Impala Platinum Holdings Limited · JSE:IMP
Impala Platinum — Impala Platinum Hldgs — H1 FY2026 Earnings Presentation
34 slides from Impala Platinum's earnings presentation, Mar 5, 2026
Slide 1: Interim Results FY2026
INTERIM RESULTS FY2026 5 March 2026
Slide 2: Forward-looking and cautionary statement
FORWARD-LOOKING AND CAUTIONARY STATEMENT Certain statements contained in this presentation, other than statements of historical fact, contain forward-looking statements within the meaning of applicable securities laws. Forward looking statements include, but are not limited to statements regarding I
Slide 3: Agenda
AGENDA 01 CEO 02 COO 03 CFO 04 Market 05 Business overview review review review outlook Nico Muller Patrick Morutlwa Meroonisha Kerber Sifiso Sibiya Nico Muller IMPLATS 3 INTERIM RESULTS FY2026
Slide 4: CEO Overview
01 CEO OVERVIEW Nico Muller IMPLATS INTERIM RESULTS FY2026
Slide 5: Safety Performance
SAFETY PERFORMANCE Regrettably, one employee was fatally injured in a motor vehicle accident. SAFETY PERFORMANCE 23 December 2025 Abissalom Bombi Driver Impala Rustenburg Vehicle accident 6 20 19 18 4.92 5 Description H1 FY2025 H1 FY2024 Variance (%) 16 4.21 Fatalities No. 1 5 80% 3.92 14 4 3.90 FIF
Slide 6: Environmental Highlights
ENVIRONMENTAL HIGHLIGHTS ACHIEVEMENTS • No environmental incidents reported (Level 3, 4 or 5) • No sanctions for environmental non-compliance • 31% renewable energy use • Construction underway on Zimplats’ Phase 2 US$54 million, 45 MW solar project • 57% water recycled • 30ha land rehabilitated • Al
Slide 7: Environmental Performance
ENVIRONMENTAL PERFORMANCE H1 ESG INDICATORS H1 FY2026 Var (%) Remarks FY2025 • More than 10 years without a significant (Level 4) or major (Level 5) environmental incident Level 4 or 5 environmental incidents Count 0 0 0% • No fines or monetary sanctions for non-compliance Level 3 environmental inci
Slide 8: Social Performance
SOCIAL PERFORMANCE Sustaining livelihoods in mine communities during and beyond mining EDUCATION & SKILLS ESD & INCLUSIVE COMMUNITY WELLBEING INFRASTRUCTURE DEVELOPMENT PROCUREMENT >10 000 people benefitted >3 000 learners supported R10m of regional ESD >20 000 beneficiaries fund deployed 360 farmer
Slide 9: Business Overview
BUSINESS OVERVIEW 1% 0% -11% 23% lower 6E GROUP PRODUCTION 6E REFINED PRODUCTION UNIT COSTS PER 6E OUNCE CAPITAL EXPENDITURE 1.80Moz 6E 1.78Moz 6E R23 183 / oz R3.0bn 6E refined (stock-adjusted) Managed operations +1% Platinum 851koz -1% Inflation -R1 120 -5.5% SIB R2.6bn 3% JV operations -3% Pallad
Slide 10: COO Review
02 COO REVIEW Patrick Morutlwa IMPLATS INTERIM RESULTS FY2026
Slide 11: Group Operational Overview
GROUP OPERATIONAL OVERVIEW GROUP PRODUCTION REFINED* 1 863 1 718 1 784 1 798 Description H1 FY2026 H1 FY2025 Var (%) 1 697 1 788 1 782 1 751 1 627 1 587 Tonnes milled# kt 14 036 13 740 2% 6E koz 6E koz 6E production 6E koz 1 798 1 784 1% Managed operations 6E koz 1 411 1 399 1% Impala 6E koz 888 903
Slide 12: Movement in 6E Group Production
6E koz IMPLATS 1 750 1 760 1 770 1 780 1 790 1 800 1 810 1 820 1 830 1 840 1 784 1H FY2025 INTERIM RESULTS FY2026 Smelter commissioning 37 in H1 FY2025 317 +13% Zimplats Higher deliveries from contractual 12 115 customers +12% 3rd party IRS Reduced mill throughput, 3 improved grade and yield -2% 150
Slide 13: Projects Update
PROJECTS UPDATE MINE REPLACEMENT SMELTING REFINING RENEWABLE ENERGY Mupani Mine New furnace and Impala Refineries new New solar plant at SO2 abatement plant final metals facility Zimplats >300koz 6E from FY2029 +600koz 6E capacity from FY2025 Infrastructure replacement US$386m 35MW capacity in Ph 1
Slide 14: Impala
14 IMPALA PRODUCTION* 891 903 888 Description H1 FY2026 H1 FY2025 Var % Remarks 803 782 koz • Operational disruptions from safety stoppages, unstable power Tonnes milled kt 7 793 7 543 3% supply in Q1, with improved performance in Q2; ramp-up in volumes at Styldrift • Impact of mining dilution, off-
Slide 15: Impala: 6E ounces stock-adjusted H1 FY2026 vs H1 FY2025
6E OUNCES STOCK-ADJUSTED H1 FY2026 VS H1 FY2025 H1 FY2026 vs H1 FY2025 910 900 890 32 880 22 870 7 Higher gains in H1 FY2025 860 7 10 in H1 FY2025 Safety stoppages 903 Q1 FY2026 Safety stoppages in 2 1 Operational disruptions 6 1 6 1 888 Ramp-up in volumes 850 1 4 Operational disruptions 6E koz 0 84
Slide 16: Marula
MARULA PRODUCTION* 113 111 Description H1 FY2026 H1 FY2025 Var % Remarks 101 101 97 koz Tonnes milled kt 852 848 0% • Development prioritised to improve mining flexibilty FY2024 FY2025 FY2026 6E head grade g/t 4.05 4.10 -1% • Impact of development:stoping ratio COST** 23 478 22 810 20 688 20 998 18
Slide 17: Two Rivers
TWO RIVERS PRODUCTION* 151 153 150 Description H1 FY2026 H1 FY2025 Var % Remarks 140 136 koz Tonnes milled kt 1 730 1 787 -3% • Interruptions from safety stoppages FY2024 FY2025 FY2026 6E head grade g/t 3.09 3.09 - COST** 17 649 18 628 18 165 15 464 16 475 6E in concentrate koz 150 153 -2% • Improve
Slide 18: Zimplats
18 ZIMPLATS PRODUCTION* 328 326 318 317 Description H1 FY2026 H1 FY2025 Var % Remarks 280 koz Tonnes milled kt 4 022 3 811 6% • Improving TMM availability and contributions from South Pit FY2024 FY2025 FY2026 • Closure of higher-grade Rukodzi and additional lower-grade from 6E head grade g/t 3.30 3.
Slide 19: Mimosa
MIMOSA PRODUCTION* H1 FY2026 Var % 130 Description H1 FY2025 Remarks 129 125 125 123 koz Tonnes milled kt 1 469 1 467 - • Stable despite intermittent regional power disruptions FY2024 FY2025 FY2026 6E head grade g/t 3.59 3.61 -1% • Negatively impacted by complex geological features COST** 1 152 • Im
Slide 20: Impala Canada
IMPALA CANADA PRODUCTION* 144 137 Description H1 FY2026 H1 FY2025 Var % Remarks 116 122 109 koz Tonnes milled kt 1 370 1 537 -11% • Revised production parameters on ramp-down FY2024 FY2025 FY2026 6E head grade g/t 3.00 2.84 6% • Lower throughput of surface stockpile COST** 1 360 1 337 1 337 1 184 6E
Slide 21: IRS
IRS MINE-TO-MARKET RECEIPTS 805 766 Description H1 FY2026 H1 FY2025 Var % Remarks 749 715 700 koz Receipts 6Ekoz 805 766 5% FY2024 FY2025 FY2026 • Higher deliveries from Zimplats following smelter commissioning THIRD PARTY RECEIPTS Managed 408 380 7% in H1 FY2025, offsetting weaker Marula 113 106 11
Slide 22: Excess Stock
EXCESS STOCK EXCESS STOCK RELEASE, 6E 450 420 Excess stock of c.400koz at the end of 390 400 Forecast 400 December 2025 375 350 • Smelter performed well 330 • Moved c.55koz downstream 300 • Scheduled rebuild of Furnace 4 initiated in December 2025 245 koz 250 • Record milling rates at the BMR 200 •
Slide 23: CFO Review
03 CFO REVIEW Meroonisha Kerber IMPLATS INTERIM RESULTS FY2026
Slide 24: Income Statement
INCOME STATEMENT VARIANCE • Revenue was 44% higher at R60.8bn R MILLION H1 FY2026 H1 FY2025 (%) • +42% on higher dollar prices +R17.8bn Revenue 60 773 42 280 44% • +4% on fair value movements +R1.5bn Cost of sales (47 332) (40 152) -18% • +2% due to higher sales volumes +R0.9bn • -4% on stronger ran
Slide 25: Stock-Adjusted Unit Costs
STOCK-ADJUSTED UNIT COSTS STOCK ADJUSTED UNIT COSTS H1 FY2026 VS H1 FY2025 • Stock-adjusted unit costs up 11% to R23 183/oz 6E • Implats mining inflation of 5.5% or R1 120/oz 6E 531 • SA operations 5.8% 54 727 • Zimplats US$ 4.5% • Impala Canada C$ 4.4% 1 120 • Zimplats inflation impacted by reinsta
Slide 26: Cash Flow and Liquidity
2 6 CASH FLOW AND LIQUIDITY • Net cash generated from operating activities of R9.8bn ADJUSTED NET CASH* H1 FY2026 • Higher rand PGM pricing 0.6 • R1.6bn in taxes paid in H1 FY2026 with a further R1.4bn paid 9.8 early in January 2026 0.5 0.7 1.1 • Cash capital expenditure to R2.9bn 1.6 • Lower spend
Slide 27: Capital Allocation
CAPITAL ALLOCATION 60% of adjusted free cash flow allocated to interim dividend CASH FROM OPERATIONS R11.7bn BALANCE SHEET STRENGTH • Tax payment – Jan 26 (R1.4bn) R2.2bn OTHER NET INCOME R0.1bn inflow 36% • Debt repayment, mainly at Zimplats (R0.8bn) • RCF refinanced and undrawn INTEREST PAID R0.3b
Slide 28: Profitability
PROFITABILITY H1 FY2026 GROUP PROFITABILITY BY OPERATION 35 000 18% 19% 23% 30 000 28% 18% 12% 28% 25 000 R/6Eoz 20 000 15 000 10 000 5 000 0 Canada conc Two Rivers conc Zimplats matte Impala Mimosa conc Marula conc Group Refined Cash cost Royalties Stay-in-business capital Replacement capital Expan
Slide 29: Market Review
04 MARKET REVIEW Sifiso Sibiya IMPLATS INTERIM RESULTS FY2026
Slide 30: PGM Market Performance
PGM MARKET PERFORMANCE PLATINUM PRICE, US$ PALLADIUM PRICE, US$ H1 H1 Achieved metal prices 3 000 2 500 FY2026 FY2025 Var % 2 600 2 000 Platinum (US$/oz) 1 483 968 53% 2 200 US$/oz US$/oz 1 800 1 500 1 400 Palladium (US$/oz) 1 294 994 30% 1 000 1 000 600 500 01/Jul/22 01/Jul/23 01/Jul/24 01/Jul/25 0
Slide 31: Supply and Demand Balances
SUPPLY AND DEMAND BALANCES SUPPLY / DEMAND BALANCES* 2026 PLATINUM MARKET 0 DEMAND 7.7Moz (-5%, ex-investment) SUPPLY 7.1Moz (stable) • Automotive easing as LV production skews further to • Primary supply to retrace following elevated producer -200 BEVs; switching pressure eases destocking in 2025 •
Slide 32: Business Outlook
05 BUSINESS OUTLOOK Nico Muller IMPLATS INTERIM RESULTS FY2026
Slide 33: Outlook
OUTLOOK Actual Actual GUIDANCE Business area Unit FY2025 H1 FY2026 FY2026 REFINED PRODUCTION1: 6E koz 3 375 1 782 3 400 – 3 600 Group production 6E koz 3 481 1 798 3 400 – 3 600 Impala Rustenburg 6E koz 1 684 888 1 670 – 1 760 South* and Central** shafts, stock-adjusted 6E koz 1 275 661 1 250 – 1 30
Slide 34: Interim Results FY2026
INTERIM RESULTS FY2026 5 March 2026
Impala Platinum Hldgs — H1 FY2026 Earnings Presentation on 6ix