Impala Platinum Holdings Limited - Cautionary Announcement                      
IMPALA PLATINUM HOLDINGS LIMITED                                                
(Incorporated in the Republic of South Africa)                                  
(Registration number 1957/001979/06)                                            
Share code: ("IMP/IMPO")                                                        
ISIN: ZAE 000003554                                                             
("Implats" or "the company")                                                    
Cautionary announcement pertaining to Black Economic Empowerment Transaction    
Shareholders are advised that Implats is in the process of finalising a broad-  
based black economic empowerment ("BEE") ownership transaction.                 
Accordingly,shareholders are advised to exercise caution in dealing in their    
shares until Implats announces further detail on its BEE transaction.           
25 November 2005                                                                
Johannesburg                                                                    
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited               
Date: 25/11/2005 05:00:03 PM Produced by the JSE SENS Department