Cautionary Announcement12 Dec 2003
Impala Platinum Holdings Limited - Cautionary Announcement                      
  Impala Platinum Holdings Limited                                                
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1957/001979/06)                                            
  JSE Share code: IMP/IMPO                                                        
  LSE: IPLA                                                                       
  ADRs: IMPUY                                                                     
  ISIN: ZAE000003554                                                              
  ("Implats" or "the company")                                                    
  CAUTIONARY ANNOUNCEMENT                                                         
  Shareholders are referred to the joint announcement by Implats and Lonmin plc   
  ("the parties") and the Implats cautionary announcement of 18 September 2003    
  regarding Implats" 27,1% stake in Western Platinum Limited and Eastern Platinum 
  Shareholders are advised that it is unlikely that the purchase and sale         
  agreement will be concluded by 31 December 2003, as previously announced.       
  However, the parties anticipate that all formal documentation can be signed and 
  the required funding can be raised by 27 February 2004. The parties continue to 
  work towards finalizing the conditions required in order to enter into the sale 
  and purchase agreement, which include the confirmation of the financial         
  arrangements and advice to their reasonable satisfaction from the Department of 
  Minerals and Energy that the Mining Charter Scorecard credits in respect of     
  production/equity ownership will be granted to Implats upon Incwala becoming    
  HDSA controlled.                                                                
  Accordingly, shareholders are advised that although there can be no assurance   
  that negotiations will be successfully concluded, to exercise caution when      
  dealing in the company"s securities until a further announcement is made.       
  12 December 2003                                                                
  Deutsche Securities (SA) (Proprietary) Limited                                  
  Date: 12/12/2003 05:55:02 PM Produced by the JSE SENS Department