 30 June 2025 and the date of this report. Directors’ beneficial interest in the Company’s issued ordinary shares at 30 June is shown below: Direct Directors 2025 2024 M Kerber 108 823 141 395 NJ Muller 509 379 515 356 LN Samuel 92 307 106 585 NDB Orleyn 300 300 Total 710 809 763 636 Implats Audited Annual Financial Statements 2025 19 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Directors’ report for the year ended 30 June 2025 Indirect Directors 2025 2024 ZB Swanepoel 22 500 22 500 The above disclosure includes 608 399 shares held in terms of the minimum shareholding requirement for executive directors. In terms of the long-term incentive plan, executive directors held 521 173 awards to acquire shares in the Company subject to the performance conditions being met, 214 820 bonus share plan awards and 55 916 awards in terms of the matching share plan. Refer to annexure D of the consolidated annual financial statements. Directors’ remuneration Directors’ remuneration is disclosed in annexure D of the consolidated annual financial statements in line with the Companies Act requirements. SPECIAL RESOLUTIONS PASSED During the year, the following special resolutions were passed by the shareholders: Approval of non-executive directors and committee members’ remuneration Shareholders approved the remuneration which was paid to non-executive directors during the year under review. Repurchase of Company’s shares by the Company or subsidiaries A renewal of the general authority to acquire up to 5% of the Company’s shares subject to the provisions of the JSE Listings Requirements and the Companies Act, provided that the authority does not extend beyond 15 months from the date of the granting of that authority. ADMINISTRATION Financial, administrative and technical advisers In terms of a service agreement, Impala acted as financial, administrative and technical advisers to the Group during the year on a fee basis. Ms M Kerber, Mr NJ Muller and Ms LN Samuel had an interest in the contract by virtue of the membership of the board of Impala. Company secretary Mr TT Llale acted as secretary to Implats and Impala. Impala acted as secretaries to other subsidiaries in the Group. The business and postal addresses of the Company secretary are set out on the inside back cover. United Kingdom secretaries The business and postal addresses of the United Kingdom secretaries are set out on the inside back cover. Public officer Mr Ben Jager acted as public officer to companies in the Group for the year under review. Auditors The company’s external auditor for the financial year ended 30 June 2025 was Deloitte, with Mr Sphiwe Stemela serving as the designated audit partner. After reaching his mandatory five-year term limit as the designated audit partner at the end of the current reporting period, Mr Sphiwe Stemela will rotate off the Group engagement with effect from the conclusion of the annual general meeting on 30 October 2025. He will be succeeded by Mr Ntokozo Nxumalo, who will assume the role of the designated audit partner for the Group thereafter. Sponsor Nedbank Corporate and Investment Banking acted as the Company’s JSE sponsor. ANNUAL GENERAL MEETING The annual general meeting will be held on Thursday, 30 October 2025 at 10:00. Please refer to the notice for further details of the ordinary and special business for consideration at the meeting. 20 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Consolidated financial statements for the year ended 30 June 2025 Accounting policies, which are useful to users, especially where particular accounting policies are based on judgement regarding choices within IFRS Accounting Standards have been disclosed. Accounting policies for which no choice is permitted in terms of IFRS Accounting Standards, were included only if management concluded that the disclosure would assist users in understanding the financial statements as a whole, taking into account the materiality of the item being discussed. Accounting policies which are not applicable from time to time, have been removed, but will be included if the type of transaction occurs in future. Accounting policies that refer to ‘consolidated’ or ‘Group’, apply equally to the Company financial statements where relevant. The composition of the Group is further described in note 8 of the Company financial statements. These consolidated financial statements are presented in South African rand and rounded to the nearest million, unless otherwise stated. The following foreign currency exchange rates were used when preparing these consolidated financial statements: US$1/ZAR Year-end rate: R17.72 (2024: R18.19) Average rate: R18.17 (2024: R18.71) C$2/ZAR Year-end rate: R13.01 (2024: R13.31) Average rate: R13.02 (2024: R13.81) 1 United States dollar. 2 Canadian dollar. GENERAL INFORMATION The accounting policy information, judgements and estimates that are deemed material and have been applied in the preparation of these Group and Company financial statements are set out within the relevant notes to the financial statements and are indicated as follows: AP Accounting policies The specific principles, bases, conventions, rules and practices applied in preparing and presenting financial statements. EJ Estimates and judgements The complex or subjective judgements that have the most significant effect on amounts recognised and assumptions and other sources of estimation uncertainty where there is a significant risk of material adjustment to the carrying amounts of assets or liabilities within the next reporting period. The following Zimbabwe Gold/US dollar exchange rates were used when preparing these consolidated financial statements: US$/ZWG1 Year-end rate: ZWG26.95 (2024: ZWG13.70) Average rate: ZWG23.29 (2024: ZWG13.44) 1 Zimbabwe Gold. Sustainability and climate change-related disclosures Implats adheres to existing legislation and financial reporting frameworks. Furthermore, the Group has noted the current developments in corporate sustainability reporting, particularly in relation to their financial impacts. Implats supports the joint work of the IFRS International Sustainability Standards Board (ISSB) and International Accounting Standards Board (IASB) to align the two boards’ respective requirements and to facilitate connected information across a company’s financial reports. Implats notes the sustainability disclosure issued by the ISSB and the revised Practice Statement 1 Management Commentary, issued by the IASB to support improvements to and greater global alignment in management commentary and narrative reports accompanying the financial statements. The Group continues to evaluate, and reference to the extent possible, the works of the IASB and ISSB together with other international and global guidance in the general purpose financial reports that accompany the financial statements in order to achieve decision-useful reporting to our providers of financial capital. Implats Audited Annual Financial Statements 2025 21 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notwithstanding, to the extent that climate change impacted the carrying amounts of assets and liabilities, cash flows or the related estimates and judgements contained in the annual financial statements (AFS), these were considered and disclosed in the relevant notes. Other climate and sustainability-related disclosures are available in the Group suite of annual reports as listed on the inside front cover of this book. New and revised IFRS Accounting Standards The principal accounting policies used by the Group are consistent with those of the prior year, except for changes emanating from new or revised IFRS Accounting Standards. New and revised IFRS Accounting Standards adopted by the group The following amendments to standards are not yet effective and were early adopted by the Group on 1 July 2024: Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments • The amendments to IFRS 9 and IFRS 7 add requirements relating to the derecognition of financial liabilities settled through electronic transfers, the assessment of contractual cash flow characteristics for classifying financial assets, as well as disclosures of information relating to equity investments measured at fair value through other comprehensive income • The amendments did not have an impact on these financial statements. Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity • The amendments to IFRS 9 include additional factors that clarify the use of own-use requirements for contracts referencing nature-dependent electricity, as well as permitting hedge accounting for these contracts • The amendments to IFRS 7 introduce additional disclosure requirements for nature-dependent renewable electricity contracts • The amendments did not have an impact on these financial statements. Annual improvements to IFRS Accounting Standards – Volume 11 • The annual improvements contain amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 • The annual improvements are limited to changes that either clarify the wording in the IFRS Accounting Standards or correct the relatively minor unintended consequences or oversights in the Accounting Standards • The annual improvements did not have an impact on these financial statements. The following new standard is not yet effective and was not early adopted by the Group on 1 July 2024: IFRS 18 Presentation and Disclosure in the Financial Statements • This new standard replaces IAS 1 Presentation of Financial Statements • IFRS 18 introduces new presentation and disclosure requirements of additional totals in the statement of profit or loss, a new note which discloses management-defined performance measures and enhancements to the requirements for aggregation and disaggregation • The new standard is effective for annual periods beginning on or after 1 January 2027, with early application permitted • IFRS 18 is expected to impact the presentation and disclosure of the financial statements. Material accounting policy information, judgements and estimates Statement of compliance The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards of the International Accounting Standards Board (IASB), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, requirements of the South African Companies Act and the Listings Requirements of the JSE Limited. Basis of preparation The consolidated financial statements have been prepared under the historical cost convention except for the following: • Certain financial assets and financial liabilities are measured at fair value • Derivative financial instruments are measured at fair value • Liabilities for cash-settled share-based payment arrangements are measured using a binomial option pricing model. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services received. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. Headline earnings (note 10) has been prepared in accordance with the changes contained in Circular 1/2023 – Headline Earnings as issued by SAICA. Consolidated financial statements for the year ended 30 June 2025 22 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Based on the review of the Group’s financial budgets and forecasts, the directors believe that the Company and Group have adequate financial resources to continue to be in operation for the foreseeable future. As a result, the consolidated financial statements have been prepared on the going-concern basis. Management and the board are required to exercise their judgement in the process of applying the Group’s accounting policies. The preparation of financial statements in conformity with IFRS Accounting Standards also requires the use of certain critical accounting estimates and assumptions. The estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered relevant, including current and expected economic conditions, expectations of future events that are believed to be reasonable under the circumstances and climate-related and other sustainability considerations where applicable. These estimates will seldom equal the actual results exactly. Revisions to accounting estimates are recognised in the period in which the estimates are reviewed and in future periods. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the notes where necessary and indicated with the icon. Summary of critical estimates and judgements: • Depreciation of property, plant and equipment (note 11) • Impairment (notes 11 and 13) • Valuation and measurement of inventory (note 19) • IFRS 2 charge on B-BBEE transaction (note 24) • Environmental rehabilitation provision (note 27). Summary of selected accounting policies: • New accounting policies adopted (page 22) • Property, plant and equipment and intangible assets are measured on the historical-cost model • Expenses are classified on a functional basis, with additional information provided on the nature of the expenses • Operating cash flows are presented on the indirect method • Other comprehensive income is disclosed on a pre-tax basis, with the tax effect for each item disclosed separately. Consolidation The consolidated financial statements include those of the parent company, Impala Platinum Holdings Limited, its subsidiaries, associates, joint ventures and structured entities, using uniform accounting policies. Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has the right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Foreign currencies Functional and presentation currency Items included in the financial statements of each entity in the Group are measured in its functional currency, ie the currency of the primary economic environment in which the entity operates. For South African operations, the functional currency is South African rand, for Zimbabwean operations (Zimplats and Mimosa), US dollar, and for Impala Canada, the Canadian dollar. The consolidated financial statements are presented in South African rand, which is the presentation currency of the Group. Functional currency of Zimplats In April 2024, the Zimbabwean government officially introduced a new gold-backed currency, the Zimbabwe Gold (ZWG), which replaced the Zimbabwean dollar (ZW$). Considering the primary economic environment in which Zimplats operates, as well as factors such as which currency influences sales prices, competitive forces and regulations primarily determining sales prices, costs, financing activities and the currency in which receipts from operating activities are retained, management concluded Zimplats’ functional currency to be the US dollar. The exchange rate between the US dollar and the Zimbabwean dollar was obtained from the interbank market up to 8 April 2024. Thereafter, the exchange rate between the Zimbabwe Gold and the US dollar was established through the interbank market from 9 April 2024. Transactions and balances Foreign currency transactions are accounted for at the rates of exchange ruling at the date of the transaction. Foreign currency monetary assets and liabilities are translated at year-end exchange rates. Gains or losses arising on settlement of such transactions and from the translation of foreign currency monetary assets and liabilities are recognised in profit or loss. Group companies Total comprehensive income of our foreign operations is translated into South African rand at the actual exchange rate on transaction date. The average exchange rate is, where appropriate, used as an approximation of the actual rate at transaction date. Assets, including goodwill, and liabilities are translated at the ruling rates at the reporting date. The exchange differences arising on the translation of assets and liabilities of the foreign operations are recognised in other comprehensive income and accumulated in the foreign currency translation reserve. The proportionate disposal of the foreign entity would result in all of the translation differences being reclassified to profit or loss if control of the entity is lost. The proportionate share of accumulated exchange differences are re-attributed to non-controlling interest if control is retained. Consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 23 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes 2025 Rm 2024 Rm Revenue 2 85 459 86 398 Cost of sales 3 (83 016) (80 931) Gross profit 2 443 5 467 Impairment 4 – (21 852) IFRS 2 charge on B-BBEE transaction 24 – (1 932) Other income 5 946 1 170 Other expenses 6 (1 093) (1 289) Finance income 7 989 1 076 Finance costs 8 (1 001) (960) Net foreign exchange transaction losses (294) (924) Share of loss of equity-accounted entities 14 (497) (1 182) Profit/(loss) before tax 1 493 (20 426) Income tax (expense)/credit 9 (786) 3 275 Profit/(loss) for the year 707 (17 151) Other comprehensive loss comprising items that may subsequently be reclassified to profit or loss: Exchange differences on translating foreign operations (904) (1 432) Deferred tax thereon 26 106 673 Other comprehensive income/(loss) comprising items that will not be subsequently reclassified to profit or loss: Gain on financial assets at fair value through other comprehensive income 15 309 32 Deferred tax thereon 26 (83) – Actuarial loss on post-employment medical benefit 30 (3) (3) Deferred tax thereon 26 1 1 Total other comprehensive loss (574) (729) Total comprehensive income/(loss) 133 (17 880) Profit/(loss) attributable to: Owners of the Company 761 (17 313) Non-controlling interests 25 (54) 162 707 (17 151) Total comprehensive income/(loss) attributable to: Owners of the Company 291 (17 882) Non-controlling interests (158) 2 133 (17 880) Earnings/(loss) per share (cents) Basic 10 85 (1 929) Diluted 10 84 (1 924) The notes and annexures on pages 29 to 114 are an integral part of these consolidated financial statements. Consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 2025 24 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Consolidated statement of financial position as at 30 June 2025 Notes 2025 Rm 2024 Rm ASSETS Non-current assets Property, plant and equipment 11 63 226 63 502 Investment property 12 114 86 Goodwill 13 3 523 3 523 Investments in equity-accounted entities 14 9 596 10 305 Financial assets at fair value through other comprehensive income 15 1 002 693 Environmental rehabilitation investments 16 3 162 2 776 Other financial assets 17 1 175 1 275 Prepayments and other assets 18 180 208 81 978 82 368 Current assets Inventories 19 29 735 26 578 Trade and other receivables 20 11 012 11 826 Current tax receivable 21 252 791 Other financial assets 17 41 34 Prepayments and other assets 18 1 211 1 729 Cash and cash equivalents 22 11 628 9 629 53 879 50 587 Total assets 135 857 132 955 EQUITY AND LIABILITIES Equity Share capital 23 30 838 31 096 Retained earnings 44 952 44 276 Foreign currency translation reserve 12 627 13 321 Share-based payment reserve 24 2 431 2 221 Other components of equity 711 485 Equity attributable to owners of the Company 91 559 91 399 Non-controlling interests 25 5 056 5 226 Total equity 96 615 96 625 LIABILITIES Non-current liabilities Deferred tax 26 12 173 13 332 Provisions 27 4 308 2 855 Deferred revenue 28 1 338 1 259 Borrowings 29 1 636 1 912 Other liabilities 30 156 128 19 611 19 486 Current liabilities Trade and other payables 31 16 251 14 798 Current tax payable 21 489 173 Provisions 27 240 55 Deferred revenue 28 261 240 Borrowings 29 2 154 1 429 Other financial liabilities 32 – 49 Other liabilities 30 236 100 19 631 16 844 Total liabilities 39 242 36 330 Total equity and liabilities 135 857 132 955 The notes and annexures on pages 29 to 114 are an integral part of these consolidated financial statements. Implats Audited Annual Financial Statements 2025 25 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Share capital Rm Retained earnings Rm Foreign currency translation reserve Rm Share- based payment reserve Rm Other components of equity Rm Attributable to: Total equity Rm Owners of the Company Rm Non- controlling interests Rm Balance at 30 June 2023 25 819 74 175 13 920 480 453 114 847 11 188 126 035 Shares issued (notes 23 and 24) 5 172 – – – – 5 172 – 5 172 Acquisition of shares in Royal Bafokeng Platinum from non-controlling interest1 – (10 937) – – – (10 937) (5 666) (16 603) Shares purchased – long-term incentive plans (note 23) (439) – – – – (439) – (439) Transfer of reserves 544 (105) – (439) – – – – Share-based compensation expense (note 24) – – – 244 – 244 3 247 Deferred tax on share-based compensation liability – (55) – – – (55) 3 (52) IFRS 2 charge on B-BBEE transaction (note 24) – – – 1 936 – 1 936 – 1 936 Total comprehensive (loss)/income – (17 315) (599) – 32 (17 882) 2 (17 880) (Loss)/profit for the year – (17 313) – – – (17 313) 162 (17 151) Other comprehensive (loss)/income – (2) (599) – 32 (569) (160) (729) Dividends paid – (1 487) – – – (1 487) (304) (1 791) Balance at 30 June 2024 31 096 44 276 13 321 2 221 485 91 399 5 226 96 625 Shares purchased – long-term incentive plans (note 23) (592) – – – – (592) – (592) Transfer of reserves 334 (83) – (251) – – – – Share-based compensation expense (note 24) – – – 461 – 461 – 461 Total comprehensive income/(loss) – 759 (694) – 226 291 (158) 133 Profit/(loss) for the year – 761 – – – 761 (54) 707 Other comprehensive (loss)/income – (2) (694) – 226 (470) (104) (574) Dividends paid – – – – – – (12) (12) Balance at 30 June 2025 30 838 44 952 12 627 2 431 711 91 559 5 056 96 615 1 In the prior year, the remainder of the 43.59% shareholding in Royal Bafokeng Platinum (RBPlat) was acquired from the non-controlling shareholders for a total consideration of R11 431 million in cash and the issue of 37 967 328 Implats shares with a fair value of R5 172 million. The difference between the adjustment to the carrying amount of the non-controlling interest and the fair value of the consideration paid was directly recognised in equity, and attributable to the owners of the Company. The consolidated statement of changes in equity excludes the treasury shares held in terms of the Group’s long-term incentive plans. The notes and annexures on pages 29 to 114 are an integral part of these consolidated financial statements. Consolidated statement of changes in equity for the year ended 30 June 2025 26 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Share capital Rm Retained earnings Rm Foreign currency translation reserve Rm Share- based payment reserve Rm Other components of equity Rm Attributable to: Total equity Rm Owners of the Company Rm Non- controlling interests Rm Balance at 30 June 2023 25 819 74 175 13 920 480 453 114 847 11 188 126 035 Shares issued (notes 23 and 24) 5 172 – – – – 5 172 – 5 172 Acquisition of shares in Royal Bafokeng Platinum from non-controlling interest1 – (10 937) – – – (10 937) (5 666) (16 603) Shares purchased – long-term incentive plans (note 23) (439) – – – – (439) – (439) Transfer of reserves 544 (105) – (439) – – – – Share-based compensation expense (note 24) – – – 244 – 244 3 247 Deferred tax on share-based compensation liability – (55) – – – (55) 3 (52) IFRS 2 charge on B-BBEE transaction (note 24) – – – 1 936 – 1 936 – 1 936 Total comprehensive (loss)/income – (17 315) (599) – 32 (17 882) 2 (17 880) (Loss)/profit for the year – (17 313) – – – (17 313) 162 (17 151) Other comprehensive (loss)/income – (2) (599) – 32 (569) (160) (729) Dividends paid – (1 487) – – – (1 487) (304) (1 791) Balance at 30 June 2024 31 096 44 276 13 321 2 221 485 91 399 5 226 96 625 Shares purchased – long-term incentive plans (note 23) (592) – – – – (592) – (592) Transfer of reserves 334 (83) – (251) – – – – Share-based compensation expense (note 24) – – – 461 – 461 – 461 Total comprehensive income/(loss) – 759 (694) – 226 291 (158) 133 Profit/(loss) for the year – 761 – – – 761 (54) 707 Other comprehensive (loss)/income – (2) (694) – 226 (470) (104) (574) Dividends paid – – – – – – (12) (12) Balance at 30 June 2025 30 838 44 952 12 627 2 431 711 91 559 5 056 96 615 1 In the prior year, the remainder of the 43.59% shareholding in Royal Bafokeng Platinum (RBPlat) was acquired from the non-controlling shareholders for a total consideration of R11 431 million in cash and the issue of 37 967 328 Implats shares with a fair value of R5 172 million. The difference between the adjustment to the carrying amount of the non-controlling interest and the fair value of the consideration paid was directly recognised in equity, and attributable to the owners of the Company. The consolidated statement of changes in equity excludes the treasury shares held in terms of the Group’s long-term incentive plans. The notes and annexures on pages 29 to 114 are an integral part of these consolidated financial statements. Implats Audited Annual Financial Statements 2025 27 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes 2025 Rm 2024 Rm Cash flows from operating activities Cash generated from operations 33 8 743 8 666 Finance costs paid (385) (480) Income tax paid 21 (992) (1 245) Net cash inflow from operating activities 7 366 6 941 Cash flows from investing activities Purchase of property, plant and equipment 11 (6 857) (13 980) Decrease in deposits on property, plant and equipment 293 1 689 Proceeds from the sale of property, plant and equipment 87 119 Acquisition of interest in equity-accounted investments 14 (43) (134) Proceeds from sale of environmental rehabilitation financial assets 178 – Investments in environmental rehabilitation financial assets (178) (22) Finance income received 963 1 014 Dividends received 451 249 Other 51 14 Net cash outflow from investing activities (5 055) (11 051) Cash flows from financing activities Acquisition of Royal Bafokeng Platinum from non-controlling interests – (11 431) Purchase of shares for long-term incentive plans (592) (439) Proceeds from borrowings 29 717 1 123 Repayments of borrowings 29 (45) (79) Repayments of lease liabilities 29 (298) (282) Dividends paid to shareholders of the Company 37 – (1 487) Dividends paid to non-controlling interests (12) (304) Net cash outflow from financing activities (230) (12 899) Net increase/(decrease) in cash and cash equivalents 2 081 (17 009) Cash and cash equivalents at the beginning of the year 9 629 26 820 Effect of exchange rate changes on cash and cash equivalents held in foreign currencies (82) (182) Cash and cash equivalents at the end of the year 22 11 628 9 629 The notes and annexures on pages 29 to 114 are an integral part of these consolidated financial statements. Consolidated statement of cash flows for the year ended 30 June 2025 28 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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1. SEGMENT INFORMATION Notes to operating segment analysis The Group's identified reportable segments consist of Mining, Impala Refining Services (IRS), and ‘All other segments’. The chief operating decision maker is the chief executive officer. Implats has defined the operating segments based on the business activities and management structure within the Group. Factors such as the nature of the products and services, as well as the geographical location of operations are considered in management's judgement to identify reportable segments. Additional segment disclosures for revenue, assets and liabilities and cost of sales which has been further disaggregated, to enhance the quality of reporting, more closely aligns the segment disclosures with information contained in cost of sales and is disclosed in annexure A. Revenue flows The Group’s segments generate revenues from the respective geographical locations in which they operate. The ‘All other segments’ segment includes the Group’s chrome operation as well as equity-accounted entities (note 14). • Impala mines and refines its own metal inventories and sells externally to third parties. Sales are disaggregated geographically in note 2 • Impala Canada and Impala Bafokeng sell mined PGM concentrate to one external customer each in North America and South Africa, respectively • IRS, a division of Impala, is dedicated to the refining of metal concentrate purchases built up by Implats. Situated in Springs, some 35km east of Johannesburg in South Africa, IRS provides smelting and refining services through offtake agreements with Group companies (except Impala, Impala Canada and Impala Bafokeng) and third parties • The Marula and Zimplats mining segment revenues are made intra-group to IRS, which ultimately sells the refined metal externally to the third parties, disaggregated geographically as indicated in note 2. Sales to the two largest customers were 10% and 8% (2024: 11% and 8%) of total revenue, from Impala and IRS. Capital expenditure comprises additions to property, plant and equipment (note 11). The measure of profit or loss for reportable segments is profit after tax, which is reconciled to the consolidated profit after tax. The basis of accounting for reportable segments is consistent with the Group’s consolidated financial statements. Geographical segment information Revenue Capital expenditure Non-current assets1 2025 Rm 2024 Rm 2025 Rm 2024 Rm 2025 Rm 2024 Rm South Africa 84 738 84 967 4 054 5 036 30 992 31 641 Zimbabwe 14 957 14 402 2 925 8 225 34 873 34 971 Canada 4 649 5 580 – 742 998 499 Intersegment revenue (18 885) (18 551) – – – – 85 459 86 398 6 979 14 003 66 863 67 111 1 Excludes investments in equity-accounted entities, financial instruments and prepayments. Revenues are allocated based on the country from which the sale originates. Capital expenditure and non-current assets are allocated according to the location of the asset. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 29 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the consolidated financial statements for the year ended 30 June 2025 1. SEGMENT INFORMATION continued June 2025 Segment profit or loss Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation1 Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Revenue 30 894 10 651 4 123 14 957 4 649 65 274 38 439 631 (18 885) 85 459 Cost of sales (31 764) (11 621) (5 060) (13 187) (5 174) (66 806) (33 878) (361) 18 029 (83 016) Gross (loss)/profit (870) (970) (937) 1 770 (525) (1 532) 4 561 270 (856) 2 443 Other income/(expenses) 661 (141) (11) (207) (445) (143) 9 95 (148) (187) Finance income 709 248 86 13 42 1 098 105 659 (833) 1 029 Finance costs (316) (429) (12) (175) (295) (1 227) – (607) 833 (1 001) Net foreign exchange transaction (losses)/gains (128) 22 – (249) (10) (365) 137 (66) – (294) Share of loss of equity-accounted entities – – – – – – – (497) – (497) Profit/(loss) before tax 56 (1 270) (874) 1 152 (1 233) (2 169) 4 812 (146) (1 004) 1 493 Income tax (expense)/credit (72) 323 237 (319) 94 263 (1 300) 46 205 (786) (Loss)/profit for the year (16) (947) (637) 833 (1 139) (1 906) 3 512 (100) (799) 707 External revenue2 30 839 10 846 – – 4 649 46 334 38 439 686 – 85 459 1 Total reconciliation profit of R799 million comprises consolidation adjustments to inventory. 2 External revenue excludes intersegment revenue. Segment cash flow Net (decrease)/increase in cash and cash equivalents (1 938) (3 635) 2 399 229 (4 943) 4 189 2 835 – 2 081 Net cash inflow/(outflow) from operating activities 1 421 614 (491) 2 308 229 4 081 3 273 (578) 590 7 366 Net cash (outflow)/inflow from investing activities (1 819) (691) (307) (2 585) 7 (5 395) 105 825 (590) (5 055) Net cash (outflow)/inflow from financing activities (1 540) (3 558) 800 676 (7) (3 629) 811 2 588 – (230) Capital expenditure including right-of-use assets 2 689 962 402 2 925 – 6 978 – 1 – 6 979 30 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the consolidated financial statements for the year ended 30 June 2025 1. SEGMENT INFORMATION continued June 2025 Segment profit or loss Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation1 Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Revenue 30 894 10 651 4 123 14 957 4 649 65 274 38 439 631 (18 885) 85 459 Cost of sales (31 764) (11 621) (5 060) (13 187) (5 174) (66 806) (33 878) (361) 18 029 (83 016) Gross (loss)/profit (870) (970) (937) 1 770 (525) (1 532) 4 561 270 (856) 2 443 Other income/(expenses) 661 (141) (11) (207) (445) (143) 9 95 (148) (187) Finance income 709 248 86 13 42 1 098 105 659 (833) 1 029 Finance costs (316) (429) (12) (175) (295) (1 227) – (607) 833 (1 001) Net foreign exchange transaction (losses)/gains (128) 22 – (249) (10) (365) 137 (66) – (294) Share of loss of equity-accounted entities – – – – – – – (497) – (497) Profit/(loss) before tax 56 (1 270) (874) 1 152 (1 233) (2 169) 4 812 (146) (1 004) 1 493 Income tax (expense)/credit (72) 323 237 (319) 94 263 (1 300) 46 205 (786) (Loss)/profit for the year (16) (947) (637) 833 (1 139) (1 906) 3 512 (100) (799) 707 External revenue2 30 839 10 846 – – 4 649 46 334 38 439 686 – 85 459 1 Total reconciliation profit of R799 million comprises consolidation adjustments to inventory. 2 External revenue excludes intersegment revenue. Segment cash flow Net (decrease)/increase in cash and cash equivalents (1 938) (3 635) 2 399 229 (4 943) 4 189 2 835 – 2 081 Net cash inflow/(outflow) from operating activities 1 421 614 (491) 2 308 229 4 081 3 273 (578) 590 7 366 Net cash (outflow)/inflow from investing activities (1 819) (691) (307) (2 585) 7 (5 395) 105 825 (590) (5 055) Net cash (outflow)/inflow from financing activities (1 540) (3 558) 800 676 (7) (3 629) 811 2 588 – (230) Capital expenditure including right-of-use assets 2 689 962 402 2 925 – 6 978 – 1 – 6 979 Implats Audited Annual Financial Statements 2025 31 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the consolidated financial statements for the year ended 30 June 2025 1. SEGMENT INFORMATION continued June 2024 Segment profit or loss Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation1 Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Revenue 30 880 9 729 4 321 14 402 5 580 64 912 39 162 875 (18 551) 86 398 Cost of sales (30 673) (10 723) (4 853) (12 873) (5 674) (64 796) (34 232) (464) 18 561 (80 931) Gross profit/(loss) 207 (994) (532) 1 529 (94) 116 4 930 411 10 5 467 Impairment – property, plant and equipment (note 11) (10 626) – – – (1 632) (12 258) – – – (12 258) Impairment – goodwill (note 13) (6 347) – – – – (6 347) – – – (6 347) Impairment – prepaid royalty (3 247) – – – – (3 247) – – – (3 247) IFRS 2 charge on B-BBEE transaction (note 24) (1 144) (788) – – – (1 932) – – – (1 932) Other income/(expenses) 539 (324) 74 (103) (138) 48 2 (187) 18 (119) Finance income 699 385 100 60 52 1 296 50 670 (940) 1 076 Finance costs (265) (495) (15) (69) (309) (1 153) – (747) 940 (960) Net foreign exchange transaction (losses)/gains (153) (49) – (670) (34) (906) 229 (247) – (924) Share of loss of equity-accounted entities – – – – – – – (1 182) – (1 182) (Loss)/profit before tax (20 337) (2 265) (373) 747 (2 155) (24 383) 5 211 (1 282) 28 (20 426) Income tax credit/(expense) 3 284 273 62 924 223 4 766 (1 410) (73) (8) 3 275 (Loss)/profit for the year (17 053) (1 992) (311) 1 671 (1 932) (19 617) 3 801 (1 355) 20 (17 151) External revenue2 30 804 9 901 – – 5 580 46 285 39 162 951 – 86 398 1 Total reconciliation profit of R20 million comprises consolidation adjustments to inventory. 2 External revenue excludes intersegment revenue. Segment cash flow Net increase/(decrease) in cash and cash equivalents 1 678 (3 257) (4) (3 240) (12) (4 835) (6 867) (5 307) – (17 009) Net cash inflow/(outflow) from operating activities 3 949 (2 057) 212 3 999 791 6 894 49 (676) 674 6 941 Net cash (outflow)/inflow from investing activities (2 402) (1 076) (373) (6 432) (695) (10 978) 50 551 (674) (11 051) Net cash inflow/(outflow) from financing activities 131 (124) 157 (807) (108) (751) (6 966) (5 182) – (12 899) Capital expenditure including right-of-use assets 3 102 1 437 497 8 225 742 14 003 – – – 14 003 32 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the consolidated financial statements for the year ended 30 June 2025 1. SEGMENT INFORMATION continued June 2024 Segment profit or loss Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation1 Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Revenue 30 880 9 729 4 321 14 402 5 580 64 912 39 162 875 (18 551) 86 398 Cost of sales (30 673) (10 723) (4 853) (12 873) (5 674) (64 796) (34 232) (464) 18 561 (80 931) Gross profit/(loss) 207 (994) (532) 1 529 (94) 116 4 930 411 10 5 467 Impairment – property, plant and equipment (note 11) (10 626) – – – (1 632) (12 258) – – – (12 258) Impairment – goodwill (note 13) (6 347) – – – – (6 347) – – – (6 347) Impairment – prepaid royalty (3 247) – – – – (3 247) – – – (3 247) IFRS 2 charge on B-BBEE transaction (note 24) (1 144) (788) – – – (1 932) – – – (1 932) Other income/(expenses) 539 (324) 74 (103) (138) 48 2 (187) 18 (119) Finance income 699 385 100 60 52 1 296 50 670 (940) 1 076 Finance costs (265) (495) (15) (69) (309) (1 153) – (747) 940 (960) Net foreign exchange transaction (losses)/gains (153) (49) – (670) (34) (906) 229 (247) – (924) Share of loss of equity-accounted entities – – – – – – – (1 182) – (1 182) (Loss)/profit before tax (20 337) (2 265) (373) 747 (2 155) (24 383) 5 211 (1 282) 28 (20 426) Income tax credit/(expense) 3 284 273 62 924 223 4 766 (1 410) (73) (8) 3 275 (Loss)/profit for the year (17 053) (1 992) (311) 1 671 (1 932) (19 617) 3 801 (1 355) 20 (17 151) External revenue2 30 804 9 901 – – 5 580 46 285 39 162 951 – 86 398 1 Total reconciliation profit of R20 million comprises consolidation adjustments to inventory. 2 External revenue excludes intersegment revenue. Segment cash flow Net increase/(decrease) in cash and cash equivalents 1 678 (3 257) (4) (3 240) (12) (4 835) (6 867) (5 307) – (17 009) Net cash inflow/(outflow) from operating activities 3 949 (2 057) 212 3 999 791 6 894 49 (676) 674 6 941 Net cash (outflow)/inflow from investing activities (2 402) (1 076) (373) (6 432) (695) (10 978) 50 551 (674) (11 051) Net cash inflow/(outflow) from financing activities 131 (124) 157 (807) (108) (751) (6 966) (5 182) – (12 899) Capital expenditure including right-of-use assets 3 102 1 437 497 8 225 742 14 003 – – – 14 003 Implats Audited Annual Financial Statements 2025 33 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the consolidated financial statements for the year ended 30 June 2025 2. REVENUE 2025 Rm 2024 Rm 2.1 Disaggregation of revenue by category Sale of goods Platinum 28 343 27 554 Palladium 19 964 24 033 Rhodium 17 178 15 769 Nickel 3 740 4 304 By-products 15 208 14 755 84 433 86 415 Commodity price adjustments 536 (546) Revenue from gold streaming Deferred revenue recognised (note 28) 179 160 Variable consideration 16 12 Revenue from services Toll refining 295 357 85 459 86 398 2.2 Analysis of revenue by destination Main products (Pt, Pd, Rh and Ni) Eastern Asia (mainly Japan) 27 237 26 127 North America 12 824 15 441 Western Europe 17 847 15 980 South Africa 11 773 13 545 69 681 71 093 By-products Eastern Asia (mainly Japan) 4 235 4 426 Western Europe 2 819 3 096 South Africa 6 040 5 054 North America 2 036 2 047 Australia 158 153 Bermuda 195 172 15 483 14 948 Toll refining Rest of Africa 290 349 South Africa 5 7 North America – 1 295 357 85 459 86 398 Annexure A contains additional disclosure of revenue per reportable segment. 34 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the consolidated financial statements for the year ended 30 June 2025 2. REVENUE continued EJ Toll refining income The IRS refining fee revenue is recognised over time, as IRS provides a service which creates or enhances an asset under customer control. The declaration period stipulated in the toll refining contracts is indicative of the time it takes to complete the refining service and is considered to be the most appropriate estimate of the progress towards satisfying the performance obligation. Refining revenue is recognised on a straight-line basis over the contractual declaration time frame. AP The Group generates revenue from the mining, concentrating, refining and sale of Platinum Group Metals (PGMs) and associated base metals. Revenue is measured based on the consideration specified in the customer contract. Sales revenue The Group recognises revenue on inventory sold to a customer on delivery to the contractually agreed upon delivery point. This is the point at which the performance obligation is satisfied and a receivable is recognised as entitlement to the consideration is unconditional and only the passage of time is required before payment is due. No element of financing is present due to the short-term nature of Group contracts and credit terms are consistent with market practice. The total consideration in the sales contract is allocated to each product based on the contractually agreed upon metal prices. Metal sales prices are determined based on observable spot prices when revenue is recognised. Gold streaming revenue The Group recognises revenue from the gold streaming agreement when gold ounces are allocated to the appropriate Triple Flag gold credit account. This is the point at which Triple Flag accepts and has control of the gold ounces, which is the point at which the performance obligation is satisfied, and the deferred revenue liability is reduced. The transaction price comprises the advance payment received, as well as a 5% cash payment which is based on the prevailing reference gold price for each gold ounce delivered. Due to the long-term nature of the agreement, a financing component is present. Refer to the in note 28 for the treatment of the significant financing component and the deferred revenue liability. Commodity price adjustments At Impala Canada and Impala Bafokeng, the sales price is determined on a provisional basis at the date of the sale, and subsequent adjustments are made to the sales price based on movements in quoted market prices up to the date of final pricing. These adjustments are separately disclosed within revenue. Toll refining income The Group derives toll income revenue from the processing and refining of metal concentrate which is subsequently returned to the customer. Toll refining income is recognised over time. Implats Audited Annual Financial Statements 2025 35 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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3. COST OF SALES 2025 Rm 2024 Rm Production costs On-mine operations 42 733 41 291 Wages and salaries 21 088 20 491 Materials and consumables 17 674 17 205 Utilities 3 971 3 595 Processing operations 13 394 12 887 Wages and salaries 2 370 2 230 Materials and consumables 6 402 6 430 Utilities 4 622 4 227 Refining and selling 2 674 2 480 Wages and salaries 916 863 Materials and consumables 1 401 1 306 Utilities 357 311 Depreciation of operating assets (notes 11 and 33) 7 712 8 044 Other costs Metals purchased 15 519 13 534 Increase in metal inventories (3 510) (1 850) Royalty expenses 1 774 1 750 Corporate costs 1 530 1 892 Wages and salaries 927 1 113 Insurance 448 459 Donations 19 28 Other costs 136 292 Chrome operation – cost of sales 359 443 Share-based compensation and other 831 460 83 016 80 931 The following disclosure items are included in cost of sales: Repairs and maintenance expenditure on property, plant and equipment 5 360 5 473 Cost of inventories sold1 81 009 81 097 1 The cost of inventories sold excludes the net realisable value adjustment of R7 million (2024: R361 million) disclosed in note 19. Employment benefit expense comprises: Wages and salaries 23 822 23 239 Pension costs – defined contribution plans 1 479 1 458 Share-based compensation 782 550 Cash-settled 321 217 Equity-settled 461 333 26 083 25 247 Notes to the consolidated financial statements for the year ended 30 June 2025 36 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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3. COST OF SALES continued AP Short-term employee benefits Remuneration to employees is charged to profit or loss on an ongoing basis. Provision is made for accumulated leave, incentive bonuses and other short-term employee benefits. The Group recognises a liability and an expense for bonuses based on a formula that takes into consideration the drivers for achievement of corporate strategy and operational objectives. The Group recognises a provision when contractually obliged or where there is a past practice that has created a constructive obligation. Post-employment benefits Post-employment benefits include defined contribution plans and defined benefit plans. Additional information on defined benefit plans is provided in note 30.1. Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without the possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after reporting date are discounted to present value. Share-based payments For share-based payments accounting policies, refer to notes 24 and 30. 4. IMPAIRMENT 2025 Rm 2024 Rm Impairment of non-financial assets is made up of the following: Impairment – property, plant and equipment (note 11) – 12 258 Impairment – goodwill (note 13) – 6 347 Impairment – prepaid royalty – 3 247 – 21 852 In the prior year, property, plant and equipment of R10 626 million, goodwill of R6 347 million, as well as the prepaid royalty of R3 247 million, which all formed part of the Impala Rustenburg mining cash-generating unit, was impaired to its recoverable amount of R21 026 million. Property, plant and equipment of R1 632 million was also impaired at Impala Canada. No impairment was recognised in the current year. Refer to notes 11 and 13 for more information and other impairment-related disclosures. 5. OTHER INCOME 2025 Rm 2024 Rm Insurance proceeds – business interruption 440 300 Fair value gain on environmental rehabilitation investments (note 16) 368 231 Fair value gain on foreign exchange rate collars – 222 Tax penalties credit (notes 21 and 33) – 159 Profit on sale and leaseback of houses (note 33) 30 30 Profit on disposal of property, plant and equipment (note 33) 45 30 Reversal of impairment – investment property (note 12) 31 – Insurance proceeds – asset damage – 27 Other 32 171 946 1 170 AP Deferred profit on sale and leaseback of houses The excess of the proceeds over the carrying amount of the asset sold is amortised over the lease term. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 37 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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6. OTHER EXPENSES 2025 Rm 2024 Rm Restructuring costs 635 488 Acquisition-related costs – RBPlat – 204 Acquisition-related costs – RBPlat acceleration of IFRS 2 Share-based Payments – 214 Non-production-related corporate costs 158 151 Exploration expenditure 6 88 Loss on disposal of property, plant and equipment (note 33) 60 9 Auditor’s remuneration 48 52 Impairment provision – statutory receivable (note 20) 106 – Other 80 83 1 093 1 289 Auditor’s remuneration comprises: 48 52 Audit services including interim review 48 52 Other services – – 7. FINANCE INCOME 2025 Rm 2024 Rm Interest received – cash and cash equivalents 601 767 Interest received – employee housing loans 119 126 Interest received – advances 52 34 Interest received – state royalty tax 106 – Interest received – current tax 39 51 Other 72 98 989 1 076 Interest income recognised at amortised cost was R989 million (2024: R1 076 million). AP Interest income Interest income calculated at amortised cost is recognised on a time-proportion basis using the effective interest method. 8. FINANCE COSTS 2025 Rm 2024 Rm Unwinding of discount – deferred revenue (note 28) 279 277 Unwinding of discount – environmental rehabilitation provision (note 27) 284 267 Interest paid – borrowings (note 29) 263 179 Commitment and facility fees 62 99 Interest paid – leases (note 29) 79 92 Guarantee fees – 8 Other 117 85 1 084 1 007 Less: Interest capitalised (note 11) (83) (47) 1 001 960 Notes to the consolidated financial statements for the year ended 30 June 2025 38 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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9. INCOME TAX EXPENSE/(CREDIT) 2025 Rm 2024 Rm Current tax South African current tax 1 624 2 026 Current tax on profits for the year 1 558 1 957 Prior year adjustment 59 50 Withholding and dividend tax 7 19 Other countries’ current tax (13) (182) Current tax on profits for the year (70) (98) Prior year adjustment 57 (90) Withholding and dividend tax – 6 Total current tax (note 21) 1 611 1 844 Deferred tax South African deferred tax (1 064) (4 162) Temporary differences (1 080) (4 313) Prior year adjustment 16 151 Other countries’ deferred tax 239 (957) Temporary differences 239 (1 279) Change in tax rate – 322 Total deferred tax (note 26) (825) (5 119) Total income tax expense/(credit) 786 (3 275) The tax on the Group’s profit differs as follows from the theoretical charge that would arise using the basic tax rate of 27% (2024: 27%) for South African companies: Normal tax for companies on profit/(loss) before tax 403 (5 515) Adjusted for: Disallowable expenditure: Impairment of goodwill – 1 714 IFRS 2 charge on B-BBEE transaction – 522 Foreign currency adjustment 57 – Advertising expenses 35 39 Share-based compensation expense – 76 Finance costs 1 17 Donations and other social and labour plan costs 15 25 Income tax interest and penalties 32 – Head office costs 23 67 Royalty expenses 88 65 Other 46 100 Exempt income: Withholding taxes on undistributed profits (152) (1 474) Fair value adjustment (147) – Foreign currency adjustments – (12) Income tax interest and penalties – (34) Share-based compensation expense (106) (41) Other (28) (24) Prior year adjustment 132 111 Canadian mining taxes (3) (119) Change in tax rate – Zimbabwean tax – 322 Deferred tax not recognised 231 538 Effect of after-tax share of profit from equity-accounted entities 134 319 Effect of different taxes of foreign subsidiaries 18 11 Withholding taxes on dividends 7 18 Income tax expense/(credit) 786 (3 275) Effective tax rate (%) 53 16 Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 39 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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9. INCOME TAX EXPENSE/(CREDIT) continued EJ Income tax Income tax includes current, deferred and withholding taxes. Current tax is calculated by applying enacted or substantively enacted tax rates to taxable income, including adjustments to tax payable in respect of prior years. The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit matters based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially reported, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Pillar II Global Minimum Tax Implats became subject to the global top-up tax under the South African Pillar Two tax legislation from 1 July 2024. It monitors and assesses the impact of the global minimum tax rules. It applied the temporary mandatory relief to not provide deferred tax, which applies retrospectively, and will account for it as current tax when it is incurred. The retrospective application has no impact on these consolidated annual financial statements. Implats qualifies for the simplified compliance exemption by complying with the transitional country by country Safe Harbour rules. 10. EARNINGS PER SHARE The weighted average number of ordinary shares in issue outside the Group for the purposes of basic and headline earnings per share are calculated as follows: 2025 Million 2024 Million Number of shares Number of ordinary shares issued outside the Group (note 23) 897.00 899.75 Adjusted for weighted average number of ordinary shares issued during the year (1.13) (3.75) Adjusted for weighted average number of ordinary shares acquired during the year 1.58 1.36 Weighted average number of ordinary shares in issue for basic and headline earnings per share 897.45 897.36 Adjusted for: Dilutive potential ordinary shares relating to long-term incentive plan 4.39 2.49 Weighted average number of ordinary shares for diluted basic and headline earnings per share 901.84 899.85 2025 Rm 2024 Rm Basic earnings – attributable profit/(loss) Profit/(loss) attributable to owners of the Company 761 (17 313) Profit/(loss) used in the calculation of diluted earnings per share 761 (17 313) 2025 Cents 2024 Cents Basic earnings/(loss) per share 85 (1 929) Diluted earnings/(loss) per share 84 (1 924) Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of the Company for the year by the weighted average number of ordinary shares in issue for basic earnings per share. Diluted earnings per share Diluted earnings per share is calculated by dividing the profit attributable to the owners of the Company for the year by the weighted average number of ordinary shares for diluted earnings per share. Potential ordinary shares are only treated as dilutive when their conversion would decrease earnings per share. Notes to the consolidated financial statements for the year ended 30 June 2025 40 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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10. EARNINGS PER SHARE continued Profit/(loss) attributable to owners of the Company is adjusted as follows: 2025 Rm 2024 Rm Headline earnings – attributable profit Profit/(loss) attributable to owners of the Company 761 (17 313) Remeasurement adjustments: Impairment of property, plant and equipment and prepaid royalty – 11 759 Earnings remeasurement – 15 505 Tax effects – (3 746) Impairment of goodwill – 6 347 Earnings remeasurement – 6 347 Tax effects – – Profit on disposal of property, plant and equipment (note 5) (56) (45) Earnings remeasurement (75) (60) Tax effects 19 15 Loss on disposal of property, plant and equipment (note 6) 44 5 Earnings remeasurement after non-controlling interests 60 8 Tax effects (16) (3) Reversal of impairment of investment property (notes 5 and 12) (18) – Earnings remeasurement (24) – Tax effects 6 – Earnings adjustments from equity-accounted entities 1 1 673 Earnings remeasurement – impairment of property, plant and equipment – 2 378 Earnings remeasurement – profit on disposal of property, plant and equipment 2 – Tax effects (1) (705) Insurance proceeds – asset damage – (15) Earnings remeasurement after non-controlling interests – (21) Tax effects – 6 Headline earnings 732 2 411 Headline earnings used in the calculation of diluted headline earnings per share 732 2 411 2025 Cents 2024 Cents Headline earnings per share 82 269 Diluted headline earnings per share 81 268 Headline earnings per share Headline earnings per share is calculated by dividing the headline earnings attributable to the owners of the Company for the year by the weighted average number of ordinary shares in issue for headline earnings per share. Diluted headline earnings per share Diluted headline earnings per share is calculated by dividing the adjusted headline earnings attributable to the owners of the Company for the year by the weighted average number of ordinary shares for diluted headline earnings per share. Potential ordinary shares are only treated as dilutive when their conversion would decrease headline earnings per share. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 41 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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11. PROPERTY, PLANT AND EQUIPMENT 2025 Rm 2024 Rm Carrying value – opening balance 63 502 71 176 Capital expenditure1 6 857 13 988 Right-of-use assets capitalised 122 23 Depreciation (note 3)1 (7 712) (8 052) Impairment (note 4) – (12 258) Disposals and scrapping (102) (98) Environmental rehabilitation adjustment (note 27.1) 1 413 2 Interest capitalised (note 8) 83 47 Exchange differences (937) (1 326) Carrying value – closing balance 63 226 63 502 1 Includes depreciation of Rnil (2024: R8 million) which was capitalised to the cost of property, plant and equipment. For detailed disclosure per asset category of property, plant and equipment and right-of-use assets, refer to annexure B. Impairment – Impala Rustenburg mining operation In the prior year, Impala performed a recoverability assessment of its Impala Rustenburg mining operation due to a lower PGM price profile, as well as changes to the mine life. The assessment resulted in an impairment of R10 626 million to property, plant and equipment and an offsetting impact on deferred tax of R2 869 million resulting in a post-tax loss of R7 757 million. The recoverable amount of the Impala Rustenburg mining cash-generating unit (CGU) at June 2024 of R21 026 million was determined based on its fair value less costs of disposal. The recoverable amount is based on future discounted cash flows (value in use of the CGU), including an in situ 4E ounce value for mineral resources outside the approved mine plan. This is a Level 3 valuation in terms of the fair value hierarchy (note 35.1). No impairment was recognised in the current year. EJ Recoverable amount In the prior year, the key financial assumptions for the CGU used in the recoverable amount calculations were: • An overall long-term real basket price per 6E ounce sold of R28 200 (in 2025 equivalent terms) adjusted for the individual asset of CGU’s prill split • A long-term pre-tax real discount rate range of 10% to 26% and a long-term post-tax real discount rate range of 10% to 12% • In situ resource valuation of between US$2.00 and US$12.00 per 4E ounce depending on whether the resource is inferred, indicated and measured • If the long-term metal prices increased by 5%, the recoverable amount would increase by approximately R20 000 million. Conversely, a 5% decrease would reduce the recoverable amount by approximately R21 000 million. Change in estimates For purposes of impairment testing, Implats calculates the value in use of CGUs based on the latest reliable information available, and considers experience gained over time. The valuation of the mining and the refining CGUs require the input of revenue estimates that are impacted by internal transfer pricing, which affect the relative cash flow estimates associated with CGUs. The valuation technique applied in the value-in-use calculation is applied consistently. In the prior year, the cash flow inputs in the value-in-use discounted cash flow calculation of the Impala Rustenburg mining operation CGU were re-assessed using management’s best estimate of future prices that could be achieved in an arm’s-length transaction. The accuracy of the value-in-use calculation was improved by transferring the concentrator from the refining CGU to the mining CGU and re-estimating the mining CGU revenue cash flows by taking into account mine to concentrate revenues for the mining segment, resulting in a change in estimate. Consequently, the prior year profit and loss includes a R10 626 million pre-tax impairment charge at the Impala Rustenburg mining operation CGU. Due to the change in estimate, the post-tax impairment charge was R4 000 million higher than what it would otherwise have been. There is currently no reliable estimate of the impact of the change in estimate on future profits. Notes to the consolidated financial statements for the year ended 30 June 2025 42 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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11. PROPERTY, PLANT AND EQUIPMENT continued Impairment – Impala Canada In the prior year, Impala Canada performed a recoverability assessment of its Lac des Iles mine due to a lower palladium price profile and changes to the mine life and mineral reserves estimates. The assessment resulted in the impairment of R1 632 million (C$120 million) to property, plant and equipment with no deferred tax impact which resulted in a post-tax loss of R1 632 million (C$120 million). The recoverable amount of the CGU at June 2024 of Rnil was determined on the basis of its fair value less costs of disposal. This was a level 3 valuation in terms of the fair value hierarchy (note 35.1). No impairment was recognised in the current year. EJ In the prior year, the key financial assumptions for the CGU used in the recoverable amount calculations were: • An overall long-term real palladium price per ounce of US$970 • A long-term post-tax real discount rate range of 10% and 11% • If the long-term metal prices increased by 5%, the recoverable amount would increase by approximately R468.3 million (C$35.2 million). Conversely, a 5% decrease would reduce the recoverable amount by approximately Rnil (C$nil). Capital commitments in respect of property, plant and equipment 2025 Rm 2024 Rm Commitments contracted for 3 114 3 060 Approved expenditure not yet contracted 9 933 9 985 13 047 13 045 Less than one year 5 975 6 930 Between one and five years 7 072 6 115 Capital expenditure will be funded from internally generated funds and from borrowings, where necessary. All right-of-use assets are encumbered by leases and no other fixed assets are pledged as collateral. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 43 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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11. PROPERTY, PLANT AND EQUIPMENT continued 11.1 Areas of judgement EJ Shafts, mining development and infrastructure Individual mining assets are depreciated on the units-of-production (UOP) method for the units associated with the assets. The UOP method better reflects the pattern of consumption of future economic benefits from these assets when compared to the straight-line method. Metallurgical and refining plants Metallurgical and refining assets are depreciated on either the straight-line method over the useful life of the asset, limited to the life of the mine, or the UOP method, depending on which method best reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Land, buildings and general infrastructure Assets in this category are depreciated on either the straight-line method over the useful life of the asset, limited to the life of the mine, or the UOP method, depending on which method best reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Depreciation ceases when the residual value exceeds the carrying amount. The useful life of land and buildings subject to a finance lease is limited to the lease term. Land is not depreciated. Other assets Other assets are depreciated on the straight-line method over the useful life of the asset, limited to the life of the mine. The useful lives of these assets are monitored on an ongoing basis and are as follows: Asset type • Information technology • Mobile equipment Estimated useful life • Three years • Five to 10 years Units-of-production Management has elected to use the centares mined in relation to centares proved and probable mineral reserves as an appropriate UOP depreciation methodology. Changes in proved and probable mineral reserves will impact the useful lives of the assets depreciated on the UOP method and the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine. The depreciation calculation is based on the reserve centares of board-approved projects and has applied the following life-of-mine (LoM): Impala 10 years (2024: 11 years), Zimplats 43 years (2024: 43 years), Marula 24 years (2024: 22 years), Impala Bafokeng 26 years (2024: 24 years) and Impala Canada two years (2024: three years). Mineral reserve estimations The reserves estimate impacts the depreciation and recoverable amount of property, plant and equipment. Resources related to a future project are transferred to the reserve category on approval of the project by the board. These resources are included in the calculation of the UOP and form part of the life of the relevant mine. Factors impacting the determination of proved and probable reserves are: • Variance in the grade of mineral reserves (ie differences between actual grades mined and grades modelled) • Differences between actual commodity prices and commodity price assumptions • Unforeseen operational issues at mine sites • Changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. Expectations regarding future profitability would impact the decision to continue mining and consequently, the continued classification as proved and probable mineral reserves. During the prior year, the factors impacting the proved and probable mineral reserves were reassessed and the LoMs were adjusted for accordingly. Refer to the Mineral Resource and Mineral Reserve Statement at ( www.implats.co.za). Notes to the consolidated financial statements for the year ended 30 June 2025 44 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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11. PROPERTY, PLANT AND EQUIPMENT continued 11.1 Areas of judgement continued EJ Production start date The Group assesses the stage of each mine construction project to determine when a mine moves into the commercial production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project, such as the complexity of a plant and its location. Pre-production costs are expensed to the extent that they are associated with pre-production income. When a mine construction project is ready for use and moves into commercial production, the capitalisation of mine construction costs ceases and further costs are either regarded as inventory or expensed. During the production stage, only costs qualifying for capitalisation as mining assets additions or improvements, underground mine development or mineable reserve development are capitalised. Impairment Long-term mining assets that form part of board-approved projects are valued based on estimates of future discounted cash flows (DCFs) of the latest board-approved business forecasts of production volumes, costs of production, capital expenditure, metal prices and market forecasts for foreign exchange rates. A risk-adjusted discount rate is used, which takes into account risk specific to the CGU where cash flows have not been adjusted for the risk. Mineral resources outside the approved mine plans are valued based on the in situ 4E ounce value. Comparable market transactions are used as a source of evidence adjusting specifically for the nature of each underlying orebody and the prevailing platinum price. All estimates are subject to risks and uncertainties including achievement of mine plans, future metal prices and exchange rates. It is therefore possible that changes can occur which may affect the recoverability of the mining assets. Possible indicators of impairment were considered in the impairment tests for property, plant and equipment, including climate-related impacts where applicable. The assets’ DCFs were updated to reflect the revised production volumes, metal prices, cost forecasts and other factors. No impairment of property, plant and equipment was required in the current year. The key financial assumptions used in the recoverable amount calculations were: • An overall long-term real basket price per 6E ounce sold of R31 000 (2024: R28 200 in 2025 equivalent terms) adjusted for the individual asset or CGU’s prill split • A long-term pre-tax real discount rate range of 9% to 22% (2024: 11% to 26%) and a long-term post-tax real discount rate range of 5% to 12% (2024: 8% to 12%) for the various CGUs in the Group • In situ resource valuation of between US$2.50 and US$14.00 (2024: US$2.00 and US$12.00) per 4E ounce, depending on whether the resource is inferred, indicated and measured. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 45 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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11. PROPERTY, PLANT AND EQUIPMENT continued AP Carrying amount Property, plant and equipment is recognised at cost less accumulated depreciation and any accumulated impairment losses. Components Property, plant and equipment comprising major components with different useful lives are accounted for separately. Significant expenditure to replace or modify a major component is capitalised after derecognition of the existing carrying amount and its write off to profit or loss. All maintenance costs are expensed. Cost Pre-production expenditure is capitalised, subsequent to the directors approving the project, when it can be demonstrated that future economic benefits are probable. Mining development and infrastructure expenditure, as well as evaluation costs and professional fees to establish, expand and to support and maintain productive capacity of the mines, are capitalised to property, plant and equipment. Capitalisation of costs ceases when the asset is in the location and condition necessary to operate as intended by management. Any net mining income earned, while the item is not yet capable of operating as intended, is recognised in profit or loss. Interest on general or specific borrowings to finance the establishment or expansion of mining assets is capitalised during the construction phase. When general and/or specific borrowings are utilised to fund qualifying capital expenditure, such borrowing costs attributable to the capital expenditure are capitalised from the point at which the capital expenditure and related borrowing costs are incurred until construction is completed. The interest incurred on specific borrowings, net of any temporary income, is capitalised. Interest on general borrowings is capitalised at the weighted average cost of the debt on qualifying expenditure, limited to the interest incurred. The present value of decommissioning costs, which relate to dismantling and removing of the asset as a result of the environmental rehabilitation obligation, is included in the cost of the related pre-production assets. Changes in the valuation estimates of the environmental rehabilitation liability are accounted for as follows: • Decreases in the liability reduces the cost of the related asset. The decrease in the asset is limited to its carrying amount and any excess is accounted for in profit or loss • Increases in the liability increases the carrying amount of the related asset. The costs of IT software purchased and any direct expenditure incurred in its customisation and installation are capitalised. Internally developed software is capitalised only if it meets the criteria for capitalising development expenditure. All other software development expenditure is expensed in profit or loss. Refer to note 29 for the accounting policy on right-of-use assets. Subsequent expenditure Subsequent costs are included in the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. All repairs and maintenance costs are expensed in the financial period they are incurred. Derecognition An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal, retirement or scrapping of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. Notes to the consolidated financial statements for the year ended 30 June 2025 46 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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11. PROPERTY, PLANT AND EQUIPMENT continued AP Depreciation Assets are depreciated over their useful lives, taking into account historical and expected performance for straight-line depreciation and actual usage, on the UOP method. Depreciation is calculated on the carrying amount less the residual value of the assets or components of the assets, where applicable, and ceases when the residual value equals or exceeds the carrying amount of the asset. The depreciation of operating assets is charged to profit or loss and depreciation incurred in the construction of an asset is capitalised to the cost of that asset. The UOP method of depreciation is based on actual production divided by the estimated economically recoverable proved and probable mineral reserves to be produced, concentrated or refined by that asset. The residual value of assets is determined by estimating the amount the entity would currently realise from disposal of the asset, after deducting disposal-related costs, if the asset was already in the condition expected at the end of its life. Depreciation methods and depreciation rates are applied consistently within each asset class except where significant individual assets or major components of assets are identified to have different depreciation patterns. Depreciation methods, residual values and useful lives are reviewed annually. The depreciation calculation is adjusted prospectively for changes in the residual values and useful lives. Impairment Property, plant and equipment is assessed for indicators of impairment at each reporting date. Implats tests these assets for impairment on an annual basis, irrespective of whether there is any indication of impairment. An impairment loss is recognised in profit or loss, equal to the amount by which the carrying amount of an asset or a CGU exceeds the higher of its fair value less cost to sell and its value-in-use. When impairments are reversed due to change in circumstances, reversals are based on the newly calculated recoverable amount, and limited to what the carrying amount would have been had the initial impairment not been recognised in prior years. Property, plant and equipment is grouped at subsidiary level, which is the lowest level for which separately identifiable cash flows are available (CGUs). The assets within a CGU can include a combination of board-approved projects and mineral resources outside the approved mine plans. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 47 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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12. INVESTMENT PROPERTY 2025 Rm 2024 Rm Cost 202 207 Accumulated impairment (88) (121) Carrying amount 114 86 Reconciliation Cost Beginning of the year 207 213 Disposals (5) (6) End of the year 202 207 Accumulated impairment Beginning of the year 121 125 Reversal of impairment (note 5) (31) – Disposals (2) (4) End of the year 88 121 Rental income of R6 million (2024: R7 million) after costs was received during the year. The investment property comprises undeveloped land and residential houses. AP Investment property Investment property comprises land and houses held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment property is recognised initially at cost, including transaction costs. Subsequent recognition of investment property is at cost, less accumulated depreciation and less any accumulated impairment losses. Investment property is depreciated over the expected useful life of the asset, limited to the residual value of residential houses. No depreciation is provided on land. Refer to note 11 for the cost model and impairment accounting policies. Notes to the consolidated financial statements for the year ended 30 June 2025 48 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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13. GOODWILL 2025 Rm 2024 Rm Cost 14 114 14 114 Accumulated impairment (10 591) (10 591) Carrying amount 3 523 3 523 The goodwill of R1 4 114 million arose on the acquisition of Impala Bafokeng on 30 May 2023 and was impaired by R4 244 million in June 2023 to its recoverable amount of R9 87 0 million. The carrying amount of R9 87 0 million was allocated to the relevant cash-generating units (CGUs), with R 6 347 million allocated to the Impala Rustenburg mining CGU, R3 333 million to the Impala Refining Services (IRS) CGU and R190 million (post-impairment) to the Impala Bafokeng CGU, respectively. Subsequently, in June 2024, the goodwill allocated to the Impala Rustenburg mining CGU of R6 347 million was impaired in full as part of the impairment of the Impala Rustenburg mining operation CGU. Refer to note 11. No impairment was recognised in the current year. EJ Impairment of goodwill Goodwill is assessed for impairment as part of the specific CGUs to which the goodwill was allocated. The recoverable amount of these CGUs was determined using fair value less costs to sell. The fair value less costs to sell was determined based on estimates of future discounted cash flows (DCFs) of the latest adjusted life-of-mine (LoM) plans using updated assumptions on metal prices, rand foreign exchange rates and inflation. A risk-adjusted discount rate was used, taking into account specific risks relating to the CGU where cash flows have not been adjusted for the risk. Mineral resources outside the approved mine plans are valued based on the in situ 4E ounce value. Comparable market transactions are used as a source of evidence adjusting specifically for the nature of each underlying ore body and the prevailing platinum price. All the above estimates are subject to risks and uncertainties including achievement of mine plans, future metal prices and exchange rates. It is therefore possible that changes may occur which will affect the recoverability of the Impala, IRS and Impala Bafokeng’s CGUs. The key financial assumptions used in the recoverable amount calculations were: • An overall long-term real basket price per 6E ounce sold of R31 000 (2024: R28 200 in 2025 equivalent terms) adjusted for the CGU’s prill split • A long-term pre-tax real discount rate of 22% (2024: 26%) and long-term post-tax real discount rate of 12% (2024: 12%) • In situ resource valuation of between US$2.50 and US$14.00 (2024: US$2.00 and US$12.00) per 4E ounce depending on whether the resource is inferred, indicated and measured. AP Goodwill Goodwill is an intangible asset with an indefinite useful life that arises on the date of acquisition of a business combination and represents the excess of the aggregate of the cost of the acquisition, the non-controlling interest and the fair value of the acquirer’s previously held equity interest in the acquiree (where applicable) over the net amounts of the identifiable assets acquired and the liabilities assumed at the acquisition date. For purposes of impairment testing, goodwill is allocated to each of the Group’s CGUs (or group of CGUs) that is expected to benefit from the synergies of the business combination. Goodwill is carried at cost less any accumulated impairment losses. Gains or losses on the disposal of a CGU include the carrying amount of goodwill allocated to the CGU sold. Impairment of goodwill Goodwill is tested for impairment at least annually, and at the end of each reporting period when an indicator of impairment exists. Goodwill is allocated to CGUs for impairment testing. The recoverable amount of the CGU to which goodwill was allocated is based on the highest of value in use or fair value less costs to sell, derived from reserve and resource ounces. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to other assets of the CGU prorate based on the carrying amount of each asset in the CGU. Any impairment loss on goodwill is recognised directly in profit or loss and is not reversed. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 49 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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14. INVESTMENTS IN EQUITY-ACCOUNTED ENTITIES Details of the Group’s material joint ventures and associates at the end of the reporting period are as follows: Proportion of ownership and voting rights held by the Group Investment Entity Principal activity Place of incorporation Place of business 2025 % 2024 % 2025 Rm 2024 Rm Joint ventures Mimosa1 Mining and producing PGM concentrate Mauritius Zimbabwe 50 50 4 606 5 248 AP Ventures Developing high- growth technology companies United Kingdom United Kingdom 19 19 869 1 093 Associates Two Rivers1 Mining and producing PGM concentrate South Africa South Africa 46 46 3 822 3 649 Individually immaterial associates and joint ventures 299 315 Total investments in equity-accounted entities 9 596 10 305 2025 Rm 2024 Rm Movement in investments in equity-accounted entities Beginning of the year 10 305 12 525 Share of loss1 (246) (1 773) Acquisition of interest in equity-accounted investments 43 134 Exchange differences (145) (242) Dividends declared or received (361) (339) End of the year 9 596 10 305 Share of loss of equity-accounted entities is made up as follows: Share of loss (246) (1 773) Unrealised (profit)/loss in inventory movements (251) 591 Total share of loss of equity-accounted entities (497) (1 182) 1 The prior year share of loss includes R1 673 million after-tax impairment losses comprising a combined R2 378 million impairment of property, plant and equipment in Mimosa and Two Rivers, and a related deferred tax credit of R705 million. Refer to note 10. Notes to the consolidated financial statements for the year ended 30 June 2025 50 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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14. INVESTMENTS IN EQUITY-ACCOUNTED ENTITIES continued Summarised financial information of the Group’s material joint ventures and associates is set out below (100%): Mimosa Two Rivers 2025 Rm 2024 Rm 2025 Rm 2024 Rm Financial position Capital and reserves 9 212 10 495 8 309 7 933 Non-current liabilities 2 045 2 209 2 335 2 009 Current liabilities 871 772 2 512 2 358 12 128 13 476 13 156 12 300 Non-current assets 7 072 6 995 10 295 9 419 Current assets 5 056 6 481 2 861 2 881 12 128 13 476 13 156 12 300 The above assets and liabilities include the following: Cash and cash equivalents 540 368 9 40 Current financial liabilities (excluding trade and other payables and provisions) 7 – 2 1 Non-current financial liabilities (excluding trade and other payables and provisions) 1 1 93 80 Profit or loss and total comprehensive income Revenue 5 180 5 908 6 211 5 914 (Loss)/profit for the year (585) (2 026) 377 (1 836) Total comprehensive (loss)/income (585) (2 026) 377 (1 836) The above (loss)/profit for the year includes the following: Depreciation and amortisation 1 166 1 228 318 451 Impairment – 2 052 – 2 938 Finance income 19 10 6 71 Finance costs 68 38 160 28 Income tax (credit)/expense (75) (871) 137 (507) Reconciliation of the summarised financial information to the carrying amount of the investment recognised in the consolidated financial statements: Net assets of the entity 9 212 10 495 8 309 7 933 Proportion of the Group’s ownership interest in the investment 4 606 5 248 3 822 3 649 Dividends received by the Group 226 181 – – Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 51 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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14. INVESTMENTS IN EQUITY-ACCOUNTED ENTITIES continued AP Ventures1 2025 Rm 2024 Rm Financial position Capital and reserves 4 497 5 658 Current liabilities 54 32 4 551 5 690 Non-current assets 4 429 5 278 Current assets 122 412 4 551 5 690 The above assets and liabilities include the following: Cash and cash equivalents 122 412 Current financial liabilities (excluding trade and other payables and provisions) 50 23 Profit or loss and total comprehensive income Loss for the period (1 183) (758) Total comprehensive loss (1 183) (758) Reconciliation of the summarised financial information to the carrying amount of the investment recognised in the consolidated financial statements: Net assets of the entity 4 497 5 658 Proportion of the Group’s ownership interest in the investment 869 1 093 Carrying amount of the Group’s interest in the investment 869 1 093 Dividends received by the Group – – 1 AP Ventures has a 31 March year-end, which is the reporting date that was established when AP Ventures was incorporated. For purposes of applying the equity method of accounting, the financial statements of AP Ventures for the year ended 31 March 2025 were used, and appropriate adjustments were made for the effects of significant transactions between that date and 30 June 2025. Aggregate information of associates that are not individually material 2025 Rm 2024 Rm The Group’s share of profit 120 233 The Group’s share of total comprehensive income 120 233 The Group’s share of dividends received 135 158 Aggregate carrying amount of the Group’s interest in these associates and joint ventures 299 315 There are no unrecognised losses or significant restrictions on the ability of joint ventures or associates to transfer funds to the Group. EJ Impairment Equity-accounted investments are regarded as cash-generating units and are tested for impairment on an individual basis. To the extent applicable, climate change and other factors unique to the environment in which the entity operates, are incorporated in the cash flows and other estimates and assumptions that may impact future returns, in the discounted cash flow calculations of the Group’s equity-accounted investments. In the prior year, Mimosa and Two Rivers impaired property ,plant and equipment resulting in a post-tax equity-accounted loss of R686 million and R987 million, respectively. No impairment was recognised in the current year for the investments held in equity- accounted entities. For more estimates and judgements on impairments, refer to note 11 . Notes to the consolidated financial statements for the year ended 30 June 2025 52 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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14. INVESTMENTS IN EQUITY-ACCOUNTED ENTITIES continued AP Equity-accounted investments Associates Associates are undertakings in which the Group has a long-term interest and over which it exercises significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Joint ventures A joint venture is a joint arrangement where the parties (joint ventures) that have joint control of the arrangement have rights to the net assets through an equity holding of the arrangement. Both investments in associated undertakings and joint ventures are accounted for using the equity method of accounting. Equity method of accounting The equity method of accounting is used to account for the acquisition of associates and joint ventures by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Equity accounting involves recognising in profit or loss and in other comprehensive income respectively, the Group’s share of the associate or joint venture’s post-acquisition profit or loss for the year, and its share of post-acquisition movements in other comprehensive income. Under the equity method, the investment in the associate or joint venture is initially recognised at cost and the carrying amount is increased or decreased to recognise the investor’s share of profit or loss and movement in other comprehensive income of the investee, after the date of acquisition. Dividends and other equity receipts received reduce the carrying amount of the investment. When the Group’s share of loss in an associate or joint venture equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate or joint venture. Unrealised gains or losses on transactions between the Group and its associates or joint ventures are eliminated to the extent of the Group’s interest in the associates or joint ventures. No goodwill relating to an associate or a joint venture is recognised. It is included in the carrying amount of the investment and is not amortised. Discontinuing use of equity-accounting method Use of the equity-accounting method is discontinued from the date when the investment ceases to be an associate or a joint venture. If the retained interest of a former associate or joint venture is a financial asset, the retained interest is initially recognised at fair value and is accounted for as an equity investment subsequently measured at fair value through other comprehensive income. The difference between the fair value of the retained interest plus any proceeds from the part disposal of the associate or joint venture, and the carrying amount of the equity-accounted investment, at the date at which the equity method was discontinued, is recognised in profit or loss. If the investment becomes a subsidiary, the change in control is accounted for as a business combination and the investment is subsequently consolidated into the Group. Impairment Equity-accounted investments are assessed for indicators of impairment at each reporting date. The carrying amount of each equity-accounted investment is tested for impairment separately. An impairment loss is provided for, in profit or loss, equal to the amount by which the carrying amount exceeds the higher of fair value less cost to sell and value in use (Group’s share of expected cash flows) and reduces the carrying amount of the investment. When impairments are reversed due to positive changes in circumstances, the reversals are limited to the lower of initial impairment and the newly valued equity-accounted investment. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 53 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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15. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (FVOCI) Note 2025 Rm 2024 Rm Waterberg 15.1 792 501 Other 210 192 1 002 693 15.1 Waterberg The investment in the Waterberg Development Project (Waterberg) is classified as a financial asset at fair value through other comprehensive income. During the year, the shareholding diluted to 14.73% (2024: 14.95%) following the decision not to participate in the last funding requests. The fair value adjustment recognised through other comprehensive income was R291 million (2024: R5 million). EJ Measurement of FVOCI financial assets Fair value measurements reflect the view of market participants under current market conditions taking into account the impact of climate and other sustainability-related financial risks where applicable. Both the Waterberg investment and the other investments were valued using unobservable level 3 measurement inputs which are further described in note 35. AP Investments in equity instruments Implats subsequently measures all investments in equity instruments at fair value, except for subsidiaries, joint ventures and associates. The Group elected to present the changes in the fair value in other comprehensive income (OCI), due to the Group’s business model to hold these assets for value appreciation over the long term and to earn periodic returns. Upon derecognition, the accumulated fair value gains and losses on these instruments are not subsequently reclassified to profit or loss. Dividends received are recognised in profit or loss when the Group’s right to receive payments is established. Notes to the consolidated financial statements for the year ended 30 June 2025 54 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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16. ENVIRONMENTAL REHABILITATION INVESTMENTS Notes 2025 Rm 2024 Rm Guarantee investments – Guardrisk 16.1 2 933 2 395 Guarantee investments – Centriq Insurance Company Limited 16.2 – 170 Environmental trust deposits 16.3 229 211 3 162 2 776 16.1 Guarantee investments – Guardrisk The investment in the insurance cell captive (Guardrisk) is intended to finance the long-term rehabilitation liabilities of the Group’s South African mining operations. These investments are measured at fair value through profit or loss. During the year, an additional R178 million, which was disinvested from Centriq Insurance Company Limited (refer to note 16.2), was invested and a R360 million (2024: R226 million) fair value gain was recognised in profit or loss. 16.2 Guarantee investments – Centriq Insurance Company Limited In the current year, the guarantee investments were fair valued to R178 million, subsequently disposed of and reinvested in Guardrisk (refer to note 16.1). Prior to its disposal, an associated fair value gain of R8 million (2024: R5 million) was recognised in profit or loss. The environmental guarantee investments were managed by Centriq Insurance Company Limited and were established to meet the insurance guarantees requirements of the Impala Bafokeng mining operations’ environmental liability, in which the investments served as security for the insurance guarantees issued. The investments, which primarily consisted of cash, were separately administered, and the Group’s access thereto was restricted. The environmental rehabilitation guarantee investments were measured at fair value through profit or loss. 16.3 Environmental trust deposits The Bafokeng Rasimone Environmental Rehabilitation Trust was created in accordance with statutory requirements to fund the estimated cost of pollution control, rehabilitation and the end-of-life mine closure for the Impala Bafokeng operation. These obligations are funded by funding the trust and providing guarantees to the Department of Mineral and Petroleum Resources. The trust holds deposits in Nedbank and RMB that are carried at amortised cost. During the year, an R18 million (2024: R18 million) interest was earned and recognised in finance income. EJ Financial assets measured at fair value through profit or loss Fair value measurements reflect the view of market participants under current market conditions taking into account climate-related risks as well as geopolitical factors. Refer to note 35 for financial instrument risk disclosures. AP Financial assets measured at fair value through profit or loss Financial assets that are not measured at amortised cost or at FVOCI are classified as measured at fair value through profit or loss. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 55 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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17. OTHER FINANCIAL ASSETS Notes 2025 Rm 2024 Rm Subsequently measured at fair value through profit or loss Housing insurance investment 17.1 87 74 Subsequently measured at amortised cost Employee home-ownership scheme 17.2 110 110 Employee housing loans – Impala Bafokeng 17.3 857 961 Other 162 164 1 216 1 309 Current 41 34 Non-current 1 175 1 275 Refer to note 35 for fair value and financial risk disclosure. 17.1 Housing insurance investment The housing insurance investment, which comprises the Guardrisk cell captive and the Centriq Insurance Company Limited special experience account cover the risk of retrenchment of employees who are part of the Impala Bafokeng employee home-ownership scheme and the excess payable on housing claims, respectively. The housing insurance investment consists of money invested in unit trusts and money market accounts which are revalued throughout the year. 17.2 Employee home-ownership scheme The interest-free loans relate to the Impala and Marula employee home-ownership schemes which are granted to qualifying employees at the respective operations. The loans are based on a portion of the value of the property acquired by the employee and are repayable over 20 years from grant date. The average remaining repayment period is between five and 20 years. The market-related effective weighted average interest rate is 9.9% (2024: 9.8%). These loans are secured by a second bond over residential properties. 17.3 Employee housing loans – Impala Bafokeng The loans of R857 million (2024: R961 million) relate to the employee home-ownership scheme at Impala Bafokeng. These loans are repayable over a period of approximately 17 years from grant date. The average remaining repayment period is between one and 13 years. The market-related effective weighted average interest rate is 11.4% (2024: 11.6%). The loans are secured by the underlying properties. In the event of termination of employment, the Group retains the right to repossess the property, which serves as collateral for the outstanding loan balance. EJ Impairment of loans at amortised cost – Employee home-ownership scheme Housing loans consist of housing loans advanced to Implats’ employees in terms of the Implats’ housing scheme. After the bank’s screening and approval process for their part of the loan, Implats issues the employee with a housing loan for the outstanding amount. An impairment rate of 0.5% was applied to housing loans. This impairment assumption is based on expected default rates on the overdue loans, by employees showing signs of financial distress and adverse expected changes in macro-economic circumstances that could affect employees. This rate has not increased and will be reassessed for reasonableness going forward. These loan receivables are deemed to be in default when the receivable is more than one month overdue or the employee has failed to honour a repayment arrangement. Impairment of loans at amortised cost – Employee housing loans – Impala Bafokeng The employee housing loans consist of housing loans advanced to Impala Bafokeng employees in terms of the Impala Bafokeng employee housing ownership scheme. The expected credit loss is calculated taking into account the following: • Loss given default of 10% (2024: 10%) • Probability of default of 4% (2024: 3%) • Collateral that includes the house and retrenchment cover. Given the collateral and the low-risk profile of the employee housing loan receivables, an impairment rate of 1% (2024: 1%) was applied. This rate has not increased and will be reassessed for reasonableness going forward. Refer to note 35.2.3 for additional disclosure on the credit risk assessment of the Impala Bafokeng employee housing loans. Notes to the consolidated financial statements for the year ended 30 June 2025 56 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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17. OTHER FINANCIAL ASSETS continued AP Financial assets measured at fair value through profit or loss Financial assets that are not measured at amortised cost or at fair value through other comprehensive income are classified as measured at fair value through profit or loss. Financial assets measured at amortised cost The classification of these instruments is in line with the Group’s business model to hold the assets to maturity and to collect contractual cash flows that consist solely of payments of principal and interest on the outstanding amount. Any gain or loss arising on derecognition is presented in other income and expense and foreign exchange gains or losses presented in foreign exchange transaction gains or losses, directly in profit or loss. These assets with maturities greater than 12 months after the reporting date are classified as non-current assets. Effective interest method The effective interest exactly discounts estimated future cash receipts or payments (including all fees paid or received which form an integral part of the effective interest rate, transaction costs and other premiums or discounts) throughout the expected life of the financial asset or financial liability. Impairment of financial assets at amortised cost The general expected credit loss (ECL) model is applied to other receivables (note 20) and other financial assets at amortised cost. It requires a three-stage assessment of financial assets: Stage 1: No significant deterioration in credit quality. This identifies financial assets as having a low credit risk, and the asset is considered to be performing as anticipated. At this stage, a 12-month expected credit loss assessment is required. Stage 2: Significant deterioration in credit quality of the financial asset but no indication of a credit loss event. This stage identifies assets as underperforming. Lifetime ECLs are required to be assessed. Stage 3: Clear and objective evidence of impairment is present. This stage identifies assets as non-performing financial instruments. Lifetime ECLs are required to be assessed. Once a default has occurred, it is considered a deterioration of credit risk and therefore identifies the asset as underperforming in stage 2. Financial assets are considered to be low credit risk when they have a low risk of default and the issuer has a strong ability to meet its contractual cash flow obligations in the near term. Indicators of an increase in credit risk requires judgement and may include historical information about the debtor, adverse actual and expected data about existing market conditions such as interest rates and the sovereign and financial institutions’ credit ratings, which influence our forward-looking estimates, at the end of each reporting period. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 57 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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18. PREPAYMENTS AND OTHER ASSETS Notes 2025 Rm 2024 Rm Business-related prepaid expenditure 18.1 580 788 Prepayments on property, plant and equipment 18.2 614 924 Employee housing benefit 18.3 197 225 1 391 1 937 Current 1 211 1 729 Non-current 180 208 18.1 Business-related prepaid expenditure The business-related prepaid expenditure mainly relates to amounts prepaid on operating activities at Zimplats for power supply, import duty as well as other consumables. 18.2 Prepayments on property, plant and equipment Property, plant and equipment prepayments mainly relate to amounts prepaid on capital equipment at Zimplats for the smelter expansion and SO2 abatement plant projects, replacement mines, duty on capital equipment, trackless mining machinery, tailings dam extension implementation and base metal refinery. 18.3 Employee housing benefit The current year movement in the employee housing benefit comprised an increase of R8 million (2024: R22 million) for additional houses sold to employees, an amortisation charge of R20 million (2024: R22 million), and reversals of R16 million (2024: R39 million) as a result of agreements being terminated. 18.4 Royal Bafokeng Nation (RBN) prepaid royalty In March 2007, the Group agreed to pay the RBN all future royalties due to them, thus effectively discharging any further obligation to pay royalties. In turn, the RBN purchased shares through Royal Bafokeng Impala Investment Company and Royal Bafokeng Tholo Investment Holding Company, giving them a 13.2% holding in the Company at the time. The RBN has subsequently sold their shareholding in the Company. In the prior year, the carrying amount of the prepaid royalty (R3 247 million) was impaired in full as part of the impairment of the Impala Rustenburg mining operation. Refer to notes 4 and 11. AP Prepayments Prepayments are not financial assets and comprise deposits on property, plant and equipment, consumables, and other prepaid operating expenditure. Any expenditure paid in cash prior to the service being rendered or for which a benefit is receivable in the future will be recorded as prepayments, and classified as current assets unless a portion of the prepayment covers a period longer than 12 months. The prepayment is subsequently expensed in profit or loss or capitalised to property, plant and equipment as and when the expense is incurred or assets are received. Employee housing benefit The Group recognises the difference between the fair value of the employee housing loan receivable at initial recognition and the transaction price as an employee benefit. The initial difference is amortised over the shorter of the service period of the employee (which takes into account expected retirement date) or the loan period. If the employee’s service period differs from the initial expectation on occupation date, the change in expectation is recognised in the statement of comprehensive income. The portion of the short-term employee benefit to be realised within 12 months from the reporting date is presented as part of current assets, the balance of the amount is presented as a non-current asset in the statement of financial position. Notes to the consolidated financial statements for the year ended 30 June 2025 58 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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19. INVENTORIES 2025 Rm 2024 Rm Mining metal Refined metal 3 076 2 380 Main products – at cost 2 187 1 473 Main products – at net realisable value 140 284 By-products – at net realisable value 749 623 In-process metal 9 888 8 664 At cost 9 665 6 892 At net realisable value 223 1 772 12 964 11 044 Purchased metal1 Refined metal 3 501 3 404 Main products – at cost 2 453 2 309 Main products – at net realisable value 215 342 By-products – at net realisable value 833 753 In-process metal 10 335 9 200 At cost 9 845 8 356 At net realisable value 490 844 13 836 12 604 Total metal inventories 26 800 23 648 Stores and materials inventories 2 935 2 930 29 735 26 578 1 The fair value exposure on purchased metal was designated as a hedged item and is included in the calculation of the cost of inventories. The fair value exposure relates to adjustments made to commodity prices and US dollar exchange rates from the date of delivery until the final pricing date as per the relevant contract. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 59 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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19. INVENTORIES continued The net realisable value (NRV) adjustment included in the inventory value is impacted by the prevailing metal prices at the reporting date. The current year adjustment of R7 million (2024: R361 million) comprised R3 million (2024: R65 million) for refined metal and R4 million (2024: R296 million) for in-process metal. Purchased metal consists of Impala Refining Services inventory. EJ Inventory valuation Metals classification between main and by-products is determined based on an assessment of the relative metal content for each segment. The relative metal content of Impala Canada, mining on the Canadian Shield, differs materially from what is mined in the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe. For purposes of inventory valuation, the southern African operations treat platinum, palladium, rhodium and nickel as main products and other precious and base metals produced, as by-products. Impala Canada’s mining and processing activities do not form part of the southern African operations’ production process and its inventory is valued independently. Impala Canada classifies palladium as a main product and all other precious and base metals as by-products for inventory valuation purposes. The average unit cost of normal pre-smelter production for mining metal is determined by dividing mining production cost with mining output on a 12-month rolling-average basis. The normal cost of purchased metal is measured based on the acquisition cost determined on a six-month rolling-average basis. The refining cost per unit (further conversion through smelter, base metal refinery and precious metal refinery) is determined by dividing normal refining costs with total output (both mining and purchased) on a 12-month rolling-average basis. Refined ruthenium and iridium metal quantities on hand are valued using the lower of the actual stock quantity and three-months’ sales quantity. In-process metal estimate adjustments Quantities of recoverable metal are reconciled to the quantity and grade of ore input as well as the quantities of metal actually recovered (metallurgical balancing). The nature of this process inherently limits the ability to precisely monitor recoverability levels. As a result, the metallurgical balancing process is constantly monitored and the engineering estimates are refined based on actual results over time. The Group conducts periodic counts (usually annually) at the refineries to assess the accuracy of inventory quantities. Based on these counts, changes in engineering estimates of metal contained in-process resulted in a pre-tax increase in metal inventory of R858 million (2024: R968 million). Tolerances of up to 2% of annual throughput of the main products are regarded as normal levels of estimation uncertainty in the measurement of work-in-progress quantities. AP Metal inventories Costs incurred in the production process are appropriately accumulated as stockpiles, metal in-process and refined inventories. In-process and refined inventories are carried at the lowest of its average cost of normal production and NRV. Costs relating to inefficiencies in the production process are charged to the income statement as incurred. NRV tests are performed, at least, on each reporting date and represent the expected sales price of the product based on prevailing metal prices, less estimated costs to complete production and bring the product to sale. The average cost of normal production includes total costs incurred on mining, smelting and refining, including depreciation, less net revenue from the sale of by-products at the point where by-products become separately identifiable, allocated to main products based on the relative sales value of main products sold. Stock values are adjusted for upstream intra-group transactions with subsidiaries and equity-accounted entities within the Group, eliminating intra-group profits in profit or loss and share of profit from equity-accounted entities, where applicable. Refined by-products are valued at NRV and quantities of in-process metals are based on latest available assays. Recoverable metal quantities are continually tested for reasonableness by comparing the grade and quantity of ore input with the metal actually recovered. Engineering estimates are used to determine recoverable metal quantities and these estimates and the methodologies applied are improved on an ongoing basis. Metal quantity adjustments relating to prior years are adjusted without affecting production or impacting the calculation of unit cost per ounce produced during the current year. Operating metal lease receipts are accounted for in profit or loss and the metal is carried as inventory. Stores and materials Stores and materials are valued at the lower of cost or NR V, on a weighted-average basis. Obsolete, redundant and slow-moving stores are identified and written down to NRV which is the estimated selling price in the ordinary course of business, less selling expenses. Notes to the consolidated financial statements for the year ended 30 June 2025 60 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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20. TRADE AND OTHER RECEIVABLES Notes 2025 Rm 2024 Rm Trade receivables 2 516 2 307 Trade receivables at fair value through profit or loss 5 510 5 527 Other receivables 20.1 1 254 2 014 Statutory receivable 20.2 962 1 095 Employee receivables 243 206 Value added taxation 527 677 11 012 11 826 The foreign currency denominated balances, included above, were as follows: Trade receivables – US dollar1 7 903 7 653 Credit exposure of trade receivables by country and region is as follows: North America 1 443 1 272 Western Europe 1 440 1 244 Eastern Asia (mainly Japan) 500 467 South Africa 4 600 4 771 Zimbabwe 3 36 Australia 40 44 8 026 7 834 1 The US dollar denominated trade receivables was restated to include a local US dollar denominated customer with a balance of R4 466 million (2024: R4 577 million), which was erroneously excluded from the 2024 balances. 20.1 Other receivables The other receivable balance comprises mainly of state royalties receivable of R92 million (2024: R545 million), housing assets of R418 million (2024: R394 million), Zimplats’ contractors receivable of R489 million (2024: R440 million), as well as insurance proceeds receivable of Rnil (2024: R300 million). 20.2 Statutory receivable In the prior year, R1 095 million (US$60.2 million) due from the Reserve Bank of Zimbabwe (RBZ), relating to export proceeds remitted under the 25% export surrender regulations, was classified as a statutory receivable following the 2024 Monetary Policy Statement. The announcement indicated settlement through a Zimbabwe Gold denominated instrument with a tenor of one year at an interest rate of 7.5% per annum. Implats considered expected credit loss on the statutory receivable and R106 million (US$6 million) has been recognised as an impairment provision (note 6). Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 61 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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20. TRADE AND OTHER RECEIVABLES continued EJ Trade receivables The impact of the macro-economic environment on trade receivables was assessed by gathering information about and interacting with trade customers individually. Past default experience for all customers was evaluated (note 35.2.3) and adjusted for general economic conditions of the industry as well as the global environment the debtor operates in. The Group considers trade receivables to be in default if the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group; or if the trade receivable is 60 days past due. The Group has subsequently not recognised a loss allowance. Employee receivables Employee receivables consist of short-term advances. These receivables are generally recovered from the employees’ salaries within 30 days, and due to their short-term nature, are considered to have a low credit risk. Indicators of increased credit risk include failure to recover the advances within 30 days. AP Trade receivables at fair value Receivables subject to provisional pricing are measured at fair value through profit or loss. These financial assets relate to revenue from contracts with customers and the Group has an unconditional right to the consideration due as the performance conditions have been met. The value of the receivable fluctuates in line with PGM prices and foreign currency movements, resulting in this class of financial asset being measured at fair value through profit or loss. Impairment of trade receivables The Group applies the simplified impairment approach to trade receivables carried at amortised cost as permitted by IFRS 9, which requires expected lifetime losses to be recognised from the initial recognition of the receivables. The Group considers its historical credit loss experience, adjusted for forward-looking factors, that could indicate impairments taking into account the specific debtors and the economic environment. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery, among others, include the failure of a debtor to engage in a repayment agreement with the Group. Impairment of other receivables Refer to note 17 for the impairment policy for other receivables. Notes to the consolidated financial statements for the year ended 30 June 2025 62 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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21. CURRENT TAX 2025 Rm 2024 Rm Current tax payable 489 173 Current tax receivable (252) (791) Net current tax payable/(receivable) 237 (618) Reconciliation Beginning of the year (618) (817) Income tax expense (note 9) 1 611 1 844 Payments made during the year (992) (1 245) Tax penalties and interest received/(paid) 216 (165) Interest accrued – (72) Penalties payable/(receivable) (note 5) 14 (159) Exchange differences 6 (4) End of the year 237 (618) AP Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that were enacted or substantively enacted by the end of the reporting period. A provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on judgement and in certain cases based on specialist independent tax advice (note 34). Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 63 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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22. CASH AND CASH EQUIVALENTS 2025 Rm 2024 Rm Short-term bank deposits 7 976 4 807 Cash at bank 3 652 4 822 11 628 9 629 The weighted average effective interest rate on short-term bank deposits was 7.79% (2024: 8.33%) and these deposits have a maximum maturity of two days (2024: 32 days). Exposure by currency is as follows: Bank balances – South African rand 7 182 4 932 Bank balances – US dollar 2 463 3 238 Bank balances – Canadian dollar 749 724 Bank balances – Zimbabwe Gold 1 219 721 Bank balances – Other currencies 15 14 11 628 9 629 Exposure by country and region is as follows: South Africa 8 804 7 354 Western Europe 270 306 Zimbabwe – US dollar 269 392 Zimbabwe – Zimbabwe Gold 1 219 721 Canada 1 051 842 Japan 14 13 Australia 1 1 11 628 9 629 The following cash and cash equivalents, included above, are restricted for use by the Group by virtue of their nature and not timing: RBPlat Employee Share Ownership Plan (ESOP) – 2 Impala Bafokeng housing project 48 31 Collateral for independent electricity system operator 46 47 Morokotso Trust 9 10 Employee Share Ownership Trust (ESOT) 12 12 Unclaimed dividends 13 13 128 115 Fair value, financial risk and credit facilities disclosures are provided in note 35. EJ Impairment Except for money market fund investments, the Group’s cash and cash equivalents are subject to the impairment requirements of IFRS 9. The Group’s cash is held at investment-grade financial institutions, which are considered to have a low credit risk. There was no significant increase identified in the credit risk of these financial institutions. The ECLs were therefore immaterial. AP Cash and cash equivalents Cash and cash equivalents comprise cash-in-hand and on-demand deposits, together with short-term, highly liquid investments that are readily convertible to a known amount of cash, with original maturities of three months or less and that are subject to an insignificant risk of changes in value. Bank overdrafts are offset against cash and cash equivalents in the cash flow statement but included in current liabilities in the statement of financial position. Cash and cash equivalents are measured at amortised cost except for money market fund investments which are held at fair value as they are redeemed through the sale of units in the funds and not solely through the recovery of principal and interest. Notes to the consolidated financial statements for the year ended 30 June 2025 64 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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23. SHARE CAPITAL 2025 Rm 2024 Rm Share capital 30 838 31 096 Number of ordinary shares in issue outside the Group 2025 Million 2024 Million Number of ordinary shares issued 904.37 904.37 Treasury shares (7.37) (4.62) Number of ordinary shares issued outside the Group 897.00 899.75 The movement of ordinary shares was as follows: Beginning of the year 899.75 863.04 Shares issued for long-term incentive plans 2.78 3.08 Shares purchased for long-term incentive plans (5.53) (4.34) Shares issued on acquisition of interest in RBPlat – 37.97 End of the year 897.00 899.75 The authorised share capital of the Company consists of 1 044.01 million (2024: 1 044.01 million) ordinary no par value shares. The authorised but unissued share capital is 139.64 million (2024: 139.64 million) ordinary no par value shares and remains under the control of the directors. AP Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. 24. SHARE-BASED PAYMENT RESERVE 2025 Rm 2024 Rm B-BBEE transaction share-based payment reserve 1 936 1 936 Equity-settled share-based compensation1 495 285 Total share-based payment reserve 2 431 2 221 Reconciliation Beginning of the year 2 221 480 Shares issued – B-BBEE transaction – 4 IFRS 2 charge on B-BBEE transaction – 1 932 Transfer of reserves2 (251) (439) Share-based compensation expense 461 244 End of the year 2 431 2 221 1 Annexure E provides details of share awards issued and vested during the year by participants as well as the disclosures required by IFRS 2 Share-based Payments. 2 Transfer of reserves consist of the transfer of vested equity-settled share-based compensation reserves. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 65 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Broad-based black economic empowerment (B-BBEE) During the prior year, Implats concluded a broad-based black economic empowerment (B-BBEE) transaction which resulted in an aggregate 13% B-BBEE ownership at Impala Platinum Limited (Impala), which owns Impala Rustenburg and Impala Refineries assets, and Impala Bafokeng, through its wholly owned subsidiary, Impala Bafokeng Resources (Pty) Ltd (IBR). The B-BBEE equity ownership at Impala and IBR is held through the use of an employee share ownership trust (ESOT) and a community share ownership trust (CSOT), each holding 4%, as well as a strategic empowerment consortium, the Siyanda-led Bokamoso Consortium, holding another 5%. The purchase consideration due by the Impala CSOT and the IBR ESOT and CSOT was funded by interest-free vendor loans from Impala and IBR which will be repaid by 35% of future dividends receivable. The purchase consideration due by the Bokamoso Consortium was funded by way of a R100 million equity injection and vendor funding by Impala and IBR of the remaining amount at market-related coupon rates. The vendor funding will be repaid by 70% of future dividends. The transaction resulted in an IFRS 2 charge of R1 932 million during the prior year. This charge represented the difference between the fair values of the interests in Impala and IBR and the fair values of the consideration received from the B-BBEE shareholders. The non-controlling interest resulting from the B-BBEE transaction will only be recognised once the loans are repaid. EJ B-BBEE transaction The key financial assumptions for the IFRS 2 charge on the B-BBEE transaction calculation were: • An overall long-term real basket price per 6E ounce of R27 470 • A long-term real post-tax discount rate of 12% and a long-term real pre-tax discount rate of 16% • An estimated dividend yield range of 4% to 13% for Impala over the next 11 years and 1.5% to 8% for IBR over the next 25 years • An estimated historical equity volatility of 50.2% • A minority discount of between 12% to 20% • If the dividend yield was to increase by 5%, the IFRS 2 charge would increase by approximately R110 million Conversely, a decrease by 5% would result in the IFRS 2 charge decreasing by approximately R300 million • If the historical equity volatility was to increase by 5%, the IFRS 2 charge would increase by approximately R80 million. Conversely, a decrease by 5% would result in the IFRS 2 charge decreasing by approximately R77 million. AP Share-based payments Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at grant date. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis, with a corresponding increase in equity, as services are rendered over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market- based vesting conditions. 24. SHARE-BASED PAYMENT RESERVE continued 25. NON-CONTROLLING INTERESTS The table below shows details of subsidiaries of the Group that have material non-controlling interests: Proportion of ownership and voting rights held by non- controlling interests Profit/(loss) allocated to non- controlling interests Accumulated non-controlling interests Company Place of incorporation Place of business 2025 % 2024 % 2025 Rm 2024 Rm 2025 Rm 2024 Rm Zimplats Holdings Limited Guernsey Zimbabwe 13 13 21 80 4 132 4 215 Royal Bafokeng Platinum Limited South Africa South Africa – – – (89) – – Marula Platinum (Pty) Ltd South Africa South Africa 23 23 (154) 62 729 883 Individually immaterial subsidiaries 26 26 79 109 195 128 (54) 162 5 056 5 226 The summarised financial information (100%) in respect of each of the Group’s subsidiaries that have material non- controlling interests is disclosed in annexure C. The non-controlling interest resulting from the B-BBEE transaction will only be recognised once the loans are repaid. Notes to the consolidated financial statements for the year ended 30 June 2025 66 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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26. DEFERRED TAX Deferred tax movements are attributable to the following temporary differences ((assets)/liabilities) and unused tax losses: 2025 Opening balance Rm Recognised in profit or loss Rm Exchange differences Rm Closing balance Rm Property, plant and equipment 15 603 (200) (233) 15 170 Prepaid royalty (1 413) 109 – (1 304) Assessed losses (1 043) 316 11 (716) Provisions (540) 33 2 (505) Leave liability (397) (22) 1 (418) Environmental rehabilitation and post-retirement medical provisions (363) (15) 3 (375) Provisional pricing on sales 312 12 – 324 Metal inventory adjustments (79) (205) – (284) Share-based compensation (82) (174) 1 (255) Withholding taxes on undistributed profits (64) (151) – (215) Fair value of treasury shares 107 48 – 155 Lease liabilities (126) 12 – (114) Deferred revenue 93 (23) – 70 Fair value of assets and liabilities 235 (299) – (64) Prepayments 270 (224) – 46 Other 101 (42) (2) 57 Subtotal 12 614 (825)1 (217) 11 572 1 Refer to note 9. 2025 Opening balance Rm Recognised in share of profit of equity- accounted entities/equity Rm Exchange differences Rm Closing balance Rm Unrealised profit in metal inventories purchased from equity-accounted entities 6 (93) – (87) Subtotal 12 620 (918) (217) 11 485 2025 Opening balance Rm Recognised in other compre- hensive income Rm Exchange differences Rm Closing balance Rm Translation differences of foreign operations (withholding taxes on undistributed profits) 705 (106) – 599 Other 7 82 – 89 Total 13 332 (942) (217) 12 173 Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 67 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the consolidated financial statements for the year ended 30 June 2025 26. DEFERRED TAX continued 2024 Opening balance Rm Recognised in profit or loss Rm Change in tax rate Rm Exchange differences Rm Closing balance Rm Property, plant and equipment 17 282 (1 672) 300 (307) 15 603 Prepaid royalty (557) (856) – – (1 413) Assessed losses – (1 068) – 25 (1 043) Withholding taxes on undistributed profits 1 410 (1 474) – – (64) Metal inventory adjustments (87) 8 – – (79) Fair value of assets and liabilities 123 112 – – 235 Environmental rehabilitation and post-retirement medical provisions (449) 85 (4) 5 (363) Leave liability (398) 1 (2) 2 (397) Share-based compensation (185) 103 (1) 1 (82) Lease liabilities (174) 48 (1) 1 (126) Provisions (302) (238) (3) 3 (540) Prepayments 771 (518) 29 (12) 270 Provisional pricing on sales 386 (74) – – 312 Fair value of treasury shares 38 69 – – 107 Deferred revenue 127 (34) – – 93 Other 34 67 4 (4) 101 Subtotal 18 019 (5 441)1 3221 (286) 12 614 1 The R5 119 million deferred tax credit in note 9 comprises the R5 441 million deferred tax credit recognised in profit or loss and the R322 million change in tax rate. 2024 Opening balance Rm Recognised in share of profit of equity- accounted entities Rm Change in tax rate Rm Exchange differences Rm Closing balance Rm Unrealised profit in metal inventories purchased from equity-accounted entities (213) 219 – – 6 Share-based compensation liability (52) 52 – – – Subtotal 17 754 (5 170) 322 (286) 12 620 2024 Opening balance Rm Recognised in other compre- hensive income Rm Change in tax rate Rm Exchange differences Rm Closing balance Rm Translation differences of foreign operations (withholding taxes on undistributed profits) 1 378 (673) – – 705 Other 8 (1) – – 7 Total 19 140 (5 844) 322 (286) 13 332 68 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the consolidated financial statements for the year ended 30 June 2025 26. DEFERRED TAX continued EJ Unrecognised temporary differences There are unrecognised temporary differences of R10 305 million (2024: R8 271 million) in the Group, relating to certain subsidiaries. These comprise: • Unredeemed capex of R5 302 million (2024: R5 689 million) • Provisions of R3 093 million (2024: R742 million) • Capital losses of R1 287 million (2024: R1 287 million) • Assessed loss of R623 million (2024: R553 million). Reversal of these temporary differences is currently uncertain, therefore deferred tax has not been provided. AP Deferred tax Deferred tax is provided on the balance sheet method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is not provided for if it arises from the initial recognition of an asset or liability, as a result of a transaction other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, and if at the time of the transaction, the temporary difference does not give rise to equal taxable and deductible temporary differences. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference, such as the decision to declare a dividend, is within the control of the Group, and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is provided on upstream transactions with subsidiaries and equity-accounted entities, when eliminating unrealised profit in stock. Deferred tax is determined using tax rates and laws that were enacted or substantively enacted at the reporting date and are calculated at the prevailing tax rates of the different fiscal authorities where the asset or liability originates. The normal company tax rate of the relevant fiscal authority is applied if the asset or liability is expected to be realised through use or settled in the normal course of business. If management, however, expects the asset or liability to be realised or settled in any other manner, the applicable tax rate would then be applied. Deferred tax assets and deferred tax liabilities of the same taxable entity are offset only when they relate to taxes levied by the same taxation authority and the entity has a legally enforceable right to set off current tax assets against current tax liabilities. Implats Audited Annual Financial Statements 2025 69 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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27. PROVISIONS Notes 2025 Rm 2024 Rm Environmental rehabilitation provision 27.1 4 390 2 738 Deferred output VAT 27.2 125 137 Other 33 35 4 548 2 910 Current 240 55 Non-current 4 308 2 855 27.1 Environmental rehabilitation provision Reconciliation Beginning of the year 2 738 2 654 Change in estimates – environmental rehabilitation asset (note 11) 1 413 2 Change in estimates – cost of sales 49 (90) Unwinding of discount (note 8) 284 267 Utilised – rehabilitation done1 (69) (47) Exchange differences (25) (48) End of the year 4 390 2 738 1 Rehabilitation done mainly consists of concurrent rehabilitation at Zimplats open cast and rehabilitation at Impala Canada. The current environmental rehabilitation cost estimates and financial provisions are made up as follows: Current cost estimates Financial provisions 2025 Rm 2024 Rm 2025 Rm 2024 Rm Impala mining operation – Rustenburg 2 108 2 029 1 194 1 054 Impala Refineries – Springs 950 956 434 421 Marula 476 450 270 65 Zimplats 1 222 1 111 481 412 Impala Bafokeng 694 693 230 259 Impala Canada (refer to ) 1 799 547 1 751 499 Afplats 31 29 30 28 7 280 5 815 4 390 2 738 Guarantees and an insurance policy are available to the Department of Mineral and Petroleum Resources for South African mining operations to satisfy the requirements of the National Environmental Management Act with respect to environmental rehabilitation (note 34). Notes to the consolidated financial statements for the year ended 30 June 2025 70 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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27. PROVISIONS continued 27.1 Provisions for environmental rehabilitation continued EJ Environmental rehabilitation The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for asset retirement obligations in the period in which they are incurred. Actual costs incurred in future periods can differ materially from the estimates. Additionally, future changes to environmental laws and regulations, LoM estimates and discount rates can affect the carrying amount of this provision. The LoM estimates are impacted by mineral reserve estimations (note 11). In particular, from 20 November 2015, regulations governing financial provisions for asset retirement obligations in South Africa were transitioned from the Mineral and Petroleum Resources Development Act (MPRDA) to the National Environmental Management Act (NEMA). The current closure cost is closely aligned with existing regulations. Estimated long-term environmental provisions, comprising pollution control, rehabilitation and mine closure, are based on the Group’s environmental policy taking into account current technological, environmental and regulatory requirements. Provisions for future rehabilitation costs were determined based on calculations which require the use of estimates. The current rehabilitation cost estimate is R7 280 million (2024: R5 815 million). Cash flows relating to rehabilitation costs will occur at the end of the life of the individual mines to be rehabilitated. South African operations The discount rate is the long-term risk-free rate as indicated by the government bonds which ranged between 8.0% and 11.2% (2024: between 9.2% and 12.0%) at the time of calculation. The net present value of current rehabilitation estimates is based on the assumption of a long-term real discount rate of between 3.0% and 6.2% (2024: 4.2% and 7.0%). Zimbabwean operations The discount rate used was 7.3% (2024: 8.2%) at the time of calculation. The net present value of current rehabilitation estimates is based on the assumption of a long-term real discount rate of 5.1% (2024: 6.1%). Canadian operations Operating parameters at Impala Canada were adjusted in response to the deterioration in the palladium market fundamentals, as well as lower grades at Impala Canada, resulting in a further reduction of the life-of-mine of the operations from three years to one year. In response to this, management initiated a detailed review of the mine closure plan with an updated scope of closure activities and updated cost estimates. This resulted in an increase in their environmental rehabilitation provision of R1 245 million (C$96 million) which was capitalised to their environmental rehabilitation asset. The discount rate used is the risk-free Bank of Canada bond yield (maturing in a comparable period to the mine life), plus a weighted average of inflation rates over the same period, and was 4.7% (2024: 6.0%) at the time of calculation. The net present value of current rehabilitation estimates is based on the assumption of a long-term real discount rate of 2.6% (2024: 3.9%). Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 71 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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27.2 Deferred output VAT The deferred output VAT is in respect of the sale of Impala Bafokeng employee housing assets to employees which is only payable to the South African Revenue Service, in terms of section 16(4)(a)(ii) of the Value Added Tax Act No 89 of 1991, to the extent that the capital portion of the purchase price is being repaid by employees. The deferred output VAT is initially recognised at the prevailing VAT rate of the selling price when a house is sold. When a sale is cancelled, the deferred output VAT is reversed. AP Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are not recognised for future operating losses. Provisions are recognised as the best estimate of the expenditure required to settle the present obligation at reporting date taking into account the time value of money where relevant. Environmental rehabilitation provision These long-term obligations result from environmental disturbances associated with the Group’s mining operations. Estimates are determined by independent environmental specialists in accordance with environmental regulations. Decommissioning costs The costs arise from rectifying the damage caused before production commences. The net present value of future decommissioning cost estimates at year-end is recognised and fully provided for in the financial statements. The estimates are reviewed annually to take into account the effects of changes in the estimates. Estimated cash flows have been adjusted to reflect risks and timing specific to the rehabilitation liability. Discount rates that reflect the time value of money are used to calculate the present value. Changes in the measurement of the liability, apart from unwinding of the discount, which is recognised in profit or loss as a finance cost, are capitalised to the environmental rehabilitation asset (note 11). Restoration costs These costs arise from rectifying the damage caused after production commences. The net present value of future restoration cost estimates at year-end is recognised and fully provided for in the financial statements. The estimates are reviewed annually to take into account the effects of changes in the estimates. Estimated cash flows have been adjusted to reflect risks and timing specific to the rehabilitation liability. Discount rates that reflect the time value of money are used to calculate the present value. Changes in the measurement of the liability, apart from unwinding of the discount, which is recognised in profit or loss as a finance cost, are expensed to profit or loss. Ongoing rehabilitation costs The cost of the ongoing current programmes to prevent and control pollution is charged against income when they are incurred. 27. PROVISIONS continued Notes to the consolidated financial statements for the year ended 30 June 2025 72 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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28. DEFERRED REVENUE 2025 Rm 2024 Rm Summary Beginning of the year 1 499 1 382 Finance costs (note 8) 279 277 Deferred revenue recognised (note 2) (179) (160) End of the year 1 599 1 499 Current 261 240 Non-current 1 338 1 259 Impala Bafokeng entered into a gold-streaming agreement with Triple Flag International Limited (Triple Flag) whereunder Triple Flag made an advance payment of US$145 million to Impala Bafokeng Resources, to be repaid through future delivery of gold credits directly linked with the gold production from its mining operations (excluding Styldrift II and the Impala royalty areas). Altogether 5 950 (2024: 6 270) gold ounces were delivered during the year. Collateral – Triple Flag As security for the gold stream, Triple Flag has the following security: • A guarantee from Impala Bafokeng Platinum guaranteeing the due payment and performance of all present and future obligations under the stream, with recourse under that guarantee limited to the share that Impala Bafokeng Platinum holds in Impala Bafokeng Resources • First ranking security over essentially all of Impala Bafokeng Resources’ property and assets, including mortgage bonds over land, notarial bonds over movable assets and a cession in security over bank accounts and cash balances, insurances, book debts and intercompany loans, receivables and rights under certain material contracts. EJ Deferred revenue Impala Bafokeng intends to satisfy the performance obligations under the streaming arrangement through delivery of gold credits directly linked with its production and revenue will be recognised over the duration of the contract as Impala Bafokeng satisfies its obligation to deliver gold ounces. Each period, an estimate of the cumulative amount of the deferred revenue obligation that has been satisfied is determined and is recognised as revenue. The streaming arrangement is not a financial instrument because it will be satisfied through the delivery of non-financial items as part of the Group’s expected sale requirements, rather than cash or financial assets. Key inputs used to unwind the advance payment received to revenue 2025 2024 Estimated financing rate over life of arrangement (%) 20 20 Remaining life of stream (years) 35.5 36.5 AP Deferred revenue Deferred revenue is recognised as a contract liability when the Group has received an advance payment for the future delivery of inventory. The deferred revenue is recognised as revenue, as and when the inventory that was paid for in advance is delivered over the term of the arrangement. The contract liability is not a financial instrument. Financing component A significant financing component results from the difference in the timing of the advance payment received and the transfer of control of the inventory. Interest expense on deferred revenue is recognised as finance costs using a discount rate that would be reflected in a separate financing transaction between the entity and its customer. The discount rate is determined at inception of the contract and not subsequently changed. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 73 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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29. BORROWINGS 2025 2024 Notes Non- current Rm Current Rm Total Rm Non- current Rm Current Rm Total Rm Lease liabilities 29.1 356 318 674 571 282 853 PIC housing facility 29.2 1 280 76 1 356 1 341 55 1 396 Bank borrowings 29.3 – 1 760 1 760 – 1 092 1 092 Total borrowings 1 636 2 154 3 790 1 912 1 429 3 341 2025 Rm 2024 Rm Reconciliation Beginning of the year 3 341 2 590 Proceeds from borrowings 717 1 123 Capital repayments of borrowings (45) (79) Capital repayments of lease liabilities (298) (282) Interest repayments (313) (245) Leases capitalised 122 23 Interest accrued (note 8) 342 271 Amortisation of fair value adjustment to PIC housing facility (note 33) (26) (24) Exchange differences (50) (36) End of the year 3 790 3 341 2025 % 2024 % The effective interest rates for all borrowings for the year were as follows: South African rand 8 8 US dollar 10 8 Canadian dollar 5 5 Zimbabwe Gold 40 – Refer to note 35.2.4 for fair value and financial risk disclosure as well as the undrawn committed revolving credit facilities. 29.1 Lease liabilities 29.1.1 Amounts recognised in the statement of comprehensive income The statement of comprehensive income shows the following amount relating to leases: 2025 Rm 2024 Rm Interest paid (included in finance costs (note 8)) 79 92 Short-term and low-value lease expenses (included in cost of sales (note 3)) 16 16 Deferred profit on sale and leaseback of houses (note 5) (30) (30) The total cash outflow for leases was R377 million (2024: R374 million). The Group also had non-cash additions to right-of-use assets and lease liabilities of R122 million (2024: R23 million). Notes to the consolidated financial statements for the year ended 30 June 2025 74 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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29. BORROWINGS continued 29.1 Lease liabilities continued 29.1.2 Leasing activities of the Group Lease Nature of leasing activity Remaining life Effective interest rate (%) Friedshelf (land and buildings) Lease arrangement for houses leased from Friedshelf (an associate of the Group). The houses were previously sold to Friedshelf as part of a sale and leaseback transaction Three years 10.2 Forklifts Lease arrangements for various forklifts Between one and two years 7.0 Land and buildings (various) Lease arrangements of office buildings and other operational buildings Between two and four years 7.2 DHI (mobile equipment) Road train lease One year 7.3 Air products (refining assets) Lease arrangement for air products (oxygen and nitrogen pipeline) Eleven years 5.9 Sasol (refining assets) Lease arrangement for hydrogen pipeline Four years 10.6 Equipment Lease arrangements for rigs and various other equipment One to five years 8.8 The Group also has certain leases of buildings and vehicles with lease terms of 12 months or less and leases of various vehicles and equipment with low value. The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these leases. 2025 2024 Minimum lease payments Rm Interest Rm Principal Rm Minimum lease payments Rm Interest Rm Principal Rm Maturity analysis for lease liabilities Less than one year 367 49 318 346 64 282 Between one and two years 239 20 219 333 43 290 Between two and five years 111 17 94 250 22 228 More than five years 51 8 43 64 11 53 768 94 674 993 140 853 29.2 PIC housing facility The PIC housing facility was utilised by Impala Bafokeng to fund the construction of houses for Phase Two of its employee housing project, as well as the insurance investment (note 17.1). The PIC housing facility was a R2.2 billion facility that accrued interest at CPI plus a margin of 1%. Following the suspension of the construction of the houses in 2019 and commencement of r epayment in 2021, the undrawn portion of the facility was no longer available, resulting in the reduction of the total facility to R1.3 billion. Security for the PIC housing facility is ring-fenced to the housing project assets. The facility has an effective interest rate of 11%. Impala Bafokeng Resources (Pty) Ltd has provided a limited recourse guarantee over the shares in Impala Bafokeng Resources Properties (RF) (Pty) Ltd. 29.3 Bank borrowings Standard Bank of South Africa Zimplats has a committed revolving borrowing base facility with Standard Bank of South Africa Limited which was increased from R1 092 million (US$60 million) to R2 127 million (US$120 million) during the year. The facility bears interest at the Secured Overnight Financing Rate plus 285 basis points per annum which is paid quarterly, with a tenor of 24 months (2024: 12 months). Impala Platinum Limited issued a guarantee amounting up to R2 127 million (US$120 million) to Standard Bank of South Africa in respect of this facility, limited to amounts due to Zimplats for its sale of matte. At the reporting date, the drawn balance on the revolving facility amounted to R1 063 million (US$60 million) (2024: R1 092 million (US$60 million)). Stanbic Bank Zimbabwe During the year, Zimplats converted an overdraft facility of R620 million (US$35 million) with Stanbic Bank Zimbabwe into a short-term loan facility of R727 million (US$41 million), with interest of 10% per annum, to fund its working capital requirements. R620 million (US$35 million) was drawn at the end of the year. The facility expires on 31 October 2025. FBC Crown Bank of Zimbabwe Limited Zimplats entered into a revolving short-term loan facility of R89 million (ZWG135 million) with FBC Crown Bank of Zimbabwe Limited with interest of 45% per annum to fund its working capital requirements. R20 million (ZWG30 million) was drawn at the end of the year. The facility allows for multiple drawdowns with each drawdown limited to a maximum repayment of 180 days. The facility expires on 31 December 2025. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 75 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Ecobank of Zimbabwe Limited Zimplats entered into a revolving short-term loan facility of R84 million (ZWG127 million) with Ecobank of Zimbabwe Limited with interest of 40% per annum to fund its working capital requirements. R56 million (ZWG85 million) was drawn at the end of the year. The facility allows for multiple drawdowns with each drawdown limited to a maximum repayment of 180 days. The facility expires on 30 November 2025. 29.4 Capital management The Group defines total capital as equity plus debt in the consolidated statement of financial position. The Group’s objectives for capital management are to safeguard the Group’s ability to continue as a going concern, in order to provide returns for shareholders and benefits to other stakeholders, and to maintain an optimal capital structure to reduce required cost of capital. To maintain or improve its capital structure, the Group may vary the dividends paid to shareholders, return capital or issue shares to shareholders. The Group monitors the debt-to-equity ratio. This ratio is calculated as net debt to equity. Leases as well as the PIC housing facility are excluded from the Group net debt calculation. The gearing ratio as at 30 June 2025 was nil% (2024: nil%). AP Borrowings All borrowings are subsequently measured at amortised cost. When general and/or specific borrowings are utilised to fund qualifying capital expenditure, such borrowing costs that are attributable to the capital expenditure are capitalised from the point at which the capital expenditure and related borrowing costs are incurred until completion of construction. Effective interest method This method is used to calculate the amortised cost of a financial asset or a financial liability and in the allocation and recognition of the interest revenue or interest expense in profit or loss over the relevant period. The effective interest rate discounts estimated future cash receipts or payments (including all fees paid or received forming an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability. Leases The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Lease liabilities are initially measured at the present value of the contractual lease payments due over the lease term, discounted using the rate implicit in the lease. If this rate is not readily determinable, the Group’s incremental borrowing rate is used. Variable lease payments are included in the measurement of the lease liability if they are linked to an index or rate at the date of commencement. The initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability includes: • Amounts expected to be payable under any residual value guarantee • Exercise price of any purchase option if the lessee is reasonably certain to exercise the option • Penalties payable for terminating the lease if the term of the lease reflects the termination option. Right-of-use assets are initially measured at the value of the corresponding lease liability, reduced for any lease incentives received, and increased for: • Lease payments made at or before the commencement of the lease • Initial direct costs • The amount of any provision recognised where the lessor is contractually required to dismantle, remove or restore the leased asset. Lease payments are subsequently allocated between the lease liability and finance costs. The finance cost is charged to profit or loss over the lease period at a constant periodic rate of interest on the remaining balance of the liability. The right-of-use asset is subsequently depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. When the lessee revises its estimate of the term of any lease due to changes in the probability of a lease extension or termination option being exercised, it adjusts the carrying amount of the lease liability to reflect the payments to be made over the revised term, which are discounted at the revised discount rate at remeasurement. The carrying value of lease liabilities is similarly adjusted when the variable element of future lease payments dependent on a rate or index is revised, using the revised discount rate on commencement of lease. In both cases, an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being depreciated over the new remaining lease term. 29. BORROWINGS continued 29.3 Bank borrowings continued Notes to the consolidated financial statements for the year ended 30 June 2025 76 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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30. OTHER LIABILITIES Notes 2025 Rm 2024 Rm Summary Post-employment medical benefits 30.1 68 67 Cash-settled share-based compensation 30.2 287 94 Deferred profit on sale and leaseback of houses from Friedshelf (note 29.1.1) 37 67 392 228 Current 236 100 Non-current 156 128 30.1 Post-employment medical benefits Beginning of the year 67 64 Finance costs 6 7 Actuarial loss 3 3 Benefits paid (8) (7) End of the year – actuarial valuation 68 67 Current – – Non-current 68 67 Implats historically provided post-employment medical benefits to qualifying employees. Post-employment medical benefits for remaining employees and retirees are an unfunded liability. A 1% increase in the medical inflation rate would result in a R5 million (2024: R5 million) increase in the provision and a decrease of 1% would result in a decrease in the provision of R5 million (2024: R5 million). Subsidies of R8 million (2024: R8 million) are expected to be paid in the next financial year. Qualifying active employees have an average age of 54 years (2024: 56 years) and an average service period of 25 years (2024: 28 years). Retirees have an average age of 80 years (2024: 80 years). 30.2 Cash-settled share-based compensation Annexure E provides details of share awards issued and vested during the year by participants as well as the disclosures required by IFRS 2 Share-based Payments. The details pertaining to share awards issued to and vested by directors during the year are disclosed in annexure D. EJ Post-employment medical benefits valuation Calculating Implats’ obligation for post-retirement healthcare liabilities depends on the selection of certain assumptions used by actuaries to calculate amounts. The assumptions include, among others, the discount rate, healthcare inflation costs, rates of increase in compensation costs and the number of employees who reach retirement age before the mine reaches the end of its life. While Implats believes that these assumptions are appropriate, significant changes in the assumptions could materially affect post-retirement obligations and future expenses, which may result in an impact on earnings in the periods that the changes in the assumptions occur. As at 30 June 2025, actuarial parameters used by independent valuators assumed 6.4% (2024: 7.8%) as the long-term medical inflation rate and a 9.7% (2024: 11.1%) risk-free interest rate corresponding to the yields on long-dated high-quality bonds. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 77 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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AP Defined contribution retirement plans Employee retirement schemes are funded through payments to insurance companies or trustee-administered funds determined by periodic actuarial calculations. A defined contribution plan is a pension scheme under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Group operates or participates in several defined contribution retirement plans for its employees. The pension plans are funded by payments from the employees and by the relevant Group companies to insurance companies or trustee-administered funds, determined by periodic actuarial calculations, and contributions to these funds are expensed as incurred. The assets of the different plans are held by independently managed trust funds. These funds are governed by either the South African Pension Funds Act of 1956, Zimbabwean law or Canadian law. Post-employment medical benefit plan The expected costs of these benefits are accrued over the period of employment. A valuation of this obligation is carried out annually by independent qualified actuaries. Actuarial gains or losses as a result of these valuations are recognised in other comprehensive income as incurred. Interest on the defined benefit liability is recognised in profit or loss as finance cost. Cash-settled share-based compensation Cash-settled share-based payments are valued on the reporting date and recognised over the vesting period. A liability equal to the services received to date is determined and recognised at each reporting date with a corresponding expense. The fair value of share-based payments are calculated using the binomial option model for non-vested shares and intrinsic value for vested shares. 30. OTHER LIABILITIES continued 31. TRADE AND OTHER PAYABLES 2025 Rm 2024 Rm Trade payables 7 392 6 953 Trade payables – metal purchases1 4 590 4 142 Trade payables at fair value through profit or loss 5 693 4 640 Advances on metal purchases (1 103) (498) Employee related payables2 3 360 3 191 Royalties payable 508 326 Value added taxation 108 75 Other payables 293 111 16 251 14 798 The foreign currency denominated balances, included above, were as follows: Trade payables – US dollar 3 790 3 372 Trade payables – Canadian dollar 473 681 Trade payables – Euro 88 301 Trade payables – Zimbabwe Gold 83 100 1 The fair value exposure on purchased metal was designated as a hedged item and is included in the calculation of the cost of inventories (note 19). The fair value exposure relates to adjustments made to commodity prices and US dollar exchange rates from the date of delivery until the final pricing date as per the relevant contract. Refer to note 35 for hedge accounting disclosures. 2 Employee related payables consist of employee benefit payables of R1 48 6 million (2024: R 1 388 million), disaggregated from trade payables for 2024 due to enhancement in disclosure, and annual leave liability of R1 87 4 million (2024: R 1 803 million). Employee entitlements to annual leave are recognised on an ongoing basis. The liability for annual leave as a result of services rendered by employees is accrued up to the reporting date. Refer to note 35 for fair value and financial risk disclosure. Notes to the consolidated financial statements for the year ended 30 June 2025 78 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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31. TRADE AND OTHER PAYABLES continued EJ Advances on metal purchases Certain customers are granted advances based on a contractually agreed percentage of the fair value of their in- process metal being purchased. The weighted average effective interest rate on advances was 4.9% (2024: 5.6%). The associated purchase liability serves as collateral for the advance. The contractually agreed percentage generally provides a sufficient safety margin for normal price fluctuations not to expose the Group to undue credit risk. However, in times of significant price decreases, there is a risk that the fair value of the in-process metal creditor that serves as collateral, could decrease below the carrying amount of the advance. In the current year, the value of this metal creditor is higher than the advances. In cases where the carrying amount of advances is not fully supported by the fair value of in-process metal creditors that serves as collateral, management uses judgement to determine the recoverability of the advances. Management has the legal right to offset the advance against the metal-purchase creditor and the intention to settle the creditor on a net basis. Consequently, the advance has been offset against the creditor. AP Trade and other payables The Group has made an irrevocable election to measure trade payables relating to metal purchases at fair value through profit or loss. Trade payables contracts host two embedded derivatives, namely fluctuations in PGM prices, and foreign currency exchange rates. This financial liability is used as a hedging instrument in the fair value hedge of a recognised asset, being purchased inventory. All other trade payables are subsequently carried at amortised cost. 32. OTHER FINANCIAL LIABILITIES Note 2025 Rm 2024 Rm Commitment – Royal Bafokeng Nation 32.1 – 49 – 49 Current – 49 Non-current – – 32.1 Commitment – Royal Bafokeng Nation Amendments to the Impala converted mining rights relating to the empowering provision were approved during the 2019 financial year, allowing the trustees to dissolve the Impala Bafokeng Trust (IBT). Impala Platinum Limited committed to contribute the remaining balance of the original R170 million commitment to the IBT by spending R10 million a year for community projects through its corporate social investment programmes. At the end of the financial year, R48 million remained unspent, and was aggregated with other payables within trade and other payables (note 31) to improve presentation by aggregating immaterial items of similar nature. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 79 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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33. CASH GENERATED FROM OPERATIONS 2025 Rm 2024 Rm Profit/(loss) before tax 1 493 (20 426) Adjusted for: Impairment (note 4) – 21 852 IFRS 2 charge on B-BBEE transaction (note 24) – 1 932 Depreciation (notes 3 and 11) 7 712 8 044 Amortisation of prepaid royalty – 325 Finance income (note 7) (989) (1 076) Finance costs (note 8) 1 001 960 Share of loss of equity-accounted entities (note 14) 497 1 182 Net realisable value adjustment on metal inventory (notes 3 and 19) (354) (2 518) Employee benefit provisions (8) (7) Share-based compensation 654 (348) Environmental rehabilitation and other provisions (29) (126) Foreign currency differences 373 803 Profit on disposal of property, plant and equipment (note 5) (45) (30) Loss on disposal of property, plant and equipment (note 6) 60 9 Deferred profit on sale and leaseback of houses (note 5) (30) (30) Deferred revenue (notes 2 and 28) (179) (160) Amortisation of fair value adjustment to PIC housing facility (note 29) (26) (24) Employee housing benefit 20 (21) Impairment provision – statutory receivable (notes 6 and 20) 106 – Reversal of impairment – investment property (notes 5 and 12) (31) – Fair value gain on environmental rehabilitation and other investments (381) (240) Fair value gain on foreign exchange rate collars (note 5) – (222) Tax penalties refund/(paid) 160 (165) Tax interest and penalties payable/(receivable) (notes 5 and 21) 14 (159) 10 018 9 555 Changes in working capital Decrease/(increase) in trade and other receivables 556 (588) (Increase)/decrease in inventories (3 214) 938 Increase/(decrease) in trade and other payables 1 383 (1 239) Cash generated from operations 8 743 8 666 Notes to the consolidated financial statements for the year ended 30 June 2025 80 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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34. CONTINGENT LIABILITIES, GUARANTEES AND UNCERTAIN TAX MATTERS Contingent liabilities At year-end, the Group had contingent liabilities in respect of matters arising in the ordinary course of business from which it is anticipated that no material liabilities will arise. Guarantees The Group has issued guarantees to the below parties, in respect of liabilities held by companies in the Group. These liabilities are included in the consolidated financial statements (note 29). 2025 Rm 2024 Rm Guarantees Friedshelf1 30 41 1 Guarantees to Friedshelf are in respect of rental of houses sold to and leased back from Friedshelf by Marula. The following guarantees have been issued by third parties and financial institutions on behalf of the Group to the following holders: 2025 Rm 2024 Rm Guarantees South African operations Department of Mineral and Petroleum Resources 3 722 3 487 Eskom 729 197 Other 64 17 4 515 3 701 Impala Canada Closure Plan Surety Bond (Minister of Energy, Northern Development and Mines) 310 317 Total guarantees 4 825 4 018 Guarantees to regulators (Department of Mineral and Petroleum Resources and the Minister of Energy, Northern Development and Mines) are in r espect of future environmental rehabilitation liabilities for which a provision of R3 475 million (2024: R 1 905 million) has been raised (note 27.1). Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 81 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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34. CONTINGENT LIABILITIES, GUARANTEES AND UNCERTAIN TAX MATTERS continued Uncertain income tax matters Implats is subject to income taxes under the various income tax regimes in the countries in which it operates. The Group has filed, and continues to file, all the required income tax returns and to pay the taxes, as reasonably determined, to be due. In some jurisdictions tax authorities are yet to complete all their annual assessments and the income tax assessments, where completed by the tax authorities, remain subject to further examination within prescribed periods. Significant judgement is required in determining the Group’s provisions for income taxes due to the complexity of legislation, which is often subject to interpretation. As a result, disputes can arise with the tax authorities over the interpretation or application of legislation in respect of the Group’s tax affairs within the country involved and the outcome of these claims and disputes cannot be predicted with certainty. On tax matters which are particularly complex or require judgement in applying, management has obtained and will continue to obtain, independent legal and/or tax practitioner opinions which inform and support the tax positions adopted. Implats’ companies are involved in tax queries, litigation and disputes with various tax authorities in the normal course of business. A detailed review is performed regularly on each matter and a provision is recognised, where appropriate. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially reported, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Regardless of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are disclosed below. South Africa At 30 June 2025, the Group had an unresolved historical tax matter relating to a disallowed expense deduction at its South African operations. The South African Revenue Service (SARS) had issued an additional assessment relating to this matter which the Group had lodged an appeal to the Tax Court. The Tax Court found in favour of SARS. Management lodged an appeal to the Supreme Court of Appeal to settle this matter. Should the Group be successful in its appeal, it could result in a tax credit of up to R762 million (2024: R718 million) including interest. Zimbabwe Foreign currency taxes Zimplats has historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably determined to be due. The fiscal legislation in Zimbabwe is volatile, highly complex and subject to interpretation. From time to time, Zimplats is subject to a review of its historic income tax returns and in connection with such reviews, disputes can arise with the Zimbabwe Revenue Authority (ZIMRA) over the interpretation and/or application of certain legislation. Significant judgement is required in determining the provision for income taxes due to the complexity and differences of interpretation of fiscal legislation, and application which may require determination through the courts. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Zimplats recognises liabilities for anticipated tax audit issues and uncertain tax positions based on estimates of whether additional taxes will be due. The assessment is based on objective, unbiased interpretation of the fiscal legislation, informed by specialist independent tax and legal advice. Where ZIMRA as the tax authority makes an assessment that differs from that determined and initially recorded by the company, such difference in computation will impact the income tax expenses and liabilities in the period in which such determination is made. Irrespective of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are included to the extent that disclosure does not prejudice the company. Matters before the courts Zimplats filed legal proceedings in the Special Court for Income Tax Appeals and the Supreme Court of Zimbabwe in relation to various historical income tax matters. During the current year, the Supreme Court of Zimbabwe ruled in favour of ZIMRA on one of the tax matters. The ruling did not have any financial impact as Zimplats has on a without prejudice basis, settled the disputed liabilities involved in these cases. Notes to the consolidated financial statements for the year ended 30 June 2025 82 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 35.1 Financial instruments Background and basis of preparation The impact of external factors such as climate change, geopolitical tensions and other global and domestic economic factors are deemed to be priced into the valuation of financial instruments, which for the Group, mostly relates to securities price risk and commodity price risk used in the level 1 and 2 fair valuation techniques as determined by the market. The level 3 valuation techniques were adjusted by amending the cash flows associated with the discounted cash flow (DCF) valuations to factor in impacts of the various micro and macro-economic factors where applicable. The outcome of these considerations and the resulting adjustments are reflected in the respective carrying amounts of the financial assets and financial liabilities measured at fair value. The following table summarises the Group’s classification of financial instruments: 2025 Rm 2024 Rm Financial assets – carrying amount Financial assets at amortised cost 16 999 15 602 Other financial assets (note 17) 1 129 1 235 Environmental rehabilitation investments (note 16) 229 211 Trade receivables (note 20) 2 516 2 307 Other receivables (note 20) 1 254 2 014 Employee receivables (note 20) 243 206 Cash and cash equivalents (note 22) 11 628 9 629 Financial assets at fair value through profit or loss (FVPL) 8 530 8 166 Environmental rehabilitation investments (note 16) 2 933 2 565 Other financial assets (note 17) 87 74 Trade receivables (note 20) 5 510 5 527 Financial assets at fair value through other comprehensive income (FVOCI) (note 15) 1 002 693 Total financial assets 26 531 24 461 Financial liabilities – carrying amount Financial liabilities at amortised cost 11 475 10 454 Borrowings (note 29) 3 790 3 341 Trade payables (note 31) 7 392 6 953 Other payables (note 31) 293 111 Other financial liabilities (note 32) – 49 Financial liabilities at FVPL 4 590 4 142 Trade payables – metal purchases (note 31) 4 590 4 142 Trade payables at FVPL 5 693 4 640 Advances on metal purchases1 (1 103) (498) Total financial liabilities 16 065 14 596 1 Advances on metal purchases are carried at amortised cost. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 83 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 35.1 Financial instruments continued Fair value hierarchy The table below represents significant financial instruments measured at fair value at the reporting date. The calculation of fair value requires various inputs into the valuation methodologies used. The source of the inputs used affects the reliability and accuracy of the valuations. Significant inputs were classified into hierarchical levels in line with IFRS 13 valuations. • Level 1 – Quoted prices in active markets for identical assets or liabilities • Level 2 – Inputs other than quoted prices that are observable for the asset or liability (directly or indirectly) • Level 3 – Inputs for the asset or liability that are unobservable. Fair value Financial instrument 2025 Rm 2024 Rm Fair value hierarchy Valuation technique and key inputs Financial assets at FVOCI (note 15) Waterberg 792 501 Level 3 In situ 4E valuation method Real long-term US dollar exchange rate and metal prices Declared resources Other 210 192 Level 3 DCF Risk-free South African rand interest rate Financial assets at FVPL Environmental rehabilitation investments – Guardrisk (note 16) 2 933 2 395 Level 2 Market prices for listed investments Environmental rehabilitation investments – Centriq Insurance Company Limited (note 16) – 170 Level 2 Shareholders Weighted Top 40 Index on the JSE Other financial assets – housing insurance investment (note 17) 87 74 Level 3 Market prices for listed investments and reliance on an external valuer for DCF models for unlisted investments Trade receivables (note 20) 5 510 5 527 Level 2 Quoted market metal prices and exchange rates Financial liabilities at FVPL Trade payables at FVPL (note 31) 5 693 4 640 Level 2 Quoted market metal prices and exchange rates There were no transfers between fair value hierarchy levels in the current year. The fair value of Waterberg was determined using the in situ 4E valuation method (significant unobservable input) using metal prices of between US$2.50 to US$14.00 (2024: US$2.00 and US$12.00) per 4E ounce depending on whether the resource is inferred, indicated and measured. A slight increase in the comparable transaction used in the in situ 4E valuation method would result in a significant increase in fair value, and vice versa. The carrying amount of financial assets and liabilities which are not carried at fair value, is a reasonable approximation of their fair value. Reconciliation of level 3 fair value measurements Waterberg Rm Other Rm Total Rm Balance at 30 June 2023 506 221 727 Income recognised in profit or loss – 8 8 (Loss)/income recognised in other comprehensive income (5) 37 32 Balance at 30 June 2024 501 266 767 Income recognised in profit or loss – 13 13 Income recognised in other comprehensive income 291 18 309 Balance at 30 June 2025 792 297 1 089 Notes to the consolidated financial statements for the year ended 30 June 2025 84 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 35.1 Financial instruments continued Financial instrument income/(expenses) 2025 Rm 2024 Rm Financial instruments at FVPL – net fair value movement Other financial assets – housing insurance investment 13 8 Environmental rehabilitation investments – Guardrisk 360 226 Environmental rehabilitation investments – Centriq Insurance Company Limited 8 5 Foreign exchange forward contract – 78 Trade receivables 536 (546) Foreign exchange rate collars – 222 Financial instruments at amortised cost Finance income for financial assets using effective interest method 844 1 007 Finance costs for financial liabilities using effective interest method (259) (224) 35.2 Financial risk management Introduction The Group’s activities expose it to a variety of financial risks, market risk (including currency risk, fair value and cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. The Group, from time to time, uses derivative financial instruments to hedge certain risk exposures. Financial risk management is carried out by a central treasury department. Policies are approved by the board of directors, which sets guidelines to identify, evaluate and hedge financial risks in close cooperation with the Group’s operating units. The audit and risk committee approve written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investing excess liquidity. Sovereign risk arises from foreign government credit risk, the risk that a foreign central bank or government will impose exchange regulations and the risk associated with negative events relating to taxation policy or other changes in the business climate of a country. These risks are monitored by management by actively engaging with both local and foreign government officials and by operating within the set frameworks. 35.2.1 Fair value hedge accounting The Group has a hedging strategy and accounting policy to manage the fair value risk (commodity price and foreign currency exchange risk) to which purchased metal (note 19), the hedged item, is exposed. The financial instrument used to hedge this risk is trade payables related to metal purchases (note 31), included in trade payables, measured at fair value through profit or loss. The fair value movements on this financial liability were designated to hedge the price and foreign currency exchange risk on purchased metal inventory. To the extent that the hedging relationship is effective, that is, to the extent that an economic relationship exists between the hedged item and hedging instrument, the fair value gains and losses on both the hedged item and hedging instrument are offset against each other. Where the hedge is ineffective the gains and losses on trade payables and purchased metal inventory are recognised in profit or loss in other income and other expenses, respectively. The effects of the fair value hedge are as follows: 2025 Rm 2024 Rm Hedging instrument Trade payables at fair value through profit or loss – metal purchases Carrying amount (note 31) 5 693 4 640 Fair value loss/(gain) used to determine hedge effectiveness 280 (871) Hedged item Purchased metal inventory (note 19) Purchased metal exposed to fair value movement 5 693 4 640 Change in fair value of hedged instrument used to determine hedge effectiveness (280) 871 Accumulated fair value hedge (loss)/gain included in metal purchases in respect of closing inventory1 (143) 216 1 Relates to metal purchases that were still in the refining process at year-end. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 85 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 35.2 Financial risk management continued 35.2.2 Market risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollar. Foreign exchange risk arises from future commercial transactions and recognised financial assets and liabilities. To manage foreign exchange risk arising from future commercial transactions and recognised financial assets and liabilities, the Group, from time to time, uses forward exchange contracts within board-approved limits. Sensitivity analysis Foreign exchange risk sensitivity analysis presents the effect of a 10% change in the year-end exchange rate on financial instruments denominated in US dollar or Zimbabwe Gold in profit or loss. The US dollar exposure below excludes companies whose functional currency is the US dollar. Year-end US dollar exposure Profit/loss effect3 2025 Rm 2024 Rm 2025 Rm 2024 Rm Financial assets Trade receivables 7 903 7 653 790 765 Advances on metal purchases (note 31)1 1 103 498 110 50 Cash and cash equivalents 1 924 2 540 192 254 Financial liabilities Trade and other payables2 (2 420) (2 261) – – 8 510 8 430 1 092 1 069 1 Advances on metal purchases were offset against the related metal-purchase trade creditor (note 31). 2 Includes the foreign exchange exposure on metal-purchase trade payables, which was designated as a hedging instrument in a fair value hedge (note 35.2.1). This creditor has no effect on the statement of profit or loss after hedge accounting. 3 Represents an inflow or outflow of economic resources. Figures are calculated before tax and non-controlling interest. Year-end Zimbabwe Gold exposure Profit/loss effect1 2025 Rm 2024 Rm 2025 Rm 2024 Rm Financial assets Cash and cash equivalents 1 219 721 122 72 Financial liabilities Trade and other payables (83) (100) (8) (10) Bank borrowings (76) – (8) – 1 060 621 106 62 1 Represents an inflow or outflow of economic resources. Figures are calculated before tax and non-controlling interest. Securities price risk The Group is exposed to insignificant equity securities price risk. Commodity price risk Commodity price risk refers to the risk of changes in fair value or cash flow of financial instruments as a result of commodity prices where the Group holds forward sales contracts and metal-purchase commitments included in trade and other payables, which are determined with reference to commodity prices. From time to time, the Group enters into forward metal sales contracts, options or lease contracts to manage the fluctuations in metal prices, thereby preserving and enhancing its cash flow streams. Sensitivity analysis Commodity price risk sensitivity analysis presents the effect of a 10% change in the commodity prices on commodity- based financial instruments in profit or loss. Notes to the consolidated financial statements for the year ended 30 June 2025 86 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 35.2 Financial risk management continued 35.2.2 Market risk continued Year-end commodity exposure Profit/loss effect1 2025 Rm 2024 Rm 2025 Rm 2024 Rm Financial assets Trade receivables at FVPL 5 510 5 527 551 553 Financial liabilities Trade payables at FVPL2 (5 693) (4 640) – – (183) 887 551 553 1 Represents an inflow or outflow of economic resources. Figures are calculated before tax and non-controlling interest thereon. 2 The commodity price exposure has no effect on the statement of profit or loss after hedge accounting (note 35.2.1). Interest rate risk The Group is exposed to fair value interest rate risk in respect of fixed rate financial assets and liabilities. Movement in interest rates will have an impact on the fair value of these instruments but will not affect profit or loss as these financial assets and liabilities are carried at amortised cost using the effective interest method. Fixed interest rate exposure: 2025 Rm 2024 Rm Financial assets Loans carried at amortised cost (note 17) 110 110 The Group is exposed to cash flow interest rate risk in respect of its variable rate financial assets and liabilities. The Group monitors its exposure to fluctuating interest rates. Cash and cash equivalents and rehabilitation trust investments are primarily invested with short-term maturity dates, which expose the Group to cash flow interest rate risk. Sensitivity analysis Cash flow interest rate risk sensitivity analysis presents the effect of a 100 basis points up and down fluctuation in the interest rate in profit or loss. Variable interest rate exposure Profit/loss effect2 2025 Rm 2024 Rm 2025 Rm 2024 Rm Financial assets Advances on metal purchases (note 31)1 1 103 498 11 5 Loans carried at amortised cost (note 17) 857 961 9 10 Cash and cash equivalents (note 22) 11 628 9 629 116 96 13 588 11 088 136 111 1 Advances have been offset against the related metal-purchase trade creditor. 2 Represents an inflow or outflow of economic resources. Figures are calculated before tax and non-controlling interest thereon. Interest rate benchmark reform Existing financial assets and financial liabilities are subject to the Interbank Offered Rate (IBOR) reform, such as London Interbank Offered Rate (LIBOR). Implats was not impacted by the IBOR reforms. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 87 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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35.2.3 Credit risk Credit risk is the risk that the financial asset counterparty may default or not meet its obligations timeously. The Group minimises credit risk by ensuring that the exposure is spread over a number of counterparties. The maximum exposure to the credit risk is represented by the carrying amount of all the financial assets and the maximum amount the Group could have to pay if the guarantees are called on (note 34). There is no material concentration of credit risk in cash and cash equivalents, trade and other receivables and loans. Cash and cash equivalents The Group has policies that limit the amount of credit exposure related to cash and cash equivalents to any single financial institution by only dealing with well-established financial institutions of high credit quality standing. The credit exposure to any one of the counterparties is managed by setting exposure limits which are approved by the board. Exposure Banks’ credit ratings 2025 Rm 2024 Rm South African operations AA+ (zaf) 8 277 6 744 AA (zaf) 525 609 AA 2 – Overseas operations AA (zw) 295 496 AA- (zw) 208 199 AA- 1 051 843 A- (zw) 2 – BB- 270 307 No rating 998 431 11 628 9 629 Foreign currency exposure and exposure by country for cash and cash equivalents is analysed further in note 22. Trade and other receivables The Group has policies in place to ensure that the sales of products are made to customers with an appropriate credit history. Trade debtors comprise a limited number of customers, dispersed across different geographical areas. Credit evaluations are performed on the financial condition of these and other receivables from time to time. Trade receivables are presented in the statement of financial position net of any provision for impairment. No trade receivables are past due. Advances are made to customers based on in-process metal purchases. Credit risk on advances where sufficient in- process metal creditors serve as collateral is low (note 31). The table below provides an analysis of the Group’s customer mix: New customers Two years and less From two to five years Longer than five years Total Financial year 2025 Number of customers – 1 4 44 49 Value at year-end (R million) – – 4 468 3 558 8 026 Financial year 2024 Number of customers 1 3 1 44 49 Value at year-end (R million) – 4 755 – 3 079 7 834 No customers are in default at year-end (2024: zero). Credit risk exposure in respect of trade receivables and advances is analysed further in note 20. Credit risk exposure in respect of employee receivables is limited by taking into account the employee’s annual earnings, which serve as security. 35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 35.2 Financial risk management continued Notes to the consolidated financial statements for the year ended 30 June 2025 88 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Only an insignificant amount of these employee receivables are past due, as a result of employees having left the employment of the Group. Financial assets at fair value and financial assets at amortised cost The Group manages credit exposure related to these investments (aside from those included in cash and cash equivalents) by limiting the amounts invested at any single financial institution and by only dealing with well-established financial institutions of high credit quality standing. Exposure Financial institutions’ credit ratings 2025 Rm 2024 Rm Financial assets at FVOCI (note 15) No rating 210 192 Employee housing loans Credit risk exposure is mainly attributed to the Group’s employee housing loans. These loans are secured by a second bond over residential properties. Expected credit losses on Impala Bafokeng employee housing loans (note 17.3) The expected credit losses represent management’s estimate of the credit losses expected on the employee housing loan receivable at the reporting date. In calculating the expected credit loss (ECL), employee housing loan receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of employee housing receivable balances outstanding up to 30 June 2025 and the corresponding historical credit losses experienced on these balances. Continued employment of employees has been identified to be the most relevant credit risk consideration and historical loss rates are adjusted based on expected changes in this factor. Stage assessment Stages are assessed by migrating all loans with a significant increase in credit risk to stage 2. A significant increase in credit risk is recognised when the employee has missed at least one payment (ie 30 days past due, which is used as an indication of a significant increase in credit risk), is in short-term forbearance and when the loan is restructured or an extension to the terms is granted. If an employee housing loan receivable has a balance of more than the instalment amount in 30 days past due, the employee housing loan receivable is considered to have a significant increase in credit risk. All employee housing loan receivables that are credit impaired at the reporting date are migrated to stage 3. The quantitative credit impairment criterion is set to when employees are more than 90 days past due on their contractual payments, which is in line with the IFRS 9 rebuttable presumption to move to stage three. The employee housing loan receivable is written off when there is no reasonable expectation of recovery. The loan is deemed not to have reasonable prospects of recovery when the employee continues to fail to promptly comply with the provisions of the sale agreement after all legal processes have been exhausted and the loan agreement has been cancelled. 35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 35.2 Financial risk management continued 35.2.3 Credit risk continued Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 89 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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The movement in the expected credit loss during the year was as follows: 2025 Rm 2024 Rm Beginning of the year 8 6 ECL charge recognised in profit or loss during the year 3 5 ECL write-off recognised in profit or loss during the year (4) (3) End of the year 7 8 The gross carrying amount of employee housing loans receivable, and thus the maximum exposure to loss is as follows: Stage 1 ECL allowance 815 866 Stage 2 ECL allowance 24 84 Stage 3 ECL allowance 29 21 Total gross employee housing loans receivable 868 971 Less: Write-off (4) (2) Less: Estimated credit loss (7) (8) End of the year 857 961 At the end of the period, R2 million (2024: R2 million) of the Impala Bafokeng employee housing loans receivable were past due. 35.2.4 Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Implats’ committed revolving credit facility consists of a R6.5 billion South African rand tranche (2024: R6.5 billion) and a US$93.8 million US dollar tranche (2024: US$93.8 million) with various financial institutions. Management regularly monitors rolling forecasts of the Group’s liquidity reserve comprising undrawn borrowing facilities and cash and cash equivalents (note 22) on the basis of expected cash flows. All covenants on the facility have been met. Committed revolving credit facility of R6.5 billion (2024: R6.5 billion) – Impala Platinum Holdings Limited Total committed facility Banks’ credit ratings 2025 Rm 2024 Rm AA+ (zaf) 6 545 6 545 The committed revolving credit facility of R6.5 billion (2024: R6.5 billion) bears interest at the three-month Johannesburg Interbank Acceptance Rate (JIBAR) plus a margin and utilisation fee of between 210 and 260 basis points, subject to the level of utilisation and the total net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) levels of the Group. The facility has an accordion option to increase the facility by an additional R4.2 billion (2024: R2.2 billion). In the prior year, the facility was extended for another year and will mature on 24 February 2026. During the current year, the committed revolving credit facility was amended to include Impala Bafokeng Resources as an additional guarantor to the facilities agreement and the accordion option was increased from R2.2 billion to R4.2 billion. The facility was undrawn at year-end. Committed revolving credit facility of US$93.8 million (2024: US$93.8 million) – Impala Platinum Holdings Limited Total committed facility Banks’ credit ratings 2025 Rm 2024 Rm AA+ (zaf) 554 569 AA 554 569 A- 554 569 1 662 1 707 The US dollar tranche of the committed revolving credit facility of US$93.8 million (2024: US$93.8 million) bears interest at the three-month Secured Overnight Financing Rate plus a credit adjustment spread, margin and a utilisation fee of between 211 and 251 basis points, subject to the level of utilisation and the total net debt to EBITDA levels of the Group. The facility has an accordion option to increase the facility by an additional US$37.5 million (2024: US$37.5 million). During the prior year, the facility was extended for another year and will mature on 24 February 2026, with no further option to extend. The facility was undrawn at year-end. 35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 35.2 Financial risk management continued 35.2.3 Credit risk continued Notes to the consolidated financial statements for the year ended 30 June 2025 90 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Credit facilities Rnil (2024: R3 billion) – Impala Bafokeng Total committed facility Banks’ credit ratings 2025 Rm 2024 Rm AA+ (zaf) – 3 008 The R3 billion Impala Bafokeng credit facilities comprising a revolving credit facility of R2 billion which bore interest at JIBAR plus 250 basis points, as well as a general banking facility of R1 billion which bore interest at the prime rate less 140 basis points and the associated security were cancelled in the current year. Bank borrowings – Committed revolving borrowing base facility US$120 million (2024: US$60 million) – Zimplats Total committed facility Banks’ credit ratings 2025 Rm 2024 Rm AA+ (zaf) 2 127 1 092 Zimplats has a committed revolving borrowing base facility with Standard Bank of South Africa Limited which was increased from R1 092 million (US$60 million) to R2 127 million (US$120 million) during the year. The facility bears interest at the Secured Overnight Financing Rate plus 285 basis points per annum which is paid quarterly, with a tenor of 24 months (2024: 12 months). Impala Platinum Limited issued a guarantee amounting up to R2 127 million (US$120 million) to Standard Bank of South Africa in respect of this facility, limited to amounts due to Zimplats for its sale of matte. At the reporting date, the drawn balance on the revolving facility amounted to R1 063 million (US$60 million) (2024: R1 092 million (US$ 6 0 million)). Bank borrowings – Stanbic Bank Zimbabwe US$41 million – Zimplats Total committed facility Banks’ credit ratings 2025 Rm AA (zw) 727 During the year, Zimplats converted an overdraft facility of R620 million (US$35 million) with Stanbic Bank Zimbabwe into a short-term loan facility of R727 million (US$41 million), with interest of 10% per annum, to fund its working capital requirements. R620 million (US$35 million) was drawn at the end of the year. The facility expires on 31 October 2025. Bank borrowings – FBC Crown Bank of Zimbabwe Limited ZWG135 million – Zimplats Total facility Banks’ credit ratings 2025 Rm A- (zw) 89 Zimplats entered into a revolving short-term loan facility of R89 million (ZWG135 million) with FBC Crown Bank of Zimbabwe Limited with interest of 45% per annum to fund its working capital requirements. R20 million (ZWG30 million) was drawn at the end of the year. The facility allows for multiple drawdowns with each drawdown limited to a maximum repayment of 180 days. The facility expires on 31 December 2025. 35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 35.2 Financial risk management continued 35.2.4 Liquidity risk continued Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 91 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Bank borrowings – Ecobank of Zimbabwe Limited ZWG127 million – Zimplats Total facility Banks’ credit ratings 2025 Rm AA (zw) 84 Zimplats entered into a revolving short-term loan facility of R84 million (ZWG127 million) with Ecobank of Zimbabwe Limited with interest of 40% per annum to fund its working capital requirements. R56 million (ZWG85 million) was drawn at the end of the year. The facility allows for multiple drawdowns with each drawdown limited to a maximum repayment of 180 days. The facility expires on 30 November 2025. The table below analyses the Group’s financial liabilities into the relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The maturity analysis for leases is disclosed in note 29. Financial assets relevant to the understanding of future cash flow related to financial liabilities have also been disclosed: Total carrying amount Rm Contractual interest Rm Total undiscounted contractual cash flow Rm Less than one year Rm Between one and two years Rm Between two and five years Rm Over five years Rm At 30 June 2024 Financial assets Trade and other receivables (note 20) 10 054 – 10 054 10 054 – – – Cash and cash equivalents (note 22) 9 629 – 9 629 9 629 – – – Financial liabilities PIC housing facility (note 29) 1 396 1 123 2 519 96 105 361 1 957 Bank borrowings (note 29) 1 092 – 1 092 1 092 – – – Other financial liabilities (note 32) 49 – 49 49 – – – Trade and other payables (note 31) 11 206 – 11 206 11 206 – – – At 30 June 2025 Financial assets Trade and other receivables (note 20) 9 523 – 9 523 9 523 – – – Cash and cash equivalents (note 22) 11 628 – 11 628 11 628 – – – Financial liabilities PIC housing facility (note 29) 1 356 954 2 310 105 112 386 1 707 Bank borrowings (note 29) 1 760 – 1 760 1 760 – – – Trade and other payables (note 31) 12 275 – 12 275 12 275 – – – Current financial assets are sufficient to cover financial liabilities for the next 15 months. Thereafter, retained cash and cash generated from operations are envisaged to be sufficient to settle the liabilities. Should the cash generated from operations not be sufficient, the Group can access its facilities or curtail its capital expenditure. 35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued 35.2 Financial risk management continued 35.2.4 Liquidity risk continued Notes to the consolidated financial statements for the year ended 30 June 2025 92 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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35. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT continued AP Financial instruments – General accounting policy Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contract. Financial assets and financial liabilities are initially measured at fair value. Transaction costs directly attributable to the acquisition or issue of financial assets and financial liabilities other than financial assets and financial liabilities at FVPL are added to, or deducted from, the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets and financial liabilities at FVPL are recognised immediately in profit or loss. Financial assets Classification The Group classifies its financial assets in the following categories on the basis of both the Group’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets: • Financial assets at FVPL • Financial assets at amortised cost • Financial assets at FVOCI. Purchases and sales of investments are recognised on the trade date, being the date on which the Group commits to purchase or sell the asset. A financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire, or when the Group transfers the contractual rights to receive the cash flows of the financial asset, or retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients. Investments in debt instruments (notes 17, 20 and 22) Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There is currently only one measurement category to which the Group classifies its debt instruments. Financial asset measured at amortised cost Assets that are held for collecting contractual cash flows where those cash flows are comprised solely of payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income calculated on the effective interest rate method. Any gain or loss arising on derecognition is presented in other income and expense and foreign exchange gains and losses presented in foreign exchange transaction losses, directly in profit or loss. These assets with maturities greater than 12 months after the reporting date are classified as non- current assets. Financial liabilities All financial liabilities are subsequently measured at amortised cost, except for financial liabilities at FVPL. Financial liabilities at FVPL, which include derivatives, are subsequently measured at fair value. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 93 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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36. RELATED PARTY TRANSACTIONS Associates 2025 Rm 2024 Rm Two Rivers Transactions with related party Purchases of metal concentrates 5 858 5 160 Year-end balances arising from transactions with related party Payable to associate 2 191 1 867 Makgomo Chrome Transactions with related party Tailings fee expense 61 80 Sale of metal concentrates 61 80 Friedshelf Transactions with related party Interest accrued 55 73 Repayments 259 239 Year-end balances arising from transactions with related party Borrowings – finance leases1 415 619 1 Friedshelf finance leases have an effective interest rate of 10.2%. Joint venture 2025 Rm 2024 Rm Mimosa Transactions with related party Refining fee income 290 349 Smelting fee expense 3 – Interest received 52 34 Purchases of metal concentrates 5 234 5 003 Year-end balances arising from transactions with related party Payable to joint venture net of advance 589 1 168 There is no contractual relationship governing the Group’s transactions with Mimosa. These are conducted through an intermediary. For accounting purposes, and to demonstrate the economic substance of the transactions, they are disclosed as related party transactions, as though the Group had transacted directly with Mimosa. For detailed disclosure on directors’ remuneration and key management compensation, refer to annexure D. Notes to the consolidated financial statements for the year ended 30 June 2025 94 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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37. EVENTS OCCURRING AFTER THE REPORTING PERIOD Dividends The Company has a dividend policy which is aligned with the Company’s capital allocation framework. The framework prioritises the Company’s commitment to providing sustainable and attractive returns to shareholders while retaining a strong and flexible balance sheet and sufficiently capitalising the business to allow the Group to take advantage of future value-accretive growth opportunities. The dividend policy recommends a minimum payout of 30% of free cash flow, pre-growth capital for the period. However, at the time of the dividend declaration, the board will consider market conditions, the balance sheet position and the Company’s forecast funding requirements and exercise its discretion in determining the final quantum of the dividend. This allows the board to adjust the minimum threshold through the cycle depending on the capital allocation priorities and enable the board to pay out much higher ratios at the top of the PGM cycle. Implats’ capital allocation framework aims to sustain and grow meaningful value for all stakeholders and provide attractive returns to shareholders, while maintaining financial flexibility for the Group. For the 12 months ended 30 June 2025, the persistence of weak PGM pricing and lower sales volumes, despite a commendable operating performance and lower capital spend, resulted in a free cash inflow of R2.4 billion. After adding back growth capital of R0.9 billion and other non-discretionary outflows of R0.7 billion, an adjusted free cash inflow for the financial year of R2.6 billion was recorded. After consideration of the Group’s financial performance, strong balance sheet positioning and future capital requirements, as well as the improved market conditions, the board declared a final cash dividend on 28 August 2025 in respect of the year ended 30 June 2025 of 165 cents per ordinary share or R1 480 million in aggregate (excluding treasury shares) to be paid out of retained earnings. This represents a return of approximately 60% of adjusted free cash flow to ordinary shareholders of the Company. The dividend was not recognised as a liability at year-end. The dividend will have no tax consequences for the Group, but will be subject to a 20% withholding tax for shareholders who are not exempt from or do not qualify for a reduced rate of withholding tax. The dividend is payable on Monday, 22 September 2025 to shareholders recorded in the register at the close of business, 19 September 2025. Dividends paid 2025 Rm 2024 Rm Final dividend No 99 for 2023 of 165 cents per ordinary share – 1 487 Consolidation of operations of Impala Bafokeng Resources and Impala Platinum In response to low prevailing rand platinum group metal (PGM) pricing and to secure the long-term sustainability of both Impala Platinum Limited (Impala) and Impala Bafokeng Resources (Pty) Ltd (IBR), both subsidiaries of Implats, the operations of IBR were consolidated into Impala. This consolidation will align the legal structure with current reporting lines in place, and facilitate and progress the realisation of synergies between the two operations. It is expected that, over time, the consolidation will improve profitability and ensure the sustainability of the combined operations. There is no cash consideration attributable to the consolidation, nor will the shareholders of Implats, Impala or IBR change due to the consolidation. To give effect to the consolidation, Impala and IBR entered into an agreement in terms of which IBR will transfer its entire business (comprising the exploration, development and mining of PGMs and activities related thereto), including all its assets and liabilities to Impala as a going concern in terms of the tax rollover provisions as provided for in the Income Tax Act, 1962, after IBR and other companies of the Implats Group have implemented certain reorganisational steps relating to the businesses prior to the consolidation. The agreement is effective on 1 July 2025 and did not have any impact on these consolidated annual financial statements and is also not expected to have any impact on the consolidated annual financial statements of the next financial year. The directors are not aware of any subsequent events which materially impact the annual financial statements. AP Dividends Dividends are recognised as a liability on the date on which such dividends are declared. Dividends tax is withheld by the Group on behalf of its shareholders and is applicable to all dividends paid. Amounts withheld are not recognised as part of the Group’s tax charge but rather as part of the dividends paid. Cash flows from dividends paid are classified under financing activities in the statement of cash flows. Notes to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 95 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Annexures to the consolidated financial statements for the year ended 30 June 2025 ANNEXURE A – SEGMENT INFORMATION June 2025 Revenue per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Sale of goods Platinum 11 377 4 106 1 229 4 641 205 21 558 12 655 – (5 870) 28 343 Palladium 5 627 1 747 1 172 3 811 3 332 15 689 9 258 – (4 983) 19 964 Rhodium 7 284 2 217 1 210 2 001 – 12 712 7 677 – (3 211) 17 178 Nickel 1 243 540 47 1 306 – 3 136 1 957 – (1 353) 3 740 By-products 5 363 1 661 399 2 662 956 11 041 6 597 686 (3 116) 15 208 Commodity price adjustments – 380 72 536 156 1 144 – – (608) 536 Revenue from gold streaming – – – – – – – – 195 195 Toll refining Treatment charges – – (6) – – (6) – (55) 61 – Treatment income – – – – – – 295 – – 295 Revenue 30 894 10 651 4 123 14 957 4 649 65 274 38 439 631 (18 885) 85 459 Cost of sales per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Production costs On-mine operations (21 899) (8 186) (3 922) (5 758) (2 968) (42 733) – – – (42 733) Wages and salaries (12 766) (3 226) (1 996) (1 979) (1 121) (21 088) – – – (21 088) Materials and consumables (6 461) (4 399) (1 656) (3 466) (1 692) (17 674) – – – (17 674) Utilities (2 672) (561) (270) (313) (155) (3 971) – – – (3 971) Processing operations (5 908) (1 617) (500) (3 538) (1 069) (12 632) (762) – – (13 394) Wages and salaries (1 293) (286) (76) (450) (265) (2 370) – – (2 370) Materials and consumables (2 888) (882) (274) (1 682) (667) (6 393) (9) – – (6 402) Utilities (2 480) (449) (150) (1 406) (137) (4 622) – – (4 622) Intersegment cost distribution 753 – – – – 753 (753) – – – Refining and selling (1 742) – – – – (1 742) (932) – – (2 674) Wages and salaries (916) – – – – (916) – – – (916) Materials and consumables (1 393) – – – – (1 393) (8) – – (1 401) Utilities (357) – – – – (357) – – – (357) Intersegment cost distribution 924 – – – – 924 (924) – – – Depreciation of operating assets (2 830) (1 466) (414) (2 262) (730) (7 702) – (10) – (7 712) Other costs Metals purchased – – – – – – (34 298) – 18 779 (15 519) Increase/(decrease) in metal inventories 1 846 94 – (11) (18) 1 911 2 347 11 (759) 3 510 Royalty expenses (386) (344) (106) (739) (205) (1 780) – (3) 9 (1 774) Corporate costs (446) (67) – (679) (105) (1 297) (233) – – (1 530) Wages and salaries (416) – – (417) (94) (927) – – – (927) Insurance (260) – – (185) (3) (448) – – – (448) Donations (2) – – (12) (5) (19) – – – (19) Other costs (64) (4) – (65) (3) (136) – – – (136) Intersegment cost distribution 296 (63) – – – 233 (233) – – – Chrome operation – cost of sales – – – – – – – (359) – (359) Share-based compensation and other (399) (35) (118) (200) (79) (831) – – – (831) Cost of sales (31 764) (11 621) (5 060) (13 187) (5 174) (66 806) (33 878) (361) 18 029 (83 016) The reconciliation items mainly consist of the elimination of intercompany revenue against metal purchases as well as inventory consolidation adjustments. 96 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Annexures to the consolidated financial statements for the year ended 30 June 2025 ANNEXURE A – SEGMENT INFORMATION June 2025 Revenue per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Sale of goods Platinum 11 377 4 106 1 229 4 641 205 21 558 12 655 – (5 870) 28 343 Palladium 5 627 1 747 1 172 3 811 3 332 15 689 9 258 – (4 983) 19 964 Rhodium 7 284 2 217 1 210 2 001 – 12 712 7 677 – (3 211) 17 178 Nickel 1 243 540 47 1 306 – 3 136 1 957 – (1 353) 3 740 By-products 5 363 1 661 399 2 662 956 11 041 6 597 686 (3 116) 15 208 Commodity price adjustments – 380 72 536 156 1 144 – – (608) 536 Revenue from gold streaming – – – – – – – – 195 195 Toll refining Treatment charges – – (6) – – (6) – (55) 61 – Treatment income – – – – – – 295 – – 295 Revenue 30 894 10 651 4 123 14 957 4 649 65 274 38 439 631 (18 885) 85 459 Cost of sales per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Production costs On-mine operations (21 899) (8 186) (3 922) (5 758) (2 968) (42 733) – – – (42 733) Wages and salaries (12 766) (3 226) (1 996) (1 979) (1 121) (21 088) – – – (21 088) Materials and consumables (6 461) (4 399) (1 656) (3 466) (1 692) (17 674) – – – (17 674) Utilities (2 672) (561) (270) (313) (155) (3 971) – – – (3 971) Processing operations (5 908) (1 617) (500) (3 538) (1 069) (12 632) (762) – – (13 394) Wages and salaries (1 293) (286) (76) (450) (265) (2 370) – – (2 370) Materials and consumables (2 888) (882) (274) (1 682) (667) (6 393) (9) – – (6 402) Utilities (2 480) (449) (150) (1 406) (137) (4 622) – – (4 622) Intersegment cost distribution 753 – – – – 753 (753) – – – Refining and selling (1 742) – – – – (1 742) (932) – – (2 674) Wages and salaries (916) – – – – (916) – – – (916) Materials and consumables (1 393) – – – – (1 393) (8) – – (1 401) Utilities (357) – – – – (357) – – – (357) Intersegment cost distribution 924 – – – – 924 (924) – – – Depreciation of operating assets (2 830) (1 466) (414) (2 262) (730) (7 702) – (10) – (7 712) Other costs Metals purchased – – – – – – (34 298) – 18 779 (15 519) Increase/(decrease) in metal inventories 1 846 94 – (11) (18) 1 911 2 347 11 (759) 3 510 Royalty expenses (386) (344) (106) (739) (205) (1 780) – (3) 9 (1 774) Corporate costs (446) (67) – (679) (105) (1 297) (233) – – (1 530) Wages and salaries (416) – – (417) (94) (927) – – – (927) Insurance (260) – – (185) (3) (448) – – – (448) Donations (2) – – (12) (5) (19) – – – (19) Other costs (64) (4) – (65) (3) (136) – – – (136) Intersegment cost distribution 296 (63) – – – 233 (233) – – – Chrome operation – cost of sales – – – – – – – (359) – (359) Share-based compensation and other (399) (35) (118) (200) (79) (831) – – – (831) Cost of sales (31 764) (11 621) (5 060) (13 187) (5 174) (66 806) (33 878) (361) 18 029 (83 016) The reconciliation items mainly consist of the elimination of intercompany revenue against metal purchases as well as inventory consolidation adjustments. Implats Audited Annual Financial Statements 2025 97 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Annexures to the consolidated financial statements for the year ended 30 June 2025 ANNEXURE A – SEGMENT INFORMATION continued June 2025 Assets and liabilities per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Non-current segment assets 18 260 10 592 3 283 35 069 998 68 202 3 333 10 443 – 81 978 Property, plant and equipment 15 679 8 902 2 743 34 873 998 63 195 – 31 – 63 226 Goodwill – 190 – – – 190 3 333 – – 3 523 Investments in equity-accounted entities – – – 33 – 33 – 9 563 – 9 596 Environmental rehabilitation investments 2 321 416 425 – – 3 162 – – – 3 162 Other financial assets 105 906 1 163 – 1 175 – – – 1 175 Prepayments 2 178 – – – 180 – – – 180 Other 153 – 114 – – 267 – 849 – 1 116 Current segment assets 27 989 5 893 1 769 11 476 2 818 49 945 32 694 23 199 (51 959) 53 879 Inventories 12 455 785 156 1 949 618 15 963 15 121 28 (1 377) 29 735 Trade and other receivables 3 168 4 955 11 1 674 1 047 10 855 10 147 – 11 012 Intercompany balances 2 584 – 1 589 4 851 – 9 024 126 4 876 (14 026) – Intercompany treasury balances 8 160 – – – – 8 160 17 382 11 014 (36 556) – Prepayments 29 24 – 1 138 20 1 211 – – – 1 211 Cash and cash equivalents 1 588 91 4 1 759 1 051 4 493 3 7 132 – 11 628 Other 5 38 9 105 82 239 52 2 – 293 Total segment assets 46 249 16 485 5 052 46 545 3 816 118 147 36 027 33 642 (51 959)1 135 857 Non-current segment liabilities 3 778 4 501 839 8 733 1 608 19 459 – 368 (216) 19 611 Deferred tax 1 792 1 500 560 8 199 – 12 051 – 338 (216) 12 173 Provisions 1 600 355 266 481 1 576 4 278 – 30 – 4 308 Deferred revenue – 1 338 – – – 1 338 – – – 1 338 Borrowings 310 1 301 13 4 8 1 636 – – – 1 636 Other 76 7 – 49 24 156 – – – 156 Current segment liabilities 15 149 4 388 996 5 391 4 923 30 847 21 708 17 658 (50 582) 19 631 Trade and other payables 4 615 1 559 792 3 333 1 004 11 303 4 590 358 – 16 251 Intercompany balances 842 24 186 141 3 654 4 847 8 958 221 (14 026) – Intercompany treasury balances 8 935 2 448 – – – 11 383 8 160 17 013 (36 556) – Provisions 27 – 4 – 176 207 – 33 – 240 Deferred revenue – 261 – – – 261 – – – 261 Borrowings 275 83 14 1 774 8 2 154 – – – 2 154 Other 455 13 – 143 81 692 – 33 – 725 Total segment liabilities 18 927 8 889 1 835 14 124 6 531 50 306 21 708 18 026 (50 798)2 39 242 1 The reconciliation of R51 959 million assets consists of the elimination of intercompany balances and adjustments to inventory. 2 The reconciliation of R50 798 million liabilities consists of the elimination of intercompany balances, deferred tax raised on undistributed reserves and deferred tax on consolidation. 98 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Annexures to the consolidated financial statements for the year ended 30 June 2025 ANNEXURE A – SEGMENT INFORMATION continued June 2025 Assets and liabilities per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Non-current segment assets 18 260 10 592 3 283 35 069 998 68 202 3 333 10 443 – 81 978 Property, plant and equipment 15 679 8 902 2 743 34 873 998 63 195 – 31 – 63 226 Goodwill – 190 – – – 190 3 333 – – 3 523 Investments in equity-accounted entities – – – 33 – 33 – 9 563 – 9 596 Environmental rehabilitation investments 2 321 416 425 – – 3 162 – – – 3 162 Other financial assets 105 906 1 163 – 1 175 – – – 1 175 Prepayments 2 178 – – – 180 – – – 180 Other 153 – 114 – – 267 – 849 – 1 116 Current segment assets 27 989 5 893 1 769 11 476 2 818 49 945 32 694 23 199 (51 959) 53 879 Inventories 12 455 785 156 1 949 618 15 963 15 121 28 (1 377) 29 735 Trade and other receivables 3 168 4 955 11 1 674 1 047 10 855 10 147 – 11 012 Intercompany balances 2 584 – 1 589 4 851 – 9 024 126 4 876 (14 026) – Intercompany treasury balances 8 160 – – – – 8 160 17 382 11 014 (36 556) – Prepayments 29 24 – 1 138 20 1 211 – – – 1 211 Cash and cash equivalents 1 588 91 4 1 759 1 051 4 493 3 7 132 – 11 628 Other 5 38 9 105 82 239 52 2 – 293 Total segment assets 46 249 16 485 5 052 46 545 3 816 118 147 36 027 33 642 (51 959)1 135 857 Non-current segment liabilities 3 778 4 501 839 8 733 1 608 19 459 – 368 (216) 19 611 Deferred tax 1 792 1 500 560 8 199 – 12 051 – 338 (216) 12 173 Provisions 1 600 355 266 481 1 576 4 278 – 30 – 4 308 Deferred revenue – 1 338 – – – 1 338 – – – 1 338 Borrowings 310 1 301 13 4 8 1 636 – – – 1 636 Other 76 7 – 49 24 156 – – – 156 Current segment liabilities 15 149 4 388 996 5 391 4 923 30 847 21 708 17 658 (50 582) 19 631 Trade and other payables 4 615 1 559 792 3 333 1 004 11 303 4 590 358 – 16 251 Intercompany balances 842 24 186 141 3 654 4 847 8 958 221 (14 026) – Intercompany treasury balances 8 935 2 448 – – – 11 383 8 160 17 013 (36 556) – Provisions 27 – 4 – 176 207 – 33 – 240 Deferred revenue – 261 – – – 261 – – – 261 Borrowings 275 83 14 1 774 8 2 154 – – – 2 154 Other 455 13 – 143 81 692 – 33 – 725 Total segment liabilities 18 927 8 889 1 835 14 124 6 531 50 306 21 708 18 026 (50 798)2 39 242 1 The reconciliation of R51 959 million assets consists of the elimination of intercompany balances and adjustments to inventory. 2 The reconciliation of R50 798 million liabilities consists of the elimination of intercompany balances, deferred tax raised on undistributed reserves and deferred tax on consolidation. Implats Audited Annual Financial Statements 2025 99 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE A – SEGMENT INFORMATION continued June 2024 Revenue per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Sale of goods Platinum 11 563 4 020 1 315 4 612 262 21 772 11 710 – (5 928) 27 554 Palladium 6 642 1 958 1 509 4 515 4 457 19 081 10 977 – (6 025) 24 033 Rhodium 6 477 1 980 1 287 1 829 – 11 573 7 313 – (3 117) 15 769 Nickel 1 233 635 64 1 564 – 3 496 2 436 – (1 628) 4 304 By-products 4 965 1 571 489 2 350 972 10 347 6 369 951 (2 912) 14 755 Commodity price adjustments – (435) (338) (468) (111) (1 352) – – 806 (546) Revenue from gold streaming – – – – – – – – 172 172 Toll refining Treatment charges – – (5) – – (5) – (76) 81 – Treatment income – – – – – – 357 – – 357 Revenue 30 880 9 729 4 321 14 402 5 580 64 912 39 162 875 (18 551) 86 398 Cost of sales per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Production costs On-mine operations (20 578) (8 199) (3 899) (5 642) (2 973) (41 291) – – – (41 291) Wages and salaries (11 976) (3 271) (1 937) (1 995) (1 312) (20 491) – – – (20 491) Materials and consumables (6 228) (4 447) (1 698) (3 341) (1 491) (17 205) – – – (17 205) Utilities (2 374) (481) (264) (306) (170) (3 595) – – – (3 595) Processing operations (5 464) (1 572) (462) (3 440) (1 069) (12 007) (880) – – (12 887) Wages and salaries (1 212) (265) (73) (439) (241) (2 230) – – – (2 230) Materials and consumables (2 867) (887) (250) (1 760) (657) (6 421) (9) – – (6 430) Utilities (2 256) (420) (139) (1 241) (171) (4 227) – – – (4 227) Intersegment cost distribution 871 – – – – 871 (871) – – – Refining and selling (1 430) – – – – (1 430) (1 050) – – (2 480) Wages and salaries (863) – – – – (863) – – – (863) Materials and consumables (1 276) – – – – (1 276) (30) – – (1 306) Utilities (311) – – – – (311) – – – (311) Intersegment cost distribution 1 020 – – – – 1 020 (1 020) – – – Depreciation of operating assets (3 806) (755) (403) (2 219) (851) (8 034) – (10) – (8 044) Other costs Metals purchased – – – – – – (32 017) – 18 483 (13 534) Increase/(decrease) in metal inventories 2 189 (56) – 21 (326) 1 828 (3) (3) 28 1 850 Royalty expenses (696) (56) (99) (696) (245) (1 792) – (8) 50 (1 750) Corporate costs (477) (77) – (865) (191) (1 610) (282) – – (1 892) Wages and salaries (455) (10) – (500) (148) (1 113) – – – (1 113) Insurance (255) (2) – (200) (2) (459) – – – (459) Donations (2) – – (21) (5) (28) – – – (28) Other costs (82) (30) – (144) (36) (292) – – – (292) Intersegment cost distribution 317 (35) – – – 282 (282) – – – Chrome operation – cost of sales – – – – – – – (443) – (443) Share-based compensation and other (411) (8) 10 (32) (19) (460) – – – (460) Cost of sales (30 673) (10 723) (4 853) (12 873) (5 674) (64 796) (34 232) (464) 18 561 (80 931) The reconciliation items mainly consist of the elimination of intercompany revenue against metal purchases as well as inventory consolidation adjustments. Annexures to the consolidated financial statements for the year ended 30 June 2025 100 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE A – SEGMENT INFORMATION continued June 2024 Revenue per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Sale of goods Platinum 11 563 4 020 1 315 4 612 262 21 772 11 710 – (5 928) 27 554 Palladium 6 642 1 958 1 509 4 515 4 457 19 081 10 977 – (6 025) 24 033 Rhodium 6 477 1 980 1 287 1 829 – 11 573 7 313 – (3 117) 15 769 Nickel 1 233 635 64 1 564 – 3 496 2 436 – (1 628) 4 304 By-products 4 965 1 571 489 2 350 972 10 347 6 369 951 (2 912) 14 755 Commodity price adjustments – (435) (338) (468) (111) (1 352) – – 806 (546) Revenue from gold streaming – – – – – – – – 172 172 Toll refining Treatment charges – – (5) – – (5) – (76) 81 – Treatment income – – – – – – 357 – – 357 Revenue 30 880 9 729 4 321 14 402 5 580 64 912 39 162 875 (18 551) 86 398 Cost of sales per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Production costs On-mine operations (20 578) (8 199) (3 899) (5 642) (2 973) (41 291) – – – (41 291) Wages and salaries (11 976) (3 271) (1 937) (1 995) (1 312) (20 491) – – – (20 491) Materials and consumables (6 228) (4 447) (1 698) (3 341) (1 491) (17 205) – – – (17 205) Utilities (2 374) (481) (264) (306) (170) (3 595) – – – (3 595) Processing operations (5 464) (1 572) (462) (3 440) (1 069) (12 007) (880) – – (12 887) Wages and salaries (1 212) (265) (73) (439) (241) (2 230) – – – (2 230) Materials and consumables (2 867) (887) (250) (1 760) (657) (6 421) (9) – – (6 430) Utilities (2 256) (420) (139) (1 241) (171) (4 227) – – – (4 227) Intersegment cost distribution 871 – – – – 871 (871) – – – Refining and selling (1 430) – – – – (1 430) (1 050) – – (2 480) Wages and salaries (863) – – – – (863) – – – (863) Materials and consumables (1 276) – – – – (1 276) (30) – – (1 306) Utilities (311) – – – – (311) – – – (311) Intersegment cost distribution 1 020 – – – – 1 020 (1 020) – – – Depreciation of operating assets (3 806) (755) (403) (2 219) (851) (8 034) – (10) – (8 044) Other costs Metals purchased – – – – – – (32 017) – 18 483 (13 534) Increase/(decrease) in metal inventories 2 189 (56) – 21 (326) 1 828 (3) (3) 28 1 850 Royalty expenses (696) (56) (99) (696) (245) (1 792) – (8) 50 (1 750) Corporate costs (477) (77) – (865) (191) (1 610) (282) – – (1 892) Wages and salaries (455) (10) – (500) (148) (1 113) – – – (1 113) Insurance (255) (2) – (200) (2) (459) – – – (459) Donations (2) – – (21) (5) (28) – – – (28) Other costs (82) (30) – (144) (36) (292) – – – (292) Intersegment cost distribution 317 (35) – – – 282 (282) – – – Chrome operation – cost of sales – – – – – – – (443) – (443) Share-based compensation and other (411) (8) 10 (32) (19) (460) – – – (460) Cost of sales (30 673) (10 723) (4 853) (12 873) (5 674) (64 796) (34 232) (464) 18 561 (80 931) The reconciliation items mainly consist of the elimination of intercompany revenue against metal purchases as well as inventory consolidation adjustments. Annexures to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 101 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE A – SEGMENT INFORMATION continued June 2024 Assets and liabilities per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Non-current segment assets 18 140 11 239 3 116 35 172 499 68 166 3 333 10 869 – 82 368 Property, plant and equipment 15 875 9 459 2 658 34 971 499 63 462 – 40 – 63 502 Goodwill – 190 – – – 190 3 333 – – 3 523 Investments in equity-accounted entities – – – 38 – 38 – 10 267 – 10 305 Environmental rehabilitation investments 2 024 381 371 – – 2 776 – – – 2 776 Other financial assets 105 1 006 1 163 – 1 275 – – – 1 275 Prepayments 5 203 – – – 208 – – – 208 Other 131 – 86 – – 217 – 562 – 779 Current segment assets 26 101 7 473 2 424 10 290 2 631 48 919 26 867 16 533 (41 732) 50 587 Inventories 10 555 736 116 1 979 677 14 063 12 773 17 (275) 26 578 Trade and other receivables 3 573 5 021 24 1 956 951 11 525 53 248 – 11 826 Intercompany balances 1 754 – 2 282 3 183 – 7 219 128 4 567 (11 914) – Intercompany treasury balances 7 278 527 – – – 7 805 13 859 7 879 (29 543) – Prepayments 10 33 – 1 643 43 1 729 – – – 1 729 Cash and cash equivalents 2 787 754 2 1 421 842 5 806 2 3 821 – 9 629 Other 144 402 – 108 118 772 52 1 – 825 Total assets 44 241 18 712 5 540 45 462 3 130 117 085 30 200 27 402 (41 732)1 132 955 Non-current segment liabilities 3 963 4 866 885 8 462 523 18 699 – 459 328 19 486 Deferred tax 1 918 1 837 793 8 025 – 12 573 – 431 328 13 332 Provisions 1 455 397 65 411 499 2 827 – 28 – 2 855 Deferred revenue – 1 259 – – – 1 259 – – – 1 259 Borrowings 487 1 373 27 9 16 1 912 – – – 1 912 Other 103 – – 17 8 128 – – – 128 Current segment liabilities 14 375 1 826 797 4 460 4 221 25 679 17 846 15 647 (42 328) 16 844 Trade and other payables 4 289 1 471 686 3 173 681 10 300 4 142 356 – 14 798 Intercompany balances 793 49 98 91 3 490 4 521 6 426 1 838 (12 785) – Intercompany treasury balances 8 866 – – – – 8 866 7 278 13 399 (29 543) – Provisions 21 – – – – 21 – 34 – 55 Deferred revenue – 240 – – – 240 – – – 240 Borrowings 210 66 11 1 134 8 1 429 – – – 1 429 Other 196 – 2 62 42 302 – 20 – 322 Total liabilities 18 338 6 692 1 682 12 922 4 744 44 378 17 846 16 106 (42 000)2 36 330 1 The reconciliation of R41 732 million assets consists of the elimination of intercompany balances and adjustments to inventory. 2 The reconciliation of R42 000 million liabilities consists of the elimination of intercompany balances, deferred tax raised on undistributed reserves and deferred tax on consolidation. Annexures to the consolidated financial statements for the year ended 30 June 2025 102 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE A – SEGMENT INFORMATION continued June 2024 Assets and liabilities per reportable segment Mining segments Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm Impala Rm Impala Bafokeng Rm Marula Rm Zimplats Rm Impala Canada Rm Non-current segment assets 18 140 11 239 3 116 35 172 499 68 166 3 333 10 869 – 82 368 Property, plant and equipment 15 875 9 459 2 658 34 971 499 63 462 – 40 – 63 502 Goodwill – 190 – – – 190 3 333 – – 3 523 Investments in equity-accounted entities – – – 38 – 38 – 10 267 – 10 305 Environmental rehabilitation investments 2 024 381 371 – – 2 776 – – – 2 776 Other financial assets 105 1 006 1 163 – 1 275 – – – 1 275 Prepayments 5 203 – – – 208 – – – 208 Other 131 – 86 – – 217 – 562 – 779 Current segment assets 26 101 7 473 2 424 10 290 2 631 48 919 26 867 16 533 (41 732) 50 587 Inventories 10 555 736 116 1 979 677 14 063 12 773 17 (275) 26 578 Trade and other receivables 3 573 5 021 24 1 956 951 11 525 53 248 – 11 826 Intercompany balances 1 754 – 2 282 3 183 – 7 219 128 4 567 (11 914) – Intercompany treasury balances 7 278 527 – – – 7 805 13 859 7 879 (29 543) – Prepayments 10 33 – 1 643 43 1 729 – – – 1 729 Cash and cash equivalents 2 787 754 2 1 421 842 5 806 2 3 821 – 9 629 Other 144 402 – 108 118 772 52 1 – 825 Total assets 44 241 18 712 5 540 45 462 3 130 117 085 30 200 27 402 (41 732)1 132 955 Non-current segment liabilities 3 963 4 866 885 8 462 523 18 699 – 459 328 19 486 Deferred tax 1 918 1 837 793 8 025 – 12 573 – 431 328 13 332 Provisions 1 455 397 65 411 499 2 827 – 28 – 2 855 Deferred revenue – 1 259 – – – 1 259 – – – 1 259 Borrowings 487 1 373 27 9 16 1 912 – – – 1 912 Other 103 – – 17 8 128 – – – 128 Current segment liabilities 14 375 1 826 797 4 460 4 221 25 679 17 846 15 647 (42 328) 16 844 Trade and other payables 4 289 1 471 686 3 173 681 10 300 4 142 356 – 14 798 Intercompany balances 793 49 98 91 3 490 4 521 6 426 1 838 (12 785) – Intercompany treasury balances 8 866 – – – – 8 866 7 278 13 399 (29 543) – Provisions 21 – – – – 21 – 34 – 55 Deferred revenue – 240 – – – 240 – – – 240 Borrowings 210 66 11 1 134 8 1 429 – – – 1 429 Other 196 – 2 62 42 302 – 20 – 322 Total liabilities 18 338 6 692 1 682 12 922 4 744 44 378 17 846 16 106 (42 000)2 36 330 1 The reconciliation of R41 732 million assets consists of the elimination of intercompany balances and adjustments to inventory. 2 The reconciliation of R42 000 million liabilities consists of the elimination of intercompany balances, deferred tax raised on undistributed reserves and deferred tax on consolidation. Annexures to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 103 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE B – PROPERTY, PLANT AND EQUIPMENT Shafts, mining development and infrastructure Rm Metallurgical and refining plants Rm Land, buildings and mineral rights Rm Assets under construction Rm Other assets Rm Total Rm Cost 30 June 2023 73 037 30 802 11 440 15 717 10 004 141 000 Capital expenditure1 2 739 1 106 17 8 978 1 148 13 988 Right-of-use assets capitalised – – 7 – 16 23 Interest capitalised – – – 47 – 47 Transfer 12 338 293 (2 126) (10 715) 210 – Disposals and scrappings (68) (339) (6) (9) (854) (1 276) Rehabilitation adjustment (note 27.1) 2 – – – – 2 Exchange differences (1 341) (682) (176) (400) (427) (3 026) 30 June 2024 86 707 31 180 9 156 13 618 10 097 150 758 Capital expenditure1 2 807 660 3 3 318 69 6 857 Right-of-use assets capitalised – 108 14 – – 122 Interest capitalised – – – 83 – 83 Transfer 1 555 7 613 253 (10 343) 922 – Disposals and scrappings (429) (530) (24) – (460) (1 443) Rehabilitation adjustment (note 27.1) 1 413 – – – – 1 413 Exchange differences (715) (568) (118) (166) (217) (1 784) 30 June 2025 91 338 38 463 9 284 6 510 10 411 156 006 1 Includes depreciation of Rnil (2024: R8 million) which was capitalised to the cost of property, plant and equipment. Annexures to the consolidated financial statements for the year ended 30 June 2025 104 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE B – PROPERTY, PLANT AND EQUIPMENT continued Shafts, mining development and infrastructure Rm Metallurgical and refining plants Rm Land, buildings and mineral rights Rm Assets under construction Rm2 Other assets Rm Total Rm Accumulated depreciation and impairment 30 June 2023 39 541 13 287 3 154 6 778 7 064 69 824 Depreciation (notes 3 and 33)1 4 353 2 060 310 – 1 329 8 052 Transfer from impaired assets under construction 6 632 163 – (6 795) – – Disposals and scrappings (67) (335) (1) (1) (774) (1 178) Impairment (notes 4 and 11) 10 852 906 76 59 365 12 258 Exchange differences (945) (367) (57) (5) (326) (1 700) 30 June 2024 60 366 15 714 3 482 36 7 658 87 256 Depreciation (notes 3 and 33)1 4 290 2 038 350 – 1 034 7 712 Transfer – 64 – (35) (29) – Disposals and scrappings (409) (475) (13) – (444) (1 341) Exchange differences (412) (213) (49) (1) (172) (847) 30 June 2025 63 835 17 128 3 770 – 8 047 92 780 Carrying value at 30 June 2024 26 341 15 466 5 674 13 582 2 439 63 502 Carrying value at 30 June 2025 27 503 21 335 5 514 6 510 2 364 63 226 1 Rnil depreciation was expensed to cost of sales (2024: R8 044 million) and Rnil (2024: R8 million) capitalised to the cost of property, plant and equipment. 2 Comprises assets under construction of Rnil (2024: R36 million) at Impala Canada which were impaired. Metallurgical and refining plants Rm Land and buildings Rm Other assets Rm Total Rm Right-of-use assets included in property, plant and equipment 30 June 2023 95 330 152 577 Right-of-use assets capitalised – 7 16 23 Depreciation (23) (97) (59) (179) Impairment – (3) (11) (14) Exchange differences – – (2) (2) 30 June 2024 72 237 96 405 Right-of-use assets capitalised 108 14 – 122 Depreciation (29) (92) (52) (173) Exchange differences – – (1) (1) 30 June 2025 151 159 43 353 Annexures to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 105 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE C – NON-CONTROLLING INTERESTS Summarised financial information (100%) in respect of each of the Group’s subsidiaries that has material non-controlling interests (note 25) The summarised financial information below presents amounts before intra-group eliminations. The Zimplats financial information disclosed below was translated using the closing and annual average US dollar exchange rates as on page 21. Zimplats Holdings Limited Marula Platinum (Pty) Ltd 2025 Rm 2024 Rm 2025 Rm 2024 Rm Non-current assets 35 068 35 171 2 904 2 683 Current assets 11 476 10 289 1 776 2 424 Total assets 46 544 45 460 4 680 5 107 Equity 32 423 32 540 2 925 3 538 Non-current liabilities 8 730 8 463 729 757 Current liabilities 5 391 4 457 1 026 812 Total equity and liabilities 46 544 45 460 4 680 5 107 Zimplats Holdings Limited Marula Platinum (Pty) Ltd 2025 Rm 2024 Rm 2025 Rm 2024 Rm Revenue 14 957 14 402 4 129 4 326 Gross profit/(loss) 2 433 2 173 (721) (418) Profit/(loss) before tax 1 152 740 (834) (341) Income tax (expense)/credit (470) (549) 222 56 Profit/(loss) for the year 682 191 (612) (285) Net cash inflow/(outflow) from operating activities 2 308 3 999 (491) 212 Net cash outflow from investing activities (2 585) (6 432) (307) (373) Net cash inflow/(outflow) from financing activities 676 (807) 800 157 Net increase/(decrease) in cash and cash equivalents 399 (3 240) 2 (4) Dividends paid to non-controlling interests – 241 – – There are no significant restrictions on the ability of the Group to access and use assets or settle liabilities. ANNEXURE B – PROPERTY, PLANT AND EQUIPMENT continued 2025 Rm 2024 Rm Assets under construction included in property plant and equipment Assets under construction consist mainly of (carrying value): Impala 568 654 Zimplats (Smelter and SO2 abatement plant, Mupani Mine and Bimha Mine upgrades) 5 926 12 056 Other 16 872 6 510 13 582 Other assets Other assets consist mainly of (carrying value): Mobile equipment 1 749 1 930 Information technology 539 405 Other 76 104 2 364 2 439 Annexures to the consolidated financial statements for the year ended 30 June 2025 106 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE D – DIRECTORS’ REMUNERATION AND KEY MANAGEMENT COMPENSATION The following tables summarise the fixed and variable remuneration of the executive directors, prescribed officers and other senior executives of the Company for the year ended 30 June 2025. Further information can be obtained in notes 24, 30 and 36, as well as the Group’s annual remuneration report which is available at ( www.implats.co.za) once published. Fixed remuneration Package R’000 Retirement funds R’000 Other benefits R’000 Total 2025 R’000 Total 2024 R’000 Executive directors NJ Muller 13 187 1 904 15 15 106 14 250 M Kerber 8 474 1 067 9 9 550 9 011 LN Samuel 6 852 864 20 7 736 7 303 Prescribed officers MC Munroe3 6 015 758 10 474 17 247 9 501 M Motlhageng 6 510 877 458 7 845 6 881 SP Morutlwa 6 975 879 18 7 872 7 301 K Pillay 5 187 652 9 5 848 5 202 SE Sibiya 5 063 423 361 5 847 5 055 J Theron 6 473 238 319 7 030 6 590 T Hill1 620 31 14 665 644 A Mhembere2 604 91 58 753 811 Company secretary TT Llale 3 793 368 86 4 247 3 833 1 (C$’000). 2 (US$’000). 3 Mutual separation date was 5 March 2025, remuneration disclosed for the period until resignation date. Other benefits include severance amounts paid. Variable remuneration Bonus 2024 R’000 Gains on long-term incentives exercised and shares sold R’000 Total 2025 R’000 Total 2024 R’000 Executive directors NJ Muller 7 645 11 125 18 770 25 291 M Kerber 4 131 3 317 7 448 11 041 LN Samuel 3 347 5 563 8 910 9 934 Prescribed officers MC Munroe3 8 519 15 426 23 945 11 960 M Motlhageng 5 045 290 5 335 3 430 SP Morutlwa 3 238 – 3 238 305 K Pillay 2 385 1 098 3 483 8 361 SE Sibiya 3 065 – 3 065 4 702 J Theron 3 038 545 3 583 6 856 T Hill1 728 414 1 142 1 408 A Mhembere2 410 263 673 1 358 Company secretary TT Llale 1 580 984 2 564 3 323 1 (C$’000). 2 (US$’000). 3 Mutual separation date was 5 March 2025, remuneration disclosed for the period until resignation date. Annexures to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 107 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE D – DIRECTORS’ REMUNERATION AND KEY MANAGEMENT COMPENSATION continued Non-executive directors’ fees in aggregate for the year Board R’000 Audit and risk committee R’000 Health, safety and environ- ment committee R’000 Nomina- tions, govern- ance and ethics committee R’000 Social, trans- formation and remu- neration committee R’000 Strategy and invest- ment committee R’000 Total ad hoc meetings R’000 Total 2025 R’000 Total 2024 R’000 NDB Orleyn 3 288 – – – – – – 3 288 3 131 D Earp 705 540 – 211 – 211 24 1 691 1 633 R Havenstein 1 273 256 426 – – 211 144 2 310 2 111 BT Koshane 705 – 211 – 211 – 95 1 222 1 166 B Mawasha 1 291 – 211 – 375 – 95 1 972 1 783 MJ Moshe 1 291 256 – – – 211 – 1 758 1 756 FS Mufamadi 2 203 – – 211 – – 24 2 438 2 567 MEK Nkeli 705 – 50 211 101 – 94 1 161 1 619 PE Speckmann 705 256 – – 211 – 23 1 195 1 139 ZB Swanepoel 3 764 – – – – – – 3 764 3 800 Non-executive directors’ fees for board meetings held during the year Implats board R’000 Impala Bafokeng board R’000 Zimplats board R’000 Impala Canada board R’000 Total board meetings R’000 Total board meetings 2024 R’000 NDB Orleyn 3 288 – – – 3 288 3 131 D Earp 705 – – – 705 671 R Havenstein 705 568 – – 1 273 1 097 BT Koshane 705 – – – 705 671 B Mawasha 705 – – 586 1 291 1 288 MJ Moshe 705 – – 586 1 291 1 288 FS Mufamadi 705 – 1 498 – 2 203 2 343 MEK Nkeli 705 – – – 705 671 PE Speckmann 705 – – – 705 671 ZB Swanepoel 2 114 568 1 082 – 3 764 3 800 Non-executive directors’ fees for ad hoc meetings held during the year Health, safety and environ- ment committee R’000 Nominations, governance and ethics committee R’000 Social, transforma- tion and remunera- tion committee R’000 Total ad hoc meetings R’000 Total ad hoc meetings 2024 R’000 D Earp – 24 – 24 46 R Havenstein 144 – – 144 163 BT Koshane 72 – 23 95 93 B Mawasha 72 – 23 95 93 MJ Moshe – – – – 23 FS Mufamadi – 24 – 24 23 MEK Nkeli 23 24 47 94 140 PE Speckmann – – 23 23 23 Annexures to the consolidated financial statements for the year ended 30 June 2025 108 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE D – DIRECTORS’ REMUNERATION AND KEY MANAGEMENT COMPENSATION continued The following table reflects the status of shares and unexercised options held by executive directors, prescribed officers and other senior executives and the gains made by them as a result of past awards during the year ended 30 June 2025: Balance at 30 June 2024 Allocated during the year Date of allocation Forfeited during the year Transferred to the MSR2 Exercised during the year1 Date exercised Balance at 30 June 2025 First vesting date Executive directors NJ Muller LTIP BSP 81 230 76 737 1 Oct 2024 – – 47 721 2 Oct 2024 110 246 33 509 2 Oct 2025 38 368 1 Oct 2025 38 369 1 Oct 2026 LTIP PSP 210 181 108 134 1 Oct 2024 33 386 – 18 983 1 Oct 2024 265 946 56 427 3 Oct 2025 101 385 2 Oct 2026 108 134 1 Oct 2027 Matching shares 53 084 953 1 Mar 2025 – 17 319 – – 36 718 M Kerber LTIP BSP 39 867 41 470 1 Oct 2024 – – 23 569 2 Oct 2024 57 768 16 298 2 Oct 2025 20 735 1 Oct 2025 20 735 1 Oct 2026 LTIP PSP 107 754 58 603 1 Oct 2024 16 170 – 9 194 1 Oct 2024 140 993 27 444 3 Oct 2025 54 946 2 Oct 2026 58 603 1 Oct 2027 Matching shares 16 782 302 1 Mar 2025 – 7 348 – – 9 736 LN Samuel LTIP BSP 32 094 33 601 1 Oct 2024 – – 18 889 2 Oct 2024 46 806 13 205 2 Oct 2025 16 800 1 Oct 2025 16 801 1 Oct 2026 LTIP PSP 87 316 47 478 1 Oct 2024 13 107 – 7 453 1 Oct 2024 114 234 22 236 3 Oct 2025 44 520 2 Oct 2026 47 478 1 Oct 2027 Matching shares 13 597 245 1 Mar 2025 – 4 331 49 3 Mar 2025 9 462 1 For associated gains, refer to table on page 107. 2 Matching shares vested during the year, were subject to compulsory deferral to the restricted shares of the minimum shareholding requirement (MSR) policy. Annexures to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 109 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE D – DIRECTORS’ REMUNERATION AND KEY MANAGEMENT COMPENSATION continued Balance at 30 June 2024 Allocated during the year Date of allocation Forfeited during the year Transferred to the MSR2 Exercised during the year1 Date exercised Balance at 30 June 2025 First vesting date Company secretary TT Llale LTIP BSP 11 593 15 861 1 Oct 2024 – – 6 803 2 Oct 2024 20 651 4 790 2 Oct 2025 7 930 1 Oct 2025 7 931 1 Oct 2026 LTIP PSP 30 516 19 559 1 Oct 2024 4 642 – 2 639 1 Oct 2024 42 794 8 066 3 Oct 2025 15 169 2 Oct 2026 19 559 1 Oct 2027 Prescribed officers MC Munroe LTIP BSP 41 037 43 726 1 Oct 2024 34 690 – 50 073 23 Apr 2025 – LTIP PSP 113 729 61 789 1 Oct 2024 106 534 – 9 735 1 Oct 2024 59 249 23 310 3 Oct 2025 27 358 2 Oct 2026 8 581 1 Oct 2027 Matching shares 7 740 – – – – 7 740 21 May 2025 – M Motlhageng LTIP BSP 20 505 50 640 1 Oct 2024 – – 12 705 2 Oct 2024 58 440 7 800 2 Oct 2025 25 320 1 Oct 2025 25 320 1 Oct 2026 LTIP PSP 67 987 47 503 1 Oct 2024 7 157 – 4 069 1 Oct 2024 104 264 12 240 3 Oct 2025 44 521 2 Oct 2026 47 503 1 Oct 2027 Matching shares – 5 888 1 Mar 2025 – – – – 5 888 SP Morutlwa LTIP BSP – 32 499 1 Oct 2024 – – – – 32 499 16 249 1 Oct 2025 16 250 1 Oct 2026 LTIP PSP 54 148 47 478 1 Oct 2024 – – – – 101 626 9 631 5 Sep 2026 44 517 2 Oct 2026 47 478 1 Oct 2027 1 For associated gains, refer to table on page 107. 2 Matching shares vested during the year, were subject to compulsory deferral to the restricted shares of the minimum shareholding requirement (MSR) policy. Annexures to the consolidated financial statements for the year ended 30 June 2025 110 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE D – DIRECTORS’ REMUNERATION AND KEY MANAGEMENT COMPENSATION continued Balance at 30 June 2024 Allocated during the year Date of allocation Forfeited during the year Transferred to the MSR2 Exercised during the year1 Date exercised Balance at 30 June 2025 First vesting date Prescribed officers continued K Pillay LTIP BSP 16 244 23 941 1 Oct 2024 – – 9 484 2 Oct 2024 30 701 6 760 2 Oct 2025 11 970 1 Oct 2025 11 971 1 Oct 2026 LTIP PSP 49 551 36 137 1 Oct 2024 6 521 – 3 708 1 Oct 2024 75 459 11 226 3 Oct 2025 28 096 2 Oct 2026 36 137 1 Oct 2027 Matching shares 3 769 833 1 Mar 2025 – 3 769 – – 833 SE Sibiya LTIP BSP 15 597 30 769 1 Oct 2024 – – 9 344 2 Oct 2024 37 022 6 253 2 Oct 2025 15 384 1 Oct 2025 15 385 1 Oct 2026 LTIP PSP 51 778 36 137 1 Oct 2024 6 856 – 3 898 1 Oct 2024 77 161 11 697 3 Oct 2025 29 327 2 Oct 2026 36 137 1 Oct 2027 Matching shares 3 992 – – – 3 992 – – – 1 For associated gains, refer to table on page 107. 2 Matching shares vested during the year, were subject to compulsory deferral to the restricted shares of the minimum shareholding requirement (MSR) policy. Annexures to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 111 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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ANNEXURE D – DIRECTORS’ REMUNERATION AND KEY MANAGEMENT COMPENSATION continued Balance at 30 June 2024 Allocated during the year Date of allocation Forfeited during the year Transferred to the MSR2 Exercised during the year1 Date exercised Balance at 30 June 2025 First vesting date Prescribed officers continued J Theron LTIP BSP 22 357 30 496 1 Oct 2024 – – 13 173 2 Oct 2024 39 680 9 184 2 Oct 2025 15 248 1 Oct 2025 15 248 1 Oct 2026 LTIP PSP 71 214 43 094 1 Oct 2024 9 550 – 5 430 1 Oct 2024 99 328 16 146 3 Oct 2025 40 088 2 Oct 2026 43 094 1 Oct 2027 Matching shares 7 328 4 391 1 Mar 2025 – 7 328 – – 4 391 T Hill LTIP BSP 84 698 67 585 1 Oct 2024 – – 46 724 2 Oct 2024 105 559 37 974 2 Oct 2025 33 792 1 Oct 2025 33 793 1 Oct 2026 LTIP PSP 92 079 51 415 1 Oct 2024 12 863 – 7 314 8 Oct 2024 123 317 22 614 3 Oct 2025 49 288 2 Oct 2026 51 415 1 Oct 2027 A Mhembere LTIP BSP 63 065 60 517 1 Oct 2024 – – 37 036 24 Oct 2024 86 546 26 029 2 Oct 2025 30 258 1 Oct 2025 30 259 1 Oct 2026 LTIP PSP 142 681 74 965 1 Oct 2024 20 402 – 11 600 25 Oct 2024 185 644 36 257 3 Oct 2025 74 422 2 Oct 2026 74 965 1 Oct 2027 Matching shares 9 126 14 013 1 Mar 2025 – 9 126 – – 14 013 1 For associated gains, refer to table on page 107. 2 Matching shares vested during the year, were subject to compulsory deferral to the restricted shares of the minimum shareholding requirement (MSR) policy. Annexures to the consolidated financial statements for the year ended 30 June 2025 112 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Equity-settled share-based compensation Equity schemes include the bonus share plan (BSP), performance share plan (PSP) as well as matching share plan (MSP), together referred to as the long-term incentive plan 2018 (LTIP 2018). The LTIP 2018 share options are full-value shares. The contractual life of the BSP and PSP ends on the vesting date. Refer to the cash-settled share-based compensation section below for the cash-settled awards related to these schemes and annexure D for detailed disclosure on share-based payment rights held by key management personnel (directors and senior executive management). Long-term incentive plan 2018 (LTIP 2018) Bonus share plan (BSP) The bonus share award comprises fully paid shares awarded free of charge to participants at the end of a two-year vesting period. Fifty percent of the awarded shares vest one year after date of the award, and the remaining 50% at the end of two years after the award date. At the date of award, participants are only granted conditional rights to receive these shares at a future date and are entitled to shareholder rights prior to vesting date. For the shares to vest, participants are primarily required to remain employed by a company in the Implats Group. Performance share plan (PSP) The performance shares are Implats shares purchased by the Group, awarded free of charge to designated participants, at a vesting period determined at the discretion of the remuneration committee. On the date of award, participants are only granted conditional rights to acquire these shares at a future date and are not entitled to any shareholder rights prior to vesting date. For the shares to vest, participants must remain employed by a company in the Implats Group and are subject to the satisfaction of the performance conditions measured over the performance period. Matching share plan (MSP) The matching share award comprises fully paid shares awarded free of charge to participants who accumulated the required minimum shareholding requirements during a period of six years. Matching shares will be awarded based on one share for every three shares held by participants in terms of the minimum shareholding requirements. The first batch of matching shares, which vested in December 2024, did not have any performance vesting conditions. However, matching shares awarded from March 2024 onwards are subject to a three-year vesting period, during which participants must remain employed within the Implats Group and meet the performance conditions for the shares to vest. The fair value of the LTIP 2018 awards was valued using the share price on valuation date, and market-related performance conditions for the PSP . The weighted average option value and the weighted average share price on valuation date (date of issue) were R99.41 (2024: R105.72) and R55.88 (2024: R68.52) for the BSP and PSP respectively. The average option value was R30.07 (2024: R122.70) for the MSP share awards at the end of the year. 2025 2024 Movement in the number of share options outstanding BSP 000 PSP 000 MSP 000 BSP 000 PSP 000 MSP 000 Beginning of the year 4 290 2 320 106 2 592 1 670 60 Granted 5 609 1 415 13 3 994 1 445 54 Forfeited (569) (553) – (373) (199) (2) Exercised (2 556) (205) (52) (1 923) (596) (6) End of the year 6 774 2 977 67 4 290 2 320 106 Exercisable – 7 – – – – Not yet exercisable 6 774 2 970 67 4 290 2 320 106 Share options outstanding at the end of the year have the following vesting terms: 2025 2024 Number of share options BSP 000 PSP 000 MSP 000 BSP 000 PSP 000 MSP 000 Vesting year 2024 – – – – – 52 2025 – 7 – 2 469 461 – 2026 4 184 459 – 1 821 535 – 2027 2 590 1 203 54 – 1 324 54 2028 – 1 308 13 – – – Total options 6 774 2 977 67 4 290 2 320 106 Cash-settled share-based compensation The Group issues cash-settled share-based payments to employees of the Zimbabwean and Canadian operations. Cash-settled share-based payments are valued on reporting date and recognised over the vesting period. The Long-term Incentive Plan 2018 (LTIP 2018), comprises a bonus share plan (BSP) and a performance share plan (PSP). Both the BSP and the PSP schemes consist of shares with a nil exercise price. ANNEXURE E – SHARE-BASED COMPENSATION Annexures to the consolidated financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 113 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Cash-settled share-based compensation continued The cash-settled share-based compensation is made up as follows: 2025 Rm 2024 Rm Summary LTIP 2018 – BSP 223 85 LTIP 2018 – PSP 43 8 Other incentive plans 21 1 287 94 Beginning of the year 94 174 Charge to the income statement 321 45 Payments (123) (120) Exchange differences (5) (5) End of the year 287 94 Current 206 25 Non-current 81 69 LTIP 2018 The fair value of the cash-settled share-based compensation was valued using the share price of R158.93 (2024: R90.77) at valuation date and the related performance conditions attached to the PSP . The weighted average option value at valuation date was R158.93 and R108.96 (2024: R90.77 and R29.39) for the BSP and PSP , respectively. 2025 2024 BSP 000 PSP 000 BSP 000 PSP 000 Summary Movement in the number of share options outstanding: Beginning of the year 1 561 741 1 031 447 Granted 1 651 394 1 377 448 Exercised (46) (75) (106) (128) Forfeited (940) (119) (741) (26) End of the year 2 226 941 1 561 741 Exercisable – – – – Not yet exercisable 2 226 941 1 561 741 Share options outstanding at the end of the year have the following vesting terms: 2025 2024 Number of share options BSP 000 PSP 000 BSP 000 PSP 000 Vesting year 2025 – – 933 143 2026 1 407 167 628 188 2027 819 379 – 410 2028 – 395 – – Total options 2 226 941 1 561 741 Bonus Share Plan (BSP) The bonus share plan represents derivative financial instruments that are referenced to shares of Implats, the cash equivalent of which is awarded free of charge to participants. 50% of the awarded instruments vest one year after the award and the remaining 50% at the end of two years after the award date. At the date of award, participants are only granted conditional rights to receive these instruments at a future date and are not entitled to any shareholder rights prior to vesting date. For the instruments to vest, participants are required to remain employed by a company in the Implats Group. Performance Share Plan (PSP) The performance share plan represents derivative financial instruments that are referenced to shares of Implats, the cash equivalent of which is awarded free of charge to designated participants, at a vesting period determined at the discretion of the remuneration committee. On the date of award, participants are only granted conditional rights to receive these instruments at a future date and are not entitled to any shareholder rights prior to vesting date. For the instruments to vest, participants must remain employed by a company in the Implats Group, subject to the satisfaction of the performance condition measured over the performance period. ANNEXURE E – SHARE-BASED COMPENSATION continued Annexures to the consolidated financial statements for the year ended 30 June 2025 114 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Company statement of profit or loss and other comprehensive income for the year ended 30 June 2025 Notes 2025 Rm 2024 Rm Revenue 2 4 450 8 887 Impairment of investments in subsidiaries 8 – (24 564) Finance costs 3 (643) (763) Finance income – 4 Other income 4 3 82 Other expenses 5 (2 193) (2 083) Profit/(loss) before tax 1 617 (18 437) Income tax credit 6 255 49 Profit/(loss) for the year 1 872 (18 388) Other comprehensive income comprising items that may not be subsequently reclassified to profit or loss: Gain on financial assets at fair value through other comprehensive income 287 11 Deferred tax thereon (83) – Total other comprehensive income 204 11 Total comprehensive income/(loss) 2 076 (18 377) The notes on pages 119 to 129 are an integral part of these financial statements. ANNEXURE E – SHARE-BASED COMPENSATION continued Implats Audited Annual Financial Statements 2025 115 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Company statement of financial position as at 30 June 2025 Notes 2025 Rm 2024 Rm ASSETS Non-current assets Investments in associates and joint ventures 7 1 419 1 375 Investments in subsidiaries 8 26 448 26 448 Loans to subsidiaries 8 748 2 624 Other financial assets 9 849 562 Deferred tax 12 38 – 29 502 31 009 Current assets Trade and other receivables 9 99 Loan to subsidiaries 8 2 707 118 Cash and cash equivalents 10 7 071 3 755 9 787 3 972 Total assets 39 289 34 981 EQUITY AND LIABILITIES Equity attributable to owners of the Company Share capital 11 31 694 31 694 Retained earnings (2 098) (3 970) Other components of equity 422 218 Total equity 30 018 27 942 LIABILITIES Non-current liabilities Deferred tax 12 – 150 – 150 Current liabilities Trade and other payables 294 296 Current tax payable 8 3 Borrowings 13 8 969 6 590 9 271 6 889 Total liabilities 9 271 7 039 Total equity and liabilities 39 289 34 981 The notes on pages 119 to 129 are an integral part of these financial statements. 116 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Company statement of changes in equity for the year ended 30 June 2025 Share capital Rm Retained earnings Rm Other components of equity Rm Total equity Rm Balance at 30 June 2023 26 522 15 910 207 42 639 Shares issued 5 172 – – 5 172 Total comprehensive (loss)/income – (18 388) 11 (18 377) Loss for the year – (18 388) – (18 388) Other comprehensive income – – 11 11 Dividends paid – (1 492) – (1 492) Balance at 30 June 2024 31 694 (3 970) 218 27 942 Total comprehensive income – 1 872 204 2 076 Profit for the year – 1 872 – 1 872 Other comprehensive income – – 204 204 Balance at 30 June 2025 31 694 (2 098) 422 30 018 The notes on pages 119 to 129 are an integral part of these financial statements. Implats Audited Annual Financial Statements 2025 117 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Company statement of cash flows for the year ended 30 June 2025 Notes 2025 Rm 2024 Rm Cash flows from operating activities Cash generated from/(used in) operations 15 34 (378) Dividends received 2 3 819 8 223 Finance income received 375 445 Finance costs paid (604) (744) Income tax (paid)/received (11) 122 Net cash inflow from operating activities 3 613 7 668 Cash flows from investing activities Acquisition of interest in Impala Bafokeng – (11 432) Loan advances to subsidiaries (2 632) (4) Loan repayments from subsidiaries – 75 Acquisition of interest in AP Ventures (44) (131) Net cash outflow from investing activities (2 676) (11 492) Cash flows from financing activities Proceeds from borrowings 3 654 676 Repayments of borrowings (1 275) (6 666) Dividends paid – (1 492) Net cash inflow/(outflow) from financing activities 2 379 (7 482) Net increase/(decrease) in cash and cash equivalents 3 316 (11 306) Cash and cash equivalents at the beginning of the year 3 755 15 061 Cash and cash equivalents at the end of the year 10 7 071 3 755 The notes on pages 119 to 129 are an integral part of these financial statements. 118 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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1. BASIS OF PREPARATION AND ACCOUNTING POLICIES The basis of preparation and principal accounting policies are disclosed on pages 21 to 23. The accounting policies are aligned with the consolidated financial statements and are disclosed within each relevant note within the consolidated financial statements. Where accounting policies are different or additional to that as disclosed in the consolidated financial statements, it was disclosed within the notes to the Company financial statements. AP Subsidiaries, associated undertakings and joint ventures (notes 7 and 8) Subsidiaries, associated undertakings and joint ventures are accounted for at cost less any impairment provision in the Company financial statements. Notes to the Company financial statements for the year ended 30 June 2025 2. REVENUE 2025 Rm 2024 Rm Dividends received 3 819 8 223 Interest received – cash and cash equivalents 375 375 Interest received – loans to subsidiaries 243 266 Management fee 13 23 4 450 8 887 The Company’s main sources of revenue are further disaggregated as follows: 2025 Rm 2024 Rm Dividends received Impala Bafokeng Platinum (Pty) Ltd 3 489 – Mimosa Investments Limited 226 181 Impala Chrome (Pty) Ltd 23 111 Impala Holdings Limited – 6 211 Impala Platinum B.V. – 842 Impala Platinum Zimbabwe (Pty) Ltd – 783 Other 81 95 3 819 8 223 Finance income Impala Canada Limited 243 266 243 266 AP Revenue Revenue of the Company mainly comprises dividend income and finance income. Dividend income is recognised when the shareholders’ right to receive payment is established. Interest income is recognised on a time-proportion basis using the effective interest method. 3. FINANCE COSTS 2025 Rm 2024 Rm Interest paid – borrowings 581 685 Commitment and facility fees 62 78 643 763 Implats Audited Annual Financial Statements 2025 119 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the Company financial statements for the year ended 30 June 2025 4. OTHER INCOME 2025 Rm 2024 Rm Fair value gain on investment 3 – Provision for community development reversed – 53 Fair value gain on foreign exchange forward contract – 29 3 82 5. OTHER EXPENSES 2025 Rm 2024 Rm Impairment of intra-group loans (note 8.1.1) 2 081 1 619 Corporate costs 49 62 Net foreign exchange transaction losses 37 243 Service fee 15 27 Auditor’s remuneration 11 12 Acquisition-related costs – RBPlat – 108 Other – 12 2 193 2 083 6. INCOME TAX CREDIT 2025 Rm 2024 Rm Current tax South African current tax 13 5 Prior year adjustment 3 6 Withholding tax – 8 Deferred tax Temporary differences (271) (64) Prior year adjustment – (4) Total income tax credit (255) (49) The tax of the Company’s profit/(loss) differs as follows from the theoretical charge that would arise using the basic tax rate of 27% (2024: 27%) for South African companies: Normal tax for companies on profit/(loss) before tax 437 (4 978) Adjusted for: Disallowable expenditure 333 512 Exempt dividend income (1 031) (2 220) Prior year adjustment 3 3 Deferred tax not recognised (impairment) – 6 632 Taxable capital gain 3 2 Income tax credit (255) (49) Effective tax rate (%) (15.8) 0.3 7. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 2025 Rm 2024 Rm Associates Two Rivers (note 14 of the consolidated annual financial statements) 202 202 Makgomo Chrome (note 14 of the consolidated annual financial statements) 61 61 Joint ventures Mimosa (note 14 of the consolidated annual financial statements) 376 376 AP Ventures (note 14 of the consolidated annual financial statements) 780 736 Total investments in associates and joint ventures 1 419 1 375 120 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Notes to the Company financial statements for the year ended 30 June 2025 8. INVESTMENTS IN SUBSIDIARIES Carrying amount % interest Investment Loans3 Issued share capital 2025 % 2024 % 2025 Rm 2024 Rm 2025 Rm 2024 Rm Company and description Impala Holdings Limited R11 302 100 100 11 302 11 302 93 44 (investment holding company) Impala Platinum Limited 1 87 87 – – – – (mines, refines and markets PGMs) Impala Platinum Properties (Rustenburg) (Pty) Ltd 1 100 100 – – – – Employee Share Ownership Trust – – – – 748 748 Afplats (Pty) Ltd 1 74 74 – – – – (owns mineral rights) Imbasa Platinum (Pty) Ltd 1 60 60 – – – – (owns mineral rights) Inkosi Platinum (Pty) Ltd 1 49 49 – – – – (owns mineral rights) Impala Platinum Japan Limited4 ¥10m 100 100 2 2 – – (marketing representative) Impala Platinum Zimbabwe (Pty) Ltd 1 100 100 73 73 – – (investment holding company) Impala Platinum B.V.5 €0.02m 100 100 900 900 – – (investment holding company) Zimplats Holdings Limited2, 6 US$10.8m 87 87 – – – – (investment holding company) Zimbabwe Platinum Mines (Pvt) Limited7 US$30.0m 87 87 – – – – (owns mineral rights and mines PGMs) Marula Platinum (Pty) Ltd R1 032 73 73 1 363 1 363 166 74 (owns mineral rights and mines PGMs) Impala Chrome (Pty) Ltd 1 65 65 32 32 – – (processes tailings and chrome and produces chrome concentrate) Impala Bafokeng Platinum (Pty) Ltd R12 523 100 100 12 776 12 776 – – (investment holding company) Impala Bafokeng Resources (Pty) Ltd R4 583 87 87 – – 2 448 – (owns mineral rights and mines PGMs) Impala Canada Limited8 C$239m 100 100 – – – 1 876 (owns mineral rights and mines PGMs) Total 26 448 26 448 3 455 2 742 Total investments at cost 29 903 29 190 All subsidiaries were incorporated in South Africa unless otherwise indicated. 1 Share capital less than R50 000. 2 Listed on the Australian Securities Exchange. 3 Refer to note 8.1 for the terms of repayment. 4 Incorporated in Japan. 5 Incorporated in the Netherlands. 6 Incorporated in Guernsey. 7 Incorporated in Zimbabwe. 8 Incorporated in Canada. Implats Audited Annual Financial Statements 2025 121 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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8. INVESTMENTS IN SUBSIDIARIES continued 2025 Rm 2024 Rm Impairment of investments in subsidiaries was made up as follows: Impairment – Impala Bafokeng – 24 278 Impairment – Impala Canada – 286 – 24 564 Impairment – Impala Bafokeng In the prior year, the investment in Impala Bafokeng was impaired by R2 4 278 million to its recoverable amount of R12 776 million. Refer to note 11 of the consolidated annual financial statements. Impairment – Impala Canada In the prior year, the investment in Impala Canada of R286 million was impaired in full to its recoverable amount of Rnil. The recoverable amount was determined using the net asset value of the Impala Canada cash-generating unit at 30 June 2024. The fair value less cost to sell valuation of the investment in Impala Canada was categorised as a level 3 valuation within the fair value hierarchy. Refer to notes 4 and 11 of the consolidated annual financial statements for more information on the impairment. 8.1 Loans to subsidiaries Notes 2025 Rm 2024 Rm Intra-group loan – Impala Canada Limited 8.1.1 – 1 876 Intra-group loan – Impala Employee Share Ownership Trust 8.1.2 748 748 Intra-group loan – Impala Bafokeng Resources (Pty) Ltd 8.1.3 2 448 – Other subsidiaries 8.1.3 259 118 3 455 2 742 Current 2 707 118 Non-current 748 2 624 8.1.1 Intra-group loan – Impala Canada Limited The Company made a loan to Impala Canada to acquire all of the outstanding shares of North American Palladium. The loan carries interest at three-month SOFR plus the Credit Adjustment Spread of 0.26% plus 195 basis points, with interest payable quarterly. The capital amount is repayable on demand, although the Company has no intention to demand repayment from Impala Canada in the next 12 months. During the year, the loan was fully impaired, recognising an impairment of R2 076 million (2024: R1 614 million). 8.1.2 Intra-group loan – Impala Employee Share Ownership Trust The loan is non-interest bearing and is repayable by means of 35% of future dividends received from the investment held in Impala Platinum Limited. 8.1.3 Loans to Impala Bafokeng Resources (Pty) Ltd and other subsidiaries Loans to Impala Bafokeng Resources (Pty) Ltd and other subsidiaries are non-interest bearing, have no fixed terms of repayment and are expected to be settled within the near future. Notes to the Company financial statements for the year ended 30 June 2025 122 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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8. INVESTMENTS IN SUBSIDIARIES continued AP Impairment of financial assets The impairment policy for financial assets on the IFRS 9 expected credit loss (ECL) model, is consistent with that of the Group as disclosed in note 17 of the consolidated annual financial statements. Loans to subsidiaries Intra-group loans are measured at amortised cost. They generally do not bear interest and have no repayment terms. The general ECL model is applied to these instruments. All intra-group loans are considered to be low credit risk as they have a low risk of default and the debtor has a strong capacity to meet its contractual cash flow obligations in the near term. The ECL allowance recognised during the period is limited to the probability of default in the next 12 months, on the full carrying amount of the financial asset. General factors of a significant increase in the credit risk in intra-group loans are a reduced or negative net asset value or a significant decrease on the debtor company’s discounted cash flow valuation. When this is the case, the loan is considered to be credit impaired and is immediately evaluated on the lifetime ECL model, which is the result of all possible default events over the expected life of the financial instrument. The write-off policy for intra-group loans is consistent with that of the Group. 9. OTHER FINANCIAL ASSETS Notes 2025 Rm 2024 Rm Subsequently carried at fair value Guardrisk insurance cell captive 9.1 57 61 Investment in Waterberg 9.2 792 501 849 562 Current – – Non-current 849 562 9.1 Guardrisk insurance cell captive The financial asset was revalued to R57 million (2024: R61 million), recognising a R4 million (2024: R16 million) loss in other comprehensive income. 9.2 Investment in Waterberg The investment in Waterberg was revalued to R792 million (2024: R501 million), recognising a gain of R291 million (2024: R5 million) through other comprehensive income. During the year, the shareholding diluted to 14.73% (2024: 14.95%), following the decision not to participate in the last funding requests. AP Investments in equity instruments Implats subsequently measures all equity investments at fair value. The Company elected to present changes in the fair value in other comprehensive income (OCI), due to the Company’s business model to hold these assets for value appreciation over the long term as well as collecting contractual cash flows. For these financial assets there is no subsequent reclassification of fair value gains or losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group’s right to receive payments is established. Financial assets measured at fair value through profit or loss Financial assets that are not measured at amortised cost or at fair value through OCI are classified as measured at fair value through profit or loss. Notes to the Company financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 123 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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10. CASH AND CASH EQUIVALENTS 2025 Rm 2024 Rm Short-term bank deposits 6 959 3 679 Cash at bank 112 76 7 071 3 755 Refer to note 22 of the consolidated annual financial statements for detailed disclosure relating to cash and cash equivalents. 11. SHARE CAPITAL 2025 Rm 2024 Rm Share capital 31 694 31 694 The movement of ordinary shares was as follows: Beginning of the year 904.37 866.40 Shares issued on acquisition of interest in RBPlat – 37.97 End of the year 904.37 904.37 The authorised share capital of the Company consists of 1 044.01 million (2024: 1 044.01 million) ordinary no par value shares. The authorised but unissued share capital is 139.64 million (2024: 139.64 million) ordinary no par value shares and remains under the control of the directors. During the prior year, an additional 37.97 million shares to the value of R5 172 million were issued for the acquisition of interest in RBPlat. 12. DEFERRED TAX Deferred tax movements are attributable to the following temporary differences: 2025 Opening balance Rm Recognised in profit or loss Rm Recognised in other comprehensive income Rm Closing balance Rm Unrealised foreign currency gains/(losses) 150 (150) – – Bad debt deduction – (120) – (120) Waterberg investment revaluation – – 83 83 Other – (1) – (1) 150 (271) 83 (38) 2024 Opening balance Rm Recognised in profit or loss Rm Recognised in other comprehensive income Rm Closing balance Rm Unrealised foreign currency gains/(losses) 214 (64) – 150 Other 3 (3) – – 217 (67) – 150 Notes to the Company financial statements for the year ended 30 June 2025 124 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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13. BORROWINGS 2025 Rm 2024 Rm Intra-group borrowing – Impala Platinum Limited 8 447 4 992 Intra-group borrowing – Marula Platinum (Pty) Ltd – 749 Intra-group borrowing – Impala Bafokeng Platinum (Pty) Ltd – 527 Intra-group borrowing – Impala Chrome (Pty) Ltd 520 321 Intra-group borrowing – other 2 1 8 969 6 590 Current 8 969 6 590 Non-current – – Reconciliation Beginning of the year 6 590 12 580 Proceeds 3 654 676 Interest accrued 541 666 Interest repayments (541) (666) Capital repayments (1 275) (6 666) End of the year 8 969 6 590 Intra-group borrowing The borrowings from these subsidiaries are unsecured and are repayable in 20 years from signature date, or on demand, if their shareholding changes or on an earlier date if agreed upon by both parties. Interest is charged at the Company’s investment rate of 7.8%. Refer to note 17 for fair value and financial risk disclosure and note 35.2.4 of the consolidated annual financial statements for additional information of the undrawn committed revolving credit facilities. 14. CONTINGENT LIABILITIES Contingent liabilities At year-end, the Company had contingent liabilities in respect of matters arising in the ordinary course of business from which it is anticipated that no material liabilities will arise. 15. CASH GENERATED FROM/(USED IN) OPERATIONS 2025 Rm 2024 Rm Profit/(loss) before tax 1 617 (18 437) Adjusted for: Foreign currency differences 42 235 Dividends received (note 2) (3 819) (8 223) Impairment of investments in subsidiaries – 24 564 Impairment of intra-group loans 2 081 1 619 Finance costs 643 763 Finance income (618) (645) (54) (124) Changes in working capital Decrease/(increase) in trade and other receivables 90 (85) Decrease in trade and other payables (2) (169) Cash generated from/(used in) operations 34 (378) Notes to the Company financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 125 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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16. RELATED PARTY TRANSACTIONS Associates and joint venture (note 7) 2025 Rm 2024 Rm Makgomo Chrome (Pty) Ltd Transactions with related party Dividends received 81 95 Mimosa Investments Limited Transactions with related party Dividends received 226 181 Subsidiaries (notes 8 and 13) 2025 Rm 2024 Rm Impala Platinum Limited Transactions with related party Proceeds from borrowings 3 455 – Repayment of borrowings – (6 444) Interest paid (446) (535) Management fee received 13 23 Service fee paid (15) (27) Balances arising from transactions with related party Borrowings 8 447 4 992 Impala Employee Share Ownership Trust (Impala – ESOT) Balance arising from transactions with related party Loan 748 748 Impala Holdings Limited Transactions with related party Dividends received – 6 211 Loan advanced 49 – Balances arising from transactions with related party Loan 93 44 Marula Platinum (Pty) Ltd Transactions with related party Loan advanced 130 – Repayment of borrowings (749) (213) Interest paid (40) (81) Balances arising from transactions with related party Loan 130 – Borrowings – 749 Marula Employee Share Ownership Trust (Marula – ESOT) Transactions with related party Fair value adjustment on the loan (39) (19) Balances arising from transactions with related party Loan 35 74 Impala Platinum Zimbabwe (Pty) Ltd Transactions with related party Dividends received – 783 Impala Platinum B.V. Transactions with related party Dividends received – 842 Balances arising from transactions with related party Borrowings 2 2 Notes to the Company financial statements for the year ended 30 June 2025 126 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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16. RELATED PARTY TRANSACTIONS continued Subsidiaries (notes 8 and 13) continued 2025 Rm 2024 Rm Impala Chrome (Pty) Ltd Transactions with related party Dividends received 23 111 Interest paid (37) (23) Proceeds from borrowings 199 138 Balances arising from transactions with related party Borrowings 520 321 Afplats (Pty) Ltd Transactions with related party Loan impairment (5) (4) Impala Canada Limited Transactions with related party Interest received 243 266 Loan impairment (2 076) (1 614) Balances arising from transactions with related party Loan – 1 876 Impala Bafokeng Platinum (Pty) Ltd Transactions with related party Dividends received 3 489 – Interest paid (18) (27) Repayment of borrowings (527) – Balances arising from transactions with related party Borrowings – 527 Impala Bafokeng Resources (Pty) Ltd Transactions with related party Loan advanced 2 448 – Balances arising from transactions with related party Loan 2 448 – Directors’ remuneration and key management compensation The fixed and variable remuneration as well as the status of shares and unexercised options of the executive directors, prescribed officers, and other senior executives is disclosed in annexure D of the consolidated annual financial statements. Notes to the Company financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 127 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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17. FINANCIAL RISK MANAGEMENT The Company manages its risk on a Group-wide basis. Refer to note 35 of the consolidated annual financial statements. 17.1 Market risk Foreign exchange risk There are no significant concentrations of foreign exchange risk. Interest rate risk The Company is exposed to fair value interest rate risk in respect of fixed rate financial assets and liabilities. Movement in interest rates will have an impact on the fair value of these instruments but will not affect profit or loss as these financial assets and liabilities are carried at amortised cost using the effective interest method. Fixed interest rate exposure 2025 Rm 2024 Rm Financial assets At amortised cost Loans to subsidiaries (note 8.1.2 and 8.1.3) 3 455 866 3 455 866 The carrying amount of other financial assets and liabilities which are not carried at fair value, is a reasonable approximation of their fair value. 17.2 Credit risk Credit risk arises from the risk that the financial asset counterparty may default or not meet its obligations timeously. The maximum exposure to the credit risk is represented by the carrying amount of all the financial assets. The potential concentration of credit risk could arise in loans to associates, loans to subsidiaries, receivables and trade receivables. Other than intra-group loans which were impaired (refer to note 8.1), no financial assets were past due for the current or the comparative period under review. No terms relating to financial assets were renegotiated resulting in assets not being past due. Loans to subsidiaries These loans are unsecured and have no fixed terms of repayment. 17.3 Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Impala Platinum Holdings Limited’s cash requirements are met by dividends received, loans from subsidiaries, as well as from its borrowing facilities. For more information on the Company’s undrawn general banking facilities refer to note 35.2.4 of the consolidated annual financial statements. Trade and other payables are all due within a 12-month period. 17.4 Cash flow interest rate risk The Company is not exposed to significant interest-bearing liabilities resulting in cash flow interest rate risk. Notes to the Company financial statements for the year ended 30 June 2025 128 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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18. EVENTS OCCURRING AFTER THE REPORTING PERIOD Dividends The Company has a dividend policy which is aligned with the Company’s capital allocation framework which prioritises the Company’s commitment to providing sustainable and attractive returns to shareholders while retaining a strong and flexible balance sheet and sufficiently capitalising the business to allow the Group to take advantage of future value-accretive growth opportunities. The dividend policy recommends a minimum payout of 30% of free cash flow, pre-growth capital for the period. However, at the time of the dividend declaration, the board will consider market conditions, the balance sheet position and the Company’s forecast funding requirements and exercise its discretion in determining the final quantum of the dividend. This allows the board to adjust the minimum threshold through the cycle depending on the capital allocation priorities and enable the board to pay out much higher ratios at the top of the PGM cycle. Implats’ capital allocation framework aims to sustain and grow meaningful value for all stakeholders and provide attractive returns to shareholders, while maintaining financial flexibility for the Group. For the 12 months ended 30 June 2025, the persistence of weak PGM pricing and lower sales volumes, despite a commendable operating performance and lower capital spend, resulted in a free cash inflow of R2.4 billion. After adding back growth capital of R0.9 billion and other non-discretionary outflows of R0.7 billion, an adjusted free cash inflow for the financial year of R2.6 billion was recorded. After consideration of the Group’s financial performance, strong balance sheet positioning and future capital requirements, as well as the improved market conditions, the board declared a final cash dividend on 28 August 2025 in respect of the year ended 30 June 2025 of 165 cents per ordinary share or R1 492 million in aggregate to be paid out of retained earnings. The dividend was not recognised as a liability at year-end. The dividend will have no tax consequences for the Group, but will be subject to a 20% withholding tax for shareholders who are not exempt from or do not qualify for a reduced rate of withholding tax. The dividend is payable on Monday, 22 September 2025 to shareholders recorded in the register at the close of business, 19 September 2025. Dividends paid 2025 Rm 2024 Rm Final dividend No 99 for 2023 of 165 cents per ordinary share – 1 492 Other events occurring after the reporting period Other events occurring after the reporting period are disclosed in note 37 of the consolidated annual financial statements. Notes to the Company financial statements for the year ended 30 June 2025 Implats Audited Annual Financial Statements 2025 129 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Contact details and administration REGISTERED OFFICE 2 Fricker Road Illovo, 2196 Private Bag X18 Northlands, 2116 Telephone: +27 (11) 731 9000 Email: investor@implats.co.za Registration number: 1957/001979/06 Share codes: JSE: IMP ADRs: IMPUY ISIN: ZAE000083648 ISIN: ZAE000247458 Website: http://www.implats.co.za IMPALA PLATINUM LIMITED AND IMPALA REFINING SERVICES Head office 2 Fricker Road Illovo, 2196 Private Bag X18 Northlands, 2116 Telephone: +27 (11) 731 9000 Impala Rustenburg PO Box 5683 Rustenburg, 0300 Telephone: +27 (14) 569 0000 Impala Refineries PO Box 222 Springs,1560 Telephone: +27 (11) 360 3111 Marula 2 Fricker Road Illovo, 2196 Private Bag X18 Northlands, 2116 Telephone: +27 (11) 731 9000 Zimplats 1st Floor South Block Borrowdale Office Park Borrowdale Road Harare Zimbabwe PO Box 6380 Harare Zimbabwe Telephone: +263 242 886 878-85/87 Email: info@zimplats.com Impala Canada 69 Yonge Street Suite 700 Toronto, ON, Canada M5E 1K3 Telephone: +1 (416) 360 7590 Email: info@impalacanada.com Impala Platinum Japan Limited Uchisaiwaicho Daibiru, room number 702 3-3 Uchisaiwaicho 1-Chome, Chiyoda-ku Tokyo Japan Telephone: +81 (3) 3504 0712 SPONSOR Nedbank Corporate and Investment Banking, a division of Nedbank Limited 135 Rivonia Road Sandton, 2196 Johannesburg COMPANY SECRETARY Tebogo Llale Email: tebogo.llale@implats.co.za UNITED KINGDOM SECRETARIES St James’s Corporate Services Limited Suite 31, Second Floor 107 Cheapside London EC2V 6DN United Kingdom Telephone: +44 (020) 7796 8644 Email: phil.dexter@corpserv.co.uk PUBLIC OFFICER Ben Jager Email: ben.jager@implats.co.za TRANSFER SECRETARIES Computershare Investor Services (Pty) Ltd Rosebank Towers 15 Biermann Avenue, Rosebank Private Bag X9000, Saxonwold, 2132 AUDITORS Deloitte & Touche Johannesburg Office 5 Magwa Crescent Waterfall City Johannesburg, 2090 Telephone: +27 (11) 806 5000 Cape Town Office The Ridge 6 Marina Road Portswood District V&A Waterfront Cape Town, 8000 Telephone: +27 (21) 427 5300 CORPORATE RELATIONS Johan Theron Investor queries may be directed to: Email: investor@implats.co.za 130 Implats Audited Annual Financial Statements 2025 Financial statement assurance Consolidated financial statements Company financial statements Additional information
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Impala Platinum Holdings Limited Tel: +27 (11) 731 9000, Email: investor@implats.co.za 2 Fricker Road, Illovo, 2196, Private Bag X18, Northlands, 2116 www.implats.co.za