First Quarter Production Report for the Period 1 July to 30 September 2023

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


Key highlights

       Regrettably, a fatality at each of Marula and Impala Bafokeng

       A 16% and 11% year-on-year improvement in the lost-time and all-injury injury frequency rates,

       Total 6E group production volumes increased by 21% from the previous comparable quarter to
        1.0 million ounces, with a 34% increase in managed volumes to 799 000 ounces, stable
        production of 141 000 ounces from joint ventures, and a 31% decrease in third-party receipts to
        62 000 ounces. While production metrics benefitted from the maiden inclusion of Impala
        Bafokeng in the period, notable improvements were achieved on a like-for-like basis at the
        Group's mining and processing operations

       Gross 6E refined and saleable production volumes increased by 25% to 885 000 ounces and
        6E sales volumes increased by 17% to 829 000 ounces.

Implats' Chief Executive Officer, Nico Muller, commented: "The strong operational delivery in the period
is a testament to the flexibility and resilience our people enabled at our operations  with targeted
investments in asset integrity and projects focused on harnessing the inherent competitiveness of our
mining and processing portfolio yielding notable improvements.

Volume gains offset persistent industry-wide inflationary pressures and the operational impact of load
curtailment was also minimised in the period. The integration of Impala Bafokeng gained momentum and
focused efforts to improve and embed our safety performance remain a key focus.

Recent discussions with our core customer base confirm our underlying view of rising demand for our
key products over the coming year. Residual customer caution reflects the persistent global macro-
economic uncertainty and notable trade-flow shifts in primary mined supplies, resulting in adjustments to
market liquidity and pricing.

Implats is implementing a comprehensive operational and expenditure response to mitigate the current
weakness in PGM pricing and the resultant pressure on margins. It is imperative that all our operations
are set up to contribute sustainably and profitably through the vagaries of PGM cycles.

We had a strong start to FY2024 and Implats is on track to deliver against its stated production and cost
metrics. Capital expenditure on projects considered key to strategic delivery will continue, but planned
elevated levels of spend across the portfolio will be adjusted to reflect the prevailing current reality of
compressed industry margins."

     Group operational performance                                                          Q1 FY2024              Q1 FY2023              Var, %
     LTIFR                                                          pmmhw                        3.40                   4.04                15.9
     TIFR                                                           pmmhw                        8.55                   9.58                10.7
     Fatalities                                                     Count                           2                      1                >100

     6E Group production                                            000oz                       1 002                    826                21.2
       Managed operations                                           000oz                         799                    595                34.2
       JV operations                                                000oz                         141                    141                -0.2
       Third-party                                                  000oz                          62                     91               -31.0

     Gross 6E refined and saleable                                  000oz                         885                    705                25.5
       Impala 6E refined                                            000oz                         308                    300                 2.7
       IRS 6E refined                                               000oz                         392                    340                15.4
       Impala Bafokeng 6E saleable1                                 000oz                         113                      -                   -
       Impala Canada 6E saleable1                                   000oz                          71                     65                 8.4

     Gross platinum refined and saleable                            000oz                         421                     333                26.7
     Gross palladium refined and saleable                           000oz                         303                     249                21.8
     Gross rhodium refined and saleable                             000oz                          46                      36                28.2
     Gross nickel refined and saleable                              t                           4 331                   3 972                 9.0

     6E sales volumes                                               000oz                         829                     708                17.0

     Managed operations production:
     Tonnes milled                                                  000t                        7 551                   5 852                29.0
     6E grade                                                       g/t                          3.77                    3.61                 4.4

     Impala Rustenburg
     Tonnes milled                                                  000t                        3 021                   2 650                14.0
     6E grade                                                       g/t                          3.96                    3.85                 2.8
     6E stock adjusted2                                             000oz                         369                     319                15.6
     Tonnes milled                                                  000t                        1 955                   1 731                12.9
     6E grade                                                       g/t                          3.33                    3.41                -2.5
     6E in matte (incl. concentrate sold to IRS)3                   000oz                         165                     140                17.9

     Tonnes milled                                                  000t                          487                     522                -6.7
     6E grade                                                       g/t                          4.30                    4.49                -4.2
     6E in concentrate4                                             000oz                          58                      68               -14.9

     Impala Canada
     Tonnes milled                                                  000t                          900                     951                -5.3
     6E grade                                                       g/t                          3.12                    2.78                12.2
     6E in concentrate4                                             000oz                          74                      69                 7.2

     Impala Bafokeng
     Tonnes milled                                                  000t                        1 188                       -                   -
     6E grade                                                       g/t                          4.26                       -                   -
     6E in concentrate4                                             000oz                         134                       -                   -

     JV operations production:
     Tonnes milled                                                  000t                          702                     680                  3.2
     6E grade                                                       g/t                          3.61                    3.78                 -4.5
     6E in concentrate4                                             000oz                          62                      61                  1.1

     Two Rivers
     Tonnes milled                                                  000t                          939                     933                  0.6
     6E grade                                                       g/t                          3.12                    3.14                 -0.9
     6E in concentrate4                                             000oz                          79                      80                 -1.1

     Impala Refining Services production:
     Gross 6E receipts                                              000oz                         431                     431                  0.1
        Managed operations                                          000oz                         223                     203                 10.1
        JV operations                                               000oz                         145                     137                  6.0
       Third-party                                                  000oz                          62                      91                -31.0

1.     PGM production adjusted for off-take terms from third-parties.
2.     PGM production post the precious metals refinery, adjusted for any increase (added), or decrease (deducted) in smelting and refining lock up.
3.     PGM production post the smelter ahead of the base metal refinery, unadjusted for further processing recoveries.
4.     PGM production post the concentrator ahead of the smelter, unadjusted for further processing recoveries.

Implats' priority is to eliminate harm to the health and safety of our employees and contractors.
Regrettably, during the quarter ended 30 September 2023, the Group reported two fatal incidents at its
managed operations, resulting from an equipment accident at Marula and a fall-of-ground incident at
Impala Bafokeng. The board and management team have extended their sincere sympathies and
continue to offer support to the family and colleagues of Mr Caiphus Magowa and Mr Michael

The Group's lost-time injury frequency rate improved by 16% to 3.40 per million-man hours worked from
4.04 reported in the previous comparable quarter, while the all-injury frequency rate improved by 11% to
8.55 (Q1 FY2023: 9.58).


Gross tonnes milled at managed operations increased by 29% to 7.55 million tonnes during the quarter,
augmented by the maiden inclusion of Impala Bafokeng, with 9% gains on a like-for-like basis. 6E milled
grade increased by 4% to 3.77g/t and 6E concentrate production at managed operations increased by
34% to 799 000 ounces, with a like-for-like improvement of 12% from the collective production base at
Impala Rustenburg, Marula, Zimplats and Impala Canada.

6E concentrate production from the joint ventures at Mimosa and Two Rivers was stable at 141 000

Third-party 6E concentrate deliveries to Impala Refining Service (IRS) declined by 31% to 62 000 ounces
reflecting the conclusion of two contracts in Q3 FY2023.

Consequently, Group 6E gross production volumes increased by 21% to 1.00 million ounces, 5% higher
on a like-for-like basis.

Refined 6E production, which includes saleable ounces from Impala Canada and Impala Bafokeng,
increased by 25% to 885 000 ounces (9% on a like-for-like basis). Scheduled annual processing
maintenance was completed in the period. Implats estimates circa 8 000 6E ounces of production was
foregone across southern African managed and JV operations in the period with a further 6 000 6E
ounces deferred due to power constraints at the Group's operations. Excess inventory increased from
the end of FY2023 by 75 000 6E to circa 320 000 6E ounces at period end.

6E sales volumes of 829 000 ounces, including saleable production from Impala Canada and Impala
Bafokeng, increased by 17% and were largely unchanged on a like-for-like basis from those in the prior
comparable period.

Impala Rustenburg

Production at Impala Rustenburg benefitted from previous investment in asset integrity and operational
flexibility, specific internal interventions and fewer external interruptions. Safety metrics and achieved
production in the quarter reached a five-year high. Tonnes milled increased by 14% to 3.02 million tonnes
and grade benefitted from an improved ore mix, increasing by 3% to 3.96g/t. 6E stock-adjusted production
rose by 16% to 369 000 ounces.

Refined 6E production of 308 000 ounces was 3% higher during the quarter, with inventory accumulated
during the scheduled annual maintenance at the smelting and refining complex.

Impala Bafokeng

BRPM operations delivered to plan in the quarter, but performance at Styldrift was negatively impacted
by a lengthy Section 54 safety stoppage following the fatal accident in September 2023, while milled
volumes were impeded by a primary crusher breakdown. Near-term interventions to improve the
operating and maintenance protocols and enhance recoveries at the BRPM and Maseve concentrators
were implemented, with early benefits realised towards the end of the period.
Impala Bafokeng milled 1.19 million tonnes at 4.26g/t 6E, producing 134 000 6E ounces in concentrate.
Saleable ounces of 113 000 6E reflect the payable metal content in terms of the offtake agreement.


Tonnes milled increased by 13% to 1.95 million tonnes, benefitting from the third concentrator plant
operating for the full period, while the 50MW power import agreement with the Zambia Electricity Supply
Company resulted in stable power supply during the quarter. Milled grade declined by 3% due to the
increased contribution of low-grade Mupani Mine development tonnage to milled throughput. 6E
production in matte increased by 18% to 165 000 ounces, with production in the prior comparable period
impacted by a scheduled furnace shutdown. All major mining and processing projects progressed to plan.


Performance at Marula was negatively impacted by a Section 54 safety stoppage and subsequent audits
following the fatal accident at the operation in August 2023. Milled volumes declined by 7% to 487 000
tonnes, while milled head grade regressed by 4% to 4.30g/t. Consequently, 6E in concentrate production
was 15% lower at 58 000 ounces.

Impala Canada

Impala Canada continued to operate well in the period, with higher milled grade compensating for reduced
mill throughput as a consequence of scheduled shaft and plant maintenance and power curtailment
initiatives. Tonnes milled declined by 5% to 900 000 tonnes, with a 12% higher grade of 3.12g/t resulting
in a 7% increase in 6E volumes in concentrate to 74 000 ounces.


Production volumes continued to be impacted by intermittent domestic power interruptions and a
scheduled plant shutdown in the period. Tonnes milled improved by 3% to 702 000 tonnes, while milled
grade was adversely impacted by poor geology and declined by 5% to 3.61g/t. Yield improvements from
the plant optimisation project resulted in a 1% increase in 6E concentrate production to 62 000 ounces.

Two Rivers

Operating momentum at Two Rivers continues to be impeded by adverse geological conditions,
unplanned equipment breakdowns and a high turnover of critical skilled labour. Milled volumes increased
by 1% to 939 000 tonnes and grade stabilised at 3.12g/t as progress on an optimal mining cut to
accommodate the split reef yielded benefits. Improved process recoveries resulted in a 1% decline in 6E
concentrate production to 79 000 ounces. Implats continues to engage extensively with its JV partner to
ensure the appropriate technical support and assistance is provided to operational management at the
mine as the UG2 mining footprint is expanded and the Merensky project progressed.


Mine-to-market 6E receipts from Zimplats and Marula improved by 10% to 223 000 ounces, while receipts
from Two Rivers and Mimosa rose 6% to 145 000 ounces. Third-party 6E receipts declined by 31% to
62 000 ounces, reflecting the cessation of deliveries from two customer contracts in Q3 FY2023.

Refined 6E production benefitted from improved operating rates at the Group's processing facilities, which
helped counter the production impact of intermittent load curtailment. Consequently, refined production
was 15% higher at 392 000 ounces in the period under review.

The first quarter production report for the period 1 July to 30 September 2023 has not been reviewed and
reported on by the external auditors of Implats.

Johan Theron
T: +27 (0) 11 731 9013
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
M: +27 (0) 82 498 3608

31 October 2023

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

Date: 31-10-2023 11:00:00
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