The summarised consolidated financial statements have been derived from the audited consolidated financial statements which have been published on the Company's website ( www.implats.co.za). The summarised consolidated financial statements for the year ended 30 June 2026 have been audited by our external auditor, Deloitte & Touche, who has expressed an unmodified opinion thereon. The auditor also expressed an unmodified opinion on the consolidated financial statements, which included key audit matters, from which these summarised consolidated financial statements were derived. A copy of the auditor's report on the summarised consolidated financial statements is available above. Any forward looking statements have not been reviewed or reported on by the Company's external auditor.

The summarised consolidated financial statements for the year ended 30 June 2026 have been prepared in accordance with the Requirements of the JSE Limited (the JSE Requirements) and the requirements of the Companies Act, No 71 of 2008 (as amended) applicable to summary financial statements. The JSE Requirements require summarised financial statements to be prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS Accounting Standards as issued by the International Accounting Standards Board, the SAICA Financial Reporting Guidelines as issued by the Accounting Practices Committee, and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and also contain the information required by International Accounting Standards (IAS) 34 Interim Financial Reporting.

The summarised consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 30 June 2026, which were prepared in accordance with IFRS Accounting Standards, and the commentary included in the results.

The summarised consolidated financial statements are presented in South African rand, which is the Company's functional currency.

The summarised consolidated financial statements and consolidated financial statements have been prepared under the supervision of the chief financial officer, Ms M Kerber CA(SA).

The directors take full responsibility for the preparation of the consolidated financial statements from which the summarised consolidated financial statements are derived.

Sustainability and climate change-related disclosures

Implats adheres to existing legislation and financial reporting frameworks. Furthermore, the Group has noted the current developments in corporate sustainability reporting, particularly in relation to their financial impacts. Implats supports the joint work of the IFRS International Sustainability Standards Board (ISSB) and International Accounting Standards Board (IASB) to align the two boards' respective requirements and to facilitate connected information across a company's financial reports. Implats notes the sustainability disclosure issued by the ISSB and the revised Practice Statement 1 Management Commentary, issued by the IASB to support improvements to and greater global alignment in management commentary and narrative reports accompanying the financial statements.

The Group continues to evaluate, and reference to the extent possible, the works of the IASB and ISSB together with other international and global guidance in the general purpose financial reports that accompany the financial statements in order to achieve decision-useful reporting to our providers of financial capital.

Notwithstanding, to the extent that climate change impacted the carrying amounts of assets and liabilities, cash flows or the related estimates and judgements contained in the summarised consolidated financial statements, these were considered and disclosed in the relevant notes.

Other climate and sustainability-related disclosures are available in the accompanying management commentary in the front pages of the summarised consolidated annual results.

The principal accounting policies and methods used by the Group are in accordance with IFRS Accounting Standards and are consistent with those of the prior year, except for changes due to the adoption of new or revised IFRS Accounting Standards. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in the notes where necessary and indicated with .

Notes to operating segment analysis

The Group identified Mining, Impala Refining Services (IRS) and 'All other segments' as reportable segments.

The chief operating decision maker is the chief executive officer. Implats has defined the operating segments based on the business activities and management structure within the Group. Factors such as the nature of the products and services, as well as the geographical location of operations are considered in management's judgement to identify reportable segments.

On 1 July 2025, the operations of Impala Bafokeng Resources (IBR) were consolidated into Impala to align the legal structure with the current reporting lines in place. To give effect to the consolidation, IBR transferred its entire business, including all its assets and liabilities at carrying value, to Impala as a going concern. The assets transferred include goodwill of R190 million which was previously allocated to the Impala Bafokeng segment. The prior period's segment disclosures have been restated to reflect these changes.

Revenue flows

The Group's segments generate revenues from their respective geographical locations in which they operate. The 'All other segments' includes the Group's chrome operation as well as equity-accounted entities (note 14).

• Impala mines and refines its own metal inventories, which it sells externally to third parties (R47 908 million) and also sells PGM concentrate to one external customer in South Africa (R17 675 million). Sales are disaggregated geographically in note 6
• Impala Canada sells mined PGM concentrate to one customer in North America
• IRS, a division of Impala, is dedicated to the refining of metal concentrate purchases built up by Implats. Situated in Springs, some 35km east of Johannesburg in South Africa, IRS provides smelting and refining services through offtake agreements with Group companies (except Impala Canada) and third parties
• The Marula and Zimplats mining segment revenues are made intra-group to IRS, which ultimately sells the refined metal externally to the third parties, disaggregated geographically as indicated in note 6.

Sales to the two largest customers were 13% and 11% (2025: 10% and 8%) of total revenue, from Impala and IRS.

Capital expenditure comprises additions to property, plant and equipment (note 12).

The measure of profit or loss for reportable segments is profit after tax, which is reconciled to the consolidated profit after tax. The basis of accounting for reportable segments is consistent with the Group's consolidated financial statements.

Note 5 contains additional disclosure of revenue per reportable segment.

The significant increase in rand-denominated PGM prices has resulted in improved expected future operating results for the Group. Consequently, a total impairment reversal of R11 119 million was recognised during the year, comprising R8 528 million relating to previously impaired shafts, mining development and infrastructure at the Impala Rustenburg mining operation, and R2 591 million relating to the prepaid royalty to the Royal Bafokeng Nation (RBN) within the Impala operating segment.

The reversal of impairment was limited to what the carrying amounts of the assets would have been at 30 June 2026 had the assets not been impaired. Refer to notes 12 and 17 for additional disclosure relating to the reversal of the impairment.

Reversal of impairment – Impala Rustenburg mining operation

During the 2024 financial year, the property, plant and equipment of the Impala Rustenburg mining operation was impaired to its recoverable amount of R21 026 million. In the current year, R8 528 million of this impairment, relating to shaft, mining development and infrastructure, was reversed as a result of the significant increases in the rand-denominated PGM prices, which improved expected future operating results.

The recoverable amount of the Impala Rustenburg mining operation was approximately R60 billion and was determined using a combination of valuation methodologies. The valuation comprised a discounted future cash flows from approved life-of-mine operations, determined using a value-in-use methodology, as well as an in situ 4E ounce valuation attributed to mineral resources outside the approved mine plan. The value-in-use component accounted for approximately 90% of the recoverable amount, with the remaining balance attributable to the in situ resource valuation. Accordingly, the recoverable amount was predominantly supported by the value-in-use basis, with only a limited portion attributable to the basis of fair value less costs of disposal.

Comparable transaction valuation method

The in situ 4E fair value of resources is determined using a comparable transaction valuation method. These prices vary depending on the classification of the resource (inferred, indicated, or measured), as set out in the Mineral Resource and Mineral Reserve Statement.

Economically viable ounces are normalised by independent experts in geology, mining and valuation to ensure their suitability for inclusion in the valuation. This process is conducted in accordance with the standards and guidelines prescribed by the SAMREC and South African Code for the Reporting of Mineral Asset Valuation (SAMVAL) codes.

Given the sensitivity of this valuation technique, even a slight change in the comparable transaction inputs applied in the in situ 4E valuation methodology could result in a significant increase or decrease in the estimated fair value.

This is a level 3 valuation in terms of the fair value hierarchy (note 25).

Capital expenditure will be funded from internally generated funds and borrowings, where necessary. All right-of-use assets are encumbered by lease liabilities. No other fixed assets are pledged as collateral.

Goodwill of R14 114 million arose on the acquisition of Impala Bafokeng on 30 May 2023 and was impaired by R4 244 million in June 2023 to its recoverable amount of R9 870 million. Following the impairment, the carrying amount was allocated to the relevant cash-generating units (CGUs): R6 347 million to the Impala Rustenburg mining CGU, R3 333 million to the Impala Refining Services (IRS) CGU and R190 million to the Impala Bafokeng mining CGU.

In June 2024, the goodwill allocated to the Impala Rustenburg mining CGU was impaired in full as part of the impairment assessment of that CGU. No goodwill impairment was recognised during the current year.

On 1 July 2025, the remaining goodwill of R190 million allocated to the Impala Bafokeng mining CGU was transferred to the Impala Rustenburg mining CGU following the consolidation of Impala Bafokeng Resources into Impala. Refer to note 5.

The net realisable value (NRV) adjustment included in the inventory value is impacted by the prevailing metal prices at the reporting date. The current year adjustment of R307 million (2025: R7 million) comprised R74 million (2025: R3 million) for refined metal and R233 million (2025: R4 million) for in-process metal inventory.

Purchased metal consists of Impala Refining Services inventory.

Number of ordinary shares in issue outside the Group

The authorised share capital of the Company consists of 1 044.01 million (2025: 1 044.01 million) ordinary no par value shares. The authorised but unissued share capital is 139.64 million (2025: 139.64 million) ordinary no par value shares and remains under the control of the directors.

Broad-based black economic empowerment (B-BBEE)

During the 2024 financial year, Implats concluded a broad-based black economic empowerment (B-BBEE) transaction which resulted in an aggregate 13% B-BBEE ownership at Impala Platinum Limited (Impala). The B-BBEE equity ownership at Impala is held through an employee share ownership trust (ESOT) and a community share ownership trust (CSOT), each holding 4%, as well as a strategic empowerment consortium, the Siyanda-led Bokamoso Consortium, holding another 5%. The transaction resulted in an IFRS 2 charge of R1 932 million during that year. The non-controlling interest resulting from the B-BBEE transaction will only be recognised once the loans are repaid.

Facilities

In the current year, Implats refinanced its committed revolving credit facility with various financial institutions. The refinanced committed revolving facility consists of a R12 billion South African rand tranche (June 2025: R6.5 billion) and a US$120 million US dollar tranche (June 2025: US$ 93.8 million).

South African rand tranche – Impala Platinum Holdings Limited

The committed revolving credit facility of R12 billion (2025: R6.5 billion) bears interest at the three-month Johannesburg Interbank Acceptance Rate (JIBAR) plus a margin and utilisation fee of between 190 and 240 basis points (2025: 210 and 260 basis points), subject to the level of utilisation and the total net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) levels of the Group. On 8 July 2026, the lenders and Implats agreed that the facility will transition from JIBAR to South African Rand Overnight Index Average (ZARONIA) with effect from 30 September 2026. The facility has an accordion option to increase the facility by an additional R2.0 billion (2025: R4.2 billion). The facility will mature on 29 September 2028 with an option to extend for another two years. The facility was undrawn at the end of the year.

US dollar tranche – Impala Platinum Holdings Limited

The US dollar tranche of the committed revolving credit facility of US$120 million (2025: US$93.8 million) bears interest at the three-month Secured Overnight Financing Rate plus a margin and a utilisation fee of between 185 and 225 basis points (2025: 211 and 251 basis points), subject to the level of utilisation and the total net debt to EBITDA levels of the Group. The facility has an accordion option to increase the facility by an additional US$30 million (2025: US$37.5 million). The facility will mature on 29 September 2028, with an option to extend for another two years. The facility was undrawn at the end of the year.

Standard Bank of South Africa – Zimplats

Zimplats has a committed revolving borrowing base facility with Standard Bank of South Africa Limited of R1 968 million (US$120 million). The facility bears interest at the Secured Overnight Financing Rate plus 285 basis points per annum which is paid quarterly, with a tenor of 11 months (2025: 24 months). Impala Platinum Limited issued a guarantee amounting up to R1 968 million (US$120 million) to Standard Bank of South Africa in respect of this facility, limited to amounts due to Zimplats for its sale of matte.

At the reporting date, the drawn balance on the revolving facility amounted to Rnil (US$nil) (2025: R1 063 million (US$60 million)).

Stanbic Bank Zimbabwe – Zimplats

During the prior year, Zimplats converted an overdraft facility of US$35 million with Stanbic Bank Zimbabwe into a short-term loan facility of R672 million (US$41 million), with interest of 10% per annum, to fund its working capital requirements. R492 million (US$30 million) (2025: R620 million (US$35 million) was drawn at the end of the year. During the current year, the facility was extended for another year and will expire on 30 November 2026.

FBC Crown Bank of Zimbabwe Limited – Zimplats

The Zimplats revolving short-term loan facility of R82 million (ZWG135 million) with FBC Crown Bank of Zimbabwe Limited, which bore interest at 45% per annum and was used to fund its working capital requirements, expired on 28 February 2026.

Ecobank of Zimbabwe Limited – Zimplats

The Zimplats revolving short-term loan facility of R78 million (ZWG127 million) with Ecobank of Zimbabwe Limited, which bore interest at 40% per annum and was used to fund its working capital requirements, expired on 30 November 2025.

Contingent liabilities and guarantees

At year-end, the Group had contingent liabilities in respect of matters arising in the ordinary course of business from which it is anticipated that no material liabilities will arise.

The Group has issued guarantees of R34 million (2025: R30 million) in respect of liabilities held by companies in the Group. Guarantees of R5 049 million (2025: R4 825 million) have been issued by third parties and financial institutions on behalf of the Group consisting mainly of guarantees to the Department of Mineral and Petroleum Resources for R3 722 million (2025: R3 722 million).

Uncertain income tax matters

Implats is subject to income taxes under the various income tax regimes in the countries in which it operates. The Group has filed, and continues to file, all the required income tax returns and to pay the taxes, as reasonably determined, to be due. In some jurisdictions tax authorities are yet to complete all their annual assessments and the income tax assessments, where completed by the tax authorities, remain subject to further examination within prescribed periods. Significant judgement is required in determining the Group's provisions for income taxes due to the complexity of legislation, which is often subject to interpretation. As a result, disputes can arise with the tax authorities over the interpretation or application of legislation in respect of the Group's tax affairs within the country involved and the outcome of these claims and disputes cannot be predicted with certainty. On tax matters which are particularly complex or require judgement in applying, management has obtained and will continue to obtain, independent legal and/or tax practitioner opinions which inform and support the tax positions adopted.

Implats' companies are involved in tax queries, litigation and disputes with various tax authorities in the normal course of business. A detailed review is performed regularly on each matter and a provision is recognised, where appropriate. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially reported, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

Regardless of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are disclosed below.

South Africa

At 30 June 2026, the Group had an unresolved historical tax matter relating to deductions at one of its South African operations. The South African Revenue Service (SARS) had issued an additional assessment relating to this matter which the Group had lodged an appeal to the Tax Court. The Tax Court found in favour of SARS. Management lodged an appeal to the Supreme Court of Appeal to settle this matter. The matter appeared before the Supreme Court of Appeal in May 2026 and management is awaiting the judgment. Should the Group be successful in its appeal, it could result in a tax credit of up to R803 million (2025: R762 million) including interest.

Zimbabwe

Foreign currency taxes

Zimplats is engaged with Zimbabwe Revenue Authority (ZIMRA) on an ongoing tax audit covering prior reporting periods, primarily relating to certain exchange losses and capital allowances. Zimplats considers its tax treatment to be supportable under applicable legislation.

At the reporting date, no final assessment or determination had been issued and no additional material provision has been recognised. Zimplats will continue to monitor developments.

Matters before the courts

During the year, the Supreme Court of Zimbabwe ruled in favour of Zimplats in a matter involving ZIMRA regarding the computation of royalties for the period 1 June 2018 to 31 December 2021. ZIMRA appealed to the Supreme Court, and judgment is pending.

There is no contractual relationship governing the Group's transactions with Mimosa. These are conducted through an intermediary. For accounting purposes, and to demonstrate the economic substance of the transactions, they are disclosed as related party transactions, as though the Group had transacted directly with Mimosa.

Fixed and variable key management compensation was R317 million (2025: R218 million).

Background and basis of preparation

The impact of external factors such as climate change, geopolitical tensions and other global and domestic economic factors are deemed to be priced into the valuation of financial instruments, which for the Group, mostly relates to securities price risk and commodity price risk used in the level 1 and 2 fair valuation techniques as determined by the market.

The level 3 valuation techniques were adjusted by amending the cash flows associated with the discounted cash flow (DCF) valuations to factor in impacts of the various micro and macro-economic factors where applicable. The outcome of these considerations and the resulting adjustments are reflected in the respective carrying amounts of the financial assets and financial liabilities measured at fair value.

The following table summarises the Group's classification of financial instruments:

Fair value hierarchy

The table below represents significant financial instruments measured at fair value at the reporting date. The calculation of fair value requires various inputs into the valuation methodologies used. The source of the inputs used affects the reliability and accuracy of the valuations. Significant inputs were classified into the hierarchical levels in line with IFRS 13 valuations:

• Level 1 – Quoted prices in active markets for identical assets or liabilities
• Level 2 – Inputs other than quoted prices that are observable for the asset or liability (directly or indirectly)
• Level 3 – Inputs for the asset or liability that are unobservable.

The fair value of Waterberg was determined using an in situ 4E ounce valuation methodology. The key unobservable input is the in situ value attributed to each 4E ounce, which is based on comparable market transactions and ranges from US$3.50 to US$19.00 (2025: US$2.50 to US$14.00) per 4E ounce, depending on whether the resource is inferred, indicated or measured. The fair value is highly sensitive to the comparable transaction input used in the in situ 4E ounce valuation methodology. A modest increase or decrease in this input would result in a significant corresponding increase or decrease in the estimated fair value.

There were no transfers between fair value hierarchy levels in the current year.

The carrying amount of financial assets and liabilities which are not carried at fair value, is a reasonable approximation of their fair value.

Reconciliation of level 3 fair value measurements

Cash and cash equivalent exposure by country and currency

Collateral – Triple Flag

Triple Flag International Limited has the following security in respect of the gold stream arrangement over the assets of Impala North (formerly Impala Bafokeng Resources (Pty) Ltd (IBR)):

• A guarantee from Impala Bafokeng Platinum (Impala Bafokeng) guaranteeing the due payment and performance of all present and future obligations under the gold streaming arrangement, with recourse under that guarantee limited to the shares that Impala Bafokeng holds in IBR. This guarantee will terminate once the Section 11 approval in terms of the Mineral and Petroleum Resources Development Act to transfer the IBR mining rights to Impala, is notarially executed
• Following the Impala and IBR consolidation on 1 July 2025, Impala has provided security over the related property and assets of Impala North, including mortgage bonds over land, notarial bonds over movable assets and a cession in security over bank accounts and cash balances, insurances, book debts and intercompany loans, receivables and rights under certain material contracts.

Fair value hedge accounting

The Group has a hedging strategy and accounting policy to manage the fair value risk (commodity price and foreign currency exchange risk) to which purchased metal (note 18), the hedged item, is exposed. The financial instrument used to hedge this risk is trade payables related to metal purchases, included in trade payables, measured at fair value through profit or loss. The fair value movements on this financial liability were designated to hedge the price and foreign currency exchange risk on purchased metal inventory.

To the extent that the hedging relationship is effective, that is, to the extent that an economic relationship exists between the hedged item and hedging instrument, the fair value gains and losses on both the hedged item and hedging instrument are offset against each other. Where the hedge is ineffective the gains and losses on trade payables and purchased metal inventory are recognised in profit or loss in other income and other expenses respectively.

The effects of the fair value hedge are as follows:

Dividends

Implats has a dividend policy which is aligned with the Company's capital allocation framework, which seeks to balance the delivery of sustainable and attractive shareholder returns with the maintenance of a strong and flexible balance sheet. The framework also ensures that the Group remains appropriately capitalised to fund operational requirements and pursue value-accretive growth opportunities.

During the period, the board approved an amendment the dividend policy to provide shareholders with greater transparency and certainty regarding the level of ordinary returns and the circumstances under which additional distributions may be made.

Under the previous policy, the Company targeted a minimum dividend payout of 30% of adjusted free cash flow, before growth capital expenditure, while retaining the discretion to increase or decrease the payout based on the Group's financial position, prevailing market conditions and capital allocation priorities at the time.

To enhance clarity for shareholders, the board approved the following revised framework:

• A base dividend equivalent to 30% of adjusted free cash flow, before growth capital expenditure, through the cycle
• Where appropriate, and subject to maintaining a strong balance sheet, provide additional return to shareholders through the declaration of an additional ordinary dividend in excess of the base dividend.

For the 12 months ended 30 June 2026, supportive precious and base metal pricing, combined with strong operational performance, generated free cash inflow of R22 billion. After adjusting for non-discretionary outflows of R1.1 billion, the Group recorded adjusted free cash flow of R20.9 billion for the financial year.

In line with the revised framework, stakeholders are advised that the board has resolved to declare a final cash base dividend of 490 cents per ordinary share or R4.4 billion, together with an additional ordinary dividend of 955 cents per ordinary share or R8.6 billion on 3 September 2026, amounting to a return in aggregate of 1 445 cents per ordinary share or R13 billion (excluding treasury shares) for the year ended 30 June 2026 to be paid out of retained earnings. The dividend was not recognised as a liability at year end. The dividend will have no tax consequences for the Group, but will be subject to a 20% withholding tax for shareholders who are not exempt from or do not qualify for a reduced rate of withholding tax.

The dividend is payable on Monday, 28 September 2026 to shareholders recorded in the register at the close of business, 25 September 2026.