Annual financial statement
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Delivering on our purpose AFS Audited Annual Financial Statements For the year ended 30 June 2026
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Our 2026 reporting suite IFC Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Contents 2 – 20 Financial statement assurance 2 Report of the audit and risk committee 9 Directors’ responsibility statement 10 Chief executive officer and chief financial officer responsibility statement 11 Certificate by Company secretary 12 Independent auditor’s report 16 Directors’ report 21 – 122 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 100 Annexures to the consolidated financial statements This report contains the consolidated financial statements and the separate annual financial statements of Impala Platinum Holdings Limited f o r t h e y e a r e n d e d 3 0 J u n e 2 0 2 6 . These annual financial statements were prepared in accordance with IFRS Accounting Standards® of the I n t e r n a t i o n a l A c c o u n t i n g S t a n d a r d s B o a r d ( I A S B ) , t h e S A I C A 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 Requirements of the JSE Limited, (JSE) as well a s t h e r e c o m m e n d a t i o n s o f K i n g V . Implats is a leading producer of platinum group metals (PGMs), structured around six 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. 123 – 138 Company financial statements 123 Company statement of profit or loss and other comprehensive income 124 Company statement of financial position 125 Company statement of changes in equity 126 Company statement of cash flows 127 Notes to the Company financial statements 139 Additional information 139 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. Key Key content and objective Target audience and reporting materiality Regulatory and reporting frameworks applied or otherwise referred to Financial statement assurance Consolidated financial statements Company financial statements Additional information 1 Implats l Audited Annual Financial Statements 2026 W e w e l c o m e y o u r f e e d b a c k t o e n s u r e w e c o v e r a l l a s p e c t s Go to www.implats.co.za o r e m a i l i n v e s t o r @ i m p l a t s . c o . z a t o p r o v i d e u s w i t h y o u r f e e d b a c k . 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. https://twitter.com/Implats https://www.linkedin.com/company/ impala-platinum/ https://www.youtube.com/channel/ UCgshehA_JCYUeox7lCZw6bw/featured https://www.facebook.com/implats/
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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 2026, in accordance with section 94 of the Companies Act No. 71 of 2008 (Companies Act), the King V Code of Corporate Governance for South Africa (King V) and the JSE Listings Requirements. This report outlines how the Committee discharged its statutory and board-delegated responsibilities during the year under review and highlights its oversight of key matters to safeguard the integrity, transparency, and reliability of the Group’s financial reporting. Function and responsibilities The committee’s primary role is to support the board in its oversight responsibilities, guided by terms of reference that are reviewed periodically. Its scope covers all Implats and subsidiary activities, focusing on the integrity of financial statements, effective internal controls, and financial and regulatory risk management, as well as compliance with laws and financial reporting standards. It also oversees assurance services to maintain a strong and effective control environment and ensure reliable and transparent reporting, and is responsible for IT governance and oversight. Composition and meetings The committee comprises four independent non-executive directors who were appointed by the board and elected by shareholders at the annual general meeting held on 30 October 2025. In fulfilling its responsibilities, the committee convened four scheduled meetings during the financial year. Mr J Ndlovu, who was appointed to the board with effect from 1 May 2026, was appointed to the committee with effect from 4 June 2026, after the committee's final scheduled meeting for the financial year. He accordingly did not attend any committee meetings during the year under review. His election as a member of the committee will be proposed for shareholder approval at the forthcoming annual general meeting. Members1 Attendance Appointed Ms D Earp BCom, BAcc, CA(SA), Chartered Director (SA) (chairman) 4/4 1 August 2018 Mr R Havenstein BSc, MSc Chemical Engineering, BCom 4/4 1 January 2021 Mr J Ndlovu BSc Metallurgical Engineering, MBL _ 4 June 2026 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 CEO, CFO, chief audit executive, chief information officer (CIO), key executives, external auditors and management are standing invitees to committee meetings. At each quarterly meeting, the chair offers internal auditors, external auditors, and management the chance to meet privately with the committee. The chair also holds separate meetings with internal and external auditors between committee sessions. Committee evaluation process The board and its committees are evaluated for effectiveness every two years on an alternating basis. The most recent evaluation was completed in the prior year and confirmed that the committee and its chairman remained effective. The resulting recommendations and focus areas have since been embedded in the committee’s annual work plan. The next evaluation is scheduled for FY2028. 2 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Report of the audit and risk committee Mandate of the committee – discharge of duties The committee is satisfied that it has discharged its duties in accordance with the Companies Act, King V and the JSE Listings Requirements. The committee confirmed that effective financial reporting procedures are established and operating as intended across all entities included in the consolidated Group financial statements, enabling the accurate and reliable preparation of the Company and Group annual financial statements. The board-approved terms of reference, including but not limited to the following: External reporting External auditors ▪ Overseeing the integrity of the Group’s financial information and, where appropriate, recommending external public reports for board approval, including accounting policies, significant judgements and estimates, going concern assessments, tax matters and uncertain tax positions, public disclosures, annual and interim financial statements, the integrated report and related supplementary reports, as well as quarterly production reports and shareholder trading updates ▪ Monitoring the reporting process, compliance with applicable legal, regulatory and reporting requirements, accounting standards, relevant developments in sustainability and climate- related reporting and the impact of the JSE Proactive Monitoring Panel reports on the Group financial statements. ▪ Overseeing the external audit process, including audit planning, audit quality, independence, effectiveness and suitability of the external auditor and designated audit partner ▪ Approving audit fees, monitoring non-audit services to safeguard independence ▪ Overseeing lead partner rotation where applicable ▪ Recommending the appointment or reappointment of the external auditor for shareholder approval in line with applicable JSE requirements. Internal control and risk management and combined assurance Governance ▪ Overseeing the Group’s risk management, internal control and the appropriateness of the combined assurance model, the effectiveness of the system of internal financial controls, the compliance processes and internal audit including its, independence ▪ Reviewing regular quarterly reports from Group risk management, internal audit and the external auditors to ensure adequacy and integrity of financial information ▪ Considering the activities of material subsidiaries and non- controlled operations through the review of reports and minutes of the respective audit and risk committees or boards, if applicable ▪ Approving the internal audit charter, terms of reference and audit plan ▪ Monitoring and oversight of legal and compliance-related matters and approval of the Group compliance policy ▪ Monitoring the effectiveness of the information technology (IT), and focusing on cyber security, particularly regarding both IT and operational technology (OT) functions ▪ Confirming the adequacy and terms of insurance cover and placement. ▪ Fulfilling statutory and board-delegated governance responsibilities, including consideration of solvency and liquidity assessments, dividend policies and recommendations in line with the Group capital allocation framework ▪ Approving or reviewing and compliance with key policies, including tax, treasury and the IT governance framework and strategy ▪ Fulfilling duties attributed to it by the Companies Act, the JSE Listings Requirements and King V ▪ Evaluating the expertise, experience and performance of the Group CFO, finance function, chief audit executive, and internal audit function. Financial statement assurance Consolidated financial statements Company financial statements Additional information 3 Implats l Audited Annual Financial Statements 2026
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Report of the audit and risk committee Focus areas during the year annual reporting The committee oversees the integrity, transparency and effectiveness of the Group’s external reporting processes, supporting the delivery of high-quality financial and non-financial disclosures that meet regulatory requirements and address stakeholder information needs. Interim and annual financial statements The financial statements were prepared in accordance with IFRS Accounting Standards, SAICA financial reporting guides and p r o n o u n c e m e n t s , t h e C o m p a n i e s A c t , t h e J S E R e q u i r e m e n t s a n d K i n g VTM*. T h e c o m m i t t e e r e v i e w e d a n d c o n f i r m e d t h e a p p r o p r i a t e n e s s o f t h e g o i n g ‑ c o n c e r n a s s u m p t i o n f o r b o t h t h e i n t e r i m a n d a n n u a l periods, including the treatment of significant transactions and estimates as well as the reasonableness of key assumptions in management’s budgets and capital and liquidity plans. The committee also focused on areas requiring significant judgement, including the matters summarised below: Impairment reversals of non-financial assets (note 4) T h e v a l u e o f m i n i n g o p e r a t i o n s i s d r i v e n b y a s s e t ‑ s p e c i f i c f a c t o r s , requiring management judgement in estimating ore reserves, m e t a l p r i c e s a n d p r o d u c t i o n f o r e c a s t s t h a t u n d e r p i n c a s h ‑ f l o w projections. The committee oversees the impairment assessments of p r o p e r t y , p l a n t a n d e q u i p m e n t , r i g h t ‑ o f ‑ u s e a s s e t s , g o o d w i l l a n d e q u i t y ‑ a c c o u n t e d i n v e s t m e n t s . T h i s i n c l u d e s r e v i e w i n g impairment and reversal indicators, considering economic and g e o p o l i t i c a l i m p a c t s ( i n c l u d i n g c l i m a t e ‑ r e l a t e d f a c t o r s ) o n k e y a s s u m p t i o n s , a n d e v a l u a t i n g c h a n g e s i n c a s h ‑ g e n e r a t i n g u n i t valuations, sensitivities and disclosure adequacy. In the current year, R11 119 million of previously recognised impairment was reversed due to positive indicators, primarily a sustained improvement in current and forecast rand PGM prices, combined with the board approval of various key life-of-mine extension projects, resulting in a more favourable outlook for future operational performance. The committee reviewed management’s updated estimates, discount rates, and long-term metal price assumptions underpinning the impairment and impairment reversal assessments. Based on this review, the committee was satisfied that the resulting calculations and related disclosures in the annual financial statements were appropriate. Currency or exchange-rate-induced inflation and instability due to devaluation of the Zimbabwe Gold (ZWG) (notes 23 and 33) The Zimbabwe Gold (ZWG) currency is the local currency and co-circulates with other currencies in the economy. Financial risks emanate from 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 reviewed the characteristics of the Zimbabwe Gold (ZWG) currency – anchored by precious metals and foreign currency reserves – along with its financial impact on the Group’s Zimbabwean operations and the measures implemented to mitigate depreciation against the US dollar. Furthermore, the committee is satisfied that the classification and measurement of the ZWG in the financial statements are appropriate. Discontinued operation The committee considers the classification of Impala Canada in light of the revised operating strategy and prevailing PGM price environment. This includes applying judgement in assessing whether the criteria for classification as assets held for sale or a discontinued operation are met The committee evaluated the requirements of IFRS 5 – N o n ‑ c u r r e n t A s s e t s H e l d f o r S a l e a n d D i s c o n t i n u e d O p e r a t i o n s in assessing whether Impala Canada should be classified as a discontinued operation. Considering the revised strategy and that operating activities remain ongoing while the feasibility of extending its life-of-mine is investigated, the committee agreed that such classification was not appropriate for the current reporting period. The committee also reviewed the related judgements and confirmed that the disclosures for Impala Canada are appropriate. Measurement of in-process metal inventories (note 20) Inventory valuation remains a key focus area due to the significant judgement and complexity involved, particularly i n d e t e r m i n i n g t h e q u a n t i t y a n d v a l u e o f i n ‑ p r o c e s s m e t a l inventories. The committee considered the internal controls supporting the m e a s u r e m e n t o f i n ‑ p r o c e s s m e t a l i n v e n t o r i e s a n d c o n c l u d e d that the valuation was appropriate. Significant judgements and estimates, including net realisable value adjustments, are properly disclosed in the consolidated annual financial statements. Significant accounting issues considered by the committee in relation to the Group’s financial statements Responses of audit and risk committee * Copyright and trademarks are owned by the Institute of Directors in South Africa NPC, and all of its rights are reserved. 4 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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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 Legal matters (note 33) Provisions are recognised when a probable and reliably measurable obligation is identified, based on internal legal assessments and, where necessary, independent advice. The committee received regular updates on legal matters during the year. The committee reviewed the relevant legal matters and agreed with management’s assessment that no individually material provisions were required. The committee also confirmed that the disclosures relating to contingent liabilities were appropriate. Climate change U s e r s o f g e n e r a l ‑ p u r p o s e f i n a n c i a l r e p o r t s a r e i n c r e a s i n g l y seeking information that explains an entity’s environmental impact and supports their investment decisions and evaluation of management’s stewardship. The committee received updates on the 2026 carbon tax rate, levy and policy adjustments in South Africa and Canada and their expected financial impact. Management also considered the effects of climate change on key estimates and judgements in the consolidated financial statements, including: ▪ Residual values and useful lives of non-current assets ▪ Indicators of impairment or reversal and cash flow forecasts for impairment assessments, including goodwill ▪ Measurement of financial assets ▪ Recognition and measurement of provisions and contingencies. No material climate related impacts on financial reporting judgements or asset and liability valuations were identified for the year ended 30 June 2026. Taxation (notes 9, 15, 22 and 33) The Group operates within complex domestic tax laws, international tax treaties and varying interpretations by tax authorities and courts, requiring significant judgement in determining tax obligations. Independent legal counsel is engaged where necessary. The Group CFO provided the committee with quarterly updates on key tax matters, including domestic and international tax developments, the implementation of the tax risk management framework, the status of tax audits and reporting, and uncertainties. Although these areas involve significant judgement, the committee was satisfied with management’s treatment of tax matters during the year. The Implats Group tax policy and the forthcoming tax transparency and economic contribution report will be available at (www.implats.co.za ). Financial statement assurance Consolidated financial statements Company financial statements Additional information 5 Implats l Audited Annual Financial Statements 2026
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Report of the audit and risk committee The annual financial statements were approved by the board subsequent to the committee’s review and recommendation for approval. JSE paragraph 5.9 – Group CEO and CFO sign-off on internal controls over financial reporting The committee reviewed the results of the internal financial controls certification process conducted during the reporting period, which supports the CEO and CFO’s attestation. Where deficiencies were identified, the committee evaluated management’s remediation plans, the use of compensating controls and any additional review procedures implemented. Mineral Resource and Mineral Reserve Statement The committee is satisfied with the Mineral Resources and Mineral Reserves report, prepared in accordance with the SAMREC Code (2016) and relevant JSE Requirements, and signed off by the Competent Persons. In reaching this conclusion, the committee considered the outcomes of the Mineral Resource and Mineral Reserve assurance processes, including internal technical compliance reviews and independent external assurance where appropriate, which confirmed the effectiveness of the control environment governing reserve estimation and reporting. The committee is satisfied that the report is appropriate in all material respects. Together with the strategy and investment committee, the committee reviewed and recommended the report for board approval. Integrated and sustainability reporting Annual integrated report The committee oversees the content of the annual integrated report and ensures compliance with applicable reporting frameworks, including the International Integrated Reporting F r a m e w o r k a n d r e l e v a n t i n v e s t o r ‑ f o c u s e d s u s t a i n a b i l i t y standards, such as those issued by the International Sustainability Standards Board (ISSB). The committee approved the material matters, structure and content of the report, as identified through independent third party facilitated senior management workshops, and recommended the report to the board for approval. Environmental, social and governance (ESG) report The committee reviews the material issues disclosed in the ESG report and oversees the appointment, scope and conclusions of independent assurance providers, including those c o v e r i n g c l i m a t e ‑ r e l a t e d i n d i c a t o r s . C l i m a t e d i s c l o s u r e s a n d o t h e r material matters are prepared jointly with the health, safety and environment committee and the social, transformation and ethics committee, and recommended to the board. Tax transparency and economic contribution report The committee reviewed the Group’s tax transparency and economic contribution report to ensure that the Group’s tax strategy, governance, risk management and economic contributions are presented accurately and in line with appropriate reporting frameworks. Risk management and compliance, internal control The committee oversees the Group’s system of risk management and internal control under delegation from the board. The Implats risk management framework is designed to identify current and emerging risks that could impact the achievement of strategic and operational objectives. It also ensures that the controls in place to mitigate these risks are properly identified and assessed, enabling assurance on the effectiveness of those controls. This process supports the determination of whether the Group’s risks fall within approved risk appetite and tolerance levels. The Implats executive committee conducts quarterly reviews of the material Group risks. Strategic risks are allocated to the relevant board committees, which assess the risk appetite and tolerance curves and management’s responses to these risks and evaluate emerging or special-interest risks. Where necessary, committees request detailed analysis from management to strengthen their understanding of specific risk areas. The committee also reviews risk management policies a n d p r o c e s s e s , r e c e i v e s q u a r t e r l y r e p o r t s o n G r o u p ‑ l e v e l a n d operational risks, and provides oversight of insurance coverage and the status of any material claims. The committee considered and approved the risk appetite and tolerance curves for the risks assigned to it, with a review performed at least annually. Further details on the Group’s material risks, the oversight responsibilities of each board committee, and related discussions are included in the annual integrated report available at ( www.implats.co.za). Internal controls Implats is committed to maintaining a strong ethical culture and a high level of risk awareness, supported by adequate and effective internal financial controls that ensure the integrity and reliability of the financial statements. As part of the Group’s combined assurance model, the committee reviews m a n a g e m e n t ’ s s e l f ‑ a s s e s s m e n t o f t h e e f f e c t i v e n e s s o f i n t e r n a l controls over strategic risks, together with internal audit’s independent assessment of control effectiveness. The committee receives quarterly reports on risk and control status, enabling discussion of findings and evaluation of remediation actions where required. The committee is satisfied that appropriate controls and r i s k ‑ m i t i g a t i o n m e a s u r e s a r e i n p l a c e , a n d c o n f i r m e d t h a t n o material or significant deficiencies were identified that could result in a material misstatement of the annual financial statements. 6 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Report of the audit and risk committee Technology and cyber security The committee received regular reports from the CIO on the Group's IT, OT, cybersecurity and enterprise technology environment. Oversight focused on cyber resilience, technology governance and the delivery of strategic transformation initiatives, including the migration from SAP ECC to SAP S/4HANA and the consolidation of the Impala Bafokeng ERP environment. The committee reviewed performance against the approved technology strategy and governance framework and is satisfied that key controls, including vulnerability monitoring, ransomware recovery testing and backup management, operated effectively during the year. Feedback from internal and external auditors and independent specialists was also considered. Artificial intelligence (AI) The committee received feedback on the governance and risk implications of the Group's data, automation and AI initiatives, including the roll-out of a generative AI solution and development of an AI adoption framework. Furthermore, the committee considered the outcome of a deep-dive on AI- related risks and key matters relating to cybersecurity, data privacy, regulatory compliance and responsible AI practices to support the responsible adoption of AI across the Group. The committee received a deep-dive on AI-related risks and considered key matters relating to cybersecurity, data privacy, regulatory compliance and responsible AI practices to support the responsible adoption of AI across the Group. Other risks and compliance The committee reviewed additional risk areas, including fraud risk, specific tax risks, security risks, and legislative compliance, and evaluated the measures implemented to safeguard Implats. Implats group internal audit (IGIA) IGIA provides independent assurance to the committee and coordinates the Group’s combined assurance activities. It consolidates assurance inputs into the combined assurance map and conducts internal audits and verification reviews on key strategic risks. 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 chief audit executive (CAE) reports directly to the committee chair (and administratively reports to the CFO) and has unrestricted access to committee members. Significant audit findings are escalated and reviewed in detail, with r e m e d i a t i o n a c t i o n s t r a c k e d t h r o u g h a f o r m a l i s s u e s ‑ l o g system. The committee reviewed IGIA’s quarterly reports, progress against the audit plan and annual effectiveness assessment, and remains satisfied that internal audit resources, methodologies and coverage are appropriate. Updated Global Internal Audit Standards have been incorporated into audit processes. IGIA’s annual assessment, aligned with King V principles, concluded that the Group’s internal controls, risk management processes and internal financial controls were effective. C y b e r ‑ r e l a t e d a n d a u t o m a t i o n r i s k s c o n t i n u e t o b e m o n i t o r e d u s i n g s p e c i a l i s t s u p p o r t a n d d a t a ‑ d r i v e n t e c h n i q u e s . Quarterly reviews reported to the committee during the period confirmed that related controls were operating effectively, with no material concerns raised. Forensic and whistleblower activities I m p l a t s m a i n t a i n s r o b u s t a n t i ‑ f r a u d a n d e t h i c s m e c h a n i s m s , i n c l u d i n g a t o l l - f r e e , i n d e p e n d e n t l y o p e r a t e d 2 4 ‑ h o u r whistleblower hotline (number: 0800 005 314) in all the official languages of South Africa. Quarterly reports on allegations, case outcomes and corrective actions are reviewed by the committee, with confidentiality and anonymity safeguarded. Chief audit executive review Through its annual performance appraisal, the committee confirmed the competence, independence and strong performance of the CAE, Ms Daneshri Naidu, and is satisfied with the effectiveness of the internal audit function. External audit Auditor effectiveness and independence – assessment of Deloitte The committee evaluated the external auditors’ independence, expertise and overall effectiveness, and confirmed the suitability and independence of the auditor and the designated lead audit p a r t n e r , M r N t o k o z o N x u m a l o , i n a c c o r d a n c e w i t h J S E Listings R e q u i r e m e n t 5 . 7 ( h ) ( i i i ) . The committee reviewed Deloitte’s internal and Independent Regulatory Board for Auditors quality assessment reports, including progress on related remedial actions. It also reviewed and approved the 2026 external audit plan and key audit risks. In assessing audit quality, the committee considered the planning, execution and delivery of the audit, together with management’s feedback, and found Deloitte’s performance satisfactory. No unresolved matters between the Group and the external auditors were reported to the committee. 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Report of the audit and risk committee Audit fees The committee, in consultation with executive management, approved the audit fee for the 2026 financial year, as disclosed in note 6 of the consolidated annual financial statements. T o p r o t e c t a u d i t o r i n d e p e n d e n c e , n o n ‑ a u d i t s e r v i c e s a r e governed by a policy that limits such services as a percentage o f t h e a u d i t f e e . A l l n o n ‑ a u d i t s e r v i c e s w e r e p r e ‑ a p p r o v e d a n d none were considered to impair 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 supported its recommendation to reappoint Deloitte as auditor for an eighth term, through to the conclusion of the 2027 annual general meeting. Accordingly, resolutions to approve Deloitte’s reappointment will be proposed at the annual general meeting which will be held on 29 October 2026. Key audit matters The external auditors identified impairment reversals and the determination of physical quantities and measurement of in- process metal inventories as key audit matters in their 2026 audit. The committee discussed both matters with the external auditor, including the audit procedures performed and conclusions reached and was satisfied with the assessments of both management and the external auditor. The report of the external auditor is contained on pages 12 to 15. Chief financial officer and finance function review The committee reviewed the internal assessment of the skills, e x p e r t i s e a n d e x p e r i e n c e o f M s M e r o o n i s h a K e r b e r , G r o u p CFO, and is satisfied that she possesses the appropriate competencies to fulfil her responsibilities. The committee also evaluated the capability, ongoing development and resourcing of the finance function and concluded that its expertise and capacity remain appropriate for the Group’s requirements. Future focus areas The year ahead is expected to remain characterised by heightened uncertainty across the economic, technological, regulatory and geopolitical landscape in which the Group operates. The accelerating convergence of cyber threats, rapid advancements in artificial intelligence, evolving regulatory requirements and ongoing economic volatility continues to shape boardroom priorities and challenge traditional risk management approaches. Against this backdrop, the committee will maintain its focus on strengthening governance, enhancing the resilience of investor-focused financial and reporting and control environments, and ensuring effective oversight of emerging and evolving risks. The committee’s key priorities for the year ahead include: ▪ Impala Canada closure: Monitor the preparing of closure or care and maintenance of Impala Canada’s operations, with a focus on the adequacy of rehabilitation provisions, funding and compliance with closure obligations. ▪ Cybersecurity, AI and digital risk: Oversee the Group’s cybersecurity and AI risk management and control environment, including the remediation of actions arising from the recent cyber incident. Monitor risks associated with IT and OT integration, and provide oversight of AI governance, responsible adoption, and compliance with evolving regulatory and ethical requirements across the Group. ▪ IFRS 18 adoption: Monitor the Group’s readiness for the implementation of IFRS 18, including the impact on financial reporting processes, systems and controls. ▪ Sustainability reporting and governance: Monitor developments in these areas to ensure the Group maintains appropriate resources, governance and controls to meet evolving stakeholder and regulatory expectations. 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 Chairman of the audit and risk committee 3 September 2026 8 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Directors’ responsibility statement 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 2026. The annual financial statements have been prepared in accordance with the IFRS Accounting Standards, the requirements of the Companies Act, Act No 71 of 2008 (as amended) and the Requirements of the JSE Limited (the JSE 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 8. 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 138 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 3 September 2026 Financial statement assurance Consolidated financial statements Company financial statements Additional information 9 Implats l Audited Annual Financial Statements 2026
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Chief executive officer and chief financial officer responsibility statement Each of the directors, whose names are stated below, hereby confirms that: (a) The annual financial statements set out on pages 21 to 138 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, and we have 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 3 September 2026 10 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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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 3 September 2026 Financial statement assurance Consolidated financial statements Company financial statements Additional information 11 Implats l Audited Annual Financial Statements 2026
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Independent auditor’s report 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 138, which comprise the consolidated and separate statement of financial position as at 30 June 2026; 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 2026, 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), as applicable to audits of financial statements of public interest entities, 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 R1.2 billion (2025: R966 million). R359 million (2025: R392 million). How we determined it It represents 1% of the group’s consolidated equity balance at 30 June 2026. It represents 1% of total assets at 30 June 2026. 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 seven components. The following audit scoping was applied: ▪ Six 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 seven components account for 99% of the Group’s total assets and 100% of the Group’s revenue. 12 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Independent auditor’s report Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated 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. 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 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 20 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; ▪ Evaluated the design and implementation of key metal accounting controls, including an evaluation of the process by our technical mining advisory specialists; ▪ Tested the operating effectiveness of controls that measure in-process metal inventories quantities, including the relevant automated controls; ▪ Attended the physical in-process metal inventories counts at the refineries and the smelter; ▪ Using our internally developed metal accounting tool, verified the accuracy of management’s inventories valuation; ▪ 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 13 Implats l Audited Annual Financial Statements 2026
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Independent auditor’s report Key Audit Matter How the matter was addressed in the audit Impairment reversal – Impala cash generating unit Due to the improvement in the PGM commodity prices experienced in the current year together with an improved outlook for the PGM sector, management has recognised an impairment reversal of: ▪ R11.1 billion (before tax) at Impala; Significant judgement is required by the directors in assessing the CGU for impairment reversal. The recoverable amount is underpinned by judgements and estimates applied in the determination of cash flow forecasts and the net assets comprising the CGUs. Accordingly, for the purposes of our audit, we identified the CGU impairment reversal assessment as a key audit matter. The estimates and judgements relating to the impairment reversal recognised have been disclosed in notes 4, 11 and 19 of the consolidated financial statements. Our work on the impairment reversal recognised in the current year included: ▪ Performed enquiries with management to understand and document the process followed to prepare the impairment models and tested the design and implementation of the relevant controls for selected key assumptions; ▪ Obtained management’s documented assessment of the key judgements and estimates used in the impairment models; ▪ Engaged our corporate finance specialists to assist with evaluating the appropriateness of the discount rate used to discount the cash flows used in the impairment models; ▪ Engaged our technical mining advisory specialists to assist in evaluation of key assumptions including the reserves used in the future production estimates, a review of the life-of- mine, review of the of the forecast commodity prices and exchange rate used in the impairment models as well as assessing the reasonableness of forecast operating and capital expenditures; ▪ Assessed the integrity and mechanical accuracy of the impairment models and concluded on the reasonability of the key inputs into the discounted cash flow model. ▪ Assessed the reasonableness of judgements applied in the determination of net assets which comprise the CGUs; and ▪ Assessed the appropriateness of the disclosure contained in the Group annual financial statements relating to the impairment reversal recognised to ensure that the disclosures are appropriate in terms of IFRS The assumptions used in the discounted cash flow model are reasonable and therefore the impairment reversal recognised including the relevant disclosures in the consolidated financial statements relating to the impairment are appropriate. 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 Annual Financial Statements for the year ended 30 June 2026”, which includes the Directors’ Report, the Audit Committee’s Report and the Company Secretary’s Certificate, as required by the Companies Act of South Africa. 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. 14 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Independent auditor’s report 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 group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group 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. 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. Audit Tenure In terms of the IRBA Rule published in Government Gazette No. 39475 dated 4 December 2015, we report that Deloitte has been the auditor of Impala Platinum Holdings Limited for 7 years. Other Legal and Regulatory Requirements – Reportable Irregularity In accordance with our responsibilities in terms of sections 44(2) and 44(3) of the Auditing Profession Act, we report that we identified a Reportable Irregularity in terms of the Auditing Profession Act, and reported this matter to the Independent Regulatory Board for Auditors. The matter pertaining to the Reportable Irregularity was resolved and was previously described in note 23 to the Interim Financial Statements for the period ended 31 December 2025. Deloitte & Touche Registered Auditor Per: Ntokozo Nxumalo Partner 3 September 2026 5 Magwa Crescent Waterfall City Midrand South Africa Financial statement assurance Consolidated financial statements Company financial statements Additional information 15 Implats l Audited Annual Financial Statements 2026
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Directors’ report for the year ended 30 June 2026 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) 100 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 New and amended standards were effective for the first time on 1 July 2025 or were not yet effective and early adopted by the Group on 1 July 2025. None of these amendments had an impact on the Group’s financial results. 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 122. 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 R7.2 billion (2025: R7.0 billion). Dividends The Company’s dividend policy is aligned with its capital allocation framework, which seeks to balance the delivery of sustainable and attractive shareholder returns with the maintenance of a strong and flexible balance sheet. The framework also ensures that the Group remains appropriately capitalised to fund operational requirements and pursue value-accretive growth opportunities. During the period, the board approved an amendment to the dividend policy to provide shareholders with greater transparency and certainty regarding the level of ordinary returns and the circumstances under which additional distributions may be made. Under the previous policy, the Company targeted a minimum dividend payout of 30% of adjusted free cash flow, before growth capital expenditure, while retaining the discretion to increase or decrease the payout based on the Group’s financial position, prevailing market conditions and capital allocation priorities at the time. To enhance clarity for shareholders, the board has approved the following revised framework: ▪ a base dividend equivalent to 30% of adjusted free cash flow, before growth capital expenditure, through the cycle; and ▪ where appropriate, and subject to maintaining a strong balance sheet, provide additional returns to shareholders through the declaration of an additional ordinary dividend in excess of the base dividend. For the 12 months ended 30 June 2026, supportive precious and base metal pricing, combined with strong operational performance, generated free cash inflow of R22 billion. After adjusting for non-discretionary outflows of R1.1 billion, the Group recorded adjusted free cash flow of R20.9 billion for the financial year. In line with the revised framework, stakeholders are advised that the board has resolved to declare a final cash base dividend of 490 cents per ordinary share or R4.4 billion, together with an additional ordinary dividend of 955 cents per ordinary share or R8.7 billion, amounting to R13.1 billion in aggregate as at the date of declaration, for the financial year ended 30 June 2026. The dividend will be paid from retained earnings. 16 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Directors’ report for the year ended 30 June 2026 Accordingly, together with the interim dividend of 410 cents per ordinary share, or R3.7 billion, total dividends declared for the year ended 30 June 2026 amounted to 1 855 cents per ordinary share, or R16.8 billion in aggregate. Together with R0.3 billion paid to minority shareholders, a total of R17.1 billion, or 82% of adjusted free cash flow, was allocated to shareholder returns in the period. The revised approach reinforces the Company’s commitment to delivering sustainable shareholder returns while maintaining the financial flexibility required to support long-term value creation. Post-balance sheet events 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 8 and note 9 of the annual financial statements of the Company. Share capital 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 There was no movement in the authorised and issued share capital during the year. The issued share capital was 904 368 485 ordinary no par value shares at 30 June 2026. The authorised share capital remained 1 044 008 000 no par value shares and the unissued share capital remained 139 639 515. Further details on the authorised and issued share capital appear in note 24 of the consolidated annual financial statements. Shares repurchased The Group repurchased 4 072 183 shares (2025: 5 529 363 shares) in the market at the average price of R225.47 (2025: 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 6 801 462 treasury shares held in terms of the long-term incentive plans. Share-based compensation The participation of the executive directors and prescribed officers in the Group’s share option schemes are set out in Annexure D of the consolidated financial statements. American depositary receipts At 30 June 2026, Implats had 23 177 569 (2025: 27 020 273) 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. Implats migrated its ADR programme to JP Morgan on 1 July 2026. Shareholding in the Company The issued capital of the Company held by public and non-public entities as at 30 June 2026 was as follows: Shareholder type Number of shareholders % of total shareholders Number of shares % of issued capital t a l Public shareholders 26 310 99.95 896 506 154 99.13 Non-public shareholders 14 0.05 7 862 331 0.87 Treasury 1 0.00 6 801 462 0.75 Directors and prescribed officers 13 0.05 1 060 869 0.12 Total 26 324 100.00 904 368 485 100.00 Financial statement assurance Consolidated financial statements Company financial statements Additional information 17 Implats l Audited Annual Financial Statements 2026
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Directors’ report for the year ended 30 June 2026 Beneficial shareholdings The following table provides the details of the beneficial shareholding of more than 3% at 30 June 2026: Beneficial shareholdings Total shareholding % of issued capital Government Employees Pension Fund (PIC) 171 208 336 18.93 Total 171 208 336 18.93 Investment management shareholdings The following investment managers held, directly or indirectly, more than 3% of the issued share capital at 30 June 2026: Investment manager Total shareholding % of issued capital PIC 131 768 921 14.57 The Vanguard Group Inc 39 923 822 4.41 Ninety One SA (Pty) Ltd 36 840 899 4.07 Lingotto Investment Management, LLP 35 936 572 3.97 Fidelity Management & Research Company 35 911 266 3.97 Fairtree Asset Management Pty Ltd 29 859 764 3.30 M&G Investment Managers (Pty) Ltd 29 110 825 3.22 BlackRock Advisors, LLC 28 185 237 3.12 Total 367 537 306 40.63 Directorate The board comprises nine (9) independent non-executive directors, one (1) non-executive director and three (3) executive directors. Several changes to the board have occurred since 30 June 2025. As reported last year, Ms Mpho Nkeli and Mr Billy Mawasha did not offer themselves for re-election and accordingly retired at the conclusion of the annual general meeting (AGM) on 30 October 2025. The board appointed Mr Lucky Kgatle and Mr July Ndlovu to replace the retiring directors. In compliance with the Company’s Memorandum of Incorporation the JSE Listings Requirements, Mr Kgatle and Mr Ndlovu will retire at the next AGM and being eligible, will offer themselves for election. Adv Thandi Orleyn, Ms Boitumelo Koshane and Mr Preston Speckmann will retire by normal rotation and will offer themselves for re-election. The board will recommend to shareholders the re-election of the three retiring directors and the election of Mr Kgatle and Mr Ndlovu. The average length of service of the current ten (10) non-executive directors is 6.1 years (2025: 6.6 years), while that of the three (3) executive directors is 8.6 years (2025: 7.6 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 NL Kgatle Independent non-executive director 1 May 2026 BT Koshane Non-executive director 27 August 2019 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 J Ndlovu Independent non-executive director 1 May 2026 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 Gender Male 7 Female 6 Nationality Black South African 9 White South African 4 Independence Executive 3 Non-executive 1 Independent non-executive 9 18 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Directors’ report for the year ended 30 June 2026 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 2026 and the date of this report. The beneficial interest of the directors and prescribed officers in the Company’s issued ordinary shares at 30 June 2026 is shown below: Direct Directors 2026 2025 NDB Orleyn 300 300 NJ Muller 348 129 509 379 M Kerber 73 823 108 823 LN Samuel 58 807 92 307 Company secretary TT Llale 76 76 Prescribed officers M Motlhageng 34 576 22 336 SP Morutlwa 9 214 — K Chilvers 62 601 91 144 SE Sibiya 45 304 46 480 J Theron 79 810 79 810 T Hill 26 590 26 590 A Mhembere 299 139 206 595 Total 1 038 369 1 183 840 Indirect Directors 2026 2025 ZB Swanepoel 22 500 22 500 The above disclosure includes 1 015 960 shares held in terms of the minimum shareholding requirement for the executive directors and prescribed officers. In addition, in terms of the long-term incentive plan, the executive directors and prescribed officers held 1 443 358 awards to acquire shares in the Company subject to the performance conditions being met, 582 269 bonus share plan awards and 81 041 awards in terms of the matching share plan. Refer to Annexure D of the consolidated annual financial statements for the movement during the year in these awards. 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. Authority to provide financial assistance Shareholders authorised the directors be and are hereby authorised in terms of, and subject to, the provisions of sections 44 and/or 45 of the Companies Act to authorise the Company to provide any direct and/or indirect financial assistance. 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 19 Implats l Audited Annual Financial Statements 2026
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Directors’ report for the year ended 30 June 2026 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 page 139. United Kingdom secretaries The business and postal addresses of the United Kingdom secretaries are set out on page 139. 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 2026 was Deloitte. Mr Ntokozo Nxumalo was confirmed as the designated audit partner effective 30 October 2025. Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited acted as the Company’s JSE sponsor. Annual general meeting The annual general meeting will be held on Thursday, 29 October 2026 at 10:00. Please refer to the notice for further details of the ordinary and special business for consideration at the meeting. 20 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Consolidated financial statements for the year ended 30 June 2026 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: 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. AP Accounting policies The specific principles, bases, conventions, rules and practices applied in preparing and presenting financial statements. 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 9 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: R16.40 (2025: R17.72) Average rate: R16.91 (2025: R18.17) C$2/ZAR Year-end rate: R11.54 (2025: R13.01) Average rate: R12.24 (2025: R13.02) 1 U n i t e d S t a t e s d o l l a r . 2 C a n a d i a n d o l l a r . The following Zimbabwe Gold/US dollar exchange rates were used when preparing these consolidated financial statements: US$/ZWG1 Year-end rate: ZWG26.87 (2025: ZWG26.95) Average rate: ZWG26.20 (2025: ZWG23.29) 1 Z i m b a b w e G o l d . 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. 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 21 Implats l Audited Annual Financial Statements 2026
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Consolidated financial statements for the year ended 30 June 2026 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 and new standard are not yet effective and were early adopted by the Group on 1 July 2025: Amendments to IAS 21 Translation to a hyperinflationary presentation currency ▪ The amendments to IAS 21 clarify that financial statements are translated from a non-hyperinflationary currency into a hyperinflationary currency by using the closing rate at the date of the most recent statement of financial position ▪ The amendments also include exceptions to not re-translate comparatives of foreign operations with the currency of a non-hyperinflationary economy for entities that have a hyperinflationary functional and presentation currency ▪ The amendments did not have an impact on these financial statements. Amendments to illustrative examples: Disclosures about uncertainties in the financial statements ▪ Using climate-related examples, the amendments introduce additional illustrative examples impacting general and financial instruments disclosures, impairment of non-financial assets and provisions ▪ The amendments illustrate how entities can report on uncertainties in the financial statements by applying the existing disclosure requirements in the IFRS Accounting Standards and do not change or add to the existing requirements in IFRS Accounting Standards ▪ The amendments did not have an impact on these financial statements. IFRS 20 Regulatory Assets and Regulatory Liabilities ▪ This standard replaces IFRS 14 Regulatory Deferral Accounts, and introduces requirements for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expenses for entities that are party to regulatory agreements ▪ The standard aims to provide more transparent information about the effects of rate regulation on an entity’s financial performance, financial position and future cash flows ▪ The standard did not have an impact on these financial statements. The following amendments to standards and new standard are not yet effective and were not early adopted by the Group on 1 July 2025: Amendments to IAS 28 Investments in Associates and Joint Ventures ▪ These amendments clarify which entities are eligible to measure investments in associates and joint ventures at fair value through profit or loss, rather than applying the equity method ▪ The amendments specify that the fair value option is available to entities whose main business activity is investing in particular types of assets as defined in IFRS 18, in addition to venture capital organisations, mutual funds and unit trusts ▪ The amendments are effective when the entity first applies IFRS 18, being annual periods beginning on or after 1 January 2027, with early application permitted ▪ The amendments are not expected to have an impact on the financial statements. IFRS 18 Presentation and Disclosure in the Financial Statements ▪ This 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 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 of the Group’s financial performance and related disclosures. The standard will be applied retrospectively, necessitating the restatement of comparative figures. 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 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, including 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. 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. 22 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Consolidated financial statements for the year ended 30 June 2026 Judgements and estimates 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) ▪ Reversal of impairment (notes 4, 11 and 19) ▪ Valuation and measurement of inventory (note 20) ▪ Environmental rehabilitation provision (note 27). Summary of selected accounting policies: ▪ 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), the 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 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 between the Zimbabwe Gold and the US dollar was established through the interbank market. 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 the transaction date. The average exchange rate is, where appropriate, used as an approximation of the actual rate at the 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 23 Implats l Audited Annual Financial Statements 2026
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Consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 2026 Notes 2026 Rm 2025 Rm Revenue 2 135 146 85 459 Cost of sales 3 (102 007) (83 016) Gross profit 33 139 2 443 Reversal of impairment 4 11 119 – Other income 5 750 946 Other expenses 6 (768) (1 093) Finance income 7 1 206 989 Finance costs 8 (1 094) (1 001) Net foreign exchange transaction losses (1 240) (294) Share of profit/(loss) of equity-accounted entities 14 1 628 (497) Profit before tax 44 740 1 493 Income tax expense 9 (13 072) (786) Profit for the year 31 668 707 Other comprehensive loss comprising items that may subsequently be reclassified to profit or loss: Exchange differences on translating foreign operations (2 160) (904) Deferred tax thereon 15 (357) 106 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 16 43 309 Deferred tax thereon 15 4 (83) Actuarial loss on post-employment medical benefit 30 (8) (3) Deferred tax thereon 15 2 1 Total other comprehensive loss (2 476) (574) Total comprehensive income 29 192 133 Profit/(loss) attributable to: Owners of the Company 31 039 761 Non-controlling interests 26 629 (54) 31 668 707 Total comprehensive income/(loss) attributable to: Owners of the Company 28 822 291 Non-controlling interests 370 (158) 29 192 133 Earnings per share (cents) Basic 10 3 459 85 Diluted 10 3 438 84 The notes and annexures on pages 29 to 122 are an integral part of these consolidated financial statements. 24 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Consolidated statement of financial position as at 30 June 2026 Notes 2026 Rm 2025 Rm ASSETS Non-current assets Property, plant and equipment 11 68 091 63 226 Investment property 12 102 114 Goodwill 13 3 523 3 523 Investments in equity-accounted entities 14 10 623 9 596 Deferred tax 15 19 – Financial assets at fair value through other comprehensive income 16 1 045 1 002 Environmental rehabilitation investments 17 4 027 3 162 Other financial assets 18 1 107 1 175 Prepayments and other assets 19 2 407 180 90 944 81 978 Current assets Inventories 20 32 734 29 735 Trade and other receivables 21 13 805 11 012 Current tax receivable 22 472 252 Environmental rehabilitation investments 17 1 133 – Other financial assets 18 49 41 Prepayments and other assets 19 2 039 1 211 Cash and cash equivalents 23 23 534 11 628 73 766 53 879 Total assets 164 710 135 857 EQUITY AND LIABILITIES Equity Share capital 24 30 390 30 838 Retained earnings 70 578 44 952 Foreign currency translation reserve 10 369 12 627 Share-based payment reserve 25 2 674 2 431 Other components of equity 758 711 Equity attributable to owners of the Company 114 769 91 559 Non-controlling interests 26 5 349 5 056 Total equity 120 118 96 615 LIABILITIES Non-current liabilities Deferred tax 15 16 914 12 173 Provisions 27 4 952 4 308 Deferred revenue 28 1 416 1 338 Borrowings 29 1 539 1 636 Other liabilities 30 139 156 24 960 19 611 Current liabilities Trade and other payables 31 17 715 16 251 Current tax payable 22 515 489 Provisions 27 66 240 Deferred revenue 28 265 261 Borrowings 29 855 2 154 Other liabilities 30 216 236 19 632 19 631 Total liabilities 44 592 39 242 Total equity and liabilities 164 710 135 857 The notes and annexures on pages 29 to 122 are an integral part of these consolidated financial statements. Financial statement assurance Consolidated financial statements Company financial statements Additional information 25 Implats l Audited Annual Financial Statements 2026
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Consolidated statement of changes in equity for the year ended 30 June 2026 Share capital Rm Retained earnings Rm Balance at 30 June 2024 31 096 44 276 Shares purchased – long-term incentive plans (note 24) (592) – Transfer of reserves 334 (83) Share-based compensation expense (note 25) – – Total comprehensive income/(loss) – 759 Profit/(loss) for the year – 761 Other comprehensive (loss)/income – (2) Dividends paid – – Balance at 30 June 2025 30 838 44 952 Shares purchased – long-term incentive plans (note 24) (939) – Transfer of reserves 491 (14) Share-based compensation expense (note 25) – – Total comprehensive income/(loss) – 31 033 Profit for the year – 31 039 Other comprehensive (loss)/income – (6) Dividends paid to shareholders of the Company – (5 162) Dividends paid to BEE owner and non-controlling interests – (231) Balance at 30 June 2026 30 390 70 578 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 122 are an integral part of these consolidated financial statements. 26 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Consolidated statement of changes in equity for the year ended 30 June 2026 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 13 321 2 221 485 91 399 5 226 96 625 – – – (592) – (592) – (251) – – – – – 461 – 461 – 461 (694) – 226 291 (158) 133 – – – 761 (54) 707 (694) – 226 (470) (104) (574) – – – – (12) (12) 12 627 2 431 711 91 559 5 056 96 615 – – – (939) – (939) – (477) – – – – – 720 – 720 – 720 (2 258) – 47 28 822 370 29 192 – – – 31 039 629 31 668 (2 258) – 47 (2 217) (259) (2 476) – – – (5 162) – (5 162) – – – (231) (77) (308) 10 369 2 674 758 114 769 5 349 120 118 Financial statement assurance Consolidated financial statements Company financial statements Additional information 27 Implats l Audited Annual Financial Statements 2026
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Consolidated statement of cash flows for the year ended 30 June 2026 Notes 2026 Rm 2025 Rm Cash flows from operating activities Cash generated from operations 32 34 446 8 743 Finance costs paid (427) (385) Income tax paid 22 (7 320) (992) Net cash inflow from operating activities 26 699 7 366 Cash flows from investing activities Purchase of property, plant and equipment 11 (6 879) (6 857) Decrease in deposits on property, plant and equipment 47 293 Proceeds from the sale of property, plant and equipment 76 87 Acquisition of interest in equity-accounted investments 14 (61) (43) Proceeds from the sale of environmental rehabilitation financial assets – 178 Investments in environmental rehabilitation financial assets (1 645) (178) Finance income received 1 166 963 Dividends received 747 451 Other 101 51 Net cash outflow from investing activities (6 448) (5 055) Cash flows from financing activities Purchase of shares for long-term incentive plans (939) (592) Proceeds from borrowings 29 – 717 Repayments of borrowings 29 (1 305) (45) Repayments of lease liabilities 29 (338) (298) Dividends paid to shareholders of the Company 36 (5 162) – Dividends paid to BEE owner and non-controlling interests (308) (12) Net cash outflow from financing activities (8 052) (230) Net increase in cash and cash equivalents 12 199 2 081 Cash and cash equivalents at the beginning of the year 11 628 9 629 Effect of exchange rate changes on cash and cash equivalents held in foreign currencies (293) (82) Cash and cash equivalents at the end of the year 23 23 534 11 628 The notes and annexures on pages 29 to 122 are an integral part of these consolidated financial statements. 28 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 1. 1Segment information Notes to operating segment analysis The Group identified Mining, Impala Refining Services (IRS), and ‘All other segments’ as reportable 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. On 1 July 2025, the operations of Impala Bafokeng Resources (IBR) were consolidated into Impala to align the legal structure with the current reporting lines in place. To give effect to the consolidation, IBR transferred its entire business, including all its assets and liabilities at carrying value, to Impala as a going concern. The assets transferred include goodwill of R190 million which was previously allocated to the Impala Bafokeng segment. The prior period’s segment disclosures have been restated to reflect these changes. Additional segment disclosures relating to revenue, assets, liabilities, and a further disaggregation of cost of sales have been included to enhance the quality of reporting and better align segment disclosures with the information presented within cost of sales. These disclosures are set out in Annexure A. Revenue flows The Group’s segments generate revenues from the respective geographical locations in which they operate. ‘All other segments’ includes the Group’s chrome operation as well as equity-accounted entities (note 14). ▪ Impala mines and refines its own metal inventories, which it sells externally to third parties (R47 908 million) and also sells PGM concentrate to one external customer in South Africa (R17 675 million). Sales are disaggregated geographically in note 2 ▪ Impala Canada sells mined PGM concentrate to one external customer in North America ▪ IRS, a division of Impala, is dedicated to the smelting and 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 Canada) 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 13% and 11% (2025: 10% 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 2026 Rm 2025 Rm 2026 Rm 2025 Rm 2026 Rm 2025 Rm South Africa 135 061 84 738 4 510 4 054 38 336 30 992 Zimbabwe 21 387 14 957 2 704 2 925 33 036 34 873 Canada 5 883 4 649 – – 344 998 Intersegment revenue (27 185) (18 885) – – – – 135 146 85 459 7 214 6 979 71 716 66 863 1 Non-current assets comprise property, plant and equipment, investment property and goodwill. 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 29 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 1. Segment information continued June 2026 Segment profit or loss Mining segments Impala Rm Marula Rm Zimplats Rm Impala Canada Rm Revenue 65 407 6 043 21 387 5 883 Cost of sales (49 050) (5 577) (14 575) (4 861) Gross profit/(loss) 16 357 466 6 812 1 022 Reversal of impairment 11 119 – – – Other (expenses)/income (287) 51 (422) 81 Finance income 926 22 21 53 Finance costs (614) (79) (263) (291) Net foreign exchange transaction losses (512) – (158) (31) Share of profit of equity-accounted entities – – – – Profit/(loss) before tax 26 989 460 5 990 834 Income tax (expense)/credit (7 301) (160) (2 982) (293) Profit/(loss) for the year 19 688 300 3 008 541 External revenue2 65 583 – – 5 883 1 Total reconciliation loss of R285 million comprises consolidation adjustments to inventory. 2 External revenue excludes intersegment revenue. Segment cash flow Net increase/(decrease) in cash and cash equivalents 7 612 – (679) 937 Net cash inflow/(outflow) from operating activities 12 190 647 3 060 2 026 Net cash (outflow)/inflow from investing activities (3 477) (183) (2 522) (1 078) Net cash outflow from financing activities (1 101) (464) (1 217) (11) Capital expenditure including right-of-use assets 4 188 261 2 704 – 30 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation1 Rm Total Rm 98 720 62 822 789 (27 185) 135 146 (74 063) (54 021) (508) 26 585 (102 007) 24 657 8 801 281 (600) 33 139 11 119 – – – 11 119 (577) – 349 210 (18) 1 022 118 1 027 (961) 1 206 (1 247) – (808) 961 (1 094) (701) (77) (462) – (1 240) – – 1 628 – 1 628 34 273 8 842 2 015 (390) 44 740 (10 736) (2 311) (130) 105 (13 072) 23 537 6 531 1 885 (285) 31 668 71 466 62 822 858 – 135 146 7 870 4 314 15 – 12 199 17 923 8 633 (600) 743 26 699 (7 260) 118 1 437 (743) (6 448) (2 793) (4 437) (822) – (8 052) 7 153 – 61 – 7 214 Financial statement assurance Consolidated financial statements Company financial statements Additional information 31 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 1. Segment information continued June 2025 Segment profit or loss Mining segments Impala1 Rm Marula Rm Zimplats Rm Impala Canada Rm Revenue 41 545 4 123 14 957 4 649 Cost of sales (43 385) (5 060) (13 187) (5 174) Gross (loss)/profit (1 840) (937) 1 770 (525) Other income/(expenses) 520 (11) (207) (445) Finance income 957 86 13 42 Finance costs (745) (12) (175) (295) Net foreign exchange transaction (losses)/gains (106) – (249) (10) Share of loss of equity-accounted entities – – – – (Loss)/profit before tax (1 214) (874) 1 152 (1 233) Income tax credit/(expense) 251 237 (319) 94 (Loss)/profit for the year (963) (637) 833 (1 139) External revenue3 41 685 – – 4 649 1 The prior year segment disclosures were restated to reflect the consolidation of IBR into Impala. As these changes did not result from a change in accounting policy or a correction of a prior period error, no restatement note has been prepared. 2 Total reconciliation loss of R799 million comprises consolidation adjustments to inventory. 3 External revenue excludes intersegment revenue. Segment cash flow Net (decrease)/increase in cash and cash equivalents (5 573) 2 399 229 Net cash inflow/(outflow) from operating activities 2 035 (491) 2 308 229 Net cash (outflow)/inflow from investing activities (2 510) (307) (2 585) 7 Net cash (outflow)/inflow from financing activities (5 098) 800 676 (7) Capital expenditure including right-of-use assets 3 651 402 2 925 – 32 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation2 Rm Total Rm 65 274 38 439 631 (18 885) 85 459 (66 806) (33 878) (361) 18 029 (83 016) (1 532) 4 561 270 (856) 2 443 (143) 9 95 (148) (187) 1 098 105 659 (833) 1 029 (1 227) – (607) 833 (1 001) (365) 137 (66) – (294) – – (497) – (497) (2 169) 4 812 (146) (1 004) 1 493 263 (1 300) 46 205 (786) (1 906) 3 512 (100) (799) 707 46 334 38 439 686 – 85 459 (4 943) 4 189 2 835 – 2 081 4 081 3 273 (578) 590 7 366 (5 395) 105 825 (590) (5 055) (3 629) 811 2 588 – (230) 6 978 – 1 – 6 979 Financial statement assurance Consolidated financial statements Company financial statements Additional information 33 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 2. Revenue 2026 Rm 2025 Rm 2.1 Disaggregation of revenue by category Sale of goods 133 417 84 433 Platinum 49 541 28 343 Palladium 28 354 19 964 Rhodium 28 670 17 178 Nickel 3 827 3 740 By-products 23 025 15 208 Commodity price adjustments 1 122 536 Revenue from gold streaming 245 195 Deferred revenue recognised (note 28) 223 179 Variable consideration 22 16 Revenue from services – toll refining 362 295 135 146 85 459 2.2 Analysis of revenue by destination Main products (Pt, Pd, Rh and Ni) 111 247 69 681 Asia (mainly Japan) 42 160 27 237 Western Europe 29 415 17 847 North America 20 571 12 824 South Africa 19 101 11 773 By-products 23 537 15 483 South Africa 9 305 6 040 Asia (mainly Japan) 5 740 4 235 Western Europe 4 440 2 819 North America 3 543 2 036 Australia 264 158 Bermuda 245 195 Toll refining 362 295 Rest of Africa 355 290 South Africa 7 5 135 146 85 459 Annexure A contains additional disclosure of revenue per reportable segment. 34 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 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 North, 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 35 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 3. Cost of sales 2026 Rm 2025 Rm Production costs On-mine operations 47 521 42 733 Wages and salaries 22 697 21 088 Materials and consumables 20 334 17 674 Utilities 4 490 3 971 Processing operations 15 264 13 394 Wages and salaries 2 757 2 370 Materials and consumables 7 544 6 402 Utilities 4 963 4 622 Refining and selling 2 923 2 674 Wages and salaries 984 916 Materials and consumables 1 522 1 401 Utilities 417 357 Depreciation of operating assets (notes 11 and 32) 8 634 7 712 Other costs Metals purchased 24 505 15 519 Increase in metal inventories (3 311) (3 510) Royalty expenses 3 225 1 774 Corporate costs 1 588 1 530 Wages and salaries 799 927 Insurance 458 448 Donations 9 19 Other costs 322 136 Chrome operation – cost of sales 441 359 Share-based compensation and other 1 217 831 102 007 83 016 The following disclosure items are included in cost of sales: Repairs and maintenance expenditure on property, plant and equipment 5 929 5 360 Cost of inventories sold1 98 902 81 009 1 The cost of inventories sold excludes the net realisable value adjustment of R307 million (2025: R7 million) disclosed in note 20. Employment benefit expense comprises: Wages and salaries 25 677 23 822 Pension costs – defined contribution plans 1 560 1 479 Share-based compensation 1 187 782 Cash-settled 431 321 Equity-settled 756 461 28 424 26 083 36 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 3. Cost of sales continued AP Short-term employee benefits Remuneration to employees is charged to profit or loss. 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 25 and 30. 4. Reversal of impairment 2026 Rm 2025 Rm Property, plant and equipment (note 11) 8 528 – Prepaid royalty (note 19.1) 2 591 – 11 119 – The significant increase in rand-denominated PGM prices has resulted in improved expected future operating results for the Group. Consequently, a total impairment reversal of R11 119 million was recognised during the year, comprising R8 528 million relating to previously impaired shafts, mining development and infrastructure at the Impala Rustenburg mining operation, and R2 591 million relating to the prepaid royalty to the Royal Bafokeng Nation (RBN) within the Impala operating segment. The reversal of impairment was limited to what the carrying amounts of the assets would have been at 30 June 2026 had the assets not been impaired. Refer to notes 11 and 19 for additional disclosure relating to the reversal of the impairment. EJ Reversal of impairment The key financial assumptions for the CGU used in the impairment reversal calculations were: ▪ An overall long-term real basket price per 6E ounce sold of R34 800 adjusted for the individual asset of CGU’s prill split ▪ A long-term pre-tax real discount rate of 21.4% and a long-term post-tax real discount rate of 14% ▪ In situ resource valuation of between US$3.50 and US$19.00 per 4E ounce depending on whether the resource is inferred, indicated and measured ▪ A 10% change in the long-term metal prices would increase the recoverable amount by approximately R22 billion or reduce it by approximately R17 billion. A 10% change in the in situ 6E value would adjust the recoverable amount by approximately R524 million ▪ A 0.5% change in the real discount rate would result in a R510 million increase or decrease in the recoverable amount. Financial statement assurance Consolidated financial statements Company financial statements Additional information 37 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 5. Other income 2026 Rm 2025 Rm Insurance proceeds – business interruption – 440 Fair value gain on environmental rehabilitation investments (note 17) 347 368 Preference dividend income 161 – Reversal of restructuring costs 78 – Profit on sale and leaseback of houses (note 32) 30 30 Profit on disposal of property, plant and equipment (note 32) 51 45 Reversal of impairment – investment property (note 12) – 31 Other 83 32 750 946 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. 6. Other expenses 2026 Rm 2025 Rm Restructuring costs – 635 Penalties on taxes and royalties 202 – Impairment provision – receivables (notes 21.1 and 21.2) 195 106 Non-production-related corporate costs 122 158 Community expense – dividends paid to CSOT 120 – Exploration expenditure – 6 Loss on disposal of property, plant and equipment (note 32) 6 60 Auditors’ remuneration 38 48 Other 85 80 768 1 093 Auditors’ remuneration comprises: 38 48 Audit services including interim review 38 48 Other services – – 38 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 7. Finance income 2026 Rm 2025 Rm Interest received – cash and cash equivalents 929 601 Interest received – employee housing loans 111 119 Interest received – advances 67 52 Interest received – state royalty tax – 106 Interest received – current tax 14 39 Other 85 72 1 206 989 Interest income recognised at amortised cost was R1 206 million (2025: R989 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 2026 Rm 2025 Rm Unwinding of discount – environmental rehabilitation provision (note 27) 322 284 Unwinding of discount – deferred revenue (note 28) 305 279 Interest paid – borrowings (note 29) 211 263 Commitment and facility fees 162 62 Interest paid – leases (note 29) 55 79 Other 39 117 1 094 1 084 Less: Interest capitalised (note 11) – (83) 1 094 1 001 Financial statement assurance Consolidated financial statements Company financial statements Additional information 39 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 9. Income tax expense 2026 Rm 2025 Rm Current tax South African current tax 6 115 1 624 Current tax on profits for the year 6 093 1 558 Prior year adjustment 2 59 Withholding and dividend tax 20 7 Other countries’ current tax 1 769 (13) Current tax on profits for the year 1 651 (70) Prior year adjustment (13) 57 Withholding and dividend tax 131 – Total current tax (note 22) 7 884 1 611 Deferred tax South African deferred tax 3 681 (1 064) Temporary differences 3 638 (1 080) Prior year adjustment 43 16 Other countries’ deferred tax 1 507 239 Temporary differences 1 507 239 Total deferred tax (note 15) 5 188 (825) Total income tax expense 13 072 786 The tax expense on the Group’s profit before tax differs from the theoretical tax charge calculated at the South African corporate income tax rate of 27% (2025: 27%) due to the following adjustments: Normal tax for companies on profit before tax 12 080 403 Adjusted for: Disallowable expenditure 531 297 Exempt income (237) (281) Withholding taxes on undistributed profits 1 108 (152) Prior year adjustment 32 132 Canadian mining taxes 64 (3) Deferred tax not recognised (16) 231 Effect of after-tax share of profit from equity-accounted entities (439) 134 Effect of different taxes of foreign subsidiaries (67) 18 Withholding taxes on dividends 16 7 Income tax expense 13 072 786 Effective tax rate (%) 29 53 40 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 9. Income tax expense 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 South African Pillar Two global minimum tax regime in the prior year and applied the mandatory temporary exception to the recognition and disclosure of deferred tax related to top-up taxes, which applies retrospectively. Any Pillar Two top-up tax payable is therefore recognised as current tax. The Group currently qualifies for the transitional Country-by-Country Reporting Safe Harbour provisions, which, subject to meeting the prescribed requirements, deem the Pillar Two top-up tax for eligible jurisdictions to be zero. The Group continues to monitor developments in the global minimum tax framework 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: 2026 Million 2025 Million Number of shares Number of ordinary shares issued outside the Group (note 24) 897.57 897.00 Adjusted for weighted average number of ordinary shares issued during the year (1.68) (1.13) Adjusted for weighted average number of ordinary shares acquired during the year 1.52 1.58 Weighted average number of ordinary shares in issue for basic and headline earnings per share 897.41 897.45 Adjusted for: Dilutive potential ordinary shares relating to long-term incentive plan 5.34 4.39 Weighted average number of ordinary shares for diluted basic and headline earnings per share 902.75 901.84 2026 Rm 2025 Rm Basic earnings – attributable profit Profit attributable to owners of the Company 31 039 761 Attributable profit used in the calculation of diluted earnings per share 31 039 761 2026 Cents 2025 Cents Basic earnings per share 3 459 85 Diluted earnings per share 3 438 84 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 41 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 10. Earnings per share continued Profit attributable to owners of the Company is adjusted as follows: 2026 Rm 2025 Rm Headline earnings – attributable profit Profit attributable to owners of the Company 31 039 761 Remeasurement adjustments: Reversal of impairment (notes 4, 11 and 19) (8 117) – Earnings remeasurement (11 119) – Tax effects 3 002 – Profit on disposal of property, plant and equipment and profit on sale and leaseback of houses (note 5) (61) (56) Earnings remeasurement after non-controlling interests (78) (75) Tax effects 17 19 Loss on disposal of property, plant and equipment (note 6) 4 44 Earnings remeasurement after non-controlling interests 5 60 Tax effects (1) (16) Reversal of impairment of investment property – (18) Earnings remeasurement after non-controlling interests – (24) Tax effects – 6 Earnings adjustments from equity-accounted entities – 1 Earnings remeasurement – profit on disposal of property, plant and equipment – 2 Tax effects – (1) Headline earnings 22 865 732 Headline earnings used in the calculation of diluted headline earnings per share 22 865 732 2026 Cents 2025 Cents Headline earnings per share 2 548 82 Diluted headline earnings per share 2 533 81 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. 42 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 11. Property, plant and equipment 2026 Rm 2025 Rm Carrying value – opening balance 63 226 63 502 Capital expenditure 6 879 6 857 Right-of-use assets capitalised 335 122 Depreciation (notes 3 and 32) (8 634) (7 712) Reversal of impairment (note 4) 8 528 – Disposals and scrapping (31) (102) Environmental rehabilitation adjustment (note 27.1) 492 1 413 Interest capitalised (note 8) – 83 Exchange differences (2 704) (937) Carrying value – closing balance 68 091 63 226 For detailed disclosure per asset category of property, plant and equipment and right-of-use assets, refer to Annexure B. Reversal of impairment – Impala Rustenburg mining operation During the 2024 financial year, the property, plant and equipment of the Impala Rustenburg mining operation was impaired to its recoverable amount of R21 026 million. In the current year, R8 528 million of this impairment, relating to shaft, mining development and infrastructure, was reversed as a result of the significant increases in the rand-denominated PGM prices, which improved expected future operating results. The recoverable amount of the Impala Rustenburg mining operation was approximately R60 billion and was determined using a combination of valuation methodologies. The valuation is comprised of discounted future cash flows from approved life-of-mine operations, determined using a value-in-use methodology, as well as an in situ 4E ounce valuation attributed to mineral resources outside the approved mine plan. The value-in-use component accounted for approximately 90% of the recoverable amount, with the remaining balance attributable to the in situ resource valuation. Accordingly, the recoverable amount was predominantly supported by the value-in-use basis, with only a limited portion attributable to the basis of fair value less costs of disposal. Comparable transaction valuation method The in situ 4E fair value of resources is determined using a comparable transaction valuation method. These prices vary depending on the classification of the resource (inferred, indicated, or measured), as set out in the Mineral Resource and Mineral Reserve Statement. Economically viable ounces are normalised by independent experts in geology, mining and valuation to ensure their suitability for inclusion in the valuation. This process is conducted in accordance with the standards and guidelines prescribed by the SAMREC and South African Code for the Reporting of Mineral Asset Valuation (SAMVAL) codes. Given the sensitivity of this valuation technique, even a slight change in the comparable transaction inputs applied in the in situ 4E valuation methodology could result in a significant increase or decrease in the estimated fair value. This is a level 3 valuation in terms of the fair value hierarchy (note 34.1). Capital commitments in respect of property, plant and equipment 2026 Rm 2025 Rm Commitments contracted for 5 275 3 114 Approved expenditure not yet contracted 13 412 9 933 18 687 13 047 Less than one year 10 270 5 975 Between one and five years 8 417 7 072 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 43 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 11. Property, plant and equipment continued 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-mine (LoM), 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 LoM, 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 Estimated useful life Information technology Three years Mobile equipment 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 LoM. The depreciation calculation is based on the reserve centares of board-approved projects and has applied the following LoM: LoM 2026 LoM 2025 Impala South and Central 11 years 10 years Impala North 27 years 26 years Marula 7 years 24 years Zimplats 42 years 43 years Impala Canada One year Two 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. Future profitability assumptions impact life-of-mine (LoM) and the classification of proved and probable mineral reserves. As part of the annual reserve review process, these assumptions and other key reserve-modifying factors are reassessed and LoM plans are updated accordingly. Refer to the Mineral Resource and Mineral Reserve Statement at ( www.implats.co.za). 44 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 11. Property, plant and equipment 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, the prevailing platinum price and rand-dollar exchange rates. 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 R34 800 (2025: R31 800 in 2026 equivalent terms) adjusted for the individual asset or CGU’s prill split ▪ A long-term pre-tax real discount rate range of 11% to 22% (2025: 9% to 22%) and a long-term post-tax real discount rate range of 7% to 14% (2025: 5% to 12%) for the various CGUs in the Group ▪ In situ resource valuation of between US$3.50 and US$19.00 (2025: US$2.50 and US$14.00) per 4E ounce, depending on whether the resource is inferred, indicated and measured ▪ A long-term real rand-dollar exchange rate of R17.00. Financial statement assurance Consolidated financial statements Company financial statements Additional information 45 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 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 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. 46 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 47 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 12. Investment property 2026 Rm 2025 Rm Cost 187 202 Accumulated impairment (85) (88) Carrying amount 102 114 Reconciliation Cost Beginning of the year 202 207 Disposals (15) (5) End of the year 187 202 Accumulated impairment Beginning of the year 88 121 Reversal of impairment (note 5) – (31) Disposals (3) (2) End of the year 85 88 The investment property comprises undeveloped land and residential houses. Rental income of R5 million (2025: R6 million) after costs was received during the year. 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. 48 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 13. Goodwill 2026 Rm 2025 Rm Cost 14 114 14 114 Accumulated impairment (10 591) (10 591) Carrying amount 3 523 3 523 Goodwill of R14 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 870 million. Following the impairment, the carrying amount was allocated to the relevant cash-generating units (CGUs): R6 347 million to the Impala Rustenburg mining CGU, R3 333 million to the Impala Refining Services (IRS) CGU and R190 million to the Impala Bafokeng mining CGU. In June 2024, the goodwill allocated to the Impala Rustenburg mining CGU was impaired in full as part of the impairment assessment of that CGU. No goodwill impairment was recognised during the current year. On 1 July 2025, the remaining goodwill of R190 million allocated to the Impala Bafokeng mining CGU was transferred to the Impala Rustenburg mining CGU following the consolidation of Impala Bafokeng Resources into Impala. Refer to note 1 and Annexure A. 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 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, the prevailing platinum price and rand-dollar exchange rates. 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 and IRS CGUs. The key financial assumptions used in the recoverable amount calculations were: ▪ An overall long-term real basket price per 6E ounce sold of R34 800 (2025: R31 800 in 2026 equivalent terms) adjusted for the CGU’s prill split ▪ A long-term pre-tax real discount rate of 21.4% (2025: 22%) and long-term post-tax real discount rate of 14% (2025: 12%) ▪ In situ resource valuation of between US$3.50 and US$19.00 (2025: US$2.50 and US$14.00) per 4E ounce depending on whether the resource is inferred, indicated and measured ▪ A long-term real rand-dollar exchange rate of R17.00. Financial statement assurance Consolidated financial statements Company financial statements Additional information 49 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 13. Goodwill continued 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. 50 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 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 2026 % 2025 % 2026 Rm 2025 Rm Joint ventures Mimosa Mining and producing PGM concentrate Mauritius Zimbabwe 50 50 4 521 4 606 AP Ventures Developing high-growth technology companies United Kingdom United Kingdom 19 19 915 869 Associates Two Rivers Mining and producing PGM concentrate South Africa South Africa 46 46 4 854 3 822 Individually immaterial associates and joint ventures 333 299 Total investments in equity-accounted entities 10 623 9 596 2026 Rm 2025 Rm Movement in investments in equity-accounted entities Beginning of the year 9 596 10 305 Share of profit/(loss) 2 147 (246) Acquisition of interest in equity-accounted investments 61 43 Exchange differences (434) (145) Dividends declared or received (747) (361) End of the year 10 623 9 596 Share of profit/(loss) of equity-accounted entities is made up as follows: Share of profit/(loss) 2 147 (246) Unrealised profit in inventory movements (519) (251) Total share of profit/(loss) of equity-accounted entities 1 628 (497) Financial statement assurance Consolidated financial statements Company financial statements Additional information 51 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 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 2026 Rm 2025 Rm 2026 Rm 2025 Rm Financial position Capital and reserves 9 042 9 212 10 552 8 309 Non-current liabilities 2 214 2 045 3 074 2 335 Current liabilities 1 085 871 1 297 2 512 12 341 12 128 14 923 13 156 Non-current assets 5 995 7 072 10 952 10 295 Current assets 6 346 5 056 3 971 2 861 12 341 12 128 14 923 13 156 The above assets and liabilities include the following: Cash and cash equivalents 800 540 618 9 Current financial liabilities (excluding trade and other payables and provisions) 43 7 5 2 Non-current financial liabilities (excluding trade and other payables and provisions) 40 1 86 93 Profit or loss and total comprehensive income Revenue 10 156 5 180 9 353 6 211 Profit/(loss) for the year 1 878 (585) 2 243 377 Total comprehensive income/(loss) 1 878 (585) 2 243 377 The above profit/(loss) for the year includes the following: Depreciation and amortisation 1 101 1 166 353 318 Finance income 26 19 23 6 Finance costs 146 68 123 160 Income tax expense/(credit) 1 034 (75) 808 137 Reconciliation of the summarised financial information to the carrying amount of the investment recognised in the consolidated financial statements: Net assets of the entity 9 042 9 212 10 552 8 309 Proportion of the Group’s ownership interest in the investment 4 521 4 606 4 854 3 822 Carrying amount of the Group’s interest in the investment 4 521 4 606 4 854 3 822 Dividends received by the Group 665 226 – – 52 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 14. Investments in equity-accounted entities continued AP Ventures1 2026 Rm 2025 Rm Financial position Capital and reserves 4 738 4 497 Current liabilities 23 54 4 761 4 551 Non-current assets 4 631 4 429 Current assets 130 122 4 761 4 551 The above assets and liabilities include the following: Cash and cash equivalents 123 122 Current financial liabilities (excluding trade and other payables and provisions) 18 50 Profit or loss and total comprehensive income Profit/(loss) for the period 203 (1 183) Total comprehensive income/(loss) 203 (1 183) Reconciliation of the summarised financial information to the carrying amount of the investment recognised in the consolidated financial statements: Net assets of the entity 4 738 4 497 Proportion of the Group’s ownership interest in the investment 915 869 Carrying amount of the Group’s interest in the investment 915 869 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 2026 was used, and appropriate adjustments were made for the effects of significant transactions between that date and 30 June 2026. Aggregate information of associates that are not individually material 2026 Rm 2025 Rm The Group’s share of profit 115 120 The Group’s share of total comprehensive income 115 120 The Group’s share of dividends received 83 135 Aggregate carrying amount of the Group’s interest in these associates and joint ventures 333 299 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. 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 53 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 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. 54 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 15. Deferred tax The analysis of the deferred tax assets and deferred tax liabilities presented in the consolidated statement of financial position as follows: 2026 Rm 2025 Rm Deferred tax assets (19) – Deferred tax liabilities 16 914 12 173 16 895 12 173 Deferred tax movements are attributable to the following temporary differences ((assets)/liabilities) and unused tax losses: 2026 Opening balance Rm Recognised in profit or loss Rm Exchange differences Rm Closing balance Rm Property, plant and equipment 15 170 2 769 (665) 17 274 Prepaid royalty (1 304) 808 – (496) Assessed losses (716) 676 19 (21) Provisions (505) (89) 6 (588) Leave liability (418) (126) 4 (540) Environmental rehabilitation and post-retirement medical provisions (375) (102) 13 (464) Provisional pricing on sales 324 57 – 381 Metal inventory adjustments (284) (115) – (399) Share-based compensation (255) (51) 4 (302) Withholding taxes on undistributed profits (215) 1 108 – 893 Fair value of treasury shares 155 (71) – 84 Lease liabilities (114) 47 1 (66) Deferred revenue 70 (40) – 30 Fair value of assets and liabilities (64) 329 – 265 Prepayments 46 (20) – 26 Other 57 8 (6) 59 Subtotal 11 572 5 1881 (624) 16 136 1 Refer to note 9. 2026 Opening balance Rm Recognised in share of profit of equity- accounted entities Rm Exchange differences Rm Closing balance Rm Unrealised profit in metal inventories purchased from equity-accounted entities (87) (193) – (280) Subtotal 11 485 4 995 (624) 15 856 2026 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) 599 357 – 956 Other 89 (6) – 83 Total 12 173 5 346 (624) 16 895 Financial statement assurance Consolidated financial statements Company financial statements Additional information 55 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 15. Deferred tax continued 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 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 56 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 15. Deferred tax continued EJ Unrecognised temporary differences There are unrecognised temporary differences of R7 171 million (2025: R7 548 million) in the Group, relating to certain subsidiaries. These comprise: ▪ Unredeemed capex of R3 562 million (2025: R3 928 million) ▪ Provisions of R1 716 million (2025: R1 710 million) ▪ Capital losses of R1 287 million (2025: R1 287 million) ▪ Assessed loss of R606 million (2025: R623 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 effects 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 57 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 16. Financial assets at fair value through other comprehensive income (FVOCI) Note 2026 Rm 2025 Rm Waterberg 16.1 773 792 Other 272 210 1 045 1 002 16.1 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 14.63% (2025: 14.73%) following the decision not to participate in the last funding requests. The fair value adjustment recognised through other comprehensive income was a loss of R19 million (2025: income of R291 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 34. 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. 58 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 17. Environmental rehabilitation investments Notes 2026 Rm 2025 Rm Subsequently measured at fair value through profit or loss Guarantee investments – Guardrisk 17.1 3 780 2 933 Subsequently measured at amortised cost Guarantee investments certificate (GIC) 17.2 1 133 – Environmental trust deposits 17.3 247 229 5 160 3 162 Current 1 133 – Non-current 4 027 3 162 17.1 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 current year, an additional R500 million was invested in Guardrisk (2025: an additional R178 million, was disinvested from Centriq Insurance Company Limited, and was reinvested in Guardrisk). During the year, a R347 million (2025: R360 million) fair value gain was recognised in profit or loss. 17.2 Guarantee investments certificate (GIC) During the current year, C$98 million (R1 145 million) was invested in a one-year GIC. The investment is intended to finance the rehabilitation liabilities of the Impala Canada mining operations. The GIC bears interest of 2.97% and matures on 12 June 2027. This investment is measured at amortised cost and earned interest of C$0.2 million (R2 million) during the year. 17.3 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, R17 million (2025: 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 34 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 59 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 18. Other financial assets Notes 2026 Rm 2025 Rm Subsequently measured at fair value through profit or loss Housing insurance investment 18.1 101 87 Subsequently measured at amortised cost Employee home-ownership scheme 18.2 112 110 Employee housing loans – Impala North 18.3 792 857 Other 151 162 1 156 1 216 Current 49 41 Non-current 1 107 1 175 Refer to note 34 for fair value and financial risk disclosure. 18.1 Housing insurance investment The housing insurance investment, which comprises the Guardrisk cell captive and the Centriq Insurance Company Limited special experience account, covers the risk associated with the retrenchment of employees who participate in the Impala North 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. 18.2 Employee home-ownership scheme The interest-free loans relate to the Impala South and Central, as well as 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 remaining repayment period is between four and 20 years. The market-related effective weighted average interest rate is 10% (2025: 9.9%). These loans are secured by a second bond over residential properties. 18.3 Employee housing loans – Impala North The loans of R792 million (2025: R857 million) relate to the employee home-ownership scheme at Impala North. These loans are repayable over a period of approximately 17 years from grant date. The remaining repayment period is between one and 13 years. The market-related effective weighted average interest rate is 11.4% (2025: 11.4%). 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 North The employee housing loans consist of housing loans advanced to Impala North 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% (2025: 10%) ▪ Probability of default of 5% (2025: 4%) ▪ 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% (2025: 1%) was applied. This rate has not increased and will be reassessed for reasonableness going forward. Refer to note 34.2.3 for additional disclosure on the credit risk assessment of the Impala North employee housing loans. 60 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 18. 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 21) 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 61 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 19. Prepayments and other assets Notes 2026 Rm 2025 Rm Royal Bafokeng Nation (RBN) prepaid royalty 19.1 2 591 – Business-related prepaid expenditure 19.2 1 160 580 Prepayments on property, plant and equipment 19.3 523 614 Employee housing benefit 19.4 172 197 4 446 1 391 Current 2 039 1 211 Non-current 2 407 180 19.1 Royal Bafokeng Nation (RBN) prepaid royalty In March 2007, the Group agreed to pay the RBN all the 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 2024 financial 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. Reversal of impairment During the current year, R2 591 million of the 2024 impairment, which related to the Impala Rustenburg mining operation was reversed due to a significant increase in rand PGM prices. The recoverable amount of the Impala mining segment’s cash generating unit was approximately R60 billion. For the recoverable amount determination, refer to the reversal of impairment disclosure in note 11. 19.2 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. 19.3 Prepayments on property, plant and equipment Prepayments on property, plant and equipment mainly relate to advance payments on capital equipment at Zimplats for the solar plant, smelter expansion and SO2 abatement plant projects, trackless mobile machinery, replacement mines and duty on capital equipment. 19.4 Employee housing benefit The current year movement in the employee housing benefit comprised an increase of Rnil (2025: R8 million) for additional houses sold to employees, an amortisation charge of R18 million (2025: R20 million), and reversals of R7 million (2025: R16 million) due to the termination of agreements with employees. 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. 62 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 20. Inventories 2026 Rm 2025 Rm Mining metal Refined metal 4 413 3 076 Main products – at cost 2 653 2 187 Main products – at net realisable value – 140 By-products – at net realisable value 1 760 749 In-process metal 11 521 9 888 At cost 11 521 9 665 At net realisable value – 223 15 934 12 964 Purchased metal1 Refined metal 5 196 3 501 Main products – at cost 1 968 2 453 Main products – at net realisable value 1 849 215 By-products – at net realisable value 1 379 833 In-process metal 8 179 10 335 At cost 3 183 9 845 At net realisable value 4 996 490 13 375 13 836 Total metal inventories 29 309 26 800 Stores and materials inventories 3 425 2 935 32 734 29 735 1 T h e f a i r v a l u e e x p o s u r e o n p u r c h a s e d m e t a l w a s d e s i g n a t e d a s a h e d g e d i t e m a n d i s i n c l u d e d i n t h e c a l c u l a t i o n o f t h e c o s t o f 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 63 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 20. 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 R307 million (2025: R7 million) comprised R74 million (2025: R3 million) for refined metal and R233 million (2025: R4 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 (at least 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 R630 million (2025: R858 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 NRV, 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. 64 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 21. Trade and other receivables Notes 2026 Rm 2025 Rm Trade receivables 3 589 2 516 Trade receivables at fair value through profit or loss 6 309 5 510 Other receivables 21.1 1 331 1 254 Statutory receivable 21.2 1 428 962 Employee receivables 158 243 Value added taxation 990 527 13 805 11 012 The foreign currency denominated trade receivables, included above, were as follows: Trade receivables – US dollar 9 857 7 903 Credit exposure of trade receivables by country and region is as follows: South Africa 5 728 4 600 Western Europe 1 684 1 440 North America 1 359 1 443 Asia (mainly Japan) 1 088 500 Australia 38 40 Zimbabwe 1 3 9 898 8 026 21.1 Other receivables The other receivable balance comprises mainly of state royalties receivable of R354 million (2025: R92 million), housing assets of R358 million (2025: R418 million) as well as Zimplats’ contractors receivable of R163 million (2025: R489 million). Expected credit loss provision – Contractor receivable An expected credit loss provision of R195 million (US$: 11.5 million) has been raised against a legacy receivable. The provision reflects management’s assessment of recoverability, based on expected future cash flows and other forward- looking information available at the reporting date. The recoverable amount will be reassessed at each reporting date. 21.2 Statutory receivable 2026 Rm 2025 Rm Beginning of the year 962 1 095 Surrender proceeds 1 300 – Surrender proceeds utilised during the year (746) – Exchange differences 9 (29) 1 525 1 066 Expected credit loss US$5.9 million (2025: US$5.9 million) (97) (104) End of the year 1 428 962 During the year, the Group reassessed amounts arising from foreign currency surrender arrangements and classified the relevant balances as statutory receivables, reflecting their expected settlement and utilisation profile. Refer to note 23. Statutory receivables increased by R1 300 million (US$76.9 million) and were reduced by receipt of R746 million (US$44.1 million), resulting in a year-end balance of R1 428 million (US$87.1 million), net of expected credit losses of R97 million (US$5.9 million) (2025: R104 million (US$5.9 million)). Recoverability was assessed in accordance with IFRS 9, with no additional expected credit loss recognised in the current year. Financial statement assurance Consolidated financial statements Company financial statements Additional information 65 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 21. 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 34.2.3) 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 18 for the impairment policy for other receivables. 66 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 22. Current tax 2026 Rm 2025 Rm Current tax payable 515 489 Current tax receivable (472) (252) Net current tax payable 43 237 Reconciliation Beginning of the year 237 (618) Income tax expense (note 9) 7 884 1 611 Payments made during the year (7 320) (992) Statutory receivable offset (742) – Tax penalties and interest received – 216 Penalties payable – 14 Exchange differences (16) 6 End of the year 43 237 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 33). Financial statement assurance Consolidated financial statements Company financial statements Additional information 67 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 23. Cash and cash equivalents 2026 Rm 2025 Rm Short-term bank deposits 17 492 7 976 Cash at bank 6 042 3 652 23 534 11 628 The weighted average effective interest rate on short-term bank deposits was 7.0% (2025: 7.8%) and these deposits have a maximum maturity of 90 days (2025: two days). Exposure by currency is as follows: South African rand 17 711 7 182 US dollar 3 528 2 463 Canadian dollar 1 763 749 Zimbabwe – Zimbabwe Gold (at RBZ) – 983 Zimbabwe Gold 519 236 Other currencies 13 15 23 534 11 628 Exposure by country and region is as follows: South Africa 20 751 8 804 Western Europe 207 270 Zimbabwe – US dollar 230 269 Zimbabwe – Zimbabwe Gold 519 236 Zimbabwe – Zimbabwe Gold (at RBZ) – 983 Canada 1 814 1 051 Japan 12 14 Australia 1 1 23 534 11 628 The following cash and cash equivalents, included above, are restricted for use by the Group by virtue of their nature and not timing: Impala North housing project 47 48 Collateral for independent electricity system operator 331 46 Morokotso Trust 9 9 Employee Share Ownership Trust (ESOT) 113 12 Unclaimed dividends 14 13 514 128 Fair value, financial risk and credit facilities disclosures are provided in note 34. Zimbabwe Gold cash exposure During the current year, the Group reassessed amounts arising from foreign currency surrender arrangements and classified the relevant Zimbabwe Gold balances held at RBZ as statutory receivables, reflecting their expected settlement and utilisation profile. Refer to note 21.2. 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. 68 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 24. Share capital 2026 Rm 2025 Rm Share capital 30 390 30 838 Number of ordinary shares in issue outside the Group 2026 Million 2025 Million Number of ordinary shares issued 904.37 904.37 Treasury shares (6.80) (7.37) Number of ordinary shares issued outside the Group 897.57 897.00 The movement of ordinary shares was as follows: Beginning of the year 897.00 899.75 Shares issued for long-term incentive plans 4.64 2.78 Shares purchased for long-term incentive plans (4.07) (5.53) End of the year 897.57 897.00 The authorised share capital of the Company consists of 1 044.01 million (2025: 1 044.01 million) ordinary no par value shares. The authorised but unissued share capital is 139.64 million (2025: 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 69 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 25. Share-based payment reserve 2026 Rm 2025 Rm B-BBEE transaction share-based payment reserve 1 936 1 936 Equity-settled share-based compensation1 738 495 Total share-based payment reserve 2 674 2 431 Reconciliation Beginning of the year 2 431 2 221 Transfer of reserves2 (477) (251) Share-based compensation expense 720 461 End of the year 2 674 2 431 1 A n n e x u r e E p r o v i d e s d e t a i l s o f s h a r e a w a r d s i s s u e d a n d v e s t e d d u r i n g t h e y e a r b y p a r t i c i p a n t s , a s w e l l a s t h e d i s c l o s u r e s r e q u i r e d by IFRS 2 Share-based Payments. 2 T r a n s f e r o f r e s e r v e s c o n s i s t o f t h e t r a n s f e r o f v e s t e d e q u i t y - s e t t l e d s h a r e - b a s e d c o m p e n s a t i o n r e s e r v e s . Broad-based black economic empowerment (B-BBEE) During the 2024 financial 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). The B-BBEE equity ownership at Impala is held through 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 transaction resulted in an IFRS 2 charge of R1 932 million during that year. The non-controlling interest resulting from the B-BBEE transaction will only be recognised once the loans are repaid. 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. 26. 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 2026 % 2025 % 2026 Rm 2025 Rm 2026 Rm 2025 Rm Zimplats Holdings Limited Guernsey Zimbabwe 13 13 510 21 4 383 4 132 Marula Platinum (Pty) Ltd South Africa South Africa 23 23 42 (154) 771 729 Individually immaterial subsidiaries 77 79 195 195 629 (54) 5 349 5 056 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. 70 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 27. Provisions Notes 2026 Rm 2025 Rm Environmental rehabilitation provision 27.1 4 873 4 390 Deferred output VAT 27.2 115 125 Other 30 33 5 018 4 548 Current 66 240 Non-current 4 952 4 308 27.1 Environmental rehabilitation provision Reconciliation Beginning of the year 4 390 2 738 Change in estimates – environmental rehabilitation asset (note 11) 492 1 413 Change in estimates – cost of sales 30 49 Unwinding of discount (note 8) 322 284 Utilised for rehabilitation done11 (118) (69) Exchange differences (243) (25) End of the year 4 873 4 390 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 Estimated life-of-mine1 2026 Rm 2025 Rm 2026 Rm 2025 Rm 2026 Years 2025 Years Impala 3 561 3 752 2 201 1 858 Impala South and Central mining operation 2 229 2 108 1 433 1 194 12 11 Impala North mining operation (2025: Impala Bafokeng) 656 694 368 230 22 27 Impala Refineries – Springs 676 950 400 434 12 11 Marula 523 476 303 270 10 7 Zimplats 1 497 1 222 818 481 41 42 Impala Canada (Refer to ) 1 566 1 799 1 518 1 751 1 1 Afplats 34 31 33 30 1 1 7 181 7 280 4 873 4 390 1 For the purposes of determining the environmental rehabilitation provision the estimated life-of-mine used are more conservative than the life-of-mine as per the Mineral Resource and Mineral Reserve Statement. 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 33). Environmental rehabilitation investments amounting to R5 160 million (2025: R3 162 million) are held to fund future environmental rehabilitation costs (note 17). Financial statement assurance Consolidated financial statements Company financial statements Additional information 71 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 27. Provisions 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). The current closure cost is closely aligned with existing National Environmental Management Act (NEMA) 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. The decommissioning and restoration obligations are similar in nature and are subject to comparable uncertainties regarding the timing and amount of future cash outflows. Both liabilities are expected to result in expenditure and associated activities at the end of the life-of-mine and during the post-closure period and are largely attributable to decommissioning activities. The restoration liability is not material in comparison to the decommissioning liability and represents a significantly smaller component of the Group’s total environmental obligations. Provisions for future rehabilitation costs were determined based on calculations which require the use of estimates. The current rehabilitation cost estimate is R7 181 million (2025: R7 280 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 7.5% and 8.8% (2025: between 8.0% and 11.2%) 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 between 2.5% and 3.8% (2025: 3.0% and 6.2%). Zimbabwean operations The discount rate used ranged between 3.7% and 4.9% (2025: 7.3%) 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 1.3% and 2.5% (2025: 5.1%). Canadian operations In the prior year, 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, which was 5.4% (2025: 4.7%) 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 2.7% (2025: 2.6%). 72 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 27. Provisions continued 27.2 Deferred output VAT The deferred output VAT is in respect of the sale of Impala North 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 73 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 28. Deferred revenue 2026 Rm 2025 Rm Summary Beginning of the year 1 599 1 499 Finance costs (note 8) 305 279 Deferred revenue recognised (note 2) (223) (179) End of the year 1 681 1 599 Current 265 261 Non-current 1 416 1 338 Impala (through Impala Bafokeng, which was consolidated into Impala) 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, 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 6 302 (2025: 5 950) gold ounces were delivered during the year. Collateral – Triple Flag Triple Flag International Limited has the following security in respect of the gold stream arrangement over the assets of Impala North (formerly Impala Bafokeng Resources (Pty) Ltd (IBR)): ▪ A guarantee from Impala Bafokeng Platinum (Impala Bafokeng) guaranteeing the due payment and performance of all present and future obligations under the gold streaming arrangement, with recourse under that guarantee limited to the shares that Impala Bafokeng holds in IBR. This guarantee will terminate once the Section 11 approval in terms of the Mineral and Petroleum Resources Development Act to transfer the IBR mining rights to Impala, is notarially executed ▪ Following the Impala and IBR consolidation on 1 July 2025, Impala has provided security over the related property and assets of Impala North, 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 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 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 2026 2025 Estimated financing rate over life of arrangement (%) 20 20 Remaining life of stream (years) 30.5 35.5 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. 74 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 29. Borrowings 2026 2025 Notes Non- current Rm Current Rm Total Rm Non- current Rm Current Rm Total Rm Lease liabilities 29.1 370 296 666 356 318 674 PIC housing facility 29.2 1 169 67 1 236 1 280 76 1 356 Bank borrowings 29.3 – 492 492 – 1 760 1 760 Total borrowings 1 539 855 2 394 1 636 2 154 3 790 2026 Rm 2025 Rm Reconciliation Beginning of the year 3 790 3 341 Proceeds from borrowings – 717 Capital repayments of borrowings (1 305) (45) Capital repayments of lease liabilities (338) (298) Interest repayments (232) (313) Leases capitalised 335 122 Interest accrued (note 8) 266 342 Amortisation of fair value adjustment to PIC housing facility (note 32) (24) (26) Exchange differences (98) (50) End of the year 2 394 3 790 2026 % 2025 % The effective interest rates for all borrowings for the year were as follows: South African rand 7 8 US dollar 11 10 Canadian dollar 5 5 Zimbabwe Gold 40 40 Refer to note 34.2.4 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: 2026 Rm 2025 Rm Interest paid (included in finance costs (note 8)) 55 79 Short-term and low-value lease expenses (included in cost of sales (note 3)) 20 16 Deferred profit on sale and leaseback of houses (note 5) (30) (30) The total cash outflow for leases was R393 million (2025: R377 million). The Group also had non-cash additions to right- of-use assets and lease liabilities of R335 million (2025: R122 million). Financial statement assurance Consolidated financial statements Company financial statements Additional information 75 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 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 Between one and three years 10.2 Forklifts Lease arrangements for various forklifts Five years 9.3 Land and buildings (various) Lease arrangements of office buildings and other operational buildings Between one and seven years 8.9 DHI (mobile equipment) Road train lease Three years 9.6 Air products (refining assets) Lease arrangement for air products (oxygen and nitrogen pipeline) Ten years 5.9 Sasol (refining assets) Lease arrangement for hydrogen pipeline Three years 10.6 Equipment Lease arrangements for rigs and various other equipment Two to four years 9.2 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. 2026 2025 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 346 50 296 367 49 318 Between one and two years 229 24 205 239 20 219 Between two and five years 133 19 114 111 17 94 More than five years 58 7 51 51 8 43 766 100 666 768 94 674 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 repayment 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 Platinum Limited has provided a limited recourse guarantee over the shares in Impala Bafokeng Resources Properties (RF) (Pty) Ltd. 76 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 29. Borrowings continued 29.3 Bank borrowings Standard Bank of South Africa – Zimplats Zimplats has a committed revolving borrowing base facility with Standard Bank of South Africa Limited of R1 968 million (US$120 million). The facility bears interest at the Secured Overnight Financing Rate plus 285 basis points per annum which is paid quarterly, with a tenor of 11 months (2025: 24 months). Impala Platinum Limited issued a guarantee amounting up to R1 968 million (US$120 million) to Standard Bank of South Africa in respect of this facility, limited to amounts due to Zimplats for its sale of matte. At the reporting date, the drawn balance on the revolving facility amounted to Rnil (US$nil) (2025: R1 063 million (US$60 million)). Stanbic Bank Zimbabwe – Zimplats During the prior year, Zimplats converted an overdraft facility of US$35 million with Stanbic Bank Zimbabwe into a short- term loan facility of R672 million (US$41 million), with interest of 10% per annum, to fund its working capital requirements. R492 million (US$30 million) (2025: R620 million (US$35 million)) was drawn at the end of the year. During the current year, the facility was extended for another year and will expire on 30 November 2026. FBC Crown Bank of Zimbabwe Limited – Zimplats The Zimplats revolving short-term loan facility of R82 million (ZWG135 million) with FBC Crown Bank of Zimbabwe Limited, which bore interest at 45% per annum and was used to fund its working capital requirements, expired on 28 February 2026. Ecobank of Zimbabwe Limited – Zimplats The Zimplats revolving short-term loan facility of R78 million (ZWG127 million) with Ecobank of Zimbabwe Limited, which bore interest at 40% per annum and was used to fund its working capital requirements, expired 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 2026 was nil% (2025: nil%). Financial statement assurance Consolidated financial statements Company financial statements Additional information 77 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 29. Borrowings continued 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. 78 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 30. Other liabilities Notes 2026 Rm 2025 Rm Summary Post-employment medical benefits 30.1 74 68 Cash-settled share-based compensation 30.2 274 287 Deferred profit on sale and leaseback of houses from Friedshelf 29.1.1 7 37 355 392 Current 216 236 Non-current 139 156 30.1 Post-employment medical benefits Beginning of the year 68 67 Finance costs 6 6 Actuarial loss 8 3 Benefits paid (8) (8) End of the year – actuarial valuation 74 68 Current – – Non-current 74 68 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 R6 million (2025: R5 million) increase in the provision and a decrease of 1% would result in a decrease in the provision of R5 million (2025: R5 million). Subsidies of R8 million (2025: R8 million) are expected to be paid in the next financial year. Qualifying active employees have an average age of 55 years (2025: 54 years) and an average service period of 26 years (2025: 25 years). Retirees have an average age of 81 years (2025: 80 years). 30.2 Cash-settled share-based compensation Annexure E provides details of share awards issued and vested to participants during the year 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 2026, actuarial parameters used by independent valuators assumed 6.2% (2025: 6.4%) as the long-term medical inflation rate and an 8.5% (2025: 9.7%) risk-free interest rate corresponding to the yields on long-dated high-quality bonds. Financial statement assurance Consolidated financial statements Company financial statements Additional information 79 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 3 0 . Other liabilities continued 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. 80 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 31. Trade and other payables 2026 Rm 2025 Rm Trade payables 8 278 7 392 Trade payables – metal purchases1 4 970 4 590 Trade payables at fair value through profit or loss1 6 977 5 693 Advances on metal purchases (2 007) (1 103) Employee related payables2 3 475 3 360 Royalties payable 552 508 Value added taxation 100 108 Other payables 340 293 17 715 16 251 The foreign currency denominated balances, included above, were as follows: Trade payables – US dollar 3 996 3 790 Trade payables – Canadian dollar 849 473 Trade payables – Euro 271 88 Trade payables – Zimbabwe Gold 25 83 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 20). 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 34 for hedge accounting disclosures. 2 Employee related payables consist of employee benefit payables of R1 462 million (2025: R1 486 million) and annual leave liability of R2 013 million (2025: R1 874 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 34 for fair value and financial risk disclosure. 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 4.1% (2025: 4.9%). 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 81 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 32. Cash generated from operations 2026 Rm 2025 Rm Profit before tax 44 740 1 493 Adjusted for: Reversal of impairment (notes 4, 11 and 19) (11 119) – Depreciation (notes 3 and 11) 8 634 7 712 Finance income (note 7) (1 206) (989) Finance costs (note 8) 1 094 1 001 Share of (profit)/loss of equity-accounted entities (note 14) (1 628) 497 Foreign currency differences 969 373 Share-based compensation 732 654 Fair value gain on environmental rehabilitation and other investments (362) (381) Net realisable value adjustment on metal inventory (notes 3 and 20) 300 (354) Deferred revenue (notes 2 and 28) (223) (179) Environmental rehabilitation and other provisions (102) (29) Profit on disposal of property, plant and equipment (note 5) (51) (45) Loss on disposal of property, plant and equipment (note 6) 6 60 Profit on sale and leaseback of houses (note 5) (30) (30) Tax penalties refund – 160 Impairment provision – receivables (notes 6 and 21) 195 106 Amortisation of fair value adjustment to PIC housing facility (note 29) (24) (26) Employee housing benefit 19 20 Employee benefit provisions (8) (8) Reversal of impairment – investment property (notes 5 and 12) – (31) Penalties payable (note 22) – 14 41 936 10 018 Changes in working capital (Increase)/decrease in trade and other receivables (5 060) 556 Increase in inventories (4 265) (3 214) Increase in trade and other payables 1 835 1 383 Cash generated from operations 34 446 8 743 82 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 33. 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). 2026 Rm 2025 Rm Guarantees Friedshelf1 34 30 1 G u a r a n t e e s t o F r i e d s h e l f a r e i n r e s p e c t o f r e n t a l o f h o u s e s s o l d t o a n d l e a s e d b a c k f r o m F r i e d s h e l f b y M a r u l a . The following guarantees have been issued by third parties and financial institutions on behalf of the Group to the following holders: 2026 Rm 2025 Rm Guarantees South African operations Department of Mineral and Petroleum Resources 3 722 3 722 Eskom 986 729 Other 64 64 4 772 4 515 Impala Canada Closure Plan Surety Bond (Minister of Energy, Northern Development and Mines) 277 310 Total guarantees 5 049 4 825 Guarantees to regulators (Department of Mineral and Petroleum Resources and the Minister of Energy, Northern Development and Mines) are in respect of future environmental rehabilitation liabilities for which a provision of R3 655 million (2025: R3 475 million) has been raised (note 27.1). Financial statement assurance Consolidated financial statements Company financial statements Additional information 83 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 33. 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 2026, the Group had an unresolved historical tax matter relating to deductions at one of 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. The matter appeared before the Supreme Court of Appeal in May 2026 and management is awaiting the judgment. Should the Group be successful in its appeal, it could result in a tax credit of up to R803 million (2025: R762 million) including interest. Zimbabwe Foreign currency taxes Zimplats is engaged with Zimbabwe Revenue Authority (ZIMRA) on an ongoing tax audit covering prior reporting periods, primarily relating to certain exchange losses and capital allowances. Zimplats considers its tax treatment to be supportable under applicable legislation. At the reporting date, no final assessment or determination had been issued and no additional material provision has been recognised. Zimplats will continue to monitor developments. Matters before the courts During the year, the Supreme Court of Zimbabwe ruled in favour of Zimplats in a matter involving ZIMRA regarding the computation of royalties for the period 1 June 2018 to 31 December 2021. ZIMRA appealed to the Supreme Court, and judgment is pending. 84 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management 34.1 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: 2026 Rm 2025 Rm Financial assets – carrying amount Financial assets at amortised cost 31 047 16 999 Other financial assets (note 18) 1 055 1 129 Environmental rehabilitation investments (note 17) 1 380 229 Trade receivables (note 21) 3 589 2 516 Other receivables (note 21) 1 331 1 254 Employee receivables (note 21) 158 243 Cash and cash equivalents (note 23) 23 534 11 628 Financial assets at fair value through profit or loss (FVPL) 10 190 8 530 Environmental rehabilitation investments (note 17) 3 780 2 933 Other financial assets (note 18) 101 87 Trade receivables (note 21) 6 309 5 510 Financial assets at fair value through other comprehensive income (FVOCI) (note 16) 1 045 1 002 Total financial assets 42 282 26 531 Financial liabilities – carrying amount Financial liabilities at amortised cost 11 012 11 475 Borrowings (note 29) 2 394 3 790 Trade payables (note 31) 8 278 7 392 Other payables (note 31) 340 293 Financial liabilities at FVPL 4 970 4 590 Trade payables – metal purchases (note 31) 4 970 4 590 Trade payables at FVPL 6 977 5 693 Advances on metal purchases1 (2 007) (1 103) Total financial liabilities 15 982 16 065 1 Advances on metal purchases are carried at amortised cost. Financial statement assurance Consolidated financial statements Company financial statements Additional information 85 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.1 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 2026 Rm 2025 Rm Fair value hierarchy Valuation technique and key inputs Financial assets at FVOCI (note 16) Waterberg 773 792 Level 3 In situ 4E valuation method Real long-term US dollar exchange rate and metal prices Declared resources Other 272 210 Level 3 DCF Risk-free South African rand interest rate Financial assets at FVPL Environmental rehabilitation investments – Guardrisk (note 17) 3 780 2 933 Level 2 Market prices for multi- manager investments Other financial assets – housing insurance investment (note 18) 101 87 Level 3 Market prices for listed investments and reliance on an external valuer for DCF models for unlisted investments Trade receivables (note 21) 6 309 5 510 Level 2 Quoted market metal prices and exchange rates Financial liabilities at FVPL Trade payables at FVPL (note 31) 6 977 5 693 Level 2 Quoted market metal prices and exchange rates The fair value of Waterberg was determined using an in situ 4E ounce valuation methodology. The key unobservable input is the in situ value attributed to each 4E ounce, which is based on comparable market transactions and ranges from US$3.50 to US$19.00 (2025: US$2.50 to US$14.00) per 4E ounce, depending on whether the resource is inferred, indicated or measured. The fair value is highly sensitive to the comparable transaction input used in the in situ 4E ounce valuation methodology. A modest increase or decrease in this input would result in a significant corresponding increase or decrease in the estimated fair value. There were no transfers between fair value hierarchy levels in the current year. 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 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 Income recognised in profit or loss – 14 14 (Loss)/income recognised in other comprehensive income (19) 62 43 Balance at 30 June 2026 773 373 1 146 86 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.1 Financial instruments continued Financial instrument income/(expenses) 2026 Rm 2025 Rm Financial instruments at FVPL – net fair value movement Other financial assets – housing insurance investment 14 13 Environmental rehabilitation investments – Guardrisk 347 360 Environmental rehabilitation investments – Centriq Insurance Company Limited – 8 Trade receivables 1 122 536 Financial instruments at amortised cost Finance income for financial assets using effective interest method 1 192 844 Finance costs for financial liabilities using effective interest method (266) (259) 34.2 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. 34.2.1 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 20), 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: 2026 Rm 2025 Rm Hedging instrument Trade payables at fair value through profit or loss – metal purchases Carrying amount (note 31) 6 977 5 693 Fair value loss used to determine hedge effectiveness 882 280 Hedged item Purchased metal inventory (note 20) Purchased metal exposed to fair value movement 6 977 5 693 Change in fair value of hedged item used to determine hedge effectiveness (882) (280) Accumulated fair value hedge gain/(loss) included in metal purchases in respect of closing inventory1 1 243 (143) 1 Relates to metal purchases that were still in the refining process at year-end. Financial statement assurance Consolidated financial statements Company financial statements Additional information 87 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.2 Financial risk management continued 34.2.2 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 2026 Rm 2025 Rm 2026 Rm 2025 Rm Financial assets Trade receivables 9 857 7 903 986 790 Advances on metal purchases (note 31)1 2 007 1 103 201 110 Cash and cash equivalents 3 092 1 924 309 192 Financial liabilities Trade and other payables2 (3 608) (2 420) – – 11 348 8 510 1 496 1 092 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 34.2.1). 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 2026 Rm 2025 Rm 2026 Rm 2025 Rm Financial assets Cash and cash equivalents 519 1 219 52 122 Financial liabilities Trade and other payables (25) (83) (3) (8) Bank borrowings – (76) – (8) 494 1 060 49 106 1 Represents an inflow or outflow of economic resources. Figures are calculated before tax and non-controlling interest. 88 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.2 Financial risk management continued 34.2.2 Market risk continued Securities price risk Securities price risk refers to the risk that the fair value of future cash flows of financial instruments will fluctuate as a result of changes in market prices. The Group holds environmental rehabilitation investments to the value of R3 780 million (2025: R2 933 million) through Guardrisk (refer to note 17). These investments are managed in accordance with an approved investment policy designed to generate sufficient returns over the life-of-mine to meet the Group’s environmental rehabilitation obligations. The investment policy sets out the strategic asset allocation and defines the mandates and performance objectives, as well as allocation limits of multiple appointed asset managers. The underlying portfolios are diversified across a range of asset classes, including local and global equities, listed property, local and global bonds and cash instruments. The strategic allocation is weighted towards lower-risk instruments, with a majority proportion invested in local bonds and cash instruments. Given the diverse and low-risk asset allocation, together with the diversification across asset classes and asset managers, the Group’s exposure to securities price risk arising from these investments is not material. 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. Year-end commodity exposure Profit/loss effect1 2026 Rm 2025 Rm 2026 Rm 2025 Rm Financial assets Trade receivables at FVPL 6 309 5 510 631 551 Financial liabilities Trade payables at FVPL2 (6 977) (5 693) – – (668) (183) 631 551 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 34.2.1). Financial statement assurance Consolidated financial statements Company financial statements Additional information 89 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.2 Financial risk management continued 34.2.2 Market risk continued 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: 2026 Rm 2025 Rm Financial assets Loans carried at amortised cost (note 18) 112 110 Environmental rehabilitation investments (note 17) 1 133 – The Group is exposed to cash flow interest rate risk as fluctuations in market interest rates affect future cash flows from variable-rate financial assets and liabilities. Cash and cash equivalents and rehabilitation trust investments are predominantly invested in short-term interest-bearing instruments, resulting in exposure to movements in market interest rates. The Group monitors this exposure on an ongoing basis. 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 2026 Rm 2025 Rm 2026 Rm 2025 Rm Financial assets Advances on metal purchases (note 31)1 2 007 1 103 20 11 Loans carried at amortised cost (note 18) 792 857 8 9 Cash and cash equivalents (note 23) 23 534 11 628 235 116 26 333 13 588 263 136 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. 90 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.2 Financial risk management continued 34.2.3 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 33). 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 2026 Rm 2025 Rm South African operations AAA (zaf) 17 477 – AA+ (zaf) 1 602 8 277 AA (zaf) 1 673 525 AA – 2 Overseas operations AA+ (zw) 582 – AA (zw) – 295 AA- (zw) – 208 AA- 1 815 1 051 A- (zw) 166 2 BB 207 – BB- – 270 No rating 12 998 23 534 11 628 Foreign currency exposure and exposure by country for cash and cash equivalents is analysed further in note 23. 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 2026 Number of customers – – 5 44 49 Value at year-end (R million) – – 5 675 4 223 9 898 Financial year 2025 Number of customers – 1 4 44 49 Value at year-end (R million) – – 4 468 3 558 8 026 Financial statement assurance Consolidated financial statements Company financial statements Additional information 91 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.2 Financial risk management continued 34.2.3 Credit risk continued Trade and other receivables continued No customers are in default at year-end (2025: zero). Credit risk exposure in respect of trade receivables and advances is analysed further in note 21. Credit risk exposure in respect of employee receivables is limited by taking into account the employee’s annual earnings, which serve as security. 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 2026 Rm 2025 Rm Financial assets at FVOCI (note 16) No rating 272 210 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 North employee housing loans (note 18.3) 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 2026 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. 92 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.2 Financial risk management continued 34.2.3 Credit risk continued Expected credit losses on Impala North employee housing loans (note 18.3) continued The movement in the expected credit loss during the year was as follows: 2026 Rm 2025 Rm Beginning of the year 7 8 ECL charge recognised in profit or loss during the year 3 3 ECL write-off recognised in profit or loss during the year (3) (4) End of the year 7 7 The gross carrying amount of employee housing loans receivable, and thus the maximum exposure to loss is as follows: Stage 1 ECL allowance 750 815 Stage 2 ECL allowance 17 24 Stage 3 ECL allowance 34 29 Total gross employee housing loans receivable 801 868 Less: Write-off (2) (4) Less: Estimated credit loss (7) (7) End of the year 792 857 At the end of the period, R3 million (2025: R2 million) of the Impala North employee housing loans receivable were past due. 34.2.4 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. In the current year, Implats refinanced its committed revolving credit facility with various financial institutions. The refinanced committed revolving facility consists of a R12 billion South African rand tranche (2025: R6.5 billion) and a US$120 million US dollar tranche (2025: US$93.8 million). Management regularly monitors rolling forecasts of the Group’s liquidity reserve comprising undrawn borrowing facilities and cash and cash equivalents (note 23) on the basis of expected cash flows. All covenants on the facility have been met. Committed revolving credit facility of R12 billion (2025: R6.5 billion) – Impala Platinum Holdings Limited Total committed facility Banks’ credit ratings 2026 Rm 2025 Rm AAA (zaf) 12 000 – AA+ (zaf) – 6 545 12 000 6 545 The committed revolving credit facility of R12 billion (2025: R6.5 billion) bears interest at the three-month Johannesburg Interbank Acceptance Rate (JIBAR) plus a margin and utilisation fee of between 190 and 240 basis points (2025: 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. On 8 July 2026, the lenders and Implats agreed that the facility will transition from JIBAR to South African Rand Overnight Index Average (ZARONIA) with effect from 30 September 2026. The facility has an accordion option to increase the facility by an additional R2.0 billion (2025: R4.2 billion). The facility will mature on 29 September 2028 with an option to extend for another two years. The facility was undrawn at the end of the year. Financial statement assurance Consolidated financial statements Company financial statements Additional information 93 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.2 Financial risk management continued 34.2.4 Liquidity risk continued Committed revolving credit facility of US$120 million (2025: US$93.8 million) – Impala Platinum Holdings Limited Total committed facility Banks’ credit ratings 2026 Rm 2025 Rm AAA (zaf) 984 – AA+ (zaf) – 554 AA 492 554 A 492 – A- – 554 1 968 1 662 The US dollar tranche of the committed revolving credit facility of US$120 million (2025: US$93.8 million) bears interest at the three-month Secured Overnight Financing Rate plus a margin and a utilisation fee of between 185 and 225 basis points (2025: 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$30 million (2025: US$37.5 million). The facility will mature on 29 September 2028, with an option to extend for another two years. The facility was undrawn at the end of the year. Bank borrowings – Committed revolving borrowing base facility US$120 million (2025: US$120 million) – Zimplats Total committed facility Bank’s credit ratings 2026 Rm 2025 Rm AAA (zaf) 1 968 – AA+ (zaf) – 2 127 1 968 2 127 Zimplats has a committed revolving borrowing base facility with Standard Bank of South Africa Limited of R1 968 million (US$120 million). The facility bears interest at the Secured Overnight Financing Rate plus 285 basis points per annum which is paid quarterly, with a tenor of 11 months (2025: 24 months). Impala Platinum Limited issued a guarantee amounting up to R1 968 million (US$120 million) to Standard Bank of South Africa in respect of this facility, limited to amounts due to Zimplats for its sale of matte. At the reporting date, the drawn balance on the revolving facility amounted to Rnil (US$nil) (2025: R1 063 million (US$60 million)). 94 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.2 Financial risk management continued 34.2.4 Liquidity risk continued Bank borrowings – Stanbic Bank Zimbabwe US$41 million – Zimplats Total committed facility Bank’s credit ratings 2026 Rm 2025 Rm AA+ (zw) 672 – AA (zw) – 727 672 727 During the prior year, Zimplats converted an overdraft facility of US$35 million with Stanbic Bank Zimbabwe into a short- term loan facility of R672 million (US$41 million), with interest of 10% per annum, to fund its working capital requirements. R492 million (US$30 million) (2025: R620 million (US$35 million) was drawn at the end of the year. During the current year, the facility was extended for another year and will expire on 30 November 2026. Bank borrowings – FBC Crown Bank of Zimbabwe Limited ZWG135 million – Zimplats Total facility Bank’s credit ratings 2026 Rm 2025 Rm A- (zw) – 89 The Zimplats revolving short-term loan facility of R82 million (ZWG135 million) with FBC Crown Bank of Zimbabwe Limited, which bore interest at 45% per annum and was used to fund its working capital requirements, expired on 28 February 2026. Bank borrowings – Ecobank of Zimbabwe Limited ZWG127 million – Zimplats Total facility Bank’s credit ratings 2026 Rm 2025 Rm AA (zw) – 84 The Zimplats revolving short-term loan facility of R78 million (ZWG127 million) with Ecobank of Zimbabwe Limited, which bore interest at 40% per annum and was used to fund its working capital requirements, expired on 30 November 2025. Financial statement assurance Consolidated financial statements Company financial statements Additional information 95 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. Financial instruments and financial risk management continued 34.2 Financial risk management continued 34.2.4 Liquidity risk continued 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 2025 Financial assets Trade and other receivables (note 21) 9 523 – 9 523 9 523 – – – Cash and cash equivalents (note 23) 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 – – – At 30 June 2026 Financial assets Trade and other receivables (note 21) 11 387 – 11 387 11 387 – – – Cash and cash equivalents (note 23) 23 534 – 23 534 23 534 – – – Financial liabilities PIC housing facility (note 29) 1 236 718 1 954 112 120 395 1 327 Bank borrowings (note 29) 492 – 492 492 – – – Trade and other payables (note 31) 13 589 – 13 589 13 589 – – – 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. 96 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 34. 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 18, 21 and 23) 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 97 Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 35. Related party transactions Associates 2026 Rm 2025 Rm Two Rivers Transactions with related party Purchases of metal concentrates 9 096 5 858 Year-end balances arising from transactions with related party Payable to associate 2 823 2 191 Makgomo Chrome Transactions with related party Tailings fee expense 58 61 Sale of metal concentrates 58 61 Friedshelf Transactions with related party Interest accrued 32 55 Repayments 280 259 Year-end balances arising from transactions with related party Borrowings – finance leases1 347 415 1 Friedshelf finance leases have an effective interest rate of 10.2%. Joint venture 2026 Rm 2025 Rm Mimosa Transactions with related party Refining fee income 355 290 Smelting fee expense 110 3 Interest received 67 52 Purchases of metal concentrates 7 812 5 234 Year-end balances arising from transactions with related party Payable to joint venture net of advance 48 589 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. 98 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the consolidated financial statements for the year ended 30 June 2026 36. Events occurring after the reporting period Dividends Implats has a dividend policy which is aligned with the Company’s capital allocation framework, which seeks to balance the delivery of sustainable and attractive shareholder returns with the maintenance of a strong and flexible balance sheet. The framework also ensures that the Group remains appropriately capitalised to fund operational requirements and pursue value-accretive growth opportunities. During the period, the board approved an amendment the dividend policy to provide shareholders with greater transparency and certainty regarding the level of ordinary returns and the circumstances under which additional distributions may be made. Under the previous policy, the Company targeted a minimum dividend payout of 30% of adjusted free cash flow, before growth capital expenditure, while retaining the discretion to increase or decrease the payout based on the Group’s financial position, prevailing market conditions and capital allocation priorities at the time. To enhance clarity for shareholders, the board approved the following revised framework: ▪ A base dividend equivalent to 30% of adjusted free cash flow, before growth capital expenditure, through the cycle ▪ Where appropriate, and subject to maintaining a strong balance sheet, provide additional returns to shareholders through the declaration of an additional ordinary dividend in excess of the base dividend. For the 12 months ended 30 June 2026, supportive precious and base metal pricing, combined with strong operational performance, generated free cash inflow of R22 billion. After adjusting for non-discretionary outflows of R1.1 billion, the Group recorded adjusted free cash flow of R20.9 billion for the financial year. In line with the revised framework, stakeholders are advised that the board has resolved to declare a final cash base dividend of 490 cents per ordinary share or R4.4 billion, together with an additional ordinary dividend of 955 cents per ordinary share or R8.6 billion on 3 September 2026, amounting to a return in aggregate of 1 445 cents per ordinary share or R13 billion (excluding treasury shares) for the year ended 30 June 2026 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, 28 September 2026 to shareholders recorded in the register at the close of business, 25 September 2026. Dividends paid 2026 Rm 2025 Rm Final dividend No 100 for 2025 of 165 cents per ordinary share 1 480 – Interim dividend No 101 for 2026 of 410 cents per ordinary share 3 682 – 5 162 – 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 99 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure A – Segment information June 2026 Revenue per reportable segment Mining segments Impala Rm Marula Rm Zimplats Rm Impala Canada Rm Sale of goods 64 429 5 770 19 770 5 738 Platinum 26 368 1 843 7 299 321 Palladium 10 176 1 484 4 932 4 193 Rhodium 15 542 1 852 3 031 – Nickel 1 701 41 1 195 – By-products 10 642 550 3 313 1 224 Commodity price adjustments 978 278 1 617 145 Revenue from gold streaming – – – – Toll refining – (5) – – Treatment charges – (5) – – Treatment income – – – – Revenue 65 407 6 043 21 387 5 883 100 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm 95 707 62 460 858 (25 608) 133 417 35 831 22 851 – (9 141) 49 541 20 785 13 985 – (6 416) 28 354 20 425 13 128 – (4 883) 28 670 2 937 2 126 – (1 236) 3 827 15 729 10 370 858 (3 932) 23 025 3 018 – – (1 896) 1 122 – – – 245 245 (5) 362 (69) 74 362 (5) – (69) 74 – – 362 – – 362 98 720 62 822 789 (27 185) 135 146 Financial statement assurance Consolidated financial statements Company financial statements Additional information 101 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure A – Segment information continued Cost of sales per reportable segment Mining segments Impala Rm Marula Rm Zimplats Rm Impala Canada Rm Production costs On-mine operations (33 356) (4 359) (7 076) (2 730) Wages and salaries (17 005) (2 040) (2 521) (1 131) Materials and consumables (12 622) (2 012) (4 271) (1 429) Utilities (3 729) (307) (284) (170) Processing operations (8 448) (567) (4 344) (940) Wages and salaries (1 712) (85) (698) (262) Materials and consumables (4 271) (310) (2 320) (525) Utilities (3 312) (172) (1 326) (153) Intersegment cost distribution 847 – – – Refining and selling (1 120) – – – Wages and salaries (984) – – – Materials and consumables (1 515) – – – Utilities (417) – – – Intersegment cost distribution 1 796 – – – Depreciation of operating assets (5 288) (492) (2 290) (554) Other costs Metals purchased – – – – Increase/(decrease) in metal inventories 2 218 – 1 035 (74) Royalty expenses (1 674) (122) (1 119) (260) Corporate costs (590) – (519) (177) Wages and salaries (525) – (153) (121) Insurance (275) – (181) (2) Donations (1) – (6) (2) Other costs (91) – (179) (52) Intersegment cost distribution 302 – – – Chrome operation – cost of sales – – – – Share-based compensation and other (792) (37) (262) (126) Cost of sales (49 050) (5 577) (14 575) (4 861) The reconciliation items mainly consist of the elimination of intercompany revenue against metal purchases as well as inventory consolidation adjustments. 102 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm (47 521) – – – (47 521) (22 697) – – – (22 697) (20 334) – – – (20 334) (4 490) – – – (4 490) (14 299) (965) – – (15 264) (2 757) – – – (2 757) (7 426) (118) – – (7 544) (4 963) – – – (4 963) 847 (847) – – – (1 120) (1 803) – – (2 923) (984) – – – (984) (1 515) (7) – – (1 522) (417) – – – (417) 1 796 (1 796) – – – (8 624) – (10) – (8 634) – (51 481) – 26 976 (24 505) 3 179 530 (7) (391) 3 311 (3 175) – (50) – (3 225) (1 286) (302) – – (1 588) (799) – – – (799) (458) – – – (458) (9) – – – (9) (322) – – – (322) 302 (302) – – – – – (441) – (441) (1 217) – – – (1 217) (74 063) (54 021) (508) 26 585 (102 007) Financial statement assurance Consolidated financial statements Company financial statements Additional information 103 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure A – Segment information continued June 2026 Assets and liabilities per reportable segment Mining segments Impala Rm Marula Rm Zimplats Rm Impala Canada Rm Non-current segment assets 39 447 3 075 33 217 344 Property, plant and equipment 32 128 2 497 33 036 344 Goodwill 190 – – – Investments in equity-accounted entities – – 30 – Environmental rehabilitation investments 3 552 475 – – Other financial assets 955 1 151 – Prepayments 2 407 – – – Other 215 102 – – Current segment assets 46 155 2 401 14 651 4 070 Inventories 15 649 211 3 211 471 Trade and other receivables 10 657 29 2 293 637 Environmental rehabilitation investments – – – 1 133 Intercompany balances 2 170 2 150 6 720 – Intercompany treasury balances 13 518 – – – Prepayments 551 1 1 471 15 Cash and cash equivalents 3 195 4 956 1 814 Other 415 6 – – Total segment assets 85 602 5 476 47 868 4 414 Non-current segment liabilities 11 905 1 033 8 872 1 544 Deferred tax 6 649 720 7 972 – Provisions 2 286 297 818 1 518 Deferred revenue 1 416 – – – Borrowings 1 476 16 46 1 Other 78 – 36 25 Current segment liabilities 14 395 914 4 457 4 775 Trade and other payables 7 077 796 3 477 957 Intercompany balances 1 316 98 112 3 448 Intercompany treasury balances 5 374 – – – Provisions 31 5 – – Deferred revenue 265 – – – Borrowings 298 15 535 7 Other 34 – 333 363 Total segment liabilities 26 300 1 947 13 329 6 319 1 The reconciliation of R55 707 million assets consists of the elimination of intercompany balances and adjustments to inventory. 2 The reconciliation of R52 239 million liabilities consists of the elimination of intercompany balances, deferred tax raised on undistributed reserves and deferred tax on consolidation. 104 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm 76 083 3 333 11 528 – 90 944 68 005 – 86 – 68 091 190 3 333 – – 3 523 30 – 10 593 – 10 623 4 027 – – – 4 027 1 107 – – – 1 107 2 407 – – – 2 407 317 – 849 – 1 166 67 277 34 300 27 896 (55 707) 73 766 19 542 15 651 21 (2 480) 32 734 13 616 5 184 – 13 805 1 133 – – – 1 133 11 040 124 5 064 (16 228) – 13 518 18 466 5 015 (36 999) – 2 038 – 1 – 2 039 5 969 2 17 563 – 23 534 421 52 48 – 521 143 360 37 633 39 424 (55 707)1 164 710 23 354 279 339 988 24 960 15 341 279 306 988 16 914 4 919 – 33 – 4 952 1 416 – – – 1 416 1 539 – – – 1 539 139 – – – 139 24 541 25 779 22 539 (53 227) 19 632 12 307 4 970 438 – 17 715 4 974 10 617 637 (16 228) – 5 374 10 192 21 433 (36 999) – 36 – 30 – 66 265 – – – 265 855 – – – 855 730 – 1 – 731 47 895 26 058 22 878 (52 239)2 44 592 Financial statement assurance Consolidated financial statements Company financial statements Additional information 105 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure A – Segment information continued June 2025 Revenue per reportable segment Mining segments Impala1 Rm Marula Rm Zimplats Rm Impala Canada Rm Sale of goods 41 165 4 057 14 421 4 493 Platinum 15 483 1 229 4 641 205 Palladium 7 374 1 172 3 811 3 332 Rhodium 9 501 1 210 2 001 – Nickel 1 783 47 1 306 – By-products 7 024 399 2 662 956 Commodity price adjustments 380 72 536 156 Revenue from gold streaming – – – – Toll refining – (6) – – Treatment charges – (6) – – Treatment income – – – – Revenue 41 545 4 123 14 957 4 649 1 The prior year segment disclosures were restated to reflect the consolidation of IBR into Impala. These changes did not result from a change in accounting policy or a correction of a prior period error and therefore no restatement note has been prepared. 106 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm 64 136 38 144 686 (18 533) 84 433 21 558 12 655 – (5 870) 28 343 15 689 9 258 – (4 983) 19 964 12 712 7 677 – (3 211) 17 178 3 136 1 957 – (1 353) 3 740 11 041 6 597 686 (3 116) 15 208 1 144 – – (608) 536 – – – 195 195 (6) 295 (55) 61 295 (6) – (55) 61 – – 295 – – 295 65 274 38 439 631 (18 885) 85 459 Financial statement assurance Consolidated financial statements Company financial statements Additional information 107 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure A – Segment information continued Cost of sales per reportable segment Mining segments Impala1 Rm Marula Rm Zimplats Rm Impala Canada Rm Production costs On-mine operations (30 085) (3 922) (5 758) (2 968) Wages and salaries (15 992) (1 996) (1 979) (1 121) Materials and consumables (10 860) (1 656) (3 466) (1 692) Utilities (3 233) (270) (313) (155) Processing operations (7 525) (500) (3 538) (1 069) Wages and salaries (1 579) (76) (450) (265) Materials and consumables (3 770) (274) (1 682) (667) Utilities (2 929) (150) (1 406) (137) Intersegment cost distribution 753 – – – Refining and selling (1 742) – – – Wages and salaries (916) – – – Materials and consumables (1 393) – – – Utilities (357) – – – Intersegment cost distribution 924 – – – Depreciation of operating assets (4 296) (414) (2 262) (730) Other costs Metals purchased – – – – Increase/(decrease) in metal inventories 1 940 – (11) (18) Royalty expenses (730) (106) (739) (205) Corporate costs (513) – (679) (105) Wages and salaries (416) – (417) (94) Insurance (260) – (185) (3) Donations (2) – (12) (5) Other costs (68) – (65) (3) Intersegment cost distribution 233 – – – Chrome operation – cost of sales – – – – Share-based compensation and other (434) (118) (200) (79) Cost of sales (43 385) (5 060) (13 187) (5 174) 1 The prior year segment disclosures were restated to reflect the consolidation of IBR into Impala. These changes did not result from a change in accounting policy or a correction of a prior period error and therefore no restatement note has been prepared. The reconciliation items mainly consist of the elimination of intercompany revenue against metal purchases as well as inventory consolidation adjustments. 108 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm (42 733) – – – (42 733) (21 088) – – – (21 088) (17 674) – – – (17 674) (3 971) – – – (3 971) (12 632) (762) – – (13 394) (2 370) – – – (2 370) (6 393) (9) – – (6 402) (4 622) – – – (4 622) 753 (753) – – – (1 742) (932) – – (2 674) (916) – – – (916) (1 393) (8) – – (1 401) (357) – – – (357) 924 (924) – – – (7 702) – (10) – (7 712) – (34 298) – 18 779 (15 519) 1 911 2 347 11 (759) 3 510 (1 780) – (3) 9 (1 774) (1 297) (233) – – (1 530) (927) – – – (927) (448) – – – (448) (19) – – – (19) (136) – – – (136) 233 (233) – – – – – (359) – (359) (831) – – – (831) (66 806) (33 878) (361) 18 029 (83 016) Financial statement assurance Consolidated financial statements Company financial statements Additional information 109 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure A – Segment information continued June 2025 Assets and liabilities per reportable segment Mining segments Impala1 Rm Marula Rm Zimplats Rm Impala Canada Rm Non-current segment assets 28 852 3 283 35 069 998 Property, plant and equipment 24 581 2 743 34 873 998 Goodwill 190 – – – Investments in equity-accounted entities – – 33 – Environmental rehabilitation investments 2 737 425 – – Other financial assets 1 011 1 163 – Prepayments 180 – – – Other 153 114 – – Current segment assets 33 882 1 769 11 476 2 818 Inventories 13 240 156 1 949 618 Trade and other receivables 8 123 11 1 674 1 047 Intercompany balances 2 584 1 589 4 851 – Intercompany treasury balances 8 160 – – – Prepayments 53 – 1 138 20 Cash and cash equivalents 1 679 4 1 759 1 051 Other 43 9 105 82 Total assets 62 734 5 052 46 545 3 816 Non-current segment liabilities 8 279 839 8 733 1 608 Deferred tax 3 292 560 8 199 – Provisions 1 955 266 481 1 576 Deferred revenue 1 338 – – – Borrowings 1 611 13 4 8 Other 83 – 49 24 Current segment liabilities 19 537 996 5 391 4 923 Trade and other payables 6 174 792 3 333 1 004 Intercompany balances 866 186 141 3 654 Intercompany treasury balances 11 383 – – – Provisions 27 4 – 176 Deferred revenue 261 – – – Borrowings 358 14 1 774 8 Other 468 – 143 81 Total liabilities 27 816 1 835 14 124 6 531 1 The prior year segment disclosures were restated to reflect the consolidation of IBR into Impala. These changes did not result from a change in accounting policy or a correction of a prior period error and therefore no restatement note has been prepared. 2 The reconciliation of R51 959 million assets consists of the elimination of intercompany balances and adjustments to inventory. 3 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. 110 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Total mining segments Rm Impala Refining Services Rm All other segments Rm Reconciliation Rm Total Rm 68 202 3 333 10 443 – 81 978 63 195 – 31 – 63 226 190 3 333 – – 3 523 33 – 9 563 – 9 596 3 162 – – – 3 162 1 175 – – – 1 175 180 – – – 180 267 – 849 – 1 116 49 945 32 694 23 199 (51 959) 53 879 15 963 15 121 28 (1 377) 29 735 10 855 10 147 – 11 012 9 024 126 4 876 (14 026) – 8 160 17 382 11 014 (36 556) – 1 211 – – – 1 211 4 493 3 7 132 – 11 628 239 52 2 – 293 118 147 36 027 33 642 (51 959)2 135 857 19 459 – 368 (216) 19 611 12 051 – 338 (216) 12 173 4 278 – 30 – 4 308 1 338 – – – 1 338 1 636 – – – 1 636 156 – – – 156 30 847 21 708 17 658 (50 582) 19 631 11 303 4 590 358 – 16 251 4 847 8 958 221 (14 026) – 11 383 8 160 17 013 (36 556) – 207 – 33 – 240 261 – – – 261 2 154 – – – 2 154 692 – 33 – 725 50 306 21 708 18 026 (50 798)3 39 242 Financial statement assurance Consolidated financial statements Company financial statements Additional information 111 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 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 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 Capital expenditure1 2 100 650 – 2 895 1 234 6 879 Right-of-use assets capitalised – – 207 – 128 335 Transfer 4 196 (763) (59) (3 489) 115 – Disposals and scrappings (23) (234) (39) – (131) (427) Rehabilitation adjustment (note 27.1) 492 – – – – 492 Exchange differences (2 752) (1 810) (361) (412) (780) (6 115) 30 June 2026 95 351 36 306 9 032 5 504 10 977 157 170 112 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 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 Rm Other assets Rm Total Rm Accumulated depreciation and impairment 30 June 2024 60 366 15 714 3 482 36 7 658 87 256 Depreciation (notes 3 and 32)1 4 290 2 038 350 – 1 034 7 712 Transfers – 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 Depreciation (notes 3 and 32)1 5 230 2 015 395 – 994 8 634 Reversal of impairment (note 4) (7 760) (687) (54) – (27) (8 528) Transfer 647 (631) (19) – 3 – Disposals and scrappings (22) (233) (27) – (114) (396) Exchange differences (1 808) (801) (157) – (645) (3 411) 30 June 2026 60 122 16 791 3 908 – 8 258 89 079 Carrying value at 30 June 2025 27 503 21 335 5 514 6 510 2 364 63 226 Carrying value at 30 June 2026 35 229 19 515 5 124 5 504 2 719 68 091 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 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 Right-of-use assets capitalised – 207 128 335 Depreciation (28) (100) (45) (173) Exchange differences – – (3) (3) 30 June 2026 123 266 123 512 Financial statement assurance Consolidated financial statements Company financial statements Additional information 113 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure B – Property, plant and equipment continued 2026 Rm 2025 Rm Assets under construction included in property, plant and equipment Assets under construction consist mainly of (carrying value): Impala 956 568 Zimplats (Smelter and SO2 abatement plant, Mupani Mine and Solar Phase 2A) 4 485 5 926 Other 63 16 5 504 6 510 Other assets Other assets consist mainly of (carrying value): Mobile equipment 2 137 1 749 Information technology 528 539 Other 54 76 2 719 2 364 114 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 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 26) 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 2026 Rm 2025 Rm 2026 Rm 2025 Rm Non-current assets 33 218 35 068 2 717 2 904 Current assets 14 652 11 476 2 400 1 776 Total assets 47 870 46 544 5 117 4 680 Equity 34 542 32 423 3 243 2 925 Non-current liabilities 8 871 8 730 935 729 Current liabilities 4 457 5 391 939 1 026 Total equity and liabilities 47 870 46 544 5 117 4 680 Zimplats Holdings Limited Marula Platinum (Pty) Ltd 2026 Rm 2025 Rm 2026 Rm 2025 Rm Revenue 21 387 14 957 6 048 4 129 Gross profit/(loss) 7 906 2 433 611 (721) Profit/(loss) before tax 5 989 1 152 487 (834) Income tax (expense)/credit (1 873) (470) (171) 222 Profit/(loss) for the year 4 116 682 316 (612) Net cash inflow/(outflow) from operating activities 3 060 2 308 647 (491) Net cash outflow from investing activities (2 522) (2 585) (183) (307) Net cash (outflow)/inflow from financing activities (1 217) 676 (464) 800 Net (decrease)/increase in cash and cash equivalents (679) 399 – 2 Dividends paid to non-controlling interests – – – – There are no significant restrictions on the ability of the Group to access and use assets or settle liabilities. Financial statement assurance Consolidated financial statements Company financial statements Additional information 115 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 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 2026. Further information can be obtained in notes 25, 30 and 35, 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 2026 R’000 Total 2025 R’000 Executive directors NJ Muller 14 191 2 049 18 16 258 15 106 M Kerber 9 120 1 149 11 10 280 9 550 LN Samuel 7 375 929 22 8 326 7 736 Prescribed officers M Motlhageng 8 301 1 118 584 10 003 7 845 SP Morutlwa 8 894 1 120 22 10 036 7 872 K Chilvers3 5 619 708 11 6 338 5 848 SE Sibiya 5 484 462 395 6 341 5 847 J Theron 7 038 239 350 7 627 7 030 T Hill1 648 33 14 695 665 A Mhembere2 686 106 62 854 753 Company secretary TT Llale 4 082 396 95 4 573 4 247 1 (C$’000). 2 ( U S $ ’ 0 0 0 ) . 3 P r e v i o u s l y P i l l a y . Variable remuneration Bonus 2025 R’000 Gains on long-term incentives exercised and shares sold R’000 Total 2026 R’000 Total 2025 R’000 Executive directors NJ Muller 12 873 41 886 54 759 18 770 M Kerber 7 152 22 098 29 250 7 448 LN Samuel 5 652 19 203 24 855 8 910 Prescribed officers M Motlhageng 6 204 7 340 13 544 5 335 SP Morutlwa 6 656 1 559 8 215 3 238 K Chilvers3 4 302 11 281 15 583 3 483 SE Sibiya 3 582 7 387 10 969 3 065 J Theron 4 937 8 993 13 930 3 583 T Hill1 739 1 693 2 432 1 142 A Mhembere2 402 – 402 673 Company secretary TT Llale 2 241 4 607 6 848 2 564 1 ( C $ ’ 0 0 0 ) . 2 ( U S $ ’ 0 0 0 ) . 3 P r e v i o u s l y P i l l a y . 116 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 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 2026 R’000 Total 2025 R’000 NDB Orleyn 3 436 – – – – – 51 3 487 3 288 D Earp 736 564 – 221 17 205 50 1 793 1 691 R Havenstein 1 304 268 445 – – 221 177 2 415 2 310 NL Kgatle 123 – 17 – 17 – – 157 – BT Koshane 736 – 221 – 221 – 99 1 277 1 222 B Mawasha 380 – 73 – 148 – 72 673 1 972 MJ Moshe 1 280 268 – – – 221 26 1 795 1 758 FS Mufamadi 2 502 – – 221 – – 26 2 749 2 438 J Ndlovu 123 21 – – – 17 – 161 – MEK Nkeli 244 – – 73 – – – 317 1 161 PE Speckmann 736 268 – 17 404 – 24 1 449 1 195 ZB Swanepoel 4 052 – – – – – 77 4 129 3 764 Non-executive directors’ fees for board meetings held during the year Implats board R’000 Impala board R’000 Impala Bafokeng Resources board R’000 Zimplats board R’000 Impala Canada board R’000 Total board meetings R’000 Total board meetings 2025 R’000 NDB Orleyn 3 436 – – – – 3 436 3 288 D Earp 736 – – – – 736 705 R Havenstein 736 284 284 – – 1 304 1 273 NL Kgatle 123 – – – – 123 – BT Koshane 736 – – – – 736 705 B Mawasha 244 – – – 136 380 1 291 MJ Moshe 736 – – – 544 1 280 1 291 FS Mufamadi 736 – – 1 766 – 2 502 2 203 J Ndlovu 123 – – – – 123 – MEK Nkeli 244 – – – – 244 705 PE Speckmann 736 – – – – 736 705 ZB Swanepoel 2 209 284 284 1 275 – 4 052 3 764 Non-executive directors’ fees for ad hoc meetings held during the year Implats board R’000 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 2025 R’000 NDB Orleyn 51 – – – 51 – D Earp 26 – 24 – 50 24 R Havenstein 26 151 – – 177 144 BT Koshane – 75 – 24 99 95 B Mawasha – 24 – 48 72 95 MJ Moshe 26 – – – 26 – FS Mufamadi 26 – – – 26 24 MEK Nkeli – – – – – 94 PE Speckmann – – – 24 24 23 ZB Swanepoel 26 51 – – 77 – Financial statement assurance Consolidated financial statements Company financial statements Additional information 117 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 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 2026: Balance at 30 June Allocated during Date of Transferred Exercised during Date Balance at 30 June First vesting 2025 the year allocation to the MSR1 the year2 exercised 2026 date Executive directors NJ Muller LTIP BSP 110 246 69 685 1 Oct 2025 – 71 877 7 Oct 2025 108 054 38 369 1 Oct 2026 34 842 1 Oct 2026 34 843 1 Oct 2027 LTIP PSP 265 946 62 694 1 Oct 2025 – 56 427 7 Oct 2025 272 213 101 385 2 Oct 2026 108 134 1 Oct 2027 62 694 1 Oct 2028 Matching shares 36 718 – – – – – 36 718 M Kerber LTIP BSP 57 768 38 714 1 Oct 2025 – 37 033 7 Oct 2025 59 449 20 735 1 Oct 2026 19 357 1 Oct 2026 19 357 1 Oct 2027 LTIP PSP 140 993 33 977 1 Oct 2025 – 27 444 7 Oct 2025 147 526 54 946 2 Oct 2026 58 603 1 Oct 2027 33 977 1 Oct 2028 Matching shares 9 736 – – – – – 9 736 LN Samuel LTIP BSP 46 806 30 597 1 Oct 2025 – 30 005 7 Oct 2025 47 398 16 801 1 Oct 2026 15 298 1 Oct 2026 15 299 1 Oct 2027 LTIP PSP 114 234 27 517 1 Oct 2025 – 22 236 7 Oct 2025 119 515 44 520 2 Oct 2026 47 478 1 Oct 2027 27 517 1 Oct 2028 Matching shares 9 462 – – – – – 9 462 Company TT Llale LTIP BSP 20 651 12 130 1 Oct 2025 – 12 720 7 Oct 2025 20 061 7 931 1 Oct 2026 6 065 1 Oct 2026 6 065 1 Oct 2027 LTIP PSP 42 794 11 360 1 Oct 2025 – 8 066 7 Oct 2025 46 088 15 169 2 Oct 2026 19 559 1 Oct 2027 11 360 1 Oct 2028 1 Prior to the vesting date, the executives and prescribed officers elected to commit the LTIP BSP and LTIP PSP shares towards the minimum shareholding requirement (MSR). To this end, the vesting of these shares was deferred as per the rules of the MSR policy. 2 For associated gains, refer to table on page 116. 118 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure D – Directors’ remuneration and key management compensation continued Balance at 30 June Allocated during Date of Transferred Exercised during Date Balance at 30 June First vesting 2025 the year allocation to the MSR1 the year2 exercised 2026 date Prescribed officers M Motlhageng LTIP BSP 58 440 33 583 1 Oct 2025 – 33 120 7 Oct 2025 58 903 25 320 1 Oct 2026 16 791 1 Oct 2026 16 792 1 Oct 2027 LTIP PSP 104 264 33 172 1 Oct 2025 12 240 – – 125 196 44 521 2 Oct 2026 47 503 1 Oct 2027 33 172 1 Oct 2028 Matching shares 5 888 – – – – – 5 888 SP Morutlwa LTIP BSP 32 499 31 120 1 Oct 2025 9 214 7 035 7 Oct 2025 47 370 16 250 1 Oct 2026 15 560 1 Oct 2026 15 560 1 Oct 2027 LTIP PSP 101 626 33 172 1 Oct 2025 – – – 134 798 9 631 5 Sep 2026 44 517 2 Oct 2026 47 478 1 Oct 2027 33 172 1 Oct 2028 K Chilvers LTIP BSP 30 701 23 288 1 Oct 2025 – 18 730 7 Oct 2025 35 259 11 971 1 Oct 2026 11 644 1 Oct 2026 11 644 1 Oct 2027 LTIP PSP 75 459 20 950 1 Oct 2025 – 11 226 7 Oct 2025 85 183 28 096 2 Oct 2026 36 137 1 Oct 2027 20 950 1 Oct 2028 Matching shares 833 – – – – – 833 SE Sibiya LTIP BSP 37 022 19 390 1 Oct 2025 – 21 637 7 Oct 2025 34 775 15 385 1 Oct 2026 9 695 1 Oct 2026 9 695 1 Oct 2027 LTIP PSP 77 161 20 988 1 Oct 2025 – 11 697 7 Oct 2025 86 452 29 327 2 Oct 2026 36 137 1 Oct 2027 20 988 1 Oct 2028 1 Prior to the vesting date, the executives and prescribed officers elected to commit the LTIP BSP and LTIP PSP shares towards the minimum shareholding requirement (MSR). To this end, the vesting of these shares was deferred as per the rules of the MSR policy. 2 For associated gains, refer to table on page 116. Financial statement assurance Consolidated financial statements Company financial statements Additional information 119 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure D – Directors’ remuneration and key management compensation continued Balance at 30 June Allocated during Date of Transferred Exercised during Date Balance at 30 June First vesting 2025 the year allocation to the MSR1 the year2 exercised 2026 date Prescribed officers J Theron LTIP BSP 39 680 26 725 1 Oct 2025 – 24 432 7 Oct 2025 41 973 15 248 1 Oct 2026 13 362 1 Oct 2026 13 363 1 Oct 2027 LTIP PSP 99 328 25 022 1 Oct 2025 – 16 146 7 Oct 2025 108 204 40 088 2 Oct 2026 43 094 1 Oct 2027 25 022 1 Oct 2028 Matching shares 4 391 – – – – – 4 391 T Hill LTIP BSP 105 559 35 511 1 Oct 2025 – 72 669 8 Oct 2025 68 401 34 695 1 Oct 2026 16 853 1 Oct 2026 16 853 1 Oct 2027 LTIP PSP 123 317 27 489 1 Oct 2025 – 22 614 8 Oct 2025 128 192 49 288 2 Oct 2026 51 415 1 Oct 2027 27 489 1 Oct 2028 A Mhembere LTIP BSP 86 546 30 367 1 Oct 2025 56 287 – – 60 626 30 259 1 Oct 2026 15 183 1 Oct 2026 15 184 1 Oct 2027 LTIP PSP 185 644 40 604 1 Oct 2025 36 257 – – 189 991 74 422 2 Oct 2026 74 965 1 Oct 2027 40 604 1 Oct 2028 Matching shares 14 013 – – – – – 14 013 1 Prior to the vesting date, the executives and prescribed officers elected to commit the LTIP BSP and LTIP PSP shares towards the minimum shareholding requirement (MSR). To this end, the vesting of these shares was deferred as per the rules of the MSR policy. 2 For associated gains, refer to table on page 116. 120 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure E – Share-based compensation 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 R174.48 (2025: R99.41) and R118.34 (2025: R55.88) for the BSP and PSP respectively. The average option value was R47.18 (2025: R30.07) for the MSP share awards at the end of the year. Movement in the number of share options outstanding 2026 2025 BSP 000 PSP 000 MSP 000 BSP 000 PSP 000 MSP 000 Beginning of the year 6 774 2 977 67 4 290 2 320 106 Granted 3 520 832 – 5 609 1 415 13 Forfeited (322) (42) – (569) (553) – Exercised (4 208) (504) – (2 556) (205) (52) End of the year 5 764 3 263 67 6 774 2 977 67 Exercisable – – – – 7 – Not yet exercisable 5 764 3 263 67 6 774 2 970 67 Share options outstanding at the end of the year have the following vesting terms: 2026 2025 Number of share options BSP 000 PSP 000 MSP 000 BSP 000 PSP 000 MSP 000 Vesting year 2025 – – – – 7 – 2026 – – – 4 184 459 – 2027 4 096 1 156 54 2 590 1 203 54 2028 1 668 1 290 13 – 1 308 13 2029 – 817 – – – – Total options 5 764 3 263 67 6 774 2 977 67 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 121 Implats l Audited Annual Financial Statements 2026
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Annexures to the consolidated financial statements for the year ended 30 June 2026 Annexure E – Share-based compensation continued Cash-settled share-based compensation continued The cash-settled share-based compensation is made up as follows: 2026 Rm 2025 Rm Summary LTIP 2018 – BSP 173 223 LTIP 2018 – PSP 87 43 Other incentive plans 14 21 274 287 Beginning of the year 287 94 Charge to the income statement 393 321 Payments (382) (123) Exchange differences (24) (5) End of the year 274 287 Current 209 206 Non-current 65 81 LTIP 2018 The fair value of the cash-settled share-based compensation was valued using the share price of R172.00 (2025: R158.93) at valuation date and the related performance conditions attached to the PSP. The weighted average option value at valuation date was R172.00 and R162.50 (2025: R158.93 and R108.96) for the BSP and PSP, respectively. 2026 2025 BSP 000 PSP 000 BSP 000 PSP 000 Summary Movement in the number of share options outstanding: Beginning of the year 2 226 941 1 561 741 Granted 606 211 1 651 394 Exercised (1 430) (169) (46) (75) Forfeited (29) – (940) (119) End of the year 1 373 983 2 226 941 Exercisable – – – – Not yet exercisable 1 373 983 2 226 941 Share options outstanding at the end of the year have the following vesting terms: 2026 2025 Number of share options BSP 000 PSP 000 BSP 000 PSP 000 Vesting year 2026 – – 1 407 167 2027 1 084 377 819 379 2028 289 395 – 395 2029 – 211 – – Total options 1 373 983 2 226 941 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. 122 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Company statement of profit or loss and other comprehensive income for the year ended 30 June 2026 Notes 2026 Rm 2025 Rm 5 R m Revenue 2 6 174 4 450 Impairment of investments in subsidiaries 9 (11 808) – Other income 3 275 3 Other expenses 4 (329) (2 193) Finance income 5 43 – Finance costs 6 (806) (643) (Loss)/profit before tax (6 451) 1 617 Income tax credit 7 14 255 (Loss)/profit for the year (6 437) 1 872 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 Deferred tax thereon 3 (83) Total other comprehensive income 3 204 Total comprehensive (loss)/income (6 434) 2 076 The notes on pages 127 to 138 are an integral part of these financial statements. Financial statement assurance Consolidated financial statements Company financial statements Additional information 123 Implats l Audited Annual Financial Statements 2026
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Company statement of financial position as at 30 June 2026 Notes 2026 Rm 2025 Rm 5 R m ASSETS Non-current assets Investments in associates and joint ventures 8 1 477 1 419 Investments in subsidiaries 9 14 640 26 448 Loans to subsidiaries 9 1 394 748 Other financial assets 10 849 849 Deferred tax 11 98 38 18 458 29 502 Current assets Trade and other receivables 8 9 Current tax receivable 14 – Loan to subsidiaries 9 – 2 707 Cash and cash equivalents 12 17 492 7 071 17 514 9 787 Total assets 35 972 39 289 EQUITY AND LIABILITIES Equity attributable to owners of the Company Share capital 13 31 694 31 694 Retained earnings (13 735) (2 098) Other components of equity 425 422 Total equity 18 384 30 018 LIABILITIES Current liabilities Trade and other payables 292 294 Current tax payable – 8 Borrowings 14 17 296 8 969 17 588 9 271 Total liabilities 17 588 9 271 Total equity and liabilities 35 972 39 289 The notes on pages 127 to 138 are an integral part of these financial statements. 124 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Company statement of changes in equity for the year ended 30 June 2026 Share capital Rm Retained earnings Rm Other components of equity Rm Total equity Rm 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 Total comprehensive (loss)/income – (6 437) 3 (6 434) Loss for the year – (6 437) – (6 437) Other comprehensive income – – 3 3 Dividends paid – (5 200) – (5 200) Balance at 30 June 2026 31 694 (13 735) 425 18 384 The notes on pages 127 to 138 are an integral part of these financial statements. Financial statement assurance Consolidated financial statements Company financial statements Additional information 125 Implats l Audited Annual Financial Statements 2026
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Company statement of cash flows for the year ended 30 June 2026 Notes 2026 Rm 2025 Rm 5 R m Cash flows from operating activities Cash generated from operations 16 180 34 Dividends received 2 5 224 3 819 Finance income received 721 375 Finance costs paid (806) (604) Income tax paid (64) (11) Net cash inflow from operating activities 5 255 3 613 Cash flows from investing activities Loan advances to subsidiaries (618) (2 632) Loan repayments from subsidiaries 2 715 – Acquisition of interest in AP Ventures (58) (44) Net cash inflow/(outflow) from investing activities 2 039 (2 676) Cash flows from financing activities Proceeds from borrowings 8 327 3 654 Repayments of borrowings – (1 275) Dividends paid (5 200) – Net cash inflow from financing activities 3 127 2 379 Net increase in cash and cash equivalents 10 421 3 316 Cash and cash equivalents at the beginning of the year 7 071 3 755 Cash and cash equivalents at the end of the year 12 17 492 7 071 The notes on pages 127 to 138 are an integral part of these financial statements. Financial statement assurance Consolidated financial statements Company financial statements Additional information 126 Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 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 8 and 9) Subsidiaries, associated undertakings and joint ventures are accounted for at cost less any impairment provision in the Company financial statements. 2. Revenue 2026 Rm 2025 Rm Dividends received 5 224 3 819 Interest received – cash and cash equivalents 715 375 Interest received – loans to subsidiaries 225 243 Management fee 10 13 6 174 4 450 The Company’s main sources of revenue are further disaggregated as follows: 2026 Rm 2025 Rm Dividends received Impala Holdings Limited 3 919 – Mimosa Investments Limited 665 226 Impala Bafokeng Platinum (Pty) Ltd 447 3 489 Impala Chrome (Pty) Ltd 143 23 Other 50 81 5 224 3 819 Finance income Impala Canada Limited 218 243 Marula Platinum (Pty) Ltd 7 – 225 243 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. Other income 2026 Rm 2025 Rm Preference dividends received 270 – Fair value gain on investment 5 3 275 3 4. Other expenses 2026 Rm 2025 Rm Impairment of intra-group loans (note 9.1) 217 2 081 Corporate costs 59 49 Net foreign exchange transaction losses 31 37 Service fee 12 15 Auditor’s remuneration 10 11 329 2 193 Financial statement assurance Consolidated financial statements Company financial statements Additional information 127 Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 5. Finance income 2026 Rm 2025 Rm Fair value unwinding – Marula BEE loan 43 – 43 – 6. Finance costs 2026 Rm 2025 Rm Interest paid – borrowings 644 581 Commitment and facility fees 162 62 806 643 7. Income tax credit 2026 Rm 2025 Rm Current tax South African current tax 47 13 Prior year adjustment (4) 3 Deferred tax Temporary differences (57) (271) Total income tax credit (14) (255) The tax of the Company’s profit differs as follows from the theoretical charge that would arise using the basic tax rate of 27% (2025: 27%) for South African companies: Normal tax (credit)/expense for companies on (loss)/profit before tax (1 742) 437 Adjusted for: Disallowable expenditure (48) 333 Exempt dividend income (1 410) (1 031) Prior year adjustment (4) 3 Deferred tax not recognised (impairment) 3 188 – Taxable capital gain 2 3 Income tax credit (14) (255) Effective tax rate (%) 0.2 (15.8) 8. Investments in associates and joint ventures 2026 Rm 2025 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) 838 780 Total investments in associates and joint ventures 1 477 1 419 128 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 9. Investments in subsidiaries Carrying amount % interest Investment Loans3 Issued share capital 2026 % 2025 % 2026 Rm 2025 Rm 2026 Rm 2025 Rm Company and description Impala Holdings Limited (investment holding company) R11 302 100 100 11 302 11 302 – 93 Impala Platinum Limited (mines, refines and markets PGMs) 1 87 87 – – – – Employee Share Ownership Trust – – – – – 748 Impala ESOT (RF) (Pty) Ltd – – – – 1 316 – Afplats (Pty) Ltd (owns mineral rights) 1 74 74 – – – – Inkosi Platinum (Pty) Ltd (owns mineral rights) 1 49 49 – – – – Impala Platinum Japan Limited4 (marketing representative) ¥10m 100 100 2 2 – – Impala Platinum Zimbabwe (Pty) Ltd (investment holding company) 1 100 100 73 73 – – Impala Platinum B.V.5 (investment holding company) €0.02m 100 100 900 900 – – Zimplats Holdings Limited2, 6 (investment holding company) US$10.8m 87 87 – – – – Zimbabwe Platinum Mines (Pvt) Limited7 (owns mineral rights and mines PGMs) US$30.0m 87 87 – – – – Marula Platinum (Pty) Ltd (owns mineral rights and mines PGMs) R1 032 73 73 1 363 1 363 78 166 Impala Chrome (Pty) Ltd (processes tailings and chrome and produces chrome concentrate) 1 65 65 32 32 – – Impala Bafokeng Platinum (Pty) Ltd (investment holding company) R12 523 100 100 968 12 776 – – Impala Bafokeng Resources (Pty) Ltd (owns mineral rights and mines PGMs) R6 794 100 87 – – – 2 448 Impala Canada Limited8 (owns mineral rights and mines PGMs) C$239m 100 100 – – – – Total 14 640 26 448 1 394 3 455 Total investments at cost 16 034 29 903 1 Share capital less than R50 000. 2 Listed on the Australian Securities Exchange. 3 Refer to note 9.1 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. All subsidiaries were incorporated in South Africa unless otherwise indicated. Financial statement assurance Consolidated financial statements Company financial statements Additional information 129 Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 9. Investments in subsidiaries continued Impairment – Impala Bafokeng The investment in Impala Bafokeng was assessed for impairment following the consolidation, whereby Impala Bafokeng Resources (IBR) transferred its entire business to Impala (refer to note 1 of the consolidated annual financial statements). The investment in Impala Bafokeng was impaired by R11 808 million to its recoverable amount of R968 million. The recoverable amount was determined based on expected future cash flows. This is a level 3 valuation in terms of the fair value hierarchy. 9.1 Loans to subsidiaries Notes 2026 Rm 2025 Rm Intra-group loan – Impala Canada Limited 9.1.1 – – Intra-group loan – Impala ESOT (RF) (Pty) Ltd 9.1.2 1 316 – Intra-group loan – Impala Employee Share Ownership Trust 9.1.2 – 748 Intra-group loan – Impala Bafokeng Resources (Pty) Ltd 9.1.3 – 2 448 Other subsidiaries 9.1.3 78 259 1 394 3 455 Current – 2 707 Non-current 1 394 748 9.1.1 Intra-group loan – Impala Canada Limited 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 prior year, the loan was fully impaired, recognising an impairment of R2 076 million. In the current period, interest accrued of R210 million was impaired, net of foreign translation adjustments. 9.1.2 Intra-group loan – Impala ESOT (RF) (Pty) Ltd/Impala Employee Share Ownership Trust During the current year the Impala Employee Share Ownership Trust (Trust) was restructured. The Trust entered into an asset-for-share and sale-of-share agreement with Impala ESOT (RF) (Pty) Ltd (ESOT Company) to obtain 100% control in ESOT Company and ESOT Company to obtain 4% in Impala Platinum Limited. As part of the purchase consideration for the sale-of-share agreement, the Trust ceded its obligation to pay Implats, to ESOT Company. The loan repayment terms were amended and is repayable by means of 25% of future dividends received from the investment held in Impala Platinum Limited. The loan is non-interest bearing. 9.1.3 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. A loan amount to Afplats of R7 million (2025: R5 million) was impaired during the current year. 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 18 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. 130 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 10. Other financial assets Notes 2026 Rm 2025 Rm Subsequently carried at fair value Guardrisk insurance cell captive 10.1 76 57 Investment in Waterberg 10.2 773 792 849 849 Current – – Non-current 849 849 10.1 Guardrisk insurance cell captive The financial asset was revalued to R76 million (2025: R57 million), recognising a R19 million gain (2025: R4 million loss) in other comprehensive income. 10.2 Investment in Waterberg The investment in Waterberg was revalued to R773 million (2025: R792 million), recognising a loss of R19 million (2025: R291 million gain) through other comprehensive income. During the year, the shareholding diluted to 14.63% (2025: 14.73%), 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. Financial statement assurance Consolidated financial statements Company financial statements Additional information 131 Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 11. Deferred tax Deferred tax movements are attributable to the following temporary differences: 2026 Opening balance Rm Recognised in profit or loss Rm Recognised in other comprehensive income Rm Closing balance Rm Unrealised foreign currency gains/(losses) – – – – Bad debt deduction 120 59 179 Waterberg investment revaluation (83) – 3 (80) Other 1 (2) – (1) 38 57 3 98 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 12. Cash and cash equivalents 2026 Rm 2025 Rm Short-term bank deposits 17 353 6 959 Cash at bank 139 112 17 492 7 071 Refer to note 23 of the consolidated annual financial statements for detailed disclosure relating to cash and cash equivalents. 13. Share capital 2026 Rm 2025 Rm Share capital 31 694 31 694 Number of ordinary shares in issue 2026 Million 2025 Million Number of ordinary shares 904.37 904.37 The authorised share capital of the Company consists of 1 044.01 million (2025: 1 044.01 million) ordinary no par value shares. The authorised but unissued share capital is 139.64 million (2025: 139.64 million) ordinary no par value shares and remains under the control of the directors. 132 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 14. Borrowings 2026 Rm 2025 Rm Intra-group borrowing – Impala Platinum Limited 16 042 8 447 Intra-group borrowing – Marula Platinum (Pty) Ltd 344 – Intra-group borrowing – Impala Bafokeng Resources (Pty) Ltd 377 – Intra-group borrowing – Impala Chrome (Pty) Ltd 530 520 Intra-group borrowing – other 3 2 17 296 8 969 Current 17 296 8 969 Non-current – – Reconciliation Beginning of the year 8 969 6 590 Proceeds 8 327 3 654 Interest accrued 644 541 Interest repayments (644) (541) Capital repayments – (1 275) End of the year 17 296 8 969 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 which ranged between 6.7% and 7.2%. Refer to note 18 for fair value and financial risk disclosure and note 34.2.4 of the consolidated annual financial statements for additional information of the undrawn committed revolving credit facilities. Financial statement assurance Consolidated financial statements Company financial statements Additional information 133 Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 15. 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. 16. Cash generated from operations 2026 Rm 2025 Rm (Loss)/profit before tax (6 451) 1 617 Adjusted for: Foreign currency differences 8 42 Dividends received (note 2) (5 224) (3 819) Impairment of investments in subsidiaries 11 808 – Impairment of intra-group loans 217 2 081 Finance costs 806 643 Finance income (983) (618) 181 (54) Changes in working capital Decrease in trade and other receivables 1 90 Decrease in trade and other payables (2) (2) Cash generated from operations 180 34 134 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 17. Related party transactions Associates and joint venture (note 8) 2026 Rm 2025 Rm Makgomo Chrome (Pty) Ltd Transactions with related party Dividends received 50 81 Mimosa Investments Limited Transactions with related party Dividends received 665 226 Subsidiaries (notes 9 and 14) 2026 Rm 2025 Rm Impala Platinum Limited Transactions with related party Proceeds from borrowings 7 595 3 455 Interest paid (581) (446) Management fee received 10 13 Service fee paid (12) (15) Balances arising from transactions with related party Borrowings 16 042 8 447 Impala Employee Share Ownership Trust (Impala – ESOT) Transactions with related party Loan repayments (748) – Balance arising from transactions with related party Loan – 748 Impala ESOT (RF) (Pty) Ltd (Impala – ESOT Co) Transactions with related party Loan advanced 1 316 – Balance arising from transactions with related party Loan 1 316 – Impala Holdings Limited Transactions with related party Dividends received 3 919 – Loan advanced – 49 Loan repayments (93) 0 Balances arising from transactions with related party Loan – 93 Marula Platinum (Pty) Ltd Transactions with related party Loan advanced – 130 Loan repayments (130) – Proceeds from borrowings 344 – Repayment of borrowings – (749) Interest paid (14) (40) Interest received 7 – Balances arising from transactions with related party Loan – 130 Borrowings (344) – Marula Employee Share Ownership Trust (Marula – ESOT) Transactions with related party Fair value adjustment on the loan 43 (39) Balances arising from transactions with related party Loan 78 35 Financial statement assurance Consolidated financial statements Company financial statements Additional information 135 Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 17. Related party transactions continued Subsidiaries (notes 9 and 14) continued 2026 Rm 2025 Rm Impala Platinum B.V. Balances arising from transactions with related party Borrowings 3 2 Impala Chrome (Pty) Ltd Transactions with related party Dividends received 143 23 Interest paid (38) (37) Proceeds from borrowings 10 199 Balances arising from transactions with related party Borrowings 530 520 Afplats (Pty) Ltd Transactions with related party Loan impairment (7) (5) Impala Canada Limited Transactions with related party Interest received 218 243 Loan impairment (210) (2 076) Impala Bafokeng Platinum (Pty) Ltd Transactions with related party Dividends received 447 3 489 Interest paid – (18) Repayment of borrowings – (527) Impala Bafokeng Resources (Pty) Ltd Transactions with related party Loan advanced – 2 448 Loan repayments (2 448) – Proceeds from borrowings 377 – Interest paid (11) – Balances arising from transactions with related party Loan – 2 448 Borrowings 377 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. 136 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 18. Financial risk management The Company manages its risk on a Group-wide basis. Refer to note 34 of the consolidated annual financial statements. 18.1 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 2026 Rm 2025 Rm Financial assets At amortised cost Loans to subsidiaries (note 9.1.2 and 9.1.3) 1 394 3 455 1 394 3 455 The carrying amount of other financial assets and liabilities which are not carried at fair value, is a reasonable approximation of their fair value. 18.2 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 was impaired (refer note 9.1), 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. 18.3 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 34.2.4 of the consolidated annual financial statements. Trade and other payables are all due within a 12-month period. Intra-group borrowings will be settled in accordance with the contractual requirements as stipulated in note 14. 18.4 Cash flow interest rate risk The Company is not exposed to significant interest-bearing liabilities resulting in cash flow interest rate risk. Financial statement assurance Consolidated financial statements Company financial statements Additional information 137 Implats l Audited Annual Financial Statements 2026
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Notes to the Company financial statements for the year ended 30 June 2026 19. Events occurring after the reporting period Dividends Implats has a dividend policy which is aligned with the Company’s capital allocation framework, which seeks to balance the delivery of sustainable and attractive shareholder returns with the maintenance of a strong and flexible balance sheet. The framework also ensures that the Group remains appropriately capitalised to fund operational requirements and pursue value-accretive growth opportunities. During the period, the board approved an amendment the dividend policy to provide shareholders with greater transparency and certainty regarding the level of ordinary returns and the circumstances under which additional distributions may be made. Under the previous policy, the Company targeted a minimum dividend payout of 30% of adjusted free cash flow, before growth capital expenditure, while retaining the discretion to increase or decrease the payout based on the Group’s financial position, prevailing market conditions and capital allocation priorities at the time. To enhance clarity for shareholders, the board approved the following revised framework: ▪ A base dividend equivalent to 30% of adjusted free cash flow, before growth capital expenditure, through the cycle ▪ Where appropriate, and subject to maintaining a strong balance sheet, provide additional returns to shareholders through the declaration of an additional ordinary dividend in excess of the base dividend. For the 12 months ended 30 June 2026, supportive precious and base metal pricing, combined with strong operational performance, generated free cash inflow of R22 billion. After adjusting for non-discretionary outflows of R1.1 billion, the Group recorded adjusted free cash flow of R20.9 billion for the financial year. In line with the revised framework, stakeholders are advised that the board has resolved to declare a final cash base dividend of 490 cents per ordinary share or R4.4 billion, together with an additional ordinary dividend of 955 cents per ordinary share or R8.7 billion on 3 September 2026, amounting to a return in aggregate of 1 445 cents per ordinary share or R13.1 billion for the year ended 30 June 2026 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, 28 September 2026 to shareholders recorded in the register at the close of business, 25 September 2026. Dividends paid 2026 Rm 2025 Rm Final dividend No 100 for 2025 of 165 cents per ordinary share 1 492 – Interim dividend No 101 for 2026 of 410 cents per ordinary shares 3 708 – 5 200 – Other events occurring after the reporting period Other events occurring after the reporting period are disclosed in note 36 of the consolidated annual financial statements. 138 Financial statement assurance Consolidated financial statements Company financial statements Additional information Implats l Audited Annual Financial Statements 2026
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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 First Floor, South Block Borrowdale Office Park Borrowdale Road Harare Zimbabwe PO Box 6380 Harare Zimbabwe Telephone: +26 (34) 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 Telefax: +44 (020) 7796 8645 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 Telephone: +27 (11) 370 5000 Auditors Deloitte & Touche Johannesburg Office 5 Magwa Crescent Waterfall City Johannesburg, 2090 Telephone: +27 (11) 806 5000 Corporate relations Johan Theron Investor queries may be directed to: Email: investor@implats.co.za Financial statement assurance Consolidated financial statements Company financial statements Additional information 139
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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