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Key features for the six months

Implats is a leading producer of platinum group metals (PGMs) structured around seven mining operations and a refining business, Impala Refining Services.

Our mining operations span the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe and the Canadian Shield. Contributing approximately 20% to global primary production annually, Implats holds attributable PGM resources of 314.4 million ounces.

Safety and sustainability

  • Five fatalities in four incidents at managed operations
  • LTIFR* improved by 29% to 3.31/mmhw
  • TIFR* improved by 22% to 7.10/mmhw
  • Fourth consecutive inclusion in the S&P Global Sustainability Yearbook (2025)
  • Commissioned 35MW solar power plant at Zimplats
  • Water re-use/recycling rate improved to 58%
  • No major or significant environmental incidents.

Operational

  • Commendable performance following business restructuring
  • 4% decline in Group production to 1.82Moz
    • 5% decline in managed 6E production to 1.44Moz
    • 2% higher JV 6E production of 282koz
    • 9% decrease in third-party 6E receipts to 103koz
  • Refined and saleable 6E production increased 2% to 1.79Moz
  • 6E sales volumes rose 5% to 1.77Moz
  • Group 6E unit costs increased 3% to R20 885/oz (stock-adjusted)
  • Consolidated Group capital expenditure reduced by 42% to R3.9 billion
  • On track to meet FY2025 refined production and cost guidance.

Financial

  • Reported financial metrics remained challenged by lacklustre rand PGM pricing
  • Gross profit of R2.1 billion at a gross profit margin of 5%
  • EBITDA of R6.5 billion at a margin of 15%
  • Headline earnings of R1.85 billion or 206 cents per share
  • Free cash flow of R639 million
  • R6.7 billion in closing adjusted net cash.

Market

  • Dollar revenue per 6E ounce sold down 3% to US$1 334 on weak palladium and nickel pricing
  • Rand revenue per 6E ounce sold declined by 8% to R23 831
  • Weak consumer and investor sentiment weighed on pricing, despite tightening near-term outlooks for platinum, palladium and rhodium, which are expected to remain in deficit in 2025.

* Per million man-hours worked.

Operating statistics

    Six months
ended
31 Dec
2024		 Six months
ended
31 Dec
2023		 Variance
%
Gross refined production**        
6E (000oz) 1 787.7 1 751.1 2.1
Platinum (000oz) 862.8 831.9 3.7
Palladium (000oz) 587.1 593.3 (1.0)
Rhodium (000oz) 102.0 97.7 4.4
Nickel (tonnes) 8 375 8 309 0.8
IRS metal returned (toll refined)        
6E (000oz) — 0.7 (100.0)
Platinum (000oz) — — —
Palladium (000oz) — 0.7 (100.0)
Rhodium (000oz) — — —
Nickel (tonnes) 596 1 851 (67.8)
Sales volumes**        
6E (000oz) 1 773.3 1 696.8 4.5
Platinum (000oz) 843.7 809.5 4.2
Palladium (000oz) 575.6 598.4 (3.8)
Rhodium (000oz) 100.7 95.5 5.4
Nickel (tonnes) 5 805 5 780 0.4
Prices achieved        
Platinum (US$/oz) 968 924 4.8
Palladium (US$/oz) 994 1 182 (15.9)
Rhodium (US$/oz) 4 627 4 152 11.4
Nickel (US$/t) 15 771 19 553 (19.3)
Consolidated statistics        
Average rate achieved (R/US$) 17.87 18.75 (4.7)
Closing rate for the period (R/US$) 18.90 18.36 2.9
Revenue per 6E ounce sold (US$/oz) 1 334 1 376 (3.1)
Revenue per 6E ounce sold (R/oz) 23 831 25 795 (7.6)
Tonnes milled ex-mine* (000t) 13 740 14 313 (4.0)
Group 6E production (000oz) 1 821.8 1 901.6 (4.2)
Group unit cost per 6E ounce stock-adjusted (R/oz) 20 885 20 334 (2.7)
Group unit cost per 6E ounce stock-adjusted (US$/oz) 1 164 1 088 (7.0)
Capital expenditure* (Rm) 3 945 6 816 42.1
   Stay-in-business capital (Rm) 2 661 3 236 17.8
   Replacement capital (Rm) 379 1 420 73.3
   Expansion capital (Rm) 905 2 159 58.1

*     Managed operations.

**   Includes saleable production from Impala Bafokeng and Impala Canada.

    Six months
ended
31 Dec
2024		 Six months
ended
31 Dec
2023		 Variance
%
Financial performance        
Revenue (Rm) 42 280 43 425 (2.6)
Gross profit (Rm) 2 128 3 435 (38.0)
EBITDA** (Rm) 6 465 8 435 (23.4)
Profit for the six months (Rm) 1 808 1 697 6.5
Basic earnings (Rm) 1 867 1 614 15.7
Headline earnings (Rm) 1 848 3 264 (43.4)
Free cash flow** (Rm) 639 (4 760) 113.4
Adjusted net cash** (Rm) 6 711 6 432 4.3
Basic earnings per share (cps) 208 180 15.6
Headline earnings per share (cps) 206 365 (43.6)
Dividends per share (cps) — — —

**   Non-IFRS metric.

Additional statistical information is available on the company's internet website.

    Six months
ended
31 Dec
2024		 Six months
ended
31 Dec
2023		 Variance
%
ESG indicators        
Fatalities (count) 5 16 68.8
FIFR (pmmhw)** 0.070 0.209 66.5
LTIFR (pmmhw)** 3.31 4.65 28.8
TIFR (pmmhw)** 7.10 9.05 21.5
Labour including capital* (number) 64 372 67 973 5.3
Level 4 or 5 environmental incidents (count) 0 0 —
Level 3 environmental incidents (count) 1 0 —
Water consumption (kl/t milled) 1.02 1.02 —
Water recycled/re-used % 58 54 7.4
Energy consumption*** (GJ/t milled) 0.80 0.76 (5.3)
Renewable electricity consumption (%) 30 40 (25.0)
Scope 1 and 2 carbon emissions (t CO2/t milled) 0.16 0.15 (6.7)
Carbon emissions avoided (CO2t) 119 839 170 000 (29.5)
Land rehabilitated (hectares) 22.1 21.8 1.4
* At December 2024.
** Per million man-hours worked.
*** Excluding remined tonnage.

Certain statements contained in this disclosure, 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 economic outlook for the platinum industry, expectations regarding metal prices, production, cash costs and other operating results, growth prospects and the outlook of Implats' operations, including the completion and commencement of commercial operations of certain of Implats' exploration and production projects, its liquidity and capital resources and expenditure and the outcome and consequences of any pending litigation, regulatory approvals and/or legislative frameworks currently in the process of amendment, or any enforcement proceedings. Although Implats believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Accordingly, results may differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in metal prices, levels of global demand and exchange rates and business and operational risk management. For a discussion on such factors, refer to the risk management section of the Company's integrated annual report. Implats is not obliged to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the dates of the integrated annual report or to reflect the occurrence of unanticipated events.

Disclaimer: This entire disclosure and all subsequent written or oral forward looking statements attributable to Implats or any person acting on its behalf are qualified by caution. Recipients hereof are advised this disclosure is prepared for general information purposes and not intended to constitute a recommendation to buy or offer to sell shares or securities in Implats or any other entity. Sections of this disclosure are not defined and assured under the IFRS accounting standards but included to assist in demonstrating Implats' underlying financial performance. Implats recommends that you address any doubts in this regard with an authorised independent financial adviser, stockbroker, tax adviser, accountant or suitably qualified professional.

27 February 2025
Johannesburg

Sponsor to Implats
Nedbank Corporate and Investment Banking, a division of Nedbank Limited