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FY2026 RESULTS 3 September 2026
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2IMPLATS FY2026 RESULTS FORWARD-LOOKING AND CAUTIONARY STATEMENT Certain statements contained in this presentation, other than statements of historical fact, contain forward-looking statements within the meaning of applicable securities laws. Forward looking statements include, but are not limited to statements regarding Implats’ strategy, business plans, operations, reserves and resources, economic performance and/or financial condition, including, without limitation, statements concerning the economic outlook for the platinum industry, expectations regarding metal prices, production, cash costs and other operating results, growth prospects and the outlook of Implats’ operations, including the completion and commencement of commercial operations of certain of Implats’ exploration and production projects, its liquidity and capital resources and expenditure and the outcome and consequences of any pending litigation, regulatory approvals and/or legislative frameworks or any enforcement proceedings. These statements are based on management’s current expectations, estimates and assumptions as at the date of this presentation and involve known and unknown risks and uncertainties. Although Implats believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Accordingly, results may differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in theregulatory environment and other government actions, permitting and environmental matters, labour relations, capital availability, fluctuations in metal prices, levels of global demand and exchange rates and business and operational risk management. For a discussion on such factors, refer to the risk management section of Implats’ Integrated Annual Report. Implats is not obliged to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of the presentation or to reflect the occurrence of unanticipated events, except as required by law. Disclaimer: This entire presentation and all subsequent written or oral forward-looking statements attributable to Implats or any person acting on its behalf are qualified by caution. Recipients hereof are advised the presentation is prepared for general information purposes and not intended to constitute a recommendation to buy or offer to sell shares or securities in Implats or any other entity. Sections of this presentation are not defined and assured under IFRS accounting standards but included to assist in demonstrating Implats’ underlying financial performance. Implats recommend you address any doubts in this regard with an authorised independent financial advisor, stockbroker, tax advisor, accountant or suitably qualified professional.
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3IMPLATS FY2026 RESULTS STRONG PERFORMANCE IN FY2026 Strong PGM pricing, operational execution and disciplined capital allocation delivered meaningful value for stakeholders KEY HIGHLIGHTS Delivered to guidance ‒ volumes, cost, inventory release Completed Impala Rustenburg consolidation – LoM increased Key LoM projects approved – 14, 20 shafts; phased Marula Increased momentum on project studies and execution Extended LoM at Impala Canada to FY2027 Mineral Reserves increased by 9.4% to 53.8Moz 6E 82% of adjusted free cash flow allocated to shareholders OPERATIONAL DELIVERY Production ▲ 5% 3.56Moz refined 6E Unit cost* ▲ 8% R24 249/oz 6E Underpinned by a stable and experienced team Capital ▲ 3% R7.2bn FINANCIAL DELIVERY Headline earnings R22.9bn FY2025: R732m Free cash flow R22.0bn FY2025: R2.4bn Supportive market ‒ R38 116/oz revenue basket ▲ 51% Total dividend 1 855cps FY2025: 165cps * Managed operations, stock-adjusted
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4IMPLATS FY2026 RESULTS DELIVERING LONG-TERM VALUE Disciplined focus on safe, consistent delivery, operational improvement and value-enhancing investment Operational excellence Supportive market Operational performance and flexibility • Fatalities • Infrastructure • Unit costs • Renewable energy • Community impacts Strengthen competitive position • Rustenburg LoM extensions − 14 and 20 shafts − Studies (BRPM UG2 Ext) • Zimplats LoM extension − Bimha and Mupani • Marula phased development • Processing − BMR capacity − Chrome, tailings Business development and growth • Internal − Portal 10 − Styldrift 2 • Partnerships and JVs − Two Rivers Merensky − Mimosa North Hill − Waterberg − Third party processing • M&A
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5IMPLATS FY2026 RESULTS OUR MARKETS PGM demand evolves over time and is supported by societal priorities and technological shifts GLOBAL Uncertainty the new normal Geopolitics • Shifting alliances • Trade and tariffs • Resource nationalism PGMs • Debasement trade • Critical metals • AI demand opportunity DEMAND • Underpinned by strong, growing industrial demand • Revised expectations for BEVs, policy and emissions • Minor PGMs growing in relevance • Market development initiatives -1 600 -1 400 -1 200 -1 000 -800 -600 -400 -200 0 200 2025 2026 2027 koz Platinum Palladium Rhodium SUPPLY • Minimal changes in supply outlook • Limited greenfield project pipeline • Secondary supply growth still facing challenges MARKET Constructive medium-term fundamentals BALANCES* Sustained market deficits * 2025 balance includes 574koz of Pt investment and 391koz of Pd investment 2026 balance includes 276koz of Pt disinvestment and 165koz Pd disinvestment 2027 balances exclude forecast investment flows
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6IMPLATS FY2026 RESULTS 68 white flag days# — up from 55 in FY2025 SAFETY Safe production is a non-negotiable prerequisite for sustainable operational performance TIFR* 6.72 FY2025: 8.15 ▼ 18% LTIFR* 3.16 FY2025: 3.46 ▼ 9% FIFR* 0.027 FY2025: 0.057 ▼ 53% Fatalities* 4 FY2025: 8 5 5 3 7 5 19 8 4 5.30 4.54 4.92 4.21 3.92 3.89 3.46 3.16 0 4 8 12 16 20 0 1 2 3 4 5 6 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Fatalities LTIFR* SAFETY METRICS* *Rates: per million man-hours worked; Fatalities: number at managed operations # injury-free operating days at managed operations Safety systems maturing – interventions accelerating to progress a shift in safety culture Address at-risk behavioursReinforce critical controls Demonstrate visible leadership Strengthen accountability Embed a culture of disciplined execution and proactive risk management
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7IMPLATS FY2026 RESULTS STRONG OPERATIONAL DELIVERY Results underpinned by superb delivery at key mining and processing assets 53.8Moz 6E Group Mineral Reserves ▲ 9% 3.56Moz 6E refined and saleable ▲ 5% R24 249/oz 6E unit cost* ▲ 8% 120koz 6E excess inventory reduction 300koz closing inventory 22 491 24 249 1 224 964 … 96 FY2025 Inflation Maintenance Exchange rate Volumes & other FY2026 R / 6E oz STOCK-ADJUSTED UNIT COSTS * Managed operations, stock-adjusted FY2026 standout performances FY2027 growth opportunities Impala Rustenburg • South and Central ounces at 5-year high • +14% 6E ounces from growth shafts Zimplats • Recovery in mining and milled volumes • Furnace maintenance +24koz inventory Processing • Improved furnace stability • Record BMR milling and • SA refined 6E PGMs +6% • Release of 120koz 6E excess inventory Marula • 2nd year of a 3-year turnaround • FY2027 targeting 200koz Zimplats • Stabilise matte production at 660koz Styldrift • Ramp up from 200kt to 230kt
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8IMPLATS FY2026 RESULTS 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Rm GROUP CAPITAL EXPENDITURE SIB Replacement Growth INVESTING FOR SUSTAINED VALUE CREATION Capital investment focus shifting to unlocking optionality 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 FY2034 FY2035 FY2036 FY2037 FY2038 FY2039 FY2040 FY2041 FY2042 FY2043 FY2044 FY2045 FY2046 Moz Life of mine I Brownfield projects Greenfield projects Greenfields projects under study • Styldrift 2 • Waterberg • Zimplats Portal 10 GROUP LIFE-OF-MINE PROFILE ~R10bn – R13bn p.a Including board approved projects • Rtb 14 Shaft • Rtb 20 Shaft Brownfields projects under study • BRPM N • Rtb LoM • Mimosa North Hill • Two Rivers Merensky
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9IMPLATS FY2026 RESULTS FY2027 GUIDANCE Business area Unit ACTUAL GUIDANCE FY2026 FY2027 REFINED PRODUCTION1: 6E koz 3 559 3 300 – 3 500 Group production 6E koz 3 497 3 325 – 3 525 Impala Rustenburg, stock-adjusted2 6E koz 1 744 1 625 – 1 710 South and Central shafts, stock-adjusted 6E koz 1 310 1 200 – 1 250 North Shafts, saleable 6E koz 434 425 – 460 North Shafts, concentrate 6E koz 510 500 – 540 Zimplats, in-matte 6E koz 606 630 – 660 Two Rivers, concentrate 6E koz 287 270 – 300 Mimosa, concentrate 6E koz 239 220 – 240 Impala Canada, concentrate 6E koz 213 190 – 210 Marula, concentrate 6E koz 186 190 – 210 IRS (third-party concentrate receipts) 6E koz 222 200 – 220 GROUP UNIT COST3 R/oz 6E 24 249 25 250 – 26 250 GROUP CAPITAL EXPENDITURE3 Rm 7 214 9 000 – 11 000 EXCHANGE RATES ZAR/US$ 16.91 16.50 C$/US$ 1.38 1.35 ¹ Includes Impala Canada and Impala Rustenburg’s North shafts saleable ounces ² Includes Impala Rustenburg’s North shafts saleable ounces 3 Managed operations
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10IMPLATS FY2026 RESULTS STELLAR FINANCIAL PERFORMANCE Strong operational delivery captured full benefit of pricing improvement R38 116 Revenue per 6E ounce ▲ 51% 3.51Moz 6E sales volumes ▲ 4% 1 855cps Total dividends FY2025: 165cps R43.6bn EBITDA FY2025: R9.9bn 32% EBITDA margin FY2025: 12% 2 548cps Headline earnings FY2025: 82cps R22.0bn Free cash flow FY2025: R2.4bn 3 459cps Basic earnings FY2025: 85cps
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11IMPLATS FY2026 RESULTS BALANCE SHEET POSITIONING Strong cash generation underpins strategic flexibility and increases shareholder returns 26.7 1.9 0.2 0.9 1.6 5.5 6.9 FY2025 Operating cash flows Finance & dividend income Other Shares purchased Rehab investment Dividends paid Capital FY2026 Rbn ADJUSTED NET CASH* 8.5 22.0 * Cash excludes restricted cash ** Adjusted debt and adjusted net cash calculated in terms of the refinanced Revolving Credit Facility (RCF) Adjusted net cash excludes the PIC loan, deferred revenue, leases, restricted cash and ZWG cash balances. R23.0bn Cash* FY2025: R11.5bn R37.0bn Liquidity headroom FY2025: R19.7bn R0.5bn Adjusted debt** FY2025: R1.8bn R22.0bn Adjusted net cash** FY2025: R8.5bn R10.0bn Retained cash post H2 FY2026 dividend
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12IMPLATS FY2026 RESULTS CAPITAL ALLOCATION A strong and flexible balance sheet and improved shareholder returns BALANCE SHEET STRENGTH (17%) • Repayment of debt – R1.6bn • Funding of rehabilitation obligations – R1.6bn (Canada: R1.1 billion; SA: R0.5 billion) • Retained cash – R0.3bn SHAREHOLDER RETURNS (82%) • Interim dividend – R3.7bn • Base final dividend – R4.4bn • Additional final dividend – R8.7bn • Dividends paid to minorities – R0.3bn GROWTH (1%) • Expansion capital – R0.2bn • Investments in AP Ventures – R0.1bn R20.9bn Adjusted free cash flow* R0.3bn R3.5bn R17.1bn *Adjusted free cash flow is calculated after non-discretionary cash flows and before expansion capital
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FY2026 RESULTS 3 September 2026
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14IMPLATS FY2026 RESULTS ESG INDICATORS Unit FY2026 FY2025 Var (%) Level 4 or 5 environmental incidents Count 0 0 - Level 3 environmental incidents Count 0 2 100 Water recycled or reused % 58 59 2 Energy consumption GJ/t milled 0.82 0.83 1 Renewable electricity consumption (as % of total electricity consumed) % 30 31 3 Scope 1 and 2 carbon emissions CO2 t/milled 0.17 0.16 6 Carbon emissions avoided (due to energy efficiency, power purchase agreements, and renewable energy projects) CO2 t 273 985 281 539 3 Land rehabilitated Hectares 80.5 46.0 75 CDP = carbon disclosure project; CSA= corporate sustainability assessment; EA = Environmental Authorization; ESG = Environmental, Social and Governance; MSCI = Morgan Stanley Capital International; MW = Mega watt; S&P = Standards & Poors ENVIRONMENTAL PERFORMANCE CDP B Climate and water ▲ MSCI A Improved from BBB ▲ S&P CSA 67 /100 ▲ FTSE4Good Index Series 9th consecutive inclusion S&P Sustainability Yearbook 5th consecutive inclusion
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15IMPLATS FY2026 RESULTS Supported >4 200 employment opportunities Benefitted >80 000 people SOCIAL PERFORMANCE COMMUNITY WELLBEING >12 000 people benefitted Supported: 450 farmers 5 agriculture projects 4 GBV initiatives 6 Community health initiatives Sustainable livelihoods in mine communities during and beyond mining EDUCATION & SKILLS DEVELOPMENT Supported: >3 000 learners 70 mine community schools >800 community bursars, learnerships and trainees >6 000 sport programme participants ESD & INCLUSIVE PROCUREMENT R10m of Regional ESD Fund deployed and ~R4m advanced >3 800 SMMEs supported >4 200 employment opportunities sustained INFRASTRUCTURE >40 000 beneficiaries 137 houses completed 159 new homeowners 10 projects completed
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16IMPLATS FY2026 RESULTS MINERAL RESOURCES AND MINERAL RESERVES For full details, please see Implats Mineral Resource and Mineral Reserve Statement 2026 MINING METHOD BY MINERAL RESERVE FY2026 FY2025 Mechanised 60% 69% Hybrid 3% 3% Conventional 37% 28% GEOGRAPHIC SPLIT OF RESERVES Pt Pd Rh Ru, Ir, Au South Africa 59% 47% 69% 61% Zimbabwe 41% 52% 31% 39% Canada 0% 1% 0% 0% 44% 31% 7% 7% 5% 2% 2% 2% ATTRIBUTABLE MINERAL RESOURCES Impala Rustenburg Zimplats Two Rivers Afplats Marula Mimosa Impala Canada Waterberg 308.7 Moz 6E 47% 41% 5%4% 2%1% ATTRIBUTABLE MINERAL RESERVES Impala Rustenburg Zimplats Two Rivers Marula Mimosa Impala Canada 53.8 Moz 6E -2 000 -1 500 -1 000 -500 0 500 1 000 1 500 2 000 2 500 (20 000) (15 000) (10 000) (5 000) 0 5 000 10 000 15 000 20 000 25 000 Impala Rustenburg Marula Styldrift I Impala Rustenburg Two Rivers Zimplats Mimosa Lac Des Iles Depth and mining method Reserves, koz 6E MINERAL RESERVES BY ASSET Pt Pd Rh Ru, Ir, Au Conventional Hybrid Mechanised 308.7Moz 6E Attributable Group Mineral Resources decreased by 6.3Moz 6E ▼ 2% 53.8Moz 6E Attributable Group Mineral Reserves increased by 4.7Moz 6E ▲ 9%
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17IMPLATS FY2026 RESULTS PGM MARKET PERFORMANCE Achieved metal prices FY2026 FY2025 Var % Platinum (US$/oz) 1 761 986 79% Palladium (US$/oz) 1 433 986 45% Rhodium (US$/oz) 8 445 4 818 75% Nickel (US$/t) 16 057 15 467 4% Revenue per 6E oz sold ($/6E oz) 2 267 1 389 63% Exchange rate (R/US$) 16.81 18.12 -7% Revenue per 6E oz sold (R/6E oz) 38 116 25 172 51% 01/Jul/22 01/Jul/23 01/Jul/24 01/Jul/25 01/Jul/26 600 1 100 1 600 2 100 2 600 3 100 PLATINUM PRICE, US$/oz 01/Jul/22 01/Jul/23 01/Jul/24 01/Jul/25 01/Jul/26 500 1 000 1 500 2 000 2 500 PALLADIUM PRICE, US$/oz 01/Jul/22 01/Jul/23 01/Jul/24 01/Jul/25 01/Jul/26 2 500 5 000 7 500 10 000 12 500 15 000 RHODIUM PRICE, US$/oz 01/Jul/22 01/Jul/23 01/Jul/24 01/Jul/25 01/Jul/26 15 16 16 17 17 18 18 19 19 20 20 EXCHANGE RATE, R/US$
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18IMPLATS FY2026 RESULTS Description FY2026 FY2025 Var (%) Tonnes Milled# kt 27 476 26 294 4% Group production 6E koz 3 497 3 481 - Managed operations 6E koz 2 749 2 730 1% Impala, stock-adjusted 6E koz 1 744 1 684 4% Zimplats, matte 6E koz 606 606 - Marula, concentrate 6E koz 186 202 -8% Impala Canada, concentrate 6E koz 213 237 -10% JV operations 6E koz 526 542 -3% Mimosa, concentrate 6E koz 239 254 -6% Two Rivers, concentrate 6E koz 287 289 -1% Third-party purchased (concentrate) 6E koz 222 209 6% Refined production* 6E koz 3 559 3 375 5% Group unit cost** R/oz 6E 24 249 22 491 -8% Capital expenditure# Rm 7 214 6 979 -3% Stay in business Rm 6 561 5 379 -22% Replacement / Expansion Rm 653 1 600 59% GROUP OPERATIONAL OVERVIEW * Refined production and includes Impala Canada’s and Impala Rustenburg’s North Shafts saleable ounces ** Managed operations, refined stock-adjusted # managed operations 3 087 2 959 3 378 3 375 3 559 6E koz PRODUCTION* 17 364 19 834 20 992 22 491 24 249 R/oz UNIT COST** 9 081 11 510 14 003 6 979 7 214 Rm CAPITAL#
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19IMPLATS FY2026 RESULTS MOVEMENT IN 6E GROUP PRODUCTION 3 481 3 497 13 60 25 16 15 2 0 3 380 3 400 3 420 3 440 3 460 3 480 3 500 FY2025 Canada Marula Mimosa Two Rivers Zimplats Third party - IRS Impala FY2026 6E koz 1 744 4% 213 -10% 239 -6% 287 -1% 222 6% 186 -8% koz 6E % variance from FY2025 606 -%
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20IMPLATS FY2026 RESULTS IMPALA 20 Description FY2026 FY2025 Var (%) Remarks Tonnes milled kt 15 070 14 149 7% 6E head grade g/t 4.13 4.14 -% 6E production* koz 1 744 1 684 4% South & Central 6E stock-adjusted koz 1 310 1 280 3% • Production records at 14, 16 and 20 shafts North 6E in concentrate koz 511 481 6% • Styldrift +14% Cash cost Rm 43 513 39 865 -9% • Mining inflation compounded by elective engineering infrastructure spend Cost per 6E oz** R/oz 24 946 23 667 -5% Capital expenditure Rm 4 188 3 651 -15% Free cash flow Rm 9 213 (475) >100% *6E refined production (stock-adjusted) **Cost per 6E ounce (stock-adjusted) 1 652 1 659 1 694 1 684 1 744 FY2022 FY2023 FY2024 FY2025 FY2026 koz PRODUCTION* 20 083 22 307 22 313 23 667 24 946 FY2022 FY2023 FY2024 FY2025 FY2026 R/oz COST PER 6E OUNCE** 15 471 9 566 -1 564 -475 9 213 FY2022 FY2023 FY2024 FY2025 FY2026 Rm FREE CASH FLOW
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21IMPLATS FY2026 RESULTS 1 684 1 7441 1 3 9 10 11 12 14 26 42 45 12 7 5 1 500 1 550 1 600 1 650 1 700 1 750 FY2025 Other ¹ 1# 6# Re-mining E&F 11# BRPM - South# 12# BRPM - North# 14# 20# 10# Styldrift 16# FY2026 MOVEMENT IN 6E OUNCES Production 6E koz 49 72 24 29 30 154 84 157 162 226 182 110 197 267 Revenue R/6E oz 38 682 39 276 36 947 39 276 38 227 33 686 38 717 33 058 37 926 37 439 38 923 32 092 38 449 Cost* R/6E oz 29 477 30 307 21 127 25 936 29 706 27 058 25 991 20 225 27 640 25 830 29 461 28 338 26 669 Cash Profit / (Loss)** Rm 437 143 333 268 841 582 1 319 2 110 1 514 1 368 681 729 2 075 6E koz *Costs including SIB capital; **Cash profit (after tax) after replacement capital 1Includes the treatment of dumps, slag and sludge 2Nortth Shafts production is stock-adjusted, revenue and costs in concentrate 2 2 2
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22IMPLATS FY2026 RESULTS MARULA Description FY2026 FY2025 Var (%) Remarks Tonnes milled kt 1 632 1 680 -3% • Development prioritised, +19% 6E head grade g/t 4.02 3.97 1% 6E in concentrate koz 186 202 -8% • Lower milled volumes, FY2025 benefitted from throughput of non-mining material Cash cost Rm 4 926 4 422 -11% • Higher labour to support development Cost per 6E oz** R/oz 26 484 21 902 -21% Capital expenditure Rm 261 402 35% • Marula Deepening halted to validate phased approach Free cash flow Rm 464 (798) >100% *6E concentrate production **Cost per 6E ounce in concentrate 259 241 223 202 186 FY2022 FY2023 FY2024 FY2025 FY2026 koz PRODUCTION* 13 200 16 303 19 530 21 902 26 484 FY2022 FY2023 FY2024 FY2025 FY2026 R/oz COST** 3 134 2 488 -161 -798 464 FY2022 FY2023 FY2024 FY2025 FY2026 Rm FREE CASH FLOW
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23IMPLATS FY2026 RESULTS TWO RIVERS Description FY2026 FY2025 Var (%) Remarks Tonnes milled kt 3 462 3 484 -1% • UG2 performance offset reduced Merensky throughput 6E head grade g/t 3.00 3.01 -% 6E in concentrate koz 287 289 -1% Cash Cost Rm 5 372 4 755 -13% • Mining inflation compounded by higher labour complement, salary adjustments and ex gratia bonus payments Cost per 6E oz** R/oz 19 662 17 487 -12% Capital expenditure Rm 902 969 7% Free cash flow Rm 2 347 (844) >100% *6E concentrate production **Cost per 6E ounce in concentrate 302 295 291 289 287 FY2022 FY2023 FY2024 FY2025 FY2026 koz PRODUCTION* 11 491 13 974 16 513 17 487 19 662 FY2022 FY2023 FY2024 FY2025 FY2026 R/oz COST** 3 173 1 236 -2 351 - 844 2 347 FY2022 FY2023 FY2024 FY2025 FY2026 Rm FREE CASH FLOW
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24IMPLATS FY2026 RESULTS ZIMPLATS 24 Description FY2026 FY2025 Var (%) Remarks Tonnes milled kt 8 046 7 471 8% • Improved availability of TMM and higher open-pit ore throughput 6E head grade g/t 3.29 3.37 -2% 6E in matte koz 606 606 -% • Matte production constrained by an accumulation of 24koz concentrate inventory Cash cost US$m 706 549 -29% • Mining inflation compounded by higher engineering and maintenance spend, open-pit and furnace operating expenses and structural adjustments to labour spend Cost per 6E oz** US$/oz 1 101 898 -23% Capital expenditure US$m 160 161 1% Free cash flow US$m 31 (15) >100% **6E matte production (including concentrate sold) **Cost per 6E ounce in matte (stock adjusted) 241 82 - 133 - 15 31 FY2022 FY2023 FY2024 FY2025 FY2026 US$m FREE CASH FLOW 724 836 829 898 1 101 FY2022 FY2023 FY2024 FY2025 FY2026 US$/oz COST** 583 611 646 606 606 FY2022 FY2023 FY2024 FY2025 FY2026 koz PRODUCTION*
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25IMPLATS FY2026 RESULTS MIMOSA Description FY2026 FY2025 Var (%) Remarks Tonnes milled kt 2 872 2 913 -1% 6E head grade g/t 3.54 3.61 -2% • Complex geology 6E in concentrate koz 239 254 -6% • Ore mineralogy adversely impacted processing yields Cash cost US$m 287 271 -6% • Higher consumables and utility spend together with additional selling expenses as sales volumes increased by 24% Cost per 6E oz** US$/oz 1 200 1 069 -12% Capital expenditure US$m 53 46 -15% • Higher spend on mobile equipment Free cash flow US$m 93 41 127% • Improved basket price and higher sales volumes *6E concentrate production **Cost per 6E ounce in concentrate 246 245 255 254 239 FY2022 FY2023 FY2024 FY2025 FY2026 koz PRODUCTION* 915 1 030 1 039 1 069 1 200 FY2022 FY2023 FY2024 FY2025 FY2026 US$/oz COST** 63 32 27 41 93 FY2022 FY2023 FY2024 FY2025 FY2026 US$m FREE CASH FLOW
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26IMPLATS FY2026 RESULTS IMPALA CANADA Description FY2026 FY2025 Var (%) Remarks Tonnes milled Kt 2 728 2 994 -9% • Planned tapering of production rates 6E head grade g/t 2.92 2.98 -2% 6E in concentrate koz 213 237 -10% Cash cost C$m 315 319 1% • Lower production volumes and reduced investment in infrastructure and capital development Cost per 6E oz** C$/oz 1 489 1 348 -10% • Includes of all stockpile milled Capital expenditure C$m - - - • All capital expenditure expensed to operating cost Free cash flow C$m 175 18 >100% • Resurgent palladium pricing *6E concentrate production **Cost per 6E ounce in concentrate (stock-adjusted 249 291 281 237 213 FY2022 FY2023 FY2024 FY2025 FY2026 koz PRODUCTION* 1 272 1 195 1 129 1 348 1 489 FY2022 FY2023 FY2024 FY2025 FY2026 C$/oz COST** 75 46 2 18 175 FY2022 FY2023 FY2024 FY2025 FY2026 C$m FREE CASH FLOW
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27IMPLATS FY2026 RESULTS Description FY2026 FY2025 Var (%) Remarks Receipts 6Ekoz 1 540 1 515 2% Managed JVs 3rd party 6Ekoz 6Ekoz 6Ekoz 787 531 222 800 506 209 -2% 5% 6% • Concentrate inventory accumulated at Zimplats, lower Marula • Higher deliveries from Mimosa Refined output 6Ekoz 1 668 1 504 11% • Excess inventory reduced in the period Free cash flow Rm 8 751 3 378 >100% IRS 1 412 1 370 1 415 1 306 1 319 FY2022 FY2023 FY2024 FY2025 FY2026 koz MANAGED & JV RECEIPTS 351 287 191 209 222 FY2022 FY2023 FY2024 FY2025 FY2026 koz THIRD PARTY RECEIPTS 8 367 1 330 99 3 378 8 751 FY2022 FY2023 FY2024 FY2025 FY2026 Rm FREE CASH FLOW
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28IMPLATS FY2026 RESULTS INCOME STATEMENT • Revenue was 58% or R49.7bn higher at R135.1bn • +64% on higher dollar prices +R55.1bn • +5% due to higher sales volumes +R4.4bn • +1% on fair value movements +R0.6bn • -12% on stronger rand -R10.4bn • Cash costs increased by 12% to R67.3bn • Mining inflation of 5.6% +R3.3bn • Additional engineering and infrastructure costs +R2.6bn • Impairment reversal of R11.1bn • Significant increase in rand-denominated PGM prices • Impala Rustenburg PPE reversal of R8.5bn pre-tax • Prepaid royalty reversal of R2.6bn pre-tax • R8.1bn post tax • Share of associates’ profit • Adversely impacted by unrealised profit in stock adjustment of R0.5bn • EBITDA of R43.6bn at an EBITDA margin of 32% • Headline earnings of R22.9bn or 2 548cps R MILLION FY2026 FY2025 VARIANCE Revenue 135 146 85 459 58% Cost of sales (102 007) (83 016) -23% Cash costs (67 296) (60 331) -12% Royalties (3 225) (1 774) -82% Metals purchased (24 505) (15 519) -58% Change in stock 3 311 3 510 -6% Depreciation (8 634) (7 712) -12% Other cost of sales (1 658) (1 190) -39% Gross profit 33 139 2 443 >100% Impairment reversal 11 119 - 100% Net foreign exchange losses (1 240) (294) <-100% Other net expense (18) (147) 88% Net finance income / (costs) 112 (12) >100% Share of associates’ profit / (losses) 1 628 (497) >100% Profit before tax 44 740 1 493 >100% Tax expense (13 072) (786) <-100% Profit after tax 31 668 707 >100% Profit attributable to shareholders 31 039 761 >100% GP margin (%) 25 3 >100% EBITDA (Rm) 43 590 9 919 >100% Headline earnings (cps) 2 548 82 >100%
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29IMPLATS FY2026 RESULTS STOCK-ADJUSTED UNIT COSTS • Stock-adjusted unit costs up 8% to R24 249/oz 6E • Implats mining inflation of 5.6% or R1 224/oz 6E • SA operations 5.9% • Zimplats US$ 5.1% • Impala Canada C$ 3.6% • Discretionary spend on engineering and infrastructure impact of 4% or R964/oz 6E • Impala of c.R1.4bn and Zimplats of c.R1.3bn • Volume and other impact of R96/oz 6E • Managed operations stock-adjusted production +3%, partially offset by: • Additional development costs at Marula; and • Salary backpay at Zimplats • Exchange rate benefit of 1% or R334/oz 6E • Translation of foreign subsidiaries’ costs at stronger rand 22 491 24 249 1 224 964 96 334 FY2025 Inflation Maintenance Volumes & other Exchange rate FY2026 R / 6E oz STOCK-ADJUSTED UNIT COSTS FY2026 VS FY2025
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FY2026 RESULTS 3 September 2026