IMPALA PLATINUM HOLDINGS LIMITED - Implats elects17 Jun 2020
Implats elects not to exercise its option to increase its stake in the Waterberg Project

IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE Share code: IMP
ISIN: ZAE000083648
JSE Convertible Bond Stock Code: IMCB22
JSE Convertible Bond ISIN: ZAE000247458
ADR code: IMPUY

(“Implats” or “the Group”)

Implats elects not to exercise its option to increase its stake in the Waterberg Project

Implats refers to its SENS announcement of 16 October 2017, regarding its strategic
investment in the Waterberg Development Project (the project) and its right to acquire majority
ownership in the project through the exercise of a sale and subscription option following
completion of a definitive feasibility study (“DFS”). The Board of Implats has elected not to
exercise the current option arrangement to acquire up to 50.1% from the joint venture partners
("JV partners"). Implats will, however, retain its 15% ownership in the project.

The original investment decision was informed by Implats’ stated strategy to rebalance its
portfolio of mining assets towards lower risk, shallow and mechanisable orebodies. The final
decision to increase participation in the project was always dependent on the outcomes of the
DFS. Following completion of this study, which was approved by the JV partners in December
2019, the following key considerations, among others, were considered in assessing the
Group’s appetite for increasing its participation in the project:

     •   The long-term PGM demand outlook combined with the project schedule and
         production ramp-up profile.
     •   Implats’ funding and return requirements at 50.01% shareholding in the context of the
         Group’s capital allocation framework, which prioritises balance sheet strength and
         shareholder returns.
     •   More recently, the implications of the Covid-19 pandemic on the global economic
         outlook.
     •   Investor financing appetite for large greenfield projects in general.

After taking these considerations into account, the Implats Board resolved that the Group will
not exercise its option to increase its shareholding in the project at this time.

Implats reiterates its support for both the project and its JV partners. The Group intends to
remain an active participant in the project at its current 15% shareholding, including funding its
share of costs depending on future implementation decisions taken by all the JV partners.

In addition, the Group confirms that its rights relating to the concentrate offtake from the project
remains unchanged and affirms its commitment to continue negotiations in this regard with the
JV partners in good faith.

Costs associated with further study and optimisation work to de-risk the project implementation
programme will continue to be funded by Implats, up to a maximum of R55 million as previously
announced, with planned studies expected to be complete by mid-August 2020.


Queries:
Johan Theron
E-mail: johan.theron@implats.co.za
T: +27 (0) 11 731 9013/43
M: +27 (0) 82 809 0166

Emma Townshend
E-mail : emma.townshend@implats.co.za
T : +27 (0) 21 794 8345
M : +27 (0) 82 415 3770

Alice Lourens
E-mail: alice.lourens@implats.co.za
T: +27 (0) 11 731 9033/43
M: +27 (0) 82 498 3608

17 June 2020
Johannesburg

Sponsor to Implats
Nedbank Corporate and Investment Banking

Date: 17-06-2020 08:38:00
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