Condensed consolidated interim results (reviewed) for the six months ended 31 December 2023

Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE share code: IMP 
ISIN: ZAE000083648
("Implats", "the Company" or "the Group")

Condensed consolidated interim results (reviewed) 
for the six months ended 31 December 2023 

Key features for H1 FY2024: 
- Safety performance dominated by the Impala Rustenburg 11 Shaft tragedy
- 16 fatalities at managed operations
- 15% deterioration in LTIFR* to 4.65 and 1% improvement in TIFR* to 9.05 
- Third consecutive inclusion in the S&P Global Sustainability Yearbook (2024)
- Maintained CDP ratings for environment and water management
- Maiden inclusion of Impala Bafokeng increases production volumes
- Group 6E production rose 18% to 1.9Moz
- Refined and saleable 6E production increased 19% to 1.75Moz 
- 6E sales volumes was 12% higher at 1.70Moz 
- Group 6E unit costs increased 5% to R20 334/oz (stock-adjusted) 
- Consolidated Group capital expenditure of R6.8 billion
- Dollar revenue per 6E ounce down 37% to US$ 1 376/oz on materially lower rhodium and 
  palladium pricing
- Rand revenue per 6E ounce declined 32% to R25 795/oz
- EBITDA of R8.4bn with headline earnings of R3.3bn or 365c per share
- Basic earnings of R1.6bn or 180c per share 
- Free cash outflow of R4.8bn and closing net cash (excluding leases) of R5.2bn
- Precious metal pricing heavily influenced by industrial destocking and weak investor sentiment
- Market deficits for each of platinum, palladium and rhodium expected in 2024
- FY2024 production and cost guidance maintained
*Per million man-hours worked

Implats delivered a strong operational performance despite several challenges during the period under review. This
production performance is testament to prior investment in enhanced operational flexibility, and the resilience and
disciplined execution demonstrated by our people. The 11 Shaft tragedy at Impala Rustenburg was a devastating and 
significant event for our Group and we continue to progress investigations into the accident while providing ongoing 
support to our many colleagues who have been impacted as a result. 

Notable gains in production and sales volumes and commendable cost controls across several of our operations were offset
by the material decline in platinum group metals (PGMs) prices over the course of 2023, resulting in a step-change in
interim reported profitability at the Group. Implats recorded EBITDA of R8.4 billion, headline earnings of R3.3 billion
or 365 cents per share, and recorded a free cash outflow of R4.8 billion, after funding capital expenditure of 
R6.8 billion in the half year ended 31 December 2023 (the period). The acquisition of Royal Bafokeng Platinum Limited 
(RBPlat) was concluded and Implats closed the period with net cash of R5.2 billion. 

Implats' safety performance for the period under review was dominated by the tragic event at 11 Shaft on Monday, 
27 November 2023, when an accident involving a personnel conveyance took place. 13 employees tragically lost their 
lives and an additional 73 employees were injured, several of whom are receiving ongoing rehabilitation, care and 
support from the Company. Our hearts remain heavy for the lives lost and the individuals affected by this devasting 
accident. With deep regret, we report that an additional three employees lost their lives in unrelated accidents at 
managed operations, bringing the Group's reported fatalities to 16 in the period.

Due to magnitude of the 11 Shaft tragedy, most Group reported safety metrics deteriorated significantly. The Group's
fatal-injury frequency rate worsened to 0.209 per million man-hours worked (H1 FY2023: 0.032). The lost-time injury
frequency rate (LTIFR) retraced 15% to 4.65 per million man-hours worked (H1 FY2023: 4.05). The Group recorded a 1%
improvement in the total injury frequency rate to 9.05 (H1 FY2023: 9.16). 

Safety remains our foremost priority. We aspire to eliminate harm to the health and safety of our employees and
contractors, and we are devastated by the events in the period. 

Mineral resources and mineral reserves 
Following the acquisition of RBPlat, now Impala Bafokeng, the Group's attributable Mineral Resource estimate increased
by 28% to 336.2 million 6E ounces from 262.7 million announced at the end of June 2023. The 75.0 million 6E ounces
included from Impala Bafokeng were marginally offset by 1.5 million ounces in production depletion across Group 
operations during the period.

Group attributable Mineral Reserves increased by 21% to 63.4 million 6E ounces from 52.5 million ounces announced at
Implats' year end, following the inclusion of 12.3 million 6E ounces from Impala Bafokeng, offset by 1.4 million ounces
in production depletion.

Implats has published an Interim Mineral Resource and Mineral Reserve Statement, available on, which
contains the Group's maiden declaration of Mineral Resources and Mineral Reserves for Impala Bafokeng.

Operational summary
Implats delivered strong production and commendable cost control, despite navigating several serious operational
challenges and a low PGM price environment. Achieved volumes benefitted from the maiden interim consolidation of Impala
Bafokeng. However, notable improvements were achieved on a like-for-like basis (excluding Impala Bafokeng's contribution) 
at the Groups' mining and processing operations. Input inflation eased, but rand depreciation persisted, which impacted 
the translated dollar cost and capital base of our Zimbabwean and Canadian assets.

Tonnes milled from the Group's managed operations increased by 21% to 14.31 million tonnes (H1 FY2023: 11.82 million),
augmented by the inclusion of Impala Bafokeng, with 2% gains on a like-for-like basis - higher volumes at Impala
Rustenburg and Zimplats offset lower throughput at Marula and Impala Canada. Grade improved by 6% to 3.77g/t (H1 FY2023:
3.56g/t), due to the improved ore mix at Impala Rustenburg, the prioritisation of higher-grade ore blocks at Impala Canada,
and the inclusion of Impala Bafokeng volumes. 6E production at managed operations increased by 28% to 1.51 million ounces
(H1 FY2023: 1.18 million) with a like-for-like improvement of 7% from the collective production base at Impala Rustenburg, 
Marula, Zimplats and Impala Canada. 

6E production from joint ventures (JVs) increased by 2% to 276 000 ounces (H1 FY2023: 270 500 ounces). Improved grade at 
Two Rivers countered a constrained mining environment, while increased processing yields at Mimosa offset the deterioration 
in head grade due to bad ground conditions.

Concentrate receipts from third parties declined by 33% to 112 600 ounces (H1 FY2023: 169 100 ounces) as two contracts
concluded in Q3 FY2023. 

In total, Group production increased by 18% to 1.90 million 6E ounces (H1 FY2023: 1.62 million), with like-for-like
gains of 2%.

Refined 6E production, which includes saleable ounces from Impala Bafokeng and Impala Canada, increased by 19% to 
1.75 million ounces (H1 FY2023: 1.48 million ounces) and was 4% higher on a like-for-like basis. The frequency and intensity
of load curtailment reduced in the period. As a result, Implats estimates production of circa 16 000 6E ounces was foregone 
across southern African managed and JV operations, and a further 8 000 6E ounces deferred (H1 FY2023: 9 000 ounces foregone 
and 38 000 ounces deferred). Implats ended H1 FY2024 with excess inventory of approximately 330 000 6E ounces (H1 FY2023: 
140 000 6E ounces). 

The benefit of volume gains and cost containment was offset by inflationary pressure related to rand depreciation on
the translated dollar cost base of Zimplats and Impala Canada, and the inclusion of the Impala Bafokeng cost base. Group
unit costs per 6E ounce increased by 5% to R20 334 on a stock-adjusted basis (H1 FY2023: R19 346 per ounce) and were 3%
higher on a like-for-like basis. 

Capital expenditure at managed operations rose by 38% to R6.8 billion (H1 FY2023: R4.9 billion) as spend at Impala Bafokeng 
was consolidated in the period, expenditure on growth projects at Zimplats accelerated and the rand weakened against the 
dollar. Stay-in-business spend of R3.2 billion, replacement capital of R1.4 billion and expansion capital of R2.2 billion 
increased by 3%, 29% and 211%, respectively. 

Financial summary
The retracement in PGM pricing was the defining feature of the Group's financial performance in the period. The Group
benefitted from strong operational delivery across its mining and processing operations and disciplined cost control.
This was negated by the significantly weaker prevailing pricing, leading to a marked decline in reported financial

Revenue of R43.4 billion decreased by 25%, cost of sales of R40.0 billion were 2% lower and Implats delivered gross
profit of R3.4 billion. EBITDA of R8.4 billion was achieved at an EBITDA margin of 19%. 

Implats accounted for two once-off, non-cash items in H1 FY2024:
- A R701 million (no tax impact) impairment of property, plant and equipment at Impala Canada due to a further
  material decline in the US dollar palladium price and subsequent changes in planned operating parameters at the 
- The R987 million post-tax attributable share of an impairment of property, plant and equipment at the Two Rivers JV
  (included in income from associates) due to the combined valuation impact of lower rand PGM pricing and elevated
  near-term capital expenditure from the Merensky project, currently under construction.

The tax charge for the period benefitted from a deferred tax credit relating to a reversal of withholding taxes on
undistributed profits at Zimplats, which was partially offset by a deferred tax charge due to the increase in the
Zimbabwean corporate tax rate.

Basic earnings declined to R1.6 billion or 180 cents per share, from R14.0 billion or 1 648 cents per share. Headline
earnings of R3.3 billion or 365 cents per share were 77% and 78% lower, respectively. The weighted average number of
shares in issue increased to 894.75 million from 847.62 million. The number of ordinary shares in issue increased to 
904.37 million at period end from 866.40 million at 30 June 2023, after 37.97 million Implats shares were issued, with 
a fair value of R5.2 billion, in part consideration for the acquisition of the remaining 43.59% in RBPlat. 

The Group reported a free cash outflow of R4.8 billion, after capital investment of R6.8 billion at its managed
operations and ended the period with net cash after debt of R5.2 billion and liquidity headroom of R16.7 billion. 

Prospects and outlook
PGM pricing has been negatively impacted by a confluence of factors that look set to persist in the medium term. We
expect 2024 to be a difficult year characterised by anaemic precious metal consumer and investor sentiment as economic 
and geopolitical uncertainty linger. The Group has benefitted from some retracement in input pricing escalation, however,
inflationary pressures on operating and capital cost have persisted. 

Individual operational responses continue to evolve, and a comprehensive review of medium-term capital expenditure and
planned production profiles has been initiated and implemented, with steps taken to preserve cash balances and secure
positive free cash flow.

Impala Canada is being repositioned, with capital projects deferred and halted at Marula and Mimosa in the period.
Significant effort is being placed on the strategic options to secure value at Impala Bafokeng and we continue to work
closely with our JV partner at Two Rivers to ensure delivery of the Merensky growth project and the required step-change 
in mining performance at UG2 operations. Impala Rustenburg delivered exceptional results and generated free cash flow in
the period, but medium-term production and capital investment plans are being carefully considered in response to the
downturn in PGM pricing. 

Group production in FY2024 will be supported by strong delivery at Impala Rustenburg and Zimplats, countering the
impact of headwinds faced at Marula, Impala Bafokeng and Two Rivers in H1 FY2024 and further supported by the changed
operating parameters at Impala Canada. Implats' processing performance has benefitted from reduced load curtailment and,
despite the scheduled smelter rebuild underway, Implats is pleased to reiterate previously provided production and cost
guidance for FY2024, while trimming the outlook for capital expenditure despite a weaker assumed rand exchange rate.

Group 6E refined and saleable production is expected to be between 3.30 and 3.45 million ounces. Group unit costs 
are forecast to rise by between 6% and 10% to R21 000 and R22 000 per ounce on a stock-adjusted basis. Group capital
expenditure has been adjusted downwards and is forecast to be between R11.0 billion and R12.0 billion, inclusive of 
growth capital of between R3.0 billion and R3.5 billion. This guidance assumes exchange rates of R18.60/US$ and 
C$1.35/US$, respectively.

The financial information on which the above-mentioned prospects and outlook is based has not been reviewed nor
reported on by Implats' external auditors.

Key financial metrics
                                                                   6 months          6 months
                                                                      ended             ended        
                                                                31 December       31 December      Variance
                                                                       2023              2022             %
Revenue                                                (Rm)          43 425            57 797         (24.9)  
Gross profit                                           (Rm)           3 435            17 194         (80.0)  
EBITDA*                                                (Rm)           8 435            24 506         (65.6)  
Profit for the six months                              (Rm)           1 697            14 827         (88.6)  
Basic earnings                                         (Rm)           1 614            13 973         (88.4)  
Headline earnings                                      (Rm)           3 264            14 020         (76.7)  
Free cash (outflow)/inflow*                            (Rm)          (4 760)           11 001        (143.3)  
Net cash (excluding leases)                            (Rm)           5 240            27 023         (80.6)  
Basic earnings per share                              (cps)             180             1 648         (89.1)  
Headline earnings per share                           (cps)             365             1 654         (77.9)  
Dividends per share                                   (cps)               -               410          (100)  
*Non-International Financial Reporting Standards metrics

Operating statistics
                                                                   6 months          6 months
                                                                      ended             ended         
                                                                31 December       31 December      Variance
Gross refined production                                               2023              2022             %
6E                                                  (000oz)         1 751.1           1 476.0          18.6   
Platinum                                            (000oz)           831.9             684.8          21.5   
Palladium                                           (000oz)           593.3             519.7          14.2   
Rhodium                                             (000oz)            97.7              85.8          13.9   
Nickel                                             (tonnes)           8 309             7 944           4.6   
Sales volumes
6E                                                  (000oz)         1 696.8           1 515.2          12.0   
Platinum                                            (000oz)           809.5             729.1          11.0   
Palladium                                           (000oz)           598.4             528.7          13.2   
Rhodium                                             (000oz)            95.5              84.7          12.8   
Nickel                                             (tonnes)           5 780             5 791          (0.2)  
Prices achieved
Platinum                                           (US$/oz)             924               927          (0.3)  
Palladium                                          (US$/oz)           1 182             2 009         (41.2)  
Rhodium                                            (US$/oz)           4 152            13 805         (69.9)  
Nickel                                              (US$/t)          19 553            23 568         (17.0)  
Consolidated statistics
Average rate achieved                               (R/US$)           18.75             17.36           8.0   
Closing rate for the period                         (R/US$)           18.36             17.04           7.7   
Revenue per 6E ounce sold                          (US$/oz)           1 376             2 199         (37.4)  
Revenue per 6E ounce sold                            (R/oz)          25 795            38 117         (32.3)  
Tonnes milled ex-mine*                               (000t)          14 313            11 815          21.1   
Group 6E production                                 (000oz)         1 901.6           1 618.3          17.5   
Capital expenditure*                                   (Rm)           6 816             4 949         (37.7)  
Group unit cost per 6E ounce (stock adjusted)*       (R/oz)          20 334            19 346          (5.1)  
Group unit cost per 6E ounce (stock adjusted)*     (US$/oz)           1 088             1 116           2.5   
*Managed operations

Short form announcement 
This announcement is extracted from the Group's condensed consolidated interim results (reviewed) for the 
six months ended 31 December 2023 ("Reviewed Results") and, as such, does not contain full or complete 
details. Any investment decisions should be based on consideration of the Reviewed Results. 

This short-form announcement is the responsibility of the board of directors of Implats and is not itself 
reviewed but is extracted from the Reviewed Results.

Deloitte & Touche, the external auditors, have issued an unmodified review conclusion on the Reviewed Results. 
The review conclusion is available on Implats' website at and on the JSE's website 
at Copies of the Reviewed Results are also 
available on request from the company secretary at

Queries :
Johan Theron
E-mail :
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

29 February 2024

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

Date: 29-02-2024 07:05:00
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