IMPALA PLATINUM HOLDINGS LIMITED - Production repo30 Apr 2024
Production report for the period ended 31 March 2024

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


Production report for the period ended 31 March 2024


Key features

       Regrettably, one fatality was recorded in the third quarter

       A 5% and 14% year-on-year improvement in the lost-time and all-injury frequency rates,
        respectively, during the quarter

       A 16% increase in total 6E Group production volumes to 2.73 million ounces in the nine months
        ended 31 March 2024, with a 25% gain in managed volumes to 2.17 million ounces, a 4%
        increase in JV production to 410 000 ounces, and a 31% decrease in third-party receipts to
        149 000 ounces

       Gross 6E refined and saleable production increased by 15% to 2.47 million ounces in the nine
        months ended 31 March 2024 and 6E sales volumes increased by 11% to 2.52 million ounces

Implats' Chief Executive Officer, Nico Muller, commented: "We delivered a commendable operational
performance while navigating several challenges in the period under review. Investigations into the
27 November tragedy at 11 Shaft progressed and the production ramp-up at the operation remains on
track. The rebuild of Impala Rustenburg's Number 5 furnace was completed and first matte has now been
tapped. Notable operational performances were delivered by Zimplats and Mimosa, and at Impala
Canada, where mining and milling was rebased.

Despite continued macroeconomic and geopolitical uncertainty, demand from our contractual customers
remains robust, with elevated additional volumes requested via spot sales during the third quarter. PGM
pricing remains lacklustre however, with notable volatility in both platinum and palladium reflecting the
continued influence of investor activity.

Margins remain compressed and we are pursuing a set of actions to ensure that each of our operations
is set up to more robustly deliver sustainable free cash flow through the PGM cycle. It is imperative that
each of our assets operates within the appropriate volume, cost and capital parameters relative to the
current pricing environment and the broader operating context. In late April, Implats embarked on a
Section 189(3) consultation process at its South African operations. This process could affect
approximately 3 900 positions, equating to a 9% reduction in labour across the Group's Impala
Rustenburg, Impala Bafokeng and Marula operations, as well as at the corporate office, which is targeting
a 30% reduction in Head Office costs.

Given the operating constraints, I am pleased to reiterate our commitment to deliver to previously
provided volume and unit cost guidance for FY2024. The Group remains focused on delivering consistent
and safe production, and constructively collaborating with our key stakeholders to ensure operational
stability in the remaining months of FY2024."


                                                                   Unaudited quarter ended:                       Unaudited nine months ended:
Group operational performance
                                                                 31-Mar-24         31-Mar-23       Var, %         31-Mar-24         31-Mar-23          Var, %
Safety
LTIFR                                           pmmhw                 3.84              4.05            5              4.38              4.07              (8)
TIFR                                            pmmhw                 8.61             10.02           14              8.91              9.47               6
Fatalities                                      Count                    1                 3         <100                17                 5            >100

6E Group production                             000oz                  827               735           13             2 729              2 353             16
  Managed operations                            000oz                  657               562           17             2 170              1 741             25
  JV operations                                 000oz                  134               125            7               410                396              4
  Third-party                                   000oz                   37                47         (23)               149                216            (31)

Gross 6E refined and saleable                   000oz                  717               662            8             2 468              2 138             15
  Impala 6E refined                             000oz                  262               277           (5)              892                882              1
  IRS 6E refined                                000oz                  308               315           (2)            1 081              1 061              2
  Impala Bafokeng 6E saleable1                  000oz                   91                 -             -              306                  -              -
  Impala Canada 6E saleable1                    000oz                   56                71          (21)              189                196             (4)

Platinum refined and saleable                   000oz                  333               299            11            1 165                983             18
Palladium refined and saleable                  000oz                  251               241             4              844                761             11
Rhodium refined and saleable                    000oz                   41                39             5              139                125             11
Nickel refined and saleable                     t                    3 828             3 258            17           12 137             11 202              8

6E sales volumes                                000oz                  824               752            10            2 521              2 267             11

Managed operations production:
Tonnes milled                                   000t                 6 479             5 609            16           20 792             17 424             19
6E grade                                        g/t                   3.64              3.62             -             3.73               3.58              4

Impala Rustenburg
Tonnes milled                                   000t                 2 263             2 384           (5)            7 655              7 552              1
6E grade                                        g/t                   3.83              3.98           (4)             3.95               3.87              2
6E stock adjusted2                              000oz                  268               289           (7)              943                898              5
Impala Bafokeng
Tonnes milled                                   000t                   901                   -           -            3 153                  -              -
6E grade                                        g/t                   4.34                   -           -             4.33                  -              -
6E in concentrate4                              000oz                  107                   -           -              361                  -              -

Marula
Tonnes milled                                   000t                   440               453           (3)            1 385              1 461             (5)
6E grade                                        g/t                   4.25              4.35           (2)             4.28               4.39             (2)
6E in concentrate4                              000oz                   53                53             -              166                181             (8)

Zimplats
Tonnes milled                                   000t                 2 007             1 877            7             5 917              5 557              6
6E grade                                        g/t                   3.32              3.26            2              3.33               3.34              -
6E in matte 3                                   000oz                  166               148           12               493                449             10

Impala Canada
Tonnes milled                                   000t                   868               894           (3)            2 682              2 854             (6)
6E grade                                        g/t                   2.80              3.06           (8)             2.94               2.87              2
6E in concentrate4                              000oz                   63                71          (12)              206                213             (3)

JV operations production:
Two Rivers
Tonnes milled                                   000t                   891               841            6             2 712              2 654              2
6E grade                                        g/t                   3.07              3.08            -              3.09               3.04              2
6E in concentrate4                              000oz                   70                69            2               221                217              2

Mimosa
Tonnes milled                                   000t                   715               652           10             2 138              2 027              5
6E grade                                        g/t                   3.59              3.77          (5)              3.61               3.78             (4)
6E in concentrate4                              000oz                   63                56           13               189                179              5

Impala Refining Services production:
Gross 6E receipts                               000oz                  384               364            5             1 212              1 218              -
   Managed operations                           000oz                  217               201            8               653                621              5
   JV operations                                000oz                  131               117           12               410                381              8
  Third-party                                   000oz                   37                47          (23)              149                216            (31)

    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.

                                                                          
HEALTH AND SAFETY

Implats' goal is to eliminate harm to the health and safety of our employees and contractors and, as such,
safe production remains our foremost priority. Regrettably, during the quarter, Mr Kamogelo Nkwane was
fatally injured in a fall-of-ground incident at Impala Rustenburg on 14 March 2024. The board and
management team have extended their sincere sympathies to the family and colleagues of the deceased.

In the third quarter, the Group's lost-time injury frequency rate (LTIFR) improved by 5% to 3.84 per million
man hours worked from 4.05 reported in the previous comparable quarter, while the all-injury frequency
rate improved by 14% to 8.61.

For the nine months ended 31 March 2024, the Group's LTIFR deteriorated by 8% to 4.38 per million-
man hours worked from 4.07 in the previous comparable nine-month period, while the total-injury
frequency rate (TIFR) improved by 6% to 8.91 per million man hours worked.

PRODUCTION

Quarter ended 31 March 2024

Gross Group 6E production increased by 13% to 827 000 ounces. Tonnes milled at managed operations
increased by 16% to 6.48 million tonnes during the quarter. The maiden inclusion of Impala Bafokeng
and higher milled volumes at Zimplats offset lower throughput at each of Impala Rustenburg, Marula and
Impala Canada, with like-for-like volumes (excluding Impala Bafokeng) retracing by 1%. 6E milled grade
of 3.64g/t was stable and 6E production at managed operations increased by 17% to 657 000 ounces,
with a like-for-like retracement of 2%.

6E production from the joint ventures (JVs) at Mimosa and Two Rivers increased by 7% to 134 000
ounces. At Impala Refining Services (IRS), third-party 6E receipts of 37 000 ounces were 23% lower than
the prior comparable quarter as two contracts concluded in FY2023.

There were negligible production losses due to load curtailment in South Africa in the quarter, although
regional electricity generation and distribution challenges did pose headwinds to operating momentum in
Zimbabwe.

Refined 6E production, which includes saleable ounces from Impala Canada and Impala Bafokeng,
increased by 8% to 717 000 ounces (-6% on a like-for-like basis). The scheduled rebuild of the Number
5 furnace, which began in December 2023, was completed as planned, with first matte tapped at the end
of April 2024. Implats finished the period with circa 410 000 6E ounces of excess inventory (Q3 FY2023:
190 000 6E ounces).

6E sales volumes of 824 000 ounces, including saleable production from Impala Canada and Impala
Bafokeng, increased by 10%, and were 3% lower on a like-for-like basis from those in the prior
comparable quarter, with some destocking of refined inventory to offset the impact of the planned furnace
maintenance.

Nine months ended 31 March 2024

While the Group navigated several serious challenges, production in the nine-month period benefitted
from positive production momentum at several operations and the maiden consolidation of Impala
Bafokeng. Tonnes milled from managed operations increased by 19% to 20.79 million tonnes, while the
average 6E mill grade increased by 4% to 3.73g/t. 6E production from managed operations at Impala
Rustenburg, Impala Bafokeng, Zimplats, Marula and Impala Canada increased by 25% to 2.17 million
ounces, with like-for-like gains of 4%.

6E production from the JV operations increased by 4% to 410 000 ounces, while received 6E third-party
concentrate volumes of 149 000 ounces were 31% lower than the prior comparable period, due to the
conclusion of two contracts in the prior year. In total, the Group's 6E production rose 16% to 2.73 million
ounces and was 1% higher on a like-for-like basis.
                                                 
Refined 6E production, which includes saleable production from Impala Bafokeng and Impala Canada,
increased by 15% to 2.47 million ounces and was 1% higher on a like-for-like basis. The period was
characterised by a noticeable reduction in the frequency and intensity of load curtailment and volumes
benefitted from strong operating momentum, which countered the scheduled maintenance performed at
the Number 5 furnace during the period. Implats estimates circa 20 000 6E ounces of production was
foregone across southern African managed and JV operations in the nine months to end March 2024,
with a further 8 000 6E ounces deferred due to power constraints at the Group's processing operations.

6E sales volumes of 2.52 million ounces increased by 11% from the prior comparable period and were
2% lower on a like-for-like basis.

Impala Rustenburg

11 Shaft update

As noted in the announcement released on SENS on 31 January 2024, the in loco inspection and the
Investigation Report to the DMRE in terms of section 11(5)(e) of the Mine Health and Safety Act were
completed during the quarter and the formal internal investigation relating to this incident is progressing
well. An independent third party was appointed to evaluate the internal investigation's findings.

All required repairs to 11 Shaft infrastructure were completed in February 2024 and the shaft complex
began a production ramp up, which progressed as planned during the period, with circa 66% of production
capacity achieved during the quarter.

Quarter ended 31 March 2024

Tonnes milled during the quarter declined by 5% to 2.26 million tonnes, while grade declined by 4% to
3.83g/t 6E and stock-adjusted 6E production decreased by 7% to 268 000 ounces. Production momentum
was hampered by the required ramp up at the 11 Shaft complex and additional safety stoppages during
the period.

Refined 6E production of 262 000 ounces decreased by 5% from the prior comparable period, in line with
lower mined volumes and constrained processing capacity flowing from the Number 5 furnace rebuild.

Nine months ended 31 March 2024

Impala Rustenburg delivered production at a five-year high in H1 FY2024, which helped cushion the
impact of a challenging Q3 FY2024. Milled volumes increased by 1% to 7.66 million tonnes, 6E mill grade
of 3.95g/t improved by 2%, and together with higher re-mining volumes and recoveries, resulted in a 5%
increase in 6E production to 943 000 ounces in the nine-month period. Refined 6E production increased
by 1% to 892 000 ounces as excess inventory accumulated because of constrained processing capacity
due to scheduled maintenance.

Impala Bafokeng

Quarter ended 31 March 2024

Production momentum at Impala Bafokeng was impeded by an illegal sit-in at BRPM in January, while
performance at Styldrift remains constrained by mining fleet and operational impediments. Processing
volumes and stability were challenged by low mined volumes and planned maintenance as a series of
revised protocols were implemented across the asset base. Impala Bafokeng milled 901 000 tonnes at
4.34g/t 6E, producing 107 000 6E ounces in concentrate.

Nine months ended 31 March 2024

Milled throughput of 3.15 million tonnes and 6E head grade of 4.33g/t yielded 361 000 ounces of 6E in
concentrate delivered in the maiden nine-month period of consolidation.
                                                 
Marula

Quarter ended 31 March 2024

During the period, proximity devices were rolled out across underground workings, while additional
infrastructure maintenance, the movement in mining crews and constrained minable face due to
geological features all negatively impacted mining flexibility. Tonnes milled declined by 3% to 440 000
tonnes and milled grade of 4.25g/t 6E was 2% lower than the prior comparable period. 6E concentrate
production was stable at 53 000 ounces as a result.

Nine months ended 31 March 2024

Milled throughput of 1.39 million tonnes and 6E head grade of 4.28g/t, declined by 5% and 2%,
respectively, from the prior comparable period. Production volumes were negatively impacted by safety
stoppages and constrained mining flexibility, and 6E concentrate production declined by 8% to 166 000
ounces.

Zimplats

Quarter ended 31 March 2024

Zimplats delivered a 7% increase in milled throughput to 2.01 million tonnes, benefitting from pillar
reclamation activities at Rukodzi Mine, a production volume ramp up at Mupani Mine and the deferral of
a scheduled mill reline to Q4 FY2024. Volumes also benefitted from higher grade and improved process
recoveries, and production in matte increased by 12% to 166 000 6E ounces.

Nine months ended 31 March 2024

Mill throughput increased by 6% to 5.92 million tonnes and, together with stable grade, improved
recoveries and processing stability at the expanded concentrator complex and positive inventory moves
in the furnace, resulted in a 10% increase in production in matte of 493 000 6E ounces.

Impala Canada

Quarter ended 31 March 2024

Impala Canada continued to operate well in the period, delivering ahead of the mine's revised production
baseline. Milled throughput decreased by 3% to 868 000 tonnes, while milled head grade of 2.80g/t was
8% lower than in the prior comparable period reflecting ore source and cost optimisation. 6E production
in concentrate of 63 000 ounces was 12% lower.

Nine months ended 31 March 2024

Milled throughput declined by 6% to 2.68 million tonnes, while milled head grade improved by 2% to
2.94g/t, mitigating the reduced production resulting from the mine's revised operating parameters. 6E
concentrate production of 206 000 ounces declined by 3%.

Two Rivers

Quarter ended 31 March 2024

Two Rivers continued to navigate a constrained operating environment in the quarter, with mining
flexibility impeded by geological features, limited face length availability, safety stoppages and the impact
of heavy seasonal rains on the workings in the upper mine. Limited batch milling of Merensky ore also
impacted recoveries and, hence, concentrate production volumes. Tonnes milled of 891 000 ounces
increased by 6% and, while 6E head grade was stable at 3.07g/t, ore mix impacted yield and 6E
production in concentrate increased by 2% to 70 000 ounces.
                                                  
Nine months ended 31 March 2024

Tonnes milled and grade improved by 2% to 2.71 million tonnes and 3.09g/t 6E respectively, but volume
gains were offset by lower yield on development ore and, as a result, 6E concentrate volumes of 221 000
ounces increased by 2% compared to the prior period.

Mimosa

Quarter ended 31 March 2024

Mimosa navigated sporadic regional power disruptions and difficult ground conditions in the period but
benefitted from processing stability following the integration and commissioning of the optimised plant
project in the prior comparable quarter. Milled volumes of 715 000 tonnes increased by 10% and, despite
a 5% deterioration in milled 6E head grade to 3.59g/t, production in concentrate increased by 13% to
63 000 6E ounces, benefitting from improved process recoveries.

Nine months ended 31 March 2024

Mimosa benefitted from a strong mining performance and improved plant stability and recoveries in the
period, which countered the grade impact of poor ground conditions. Milled throughput increased by 5%
to 2.14 million tonnes and, while 6E head grade declined by 4% to 3.61g/t, 6E concentrate production of
189 000 was 5% higher than the prior comparable period.

IRS

Quarter ended 31 March 2024

Concentrate receipts were impacted by lower deliveries from third parties, with two contracts terminating
during the prior year, offsetting the benefit of higher deliveries from managed and JV operations. Mine-
to-market receipts of 348 000 6E ounces increased by 10%, while third-party receipts fell by 23% to
37 000 6E ounces. Refined 6E production of 308 000 ounces from both mine-to-market operations
(Zimplats, Marula, Two Rivers, and Mimosa) and IRS third-party customers declined by 2% from the prior
comparable period as concentrate was stockpiled during the rebuild of Impala Rustenburg's Number 5
furnace.

Nine months ended 31 March 2024

Mine-to-market receipts of 1.06 million 6E ounces increased by 6%, benefitting from higher receipts from
Zimplats, Mimosa and Two Rivers. Third-party receipts of 149 000 6E ounces were 31% lower and gross
receipts of 1.21 million ounces were stable year-on-year. Refined volumes were constrained by the
rebuild of the Number 5 furnace and additional smelter maintenance during the period, but improved by
2% to 1.08 million ounces.

OUTLOOK AND GUIDANCE

Despite the challenging operating environment during the period under review, Implats remains on track
to deliver within the guided Group parameters for FY2024.
The third quarter production report for the period 1 January 2024 to 31 March 2024 has not been reviewed
and reported on by Implats' external auditors.


Ends
                                                 
Queries :

Johan Theron
E-mail : johan.theron@implats.co.za
T: +27 (0) 11 731 9013
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
M: +27 (0) 82 498 3608


30 April 2024
Johannesburg

Sponsor:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited




                                                

Date: 30-04-2024 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.