I am proud of the commendable performance achieved by our mining and processing teams in the face of a challenging metals price and operating environment, further complicated by elevated project activity.

Our strategic focus and operational agility ensured the achievement of several notable milestones. The successful integration of the Impala Bafokeng Resources and Impala operations positions the Group to leverage the synergies inherent in the original acquisition rationale. Zimplats commissioned a 38MW smelter and a 35MW solar power plant, advancing our decarbonisation and beneficiation goals. Upgrades to Impala Rustenburg's flash dryer and Impala Refineries' base metals refinery (BMR) were completed, while the commissioning of the BMR effluent crystalliser enhanced our environmental performance.

While unit costs benefited from easing input inflation and a stronger rand, they were impacted by lower production volumes. In response to constrained profitability, capital expenditure was carefully prioritised with investments directed toward safety, operational efficiency and infrastructure integrity.

Group profitability was affected by muted rand PGM prices and lower sales volumes, as gains from higher dollar PGM prices were offset by currency strength. Despite this, Implats generated improved free cash flows and maintained a strong and flexible balance sheet closing the year with EBITDA of R9.9 billion, headline earnings of R732 million or 82 cents per share, free cash flow of R2.4 billion, adjusted net cash of R8.1 billion (excluding limited recourse funding and finance leases) and liquidity headroom of R19.7 billion.

Reflecting our financial discipline and commitment to shareholder returns, and after considering the Groups' financial performance, strong balance sheet, future capital requirements and improving market conditions, the board declared a final gross cash dividend of 165 cents per ordinary share, amounting to R1.5 billion – representing approximately 60% of adjusted free cash flow generated in FY2025.

After a prolonged period of depressed pricing, we believe the Group is entering a more cash-generative period. Supported by past investments in asset integrity and a strong and flexible balance sheet, Implats is well positioned to effectively allocate capital – strengthening the business, rewarding shareholders, sharing value with stakeholders and maintaining financial resilience.

SAFETY AND SUSTAINABILITY

Implats continues to reinforce its commitment to a safety-first culture across all operations. The disciplined implementation of our eight-point safety plan, supported by robust systems, risk management and leadership accountability, has driven continued improvements in injury rates. However, the number of fatal incidents remains a key concern, requiring targeted interventions and behavioural change.

It is with deep regret that we reported eight fatalities in seven incidents at our managed operations during the year. Through our "We Care" programme, we continue to support affected families and colleagues.

The Group's fatal injury frequency rate improved by 55% to 0.057 per million man-hours worked. The lost time injury frequency rate and total injury frequency rate improved 11% and 2% to 3.46 and 8.13 per million man-hours worked, respectively, reflecting an improving trend in our ongoing safety drive.

The formal DMPR inquiry into the 11 Shaft incident commenced in December 2024 and is expected to continue for 12 to 18 months. We remain fully committed to implementing its recommendations.

Employee health and wellbeing is integral to our zero-harm vision. The Group proactively mitigates the impact of primary occupational and non-occupational health risks faced by employees, while our Employee Wellness Programme, available to all employees and their immediate families, offers a wide-range of support services, including psychosocial, mental health and financial wellness initiatives.

I am also pleased to report an excellent sustainability performance. Implats continues to be recognised by independent third parties for its responsible resource management and positive community impact. These achievements are explored further in the Chairman's review and our FY2025 ESG report.

OPERATIONAL REVIEW

Implats delivered a commendable operational performance in FY2025, following Group-wide labour restructuring, revisions to operating parameters at several operations and unplanned disruptions. A robust first half was followed by unplanned furnace maintenance, utility supply constraints and weather-related impacts at our base and precious metals refineries, which materially affected refined and sales volumes.

Group 6E production declined by 3% to 3.55 million ounces. Refined volumes, including saleable output from Impala Canada and Impala Bafokeng, were unchanged at 3.4 million ounces. Refer to our COO's review for further detail.

Unit costs benefited from easing input inflation and rand appreciation but faced headwinds from lower production volumes, the reallocation of capital from Impala Canada to working costs, and ESOT and ex-gratia payments. Unit cost rose 7%, but on a like-for-like basis (excluding those adjustments), were 5.5% higher at R22 075 per 6E ounce.

Capital expenditure declined by 50% as several replacement and growth projects were completed and spend at Impala Canada was reclassified to working costs, in line with Group accounting policies.

Profitability was affected by lower sales volumes and muted rand PGM pricing, compounded by operational challenges and restructuring costs at South African and Canadian assets. Further detail is provided in the CFO's review.

MARKET REVIEW

The PGM market was shaped by macro-economic volatility, geopolitical uncertainty and shifting demand dynamics. After stabilising in 2024, global markets were disrupted by tariff tensions, particularly in the US, which dampened growth expectations and delayed inflation recovery. Elevated interest rates added complexity to the operating landscape.

The full impact of these tariffs on automotive and industrial demand for PGMs is yet to be fully realised but is expected to weigh on both business and consumer confidence. Primary PGM supply faces ongoing challenges, even as platinum jewellery and investment demand have seen renewed interest. All three major PGMs – platinum, palladium and rhodium – are predicted to remain in fundamental deficits during 2025, with projected shortfalls larger than previous estimates.

The first half of the year was marked by subdued PGM price performance amid strong gold prices, weak investor sentiment and a robust US dollar. Physical markets experienced ample liquidity as producers and industrial customers reduced previously accumulated inventories.

However, a tightening market in the second half saw inventory repositioning to the US before potential tariffs and rising lease rates. Physical demand stayed firm while South African refined supply fell below the high levels seen during destocking. Prices rallied in the closing weeks of 2025, supported by speculative trading and an improved market sentiment.

Platinum prices fluctuated between US$900 and US$1 000 per ounce in the latter half of 2024 but rose in the second quarter of 2025 due to strong physical demand from China and reduced South African supply. Despite some profit-taking, momentum held into the FY2025 year end.

Palladium prices were pressured by discounted Russian supply and speculative trading in late 2024 but gained from the platinum rally and renewed ETF interest in early 2025. Rhodium benefited from tight physical market conditions and steady end-use demand, holding well above US$5 000 per ounce through the first half of 2025, with limited inventory releases countering previous price caps.

Automotive demand for PGMs was mixed, with early-year growth followed by a slowdown due to tariff impacts. Battery electric vehicle (BEV) sales rose 35% year-on-year, driven by Europe and China, while US growth was muted due to policy changes. Industrial demand showed improvement across chemicals, glass, electronics and hydrogen applications. Jewellery demand rebounded, particularly in China, while investment activity remained supportive, with ETFs maintaining substantial holdings.

On the supply-side, primary production declined slightly, with palladium most affected due to weaker North American output. Secondary supply stabilised in 2024 but growth expectations were cut due to challenges in catalyst collection and trade disruptions.

Overall, the PGM market in 2025 is marked by fundamental deficits, tariff-related uncertainty and evolving demand patterns across automotive, industrial, jewellery and investment sectors, contributing to a cautiously optimistic market outlook for the year ahead.

OUTLOOK AND APPRECIATION

FY2026 began with an improved performance across our mining operations and stability at Group processing assets. Early gains in rand PGM pricing were sustained, despite the seasonal slowdown in northern hemisphere markets and ongoing macro-economic uncertainty, including tariff-related developments. Sales are expected to benefit from the delayed release of accumulated in-process inventory.

Our operational priorities remain firmly on improving safety outcomes with a renewed focus on eliminating fatal injuries, managing the orderly wind-down of commercial operations at Impala Canada, maintaining employee relations stability, realising operational efficiencies at the newly consolidated Impala Rustenburg and securing performance improvements at Marula.

Strategically, we remain focused on optimal capital allocation and unlocking optionality within our asset portfolio, supported by our strong and flexible balance sheet. This positions Implats to deliver a more resilient and higher-value business, while continuing to share value with stakeholders.

I am exceptionally proud of the Implats team. Our people are the heartbeat of the Group, and their discipline, commitment and integrity have propelled us forward. Over the past five years, we have returned 45% of adjusted free cash flow to shareholders, while strengthening our balance sheet and reinforcing our ability to respond to market dynamics with agility and purpose.

I extend my sincere appreciation to the Implats board for its guidance, to the management team for its leadership and to every Implats employee for your dedication. I look forward to the year ahead with confidence and optimism.

Nico Muller

Chief executive officer