Impala Platinum Holdings Limited · JSE:IMP
Impala Platinum — Impala Platinum Hldgs — FY2026 Earnings Presentation
30 slides from Impala Platinum's earnings presentation, Sep 3, 2026
Slide 1: FY2026 Results
FY2026 RESULTS 3 September 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: Strong Performance in FY2026
STRONG PERFORMANCE IN FY2026 OPERATIONAL DELIVERY KEY HIGHLIGHTS Production Unit cost* Capital Delivered to guidance ‒ volumes, cost, inventory release ▲ 5% ▲ 8% ▲ 3% 3.56Moz refined 6E R24 249/oz 6E R7.2bn Completed Impala Rustenburg consolidation – LoM increased Underpinned by a stable and experie
Slide 4: Delivering Long-Term Value
DELIVERING LONG-TERM VALUE Business development Strengthen and growth Operational performance competitive position Operational and flexibility • Internal • Rustenburg LoM extensions excellence − 14 and 20 shafts − Portal 10 • Fatalities − Styldrift 2 − Studies (BRPM UG2 Ext) • Infrastructure • Partn
Slide 5: Our Markets
OUR MARKETS GLOBAL MARKET BALANCES* Uncertainty the new normal Constructive medium-term fundamentals Sustained market deficits 200 Geopolitics DEMAND 0 • Shifting alliances • Underpinned by strong, growing industrial demand -200 • Trade and tariffs • Revised expectations for BEVs, policy and emissio
Slide 6: Safety
SAFETY SAFETY METRICS* LTIFR* TIFR* FIFR* Fatalities* 6 20 3.16 6.72 0.027 4 FY2025: 3.46 FY2025: 8.15 FY2025: 0.057 5.30 FY2025: 8 19 4.92 ▼ 9% ▼ 18% ▼ 53% 5 4.54 16 4.21 3.92 4 3.89 3.46 3.16 12 68 white flag days# — up from 55 in FY2025 3 8 Safety systems maturing – interventions accelerating to
Slide 7: Strong Operational Delivery
STRONG OPERATIONAL DELIVERY 3.56Moz R24 249/oz 120koz 53.8Moz 6E refined and saleable 6E unit cost* 6E excess inventory reduction 6E Group Mineral Reserves ▲ 5% ▲ 8% 300koz closing inventory ▲ 9% STOCK-ADJUSTED UNIT COSTS FY2026 standout performances FY2027 growth opportunities 964 Impala Rustenburg
Slide 8: Investing for Sustained Value Creation
INVESTING FOR SUSTAINED VALUE CREATION GROUP CAPITAL EXPENDITURE GROUP LIFE-OF-MINE PROFILE 4.0 16 000 3.5 14 000 ~R10bn – R13bn p.a 3.0 12 000 Greenfields projects under study 2.5 • Styldrift 2 10 000 • Waterberg • Zimplats Portal 10 Moz 2.0 Rm 8 000 Brownfields projects 1.5 under study 6 000 • BRP
Slide 9: FY2027 Guidance
FY2027 GUIDANCE ACTUAL GUIDANCE Business area Unit FY2026 FY2027 REFINED PRODUCTION1: 6E koz 3 559 3 300 – 3 500 Group production 6E koz 3 497 3 325 – 3 525 Impala Rustenburg, stock-adjusted2 6E koz 1 744 1 625 – 1 710 South and Central shafts, stock-adjusted 6E koz 1 310 1 200 – 1 250 North Shafts,
Slide 10: Stellar Financial Performance
STELLAR FINANCIAL PERFORMANCE R38 116 3.51Moz R43.6bn 32% Revenue per 6E ounce 6E sales volumes EBITDA EBITDA margin ▲ 51% ▲ 4% FY2025: R9.9bn FY2025: 12% 2 548cps 3 459cps R22.0bn 1 855cps Headline earnings Basic earnings Free cash flow Total dividends FY2025: 82cps FY2025: 85cps FY2025: R2.4bn FY2
Slide 11: Balance Sheet Positioning
BALANCE SHEET POSITIONING ADJUSTED NET CASH* R23.0bn R0.5bn 1.9 26.7 0.2 Cash* Adjusted debt** 0.9 1.6 FY2025: R11.5bn FY2025: R1.8bn 5.5 Rbn 6.9 R22.0bn R37.0bn 22.0 Adjusted net cash** Liquidity headroom FY2025: R8.5bn FY2025: R19.7bn 8.5 R10.0bn FY2025 Operating Finance & Other Shares Rehab Divid
Slide 12: Capital Allocation R20.9bn
CAPITAL ALLOCATION • Repayment of debt – R1.6bn BALANCE SHEET STRENGTH (17%) • Funding of rehabilitation obligations – R1.6bn (Canada: R1.1 billion; SA: R0.5 billion) R3.5bn • Retained cash – R0.3bn • Interim dividend – R3.7bn R20.9bn SHAREHOLDER RETURNS • Base final dividend – R4.4bn R17.1bn (82%)
Slide 13: FY2026 Results
FY2026 RESULTS 3 September 2026
Slide 14: Environmental Performance
ENVIRONMENTAL PERFORMANCE MSCI CDP ESG INDICATORS Unit FY2026 FY2025 Var (%) A B Level 4 or 5 environmental incidents Count 0 0 - Improved from BBB Climate and water ▲ ▲ Level 3 environmental incidents Count 0 2 100 Water recycled or reused % 58 59 2 S&P CSA S&P Sustainability GJ/t Yearbook Energy c
Slide 15: Social Performance
SOCIAL PERFORMANCE Supported >4 200 employment opportunities Benefitted >80 000 people EDUCATION & SKILLS ESD & INCLUSIVE COMMUNITY WELLBEING INFRASTRUCTURE DEVELOPMENT PROCUREMENT >12 000 people benefitted Supported: R10m of Regional ESD Fund >40 000 beneficiaries deployed and ~R4m Supported: >3 00
Slide 16: Mineral Resources and Mineral Reserves
MINERAL RESOURCES AND MINERAL RESERVES ATTRIBUTABLE 308.7Moz 6E MINERAL RESOURCES MINERAL RESERVES BY ASSET ▼ Attributable Group Mineral Resources 2% 2% 25 000 Pt Pd Rh Ru, Ir, Au 2% decreased by 6.3Moz 6E 7% 5% 2% 2 500 20 000 7% 308.7 44% 2 000 Moz 6E 15 000 Reserves, koz 6E ▲ 53.8Moz 6E 31% 10 00
Slide 17: PGM Market Performance
PGM MARKET PERFORMANCE PLATINUM PRICE, US$/oz PALLADIUM PRICE, US$/oz Achieved metal prices 3 100 2 500 FY2026 FY2025 Var % 2 600 2 000 Platinum (US$/oz) 1 761 986 79% 2 100 1 500 1 600 Palladium (US$/oz) 1 433 986 45% 1 000 1 100 600 500 Rhodium (US$/oz) 8 445 4 818 75% 01/Jul/22 01/Jul/23 01/Jul/2
Slide 18: Group Operational Overview
GROUP OPERATIONAL OVERVIEW PRODUCTION* UNIT COST** Description FY2026 FY2025 Var (%) 3 559 24 249 3 378 3 375 22 491 3 087 2 959 19 834 20 992 Tonnes Milled# kt 27 476 26 294 4% 17 364 Group production 6E koz 3 497 3 481 - R/oz 6E koz Managed operations 6E koz 2 749 2 730 1% Impala, stock-adjusted 6
Slide 19: Movement in 6E Group Production
MOVEMENT IN 6E GROUP PRODUCTION koz 6E 213 186 239 287 606 222 1 744 % variance -10% -8% -6% -1% -% 6% 4% from FY2025 3 500 3 480 25 60 3 460 16 6E koz 3 440 3 497 15 3 481 2 13 0 3 420 3 400 3 380 FY2025 Canada Marula Mimosa Two Rivers Zimplats Third party - IRS Impala FY2026 IMPLATS 19 FY2026 RESU
Slide 20: Impala
20 IMPALA PRODUCTION* Description FY2026 FY2025 Var (%) Remarks 1 744 1 694 1 684 koz Tonnes milled kt 15 070 14 149 7% 1 652 1 659 6E head grade g/t 4.13 4.14 -% FY2022 FY2023 FY2024 FY2025 FY2026 6E production* koz 1 744 1 684 4% COST PER 6E OUNCE** 23 667 24 946 22 307 22 313 South & Central 6E 2
Slide 21: Movement in 6E Ounces
MOVEMENT IN 6E OUNCES 1 750 42 1 700 26 14 45 12 1 650 11 12 9 10 1 1 3 1 744 6E koz 7 5 1 600 1 684 1 550 1 500 2 FY2025 Other ¹ 1# 6# Re-mining E&F 11# BRPM -2 12# BRPM -2 14# 20# 10# Styldrift 16# FY2026 South# North# Production 6E koz 49 72 24 29 30 154 84 157 162 226 182 110 197 267 Revenue R/6
Slide 22: Marula
MARULA PRODUCTION* Description FY2026 FY2025 Var (%) Remarks 259 241 223 202 186 koz Tonnes milled kt 1 632 1 680 -3% • Development prioritised, +19% FY2022 FY2023 FY2024 FY2025 FY2026 6E head grade g/t 4.02 3.97 1% COST** 26 484 • Lower milled volumes, FY2025 benefitted from throughput of 6E in con
Slide 23: Two Rivers
TWO RIVERS PRODUCTION* Description FY2026 FY2025 Var (%) Remarks 302 295 291 289 koz 287 Tonnes milled kt 3 462 3 484 -1% • UG2 performance offset reduced Merensky throughput FY2022 FY2023 FY2024 FY2025 FY2026 6E head grade g/t 3.00 3.01 -% COST** 6E in concentrate koz 287 289 -1% 19 662 16 513 17 4
Slide 24: Zimplats
24 ZIMPLATS PRODUCTION* Description FY2026 FY2025 Var (%) Remarks 646 611 606 606 • Improved availability of TMM and higher open-pit ore koz Tonnes milled kt 8 046 7 471 8% 583 throughput FY2022 FY2023 FY2024 FY2025 FY2026 6E head grade g/t 3.29 3.37 -2% COST** • Matte production constrained by an a
Slide 25: Mimosa
MIMOSA PRODUCTION* Description FY2026 FY2025 Var (%) Remarks 255 254 246 245 koz Tonnes milled kt 2 872 2 913 -1% 239 6E head grade g/t 3.54 3.61 -2% • Complex geology FY2022 FY2023 FY2024 FY2025 FY2026 COST** 6E in concentrate koz 239 254 -6% • Ore mineralogy adversely impacted processing yields 1
Slide 26: Impala Canada
IMPALA CANADA PRODUCTION* Description FY2026 FY2025 Var (%) Remarks 291 281 249 237 213 koz Tonnes milled Kt 2 728 2 994 -9% • Planned tapering of production rates FY2022 FY2023 FY2024 FY2025 FY2026 6E head grade g/t 2.92 2.98 -2% COST** 6E in concentrate koz 213 237 -10% 1 489 1 272 1 348 1 195 1 1
Slide 27: IRS
IRS MANAGED & JV RECEIPTS Description FY2026 FY2025 Var (%) Remarks 1 412 1 370 1 415 1 306 1 319 koz Receipts 6Ekoz 1 540 1 515 2% FY2022 FY2023 FY2024 FY2025 FY2026 Managed 6Ekoz 787 800 -2% • Concentrate inventory accumulated at Zimplats, lower Marula THIRD PARTY RECEIPTS 351 JVs 6Ekoz 531 506 5%
Slide 28: Income Statement
INCOME STATEMENT R MILLION FY2026 FY2025 VARIANCE • Revenue was 58% or R49.7bn higher at R135.1bn • +64% on higher dollar prices +R55.1bn Revenue 135 146 85 459 58% • +5% due to higher sales volumes +R4.4bn Cost of sales (102 007) (83 016) -23% • +1% on fair value movements +R0.6bn Cash costs (67 29
Slide 29: Stock-Adjusted Unit Costs
STOCK-ADJUSTED UNIT COSTS • Stock-adjusted unit costs up 8% to R24 249/oz 6E STOCK-ADJUSTED UNIT COSTS FY2026 VS FY2025 • Implats mining inflation of 5.6% or R1 224/oz 6E • SA operations 5.9% 964 • Zimplats US$ 5.1% 96 • Impala Canada C$ 3.6% 1 224 334 • Discretionary spend on engineering and infras
Slide 30: FY2026 Results
FY2026 RESULTS 3 September 2026