Production update and trading statement for the year ended 30 June 2021

(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE share code: IMP
ISIN: ZAE000083648
(“Implats” or “the Group”)

30 JUNE 2021

Implats will release its results for the year ended 30 June 2021 (the period) on or about
2 September 2021.


Implats delivered strong operating results in the period, despite the complexity of managing
the ongoing impact of Covid-19. The Group recorded a 15.6% increase in gross concentrate
volumes to 3.29 million 6E ounces. This includes a 17.9% increase in concentrate production
to 2.37 million 6E ounces from managed operations and a 10.3% increase in concentrate
production to 561 000 6E ounces from joint ventures.

The expected destocking of in-process inventory was adversely impacted by increased load
shedding by power utility Eskom and the timing of scheduled maintenance at Group processing
facilities in the second half of the period due to Covid-19-related delays. The benefit of higher
contributions of saleable production from Impala Canada resulted in a 16.3% increase in gross
refined volumes to 3.27 million 6E ounces.

Sales volumes of 3.27 million 6E ounces benefitted from some destocking of ruthenium as
demand and pricing strengthened during the period. Revenue per 6E ounce sold is expected
to increase by 58.8% to R39 478 per ounce, reflecting record palladium and rhodium pricing
in the period and the benefit of increased sales volumes of minor PGMs on the pricing mix.

Group capital expenditure is expected to increase to circa R6.5 billion from R4.5 billion in the
comparative period. Capital expenditure in the comparative period was impacted by Covid-19
restrictions. The increased spend for the period was due to the higher operating rates
achieved, the inclusion of Impala Canada for a full reporting period and the acceleration of
spend at Zimplats following approval of the Mupani and Bimha expansion projects.

Group unit costs per 6E ounce are expected to increase to circa R14 800 on a stock-adjusted
basis. Inflationary pressures were compounded by targeted spend on development to improve
mining flexibility and asset integrity at Impala Rustenburg, as well as Covid-19-related costs.

                                                        Unaudited 12   Unaudited 12
                                                              months         months
                                                           June 2021      June 2020            %

 6E Concentrate production                      000oz          3 292          2 849         15.5
         Managed operations                                    2 373          2 014         17.8
           Impala                                              1 291          1 109         16.4
           Zimplats                                              590            597         -1.2
           Marula                                                231            210         10.1
           Impala Canada                                         260             97        167.4
         JV operations                                           561            509         10.3
           Mimosa                                                261            248          5.4
           Two Rivers                                            300            261         15.0
         Third-party purchased                                   358            327          9.5

 6E Refined production#                         000oz          3 271          2 813         16.3
 6E Sales volumes                               000oz          3 274          2 793         17.2
 Revenue per 6E ounce sold                       R/oz         39 478         24 863         58.8
# includes saleable ounces from Impala Canada


With reference to the Listings Requirements of the JSE Limited, issuers must publish a trading
statement on SENS as soon as they become reasonably certain that the financial results for
the period to be reported on will differ by at least 20% from those of the previous corresponding
reporting period.

A significant increase in the dollar basket price for platinum group metals (PGMs), together
with higher 6E sales volumes, resulted in higher revenue and improved profitability for the
period. Consequently, Implats is expecting headline earnings and headline earnings per share
(HEPS) for the period to increase by at least 20% from the R16 billion and 2 075 cents reported
for the year ended 30 June 2020 (the comparative period), respectively. Therefore, headline
earnings and HEPS are expected to be at least R19.2 billion and 2 490 cents, respectively.
Headline earnings for the period were impacted by the once-off non-cash IFRS2 BEE charge
of R1.5 billion (no tax impact) arising on the Marula BEE loan refinancing.

Basic earnings and basic earnings per share (EPS) for the period are also expected to increase
by at least 20% from the R16 billion and 2 066 cents reported in the comparative period,
respectively. Therefore, basic earnings and EPS are expected to be at least R19.2 billion and
2 480 cents, respectively. Basic earnings for the period were favourably impacted by the
reversal of impairment losses of R10.6 billion (post-tax).

Implats will publish a further detailed trading statement providing the specific guidance ranges
on its expected results closer to the release of its annual financial results once it has
reasonable certainty around the expected results.

The financial information on which this trading statement is based has not been reviewed and
reported on by the external auditors of Implats.



Johan Theron
T: +27 (0) 11 731 9013/43
M: +27 (0) 82 809 0166

Emma Townshend
T : +27 (0) 21 794 8345
M : +27 (0) 82 415 3770

Alice Lourens
T: +27 (0) 11 731 9033/43
M: +27 (0) 82 498 3608

28 July 2021

Sponsor to Implats
Nedbank Corporate and Investment Banking, a division of Nedbank Limited


Date: 28-07-2021 12:00:00
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