Impala Platinum Holdings Limited · JSE:IMP
Impala Platinum — Impala Platinum Hldgs — FY2025 Earnings Presentation
40 slides from Impala Platinum's earnings presentation, Aug 28, 2025
Slide 1: Annual Results FY2025
ANNUAL RESULTS FY2025 28 August 2025
Slide 2: Forward-Looking and Cautionary Statement
FORWARD-LOOKING AND CAUTIONARY STATEMENT Certain statements contained in this presentation, other than the statements of historical fact, contain forward-looking statements regarding Implats’ operations, economic performance or financial condition, including, without limitation, those concerning the
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 ANNUAL RESULTS FY2025
Slide 4: CEO Overview
01 CEO OVERVIEW Nico Muller IMPLATS ANNUAL RESULTS FY2025
Slide 5: Safety Performance
SAFETY PERFORMANCE Description FY2025 FY2024 Variance (%) SAFETY PERFORMANCE Fatalities No. 8 19 58% 6.00 20 FIFR pmmhw* 0.057 0.127 55% 19 18 LTIFR pmmhw* 3.46 3.90 11% 5.30 5.00 TIFR pmmhw* 8.15 8.31 2% 4.92 16 RIFR pmmhw* 2.95 3.44 14% 4.54 4.21 14 4.00 3.92 3.90 Injury Frequency Rates* 12 3.46 H
Slide 6: Environmental Highlights
ENVIRONMENTAL HIGHLIGHTS ACHIEVEMENTS • Zimplats’ 35MW solar power plant commissioned • Board approved Phase 2 - 45 MW solar power plant • 5-year green electricity offtake agreement, catering for up to 90% of Impala Refineries’ electricity demand • Development agreement with RBH & RBN for 50MW solar
Slide 7: Environmental Performance
ENVIRONMENTAL PERFORMANCE ESG INDICATORS FY2025 FY2024 Var (%) Remarks • More than 10 years without a significant or major incident Level 4 or 5 environmental incidents Count 0 0 - • No fines for non-compliance • Dust fallout exceedance at Marula Level 3 environmental incidents Count 2 0 >100 • Rele
Slide 8: Social Performance
SOCIAL PERFORMANCE Sustaining livelihoods in mine communities during and beyond mining EDUCATION & SKILLS ESD & INCLUSIVE COMMUNITY WELLBEING INFRASTRUCTURE DEVELOPMENT PROCUREMENT >9 100 people supported >4 500 learners supported R50m regional ESD fund >21 000 beneficiaries operational 350 farmers
Slide 9: Business Overview
BUSINESS OVERVIEW -3% 0% -7% 50% lower 6E GROUP PRODUCTION 6E REFINED PRODUCTION UNIT COSTS PER 6E OUNCE CAPITAL EXPENDITURE 3.55Moz 6E 3.37Moz 6E R22 491 / oz R7.0bn 6E refined (stock-adjusted) Managed operations -4% Platinum 1.60Moz +1% Inflation -R958 -5% SIB R5.4bn 33% JV operations -1% Palladiu
Slide 10: COO Review
02 COO REVIEW Patrick Morutlwa IMPLATS ANNUAL RESULTS FY2025
Slide 11: Mineral Resources and Mineral Reserves
MINERAL RESOURCES AND MINERAL RESERVES Group Mineral Resources (Attributable) 0.5% ATTRIBUTABLE MINERAL RESOURCES • Decreased by 1.5 million 6E ounces to 315.0 Moz 2% 2% 2% 5% 7% 31% Prominent changes 7% 315.0 • Total production impact of 3.8Moz 6E Moz 6E • Inclusion of Camp Lake at Impala Canada of
Slide 12: Group Operational Overview
GROUP OPERATIONAL OVERVIEW GROUP PRODUCTION REFINED AND SALEABLE Description FY2025 FY2024 Var (%) 3 654 3 553 3 301 3 189 3 246 3 378 3 375 Tonnes milled# kt 26 294 27 887 -6% 3 271 6E production 6E koz 3 553 3 654 -3% 6E koz 6E koz 3 087 Managed operations 6E koz 2 802 2 916 -4% 2 959 Impala Bafok
Slide 13: Movement in 6E Group Production
MOVEMENT IN 6E GROUP PRODUCTION FY2025 vs FY2024 289 209 koz 6E 3 680 237 606 202 1 275 254 481 % variance -15% -6% -10% -1% -1% -1% -% 9% from FY2024 3 660 3 640 43 3 620 3 600 Revised production parameters 40 6E koz 3 580 3 560 21 commissioning Fleet availability and smelter 3 654 8 18 3 540 3 553
Slide 14: Impala
14 IMPALA PRODUCTION* 1 312 1 284 Description FY2025 FY2024 Var % Remarks 1 275 1 232 koz 1 198 • Impact of safety stoppages, water-supply disruptions, mining team Tonnes milled kt 9 995 10 204 -2% re-deployment and contractor mobilisation 6E head grade g/t 4.08 3.99 2% • Improved grade control and
Slide 15: 6E Ounces Stock-Adjusted FY2025 vs FY2024
6E OUNCES STOCK-ADJUSTED FY2025 VS FY2024 1 285 1 280 13 Operating momentum impeded by safety stoppages, water-supply disruptions and 1 275 movement of labour, but benefited from lower development tonnage and improved grade 1 270 12 1 284 8 1 265 6E koz 1 275 4 3 1 260 3 3 1 1 2 1 255 1 1 250 FY2024
Slide 16: Impala Bafokeng
IMPALA BAFOKENG PRODUCTION* 534 Description FY2025 FY2024 Var % Remarks 502 483 481 koz Tonnes milled kt 4 155 4 243 -2% • Styldrift improvement offset by safety stoppages at BRPM 6E head grade g/t 4.30 4.36 -1% COST** 20 486 20 406 20 507 16 493 6E in concentrate koz 481 483 -% • Improved processin
Slide 17: Bafokeng 6E Ounces FY2025 vs FY2024
BAFOKENG 6E OUNCES FY2025 VS FY2024 500 13 490 20 5 6E koz 480 470 483 481 460 # 450 FY2024 Other Styldrift BRPM FY2025 Production 6E koz 5 201 275 Revenue R/6E oz 20 950 21 633 Cost* R/6E oz 24 740 21 243 Cash profit / (loss)** Rm (789) (148) *costs including SIB capital IMPLATS **cash profit (afte
Slide 18: Marula
MARULA PRODUCTION* 259 241 231 223 Description FY2025 FY2024 Var % Remarks 202 koz Tonnes milled kt 1 680 1 851 -9% • Constrained mining flexibility, two phases of labour restructuring 6E head grade g/t 3.97 4.28 -7% • Higher development-to-stoping ratio COST** 21 902 19 530 • Treatment of surface c
Slide 19: Two Rivers
TWO RIVERS PRODUCTION* 302 300 Description FY2025 FY2024 Var % Remarks 295 291 koz 289 • Improved UG2 throughput, offset by lower volumes of Merensky Tonnes milled kt 3 484 3 568 -2% ore stockpile 6E head grade g/t 3.01 3.12 -4% • Higher UG2 stoping width COST** 16 513 17 487 13 974 6E in concentrat
Slide 20: Zimplats
20 ZIMPLATS PRODUCTION* 646 Description FY2025 FY2024 Var % Remarks 611 606 koz 579 583 • Lower TMM availability, intermittent power outages, open-cast Tonnes milled kt 7 471 7 912 -6% ore contributions from February 2025 • Reduced off-reef mining offset impact of low-grade open-cast ore 6E head gra
Slide 21: Mimosa
MIMOSA PRODUCTION* 261 Description FY2025 FY2024 Var % Remarks 255 254 koz 246 245 Tonnes milled kt 2 913 2 894 1% • Stable despite intermittent regional power disruptions 6E head grade g/t 3.61 3.61 -% COST** 1 030 1 039 1 069 915 6E in concentrate koz 254 255 -1% • Plant stability impeded by power
Slide 22: Impala Canada
IMPALA CANADA PRODUCTION* Description FY2025 FY2024 Var % Remarks 260 249 291 281 237 koz Tonnes milled kt 2 994 3 676 -19% • Revised production parameters on ramp-down 6E head grade g/t 2.98 2.90 3% • Lower throughput of surface stockpile COST** 1 272 1 348 1 195 1 129 1 021 6E in concentrate koz 2
Slide 23: IRS
IRS MINE-TO-MARKET RECEIPTS 1 412 1 415 Description FY2025 FY2024 Var % Remarks 1 379 1 370 koz 1 306 Receipts 6Ekoz 1 515 1 606 -6% • Lower volumes from managed operations and JVs Mine-to-market 6Ekoz 1 306 1 415 -8% • Lower deliveries from Marula and Zimplats with administrative delays on the move
Slide 24: FY2025 Profitability
FY2025 PROFITABILITY GROUP PROFITABILITY BY OPERATION 30 000 27 500 -3% -2% 2% -21% 25 000 5% -9% 22 500 -1% 20 000 4% R/6E ounce 17 500 15 000 12 500 10 000 7 500 5 000 2 500 0 Zimplats matte Impala Canada Mimosa conc Two Rivers conc Impala refined Impala Bafokeng Marula conc Group refined conc con
Slide 25: Excess 6E Stock
EXCESS 6E STOCK EXCESS 6E STOCK RELEASE Excess stock of c.420 6E koz at the end of June 2025 450 Actual 420 Forecast • Slower than expected release in FY2025 400 390 375 • Unplanned maintenance 150koz 350 330 • Furnace 3 rebuild • Furnace 5 repairs 300 • Weather and utilities at Refineries 80koz 245
Slide 26: Projects Update
PROJECTS UPDATE MINE REPLACEMENT SMELTING REFINING RENEWABLE ENERGY Mupani Mine New furnace and Impala Refineries New solar plant at SO2 abatement plant expansion and new final Zimplats >300koz 6E from FY2029 +600koz 6E capacity from FY2025 metals facility US$386m +10% capacity in South Africa 35MW
Slide 27: CFO Review
03 CFO REVIEW Meroonisha Kerber IMPLATS ANNUAL RESULTS FY2025
Slide 28: Income Statement
INCOME STATEMENT • Revenue was 1% lower at R85.5bn R MILLION FY2025 FY2024 Var, % • -3% on stronger rand exchange -R2.8bn • -1% due to lower sales volumes -R1.1bn Revenue 85 459 86 398 -1% • +1 on fair value movements +R1.1bn Cost of sales (83 016) (80 931) -3% • +2% on higher dollar prices +R1.8bn
Slide 29: Stock-Adjusted Unit Costs
STOCK-ADJUSTED UNIT COSTS • Stock-adjusted unit costs up 7% to R22 491/oz 6E • Implats mining inflation of 4.7% or R958/oz 206 22 491 587 231 • SA operations 5.9% 185 • Zimplats US$ 0% 958 • Impala Canada C$ 2.4% 441 • Exchange rate benefit of 1% or R156/oz • Translation of foreign subsidiaries’ cos
Slide 30: Cash Flow and Liquidity
3 0 CASH FLOW AND LIQUIDITY • Net cash generated from operating activities of R7.4bn ADJUSTED NET CASH FY2025 • Receipt of R1.0bn June 2024 Bafokeng concentrate debtor in July 2024 • Impacted by higher work-in-process inventory during the period 1.4 7.4 0.6 0.1 • Moderation of capital expenditure to
Slide 31: Capital Allocation
CAPITAL ALLOCATION 60% of adjusted free cash flow allocated to final dividend CASH FROM OPERATIONS R8.7bn BALANCE SHEET STRENGTH • R8.1bn adjusted net cash R0.1bn OTHER NET INCOME R2.0bn inflow 4% • RCF remains undrawn • 420koz 6E excess inventory INTEREST PAID R0.4bn outflow TAXES PAID R1.0bn outfl
Slide 32: Market Review
04 MARKET REVIEW Sifiso Sibiya IMPLATS ANNUAL RESULTS FY2025
Slide 33: PGM Market Performance
PGM MARKET PERFORMANCE PLATINUM PRICE, US$/oz PALLADIUM PRICE, US$/oz Achieved metal prices FY2025 FY2024 Var (%) 1 600 1 500 1 400 Platinum (US$/oz) 986 934 6% 1 200 1 000 1 000 Palladium (US$/oz) 986 1 083 -9% 800 600 500 01/Jul/23 01/Jul/24 01/Jul/23 01/Jul/24 Rhodium (US$/oz) 4 818 4 360 11% RHO
Slide 34: Supply and Demand Balances
SUPPLY AND DEMAND BALANCES 2025 PLATINUM MARKET to remain in deficit SUPPLY/DEMAND BALANCES* - Demand +3% at 8.1Moz (ex-investment) 0 • Automotive to ease as tariffs impact LV production and BEV growth expected • Jewellery to grow on strong Chinese fabrication and underpinned by the West • Industria
Slide 35: PGM Market Forces
PGM MARKET FORCES SHORT TERM MEDIUM TERM LONG TERM SWITCHING, ABOVE-GROUND STOCKS, INVESTMENT SOUTH AFRICAN SUPPLY OUTLOOK, HYDROGEN, GLOBAL INVESTMENT CLIMATE, CHINESE PLATINUM PURCHASING & CONSUMPTION, SWITCHING, APPETITE, CHINESE AND INDIAN JEWELLERY ELECTRIFICATION OF HEAVY-DUTY, CHANGES IN HYDR
Slide 36: PGM Revenue Baskets FY2025
PGM REVENUE BASKETS FY2025 REVENUE CONTRIBUTION BY METAL 2% 13% 17% 10% 2% 15% 1% 30% 3% 33% 4% 37% TWO 4% IMPALA 39% IMPALA MARULA RIVERS 5% BAFOKENG R30.9bn 29% R4.1bn R6.2bn R10.7bn 28% 24% 21% 18% 28% 21% 16% 5% 14% 18% 18% 18% 31% 33% 3% IMPALA 33% 4% ZIMPLATS 16% MIMOSA CANADA 5% IRS 9% R15.0b
Slide 37: Business Outlook
05 BUSINESS OUTLOOK Nico Muller IMPLATS ANNUAL RESULTS FY2025
Slide 38: Outlook
OUTLOOK Actual GUIDANCE Business area Unit FY2025 FY2026 REFINED PRODUCTION1: 6E koz 3 375 3 400 – 3 600 GROUP PRODUCTION: 6E koz 3 553 3 400 – 3 600 Impala, stock-adjusted 6E koz 1 275 1 250 – 1 300 Bafokeng, concentrate 6E koz 481 500 – 540 Marula, concentrate 6E koz 202 190 – 210 Two Rivers, conc
Slide 39: Capital Expenditure
CAPITAL EXPENDITURE GROUP CAPITAL EXPENDITURE 1,2,3 16 000 Actual Forecast 14 000 12 000 10 000 Rm 8 000 6 000 4 000 2 000 0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 SIB Replacement Growth 1. Group managed operations IMPLATS 2. Nominal Rm 3. Includes solar project
Slide 40: Annual Results FY2025
ANNUAL RESULTS FY2025 28 August 2025