Stakeholder engagement – material matters and value distribution

BUILDING TRUST AND SHARED VALUE

At Implats, we recognise that strong, transparent and responsive stakeholder relationships are fundamental to delivering on our purpose and sustaining long-term value creation. Our approach to stakeholder engagement is rooted in the principles of inclusivity, materiality, responsiveness and accountability, and is embedded across our operations and governance structures.

We engage proactively with stakeholders to understand their expectations, manage risks, identify opportunities and co-create solutions that support sustainable development and business resilience.

OUR STAKEHOLDER ENGAGEMENT FRAMEWORK

Implats' stakeholder engagement is structured to ensure strategic alignment and operational effectiveness. Key elements include:

• Alignment with the Group's purpose, values and sustainability objectives
• Materiality assessments to identify and prioritise stakeholder concerns
• Integrated governance, with oversight from the social,transformation and remuneration (STR) committee
• Operational accountability, with engagement responsibilities cascaded to site-level leadership.

Our materiality assessment considers risks, opportunities and outcomes within and beyond our financial reporting boundary – where these have a significant impact on our long-termvalue-creation potential.

The process is guided by integrated thinking and our internal materiality framework, comprising:

EMBEDDING STAKEHOLDER ENGAGEMENT IN VALUE CREATION

Stakeholder engagement directly supports the creation and preservation of value across the six capitals:

• Human capital: Enhancing employee wellbeing, safety andskills development
• Social and relationship capital: Building trust and legitimacy in host communities
• Intellectual capital: Co-creating solutions through partnerships and shared learning
• Natural capital: Responding to environmental concerns and climate-related risks
• Financial capital: Strengthening investor confidence andaccess to capital
• Manufactured capital: Ensuring operational continuity through a robust social licence to operate.

STAKEHOLDER INSIGHTS AS A STRATEGIC LEVER OF VALUE CREATION

Stakeholder engagement is central to how Implats creates, preserves and grows value. Insights from our stakeholders inform key aspects of our strategic and operational decision-making.

Strategic planning

Stakeholder expectations shape our strategic priorities. Through structured engagement with investors, employees, communities, customers and regulators, we identify material issues – from capital allocation and operational resilience to socio-economic development and climate action. These insights are embedded into our strategic planning processes to ensure relevance, responsiveness and inclusivity.

Risk and opportunity management

Stakeholder feedback helps identify both risks and opportunities:

• Community concerns may signal social risks or potential licence-to-operate challenges
• Investor expectations may highlight emerging ESG risksor opportunities in green metals
• Employee feedback may reveal operational or safety risks.

These insights are integrated into our enterprise risk management (ERM) framework to enable proactive mitigation and opportunity capture.

Business model evolution

Our business model continues to evolve in response to stakeholder needs and global trends. Stakeholder insights have driven:

• Increased focus on decarbonisation and energy efficiency
• Investment in digitalisation and innovation to enhance safety and productivity
• Strengthened community partnerships to support inclusive, long-term development.

This ensures our business model remains resilient, adaptive and aligned with stakeholder expectations.

Sustainability and ESG performance

Stakeholder engagement is fundamental to our ESG journey.

It informs:

• Materiality assessments, ensuring we focus on the most relevant sustainability issues
• Target-setting and performance tracking, particularly in climate, water, biodiversity and social impact
• Transparent reporting, aligned with global standards and stakeholder expectations.

Our ESG strategy is shaped by what matters most to those we impact – and those who impact us.

Integrated value creation

By embedding stakeholder insights into our decision-making, we ensure that value creation is balanced, inclusive and sustainable. This is reflected in:

• Our integrated reporting, which demonstrates responsiveness to stakeholder needs
• Our balanced scorecard, which includes stakeholder-related KPIs
• Our sustainable development framework, which guides responsible business practices.

LOOKING AHEAD

As Implats continues to navigate a dynamic operating environment, stakeholder engagement will remain central to our strategy. We are committed to:

• Deepening community partnerships
• Enhancing transparency and responsiveness
• Strengthening collaboration to drive innovation and inclusive growth.

UN SDGs

Sustainability is a cornerstone of Implats' strategy, aligned with the UN SDGs and embedded in our short- to medium-term planning processes.

Implats has identified 14 priority SDGs where we believe we can make the most meaningful and measurable impact, guiding our efforts to create enduring value for all stakeholders.

Environmental goals have been identified and integrated into our operational strategies and the Group is in the process of embedding specific longer-term goals into our social performance strategy.

Additional information on how our operational activities' outcomes per capital affect the quality of our relationships is contained in the Capital and stakeholder outcomes.

Stakeholder	Material matters on which stakeholder was engaged (our material matters)	Quality of relationships	Capital outcomes	SDGs impacted
Shareholders and investor communityWho they are: Pension funds, investment houses, banks, ESG and other rating agencies, private investors.	PGM market dynamics Operational performance Capital allocation and financial resilience Integration of acquisitions Regulatory and political environment.		Financial capital	Operational and financial performance, sustainable financial returns (including ESG performance). SDG contribution:
Employees and unionsWho they are: Permanent and contract employees, and labour unions.	Safety and health Talent attraction, retention and organisational effectiveness Integration of acquisitions.		Human capital Social and relationship capital	Health and safety performance, conditions of employment number of employees, diversity and inclusion, training and development spend, remuneration and incentives. SDG contribution:
Host communitiesWho they are: Mine-host, labour-sending and indigenous communities, NGOs in operating geographies.	Social licence to operate Integration of acquisitions.		Social and relationship capital	Socio-economic contributions including employment opportunities. SDG contribution:
Governments and regulatorsWho they are: National, provincial and local government.	Fiscal impacts of PGM market dynamics Regulatory and political environment.		Natural capital Social and relationship capital	Regulatory compliance, economic contribution, collaboration and partnerships. SDG contribution:
CustomersWho they are: Various manufacturers: catalyst, motor, green energy (fuel cells), medical devices and jewellery.	PGM market dynamics Operational performance Safety and health Environmental stewardship and climate change.		Social and relationship capital Manufactured capital Natural capital	Diverse uses of our PGMs Customer satisfaction, certification for responsible sourcing, ESG performance. SDG contribution:
Suppliers and business partnersWho they are: Critical suppliers, mine-host community suppliers, emerging suppliers, indigenous suppliers.	Opportunities in technology, innovation and transformation Integration of acquisitions and its impact on supplier and contractor contracts Regulatory and political environment, including currency shortage impacts on suppliers or Zimbabwean operations Operational performance and cost management impact on supplier and contractor contracts.		Financial capital Manufactured capital Natural capital	Clean energy collaboration. SDG contribution:
Industry associationsWho they are: Various international and local market development associations and joint initiatives.	Opportunities for collaboration in the areas of: Technology, innovation and transformation Changing PGM market dynamics Safety and health Environmental stewardship and climate change Regulatory and political environment.		Financial capital Intellectual capital	Industry advocacy, collaboration and partnerships. SDG contribution:

At an operational level, stakeholder engagement reports directly to the respective operational chief executive. A module on stakeholder engagement is included in our leadership development programme to enhance management capability.

QUALITY OF STAKEHOLDER RELATIONSHIPS

The respective operational relationship managers provide a quality measure of Implats' relationship with its key stakeholders based on their interactions with stakeholders during the period using Implats' relationship matrix to measure and rate the effectiveness of stakeholder relations.

Our Group-wide stakeholder complaints and grievance management mechanism incorporates a grievance hotline, a central email address, site logbooks, site-specific engagement forums and the contact details of stakeholder liaison officers, among others. The mechanism is specifically targeted at employees and communities and provides valuable information about these stakeholders and their concerns.

Our key success measures of effective stakeholder engagement:

Refer to our ESG report for additional information on Implats' key stakeholders and the interactions that shape the quality of Implats' relationships with them.

VALUE DISTRIBUTION

Implats' commitment to creating a better future for all stakeholders is reflected in our headline earnings-based value-added statement. This provides a transparent view of the economic value generated and how it is distributed across our stakeholder groups.

It includes:

• Returns to shareholders
• Payments to governments through direct taxes and royalties
• Wages and benefits to employees
• Interest and dividends to capital providers
• Reinvestment into the business to support long-term sustainability
• Contributions to communities, suppliers and business partners, including non-state royalties.

This distribution underscores our broader socio-economic impact and the role we play in advancing inclusive growth across our value chain.

¹ Includes R303 million (2024: R663 million; 2023: R713 million) non-state royalties.
² Includes withholding taxes.
³ Includes dividends paid to non-controlling interests. All dividends were attributed to non-controlling interests in the current year. Implats declared a final cash dividend of 165 cents per ordinary share or R1.5 billion after period-end.