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PGMs Production Report for the fourth quarter ending 31 December 2022

Published: 2023-02-02 08:09:21 ET
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                                                                                                                     [OFFICIAL]




Anglo American Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
Share Code: AMS
ISIN: ZAE000013181
(“The Company" or "Anglo American Platinum")

02 February 2023


Anglo American Platinum Limited

PGMs Production Report for the fourth quarter ending 31 December 2022


Overview – Q4 2022 performance against prior period Q4 2021

• Safety performance – continued focus on the elimination of fatalities and safety. No fatalities were recorded at
  own-managed operations and Joint Operations. A zero harm focus resulted in the lowest recorded injury rate.


• Total PGMs production (expressed as 5E+Au metal-in-concentrate) decreased by 10% to 990,400 ounces.

• Own-managed mines PGMs production decreased by 12% to 557,600 ounces due to lower grades from
  Mogalakwena and Unki, and infrastructure closures at Amandelbult, partially offset by a strong performance at
  Mototolo.


• Refined PGMs production (owned production, excluding tolling) decreased by 37% to 877,200 ounces as a result
  of the delayed Polokwane smelter rebuild, due to the delivery of sub-standard materials for furnace construction.
  The rebuild was completed at the end of Q4 2022, and by the end of January 2023 the ramp-up was largely
  completed.


• Build-up of work-in-progress inventory at year-end was a net increase of c.100,000 PGM ounces, due to the
  delay to the Polokwane smelter rebuild, as well as Eskom load-shedding (scheduled power outages), partially
  offset by strong performance from Waterval and Mortimer smelters.


• PGMs sales volumes (from production, excluding sales from trading) decreased by 31% to 883,400 ounces in line
  with lower refined production.


• Guidance for 2023 (unchanged)– Metal-in-concentrate PGM production guidance is 3.6 - 4.0 million ounces.
  Refined production guidance for 2023 is 3.6-4.0 million ounces. Unit cost guidance per PGM ounce produced is
  R16,800 - R17,800.
                                                                                                                                                                  [OFFICIAL]




Natascha Viljoen, CEO of Anglo American Platinum, said:

“Our commitment to eliminating fatalities from our workplaces and achieving zero harm continues to help us keep our
people safe. We had no work-related fatalities at our own-managed operations in the period. In addition, continued
collaborative efforts with employees, unions, contractors, and other partners have resulted in a material improvement
in our total recordable case injury frequency rate (TRCFR), which decreased by 12% to 2.25 per million hours worked.
We remain steadfastly focused on ensuring continuous improvement in safety.

Total PGM production was 10% lower compared to the prior period as we continued to see lower grades at
Mogalakwena. The closure of infrastructure at Amandelbult that came to the end of its life, and maintenance at the
Unki concentrator, as well as lower grade and recoveries at Unki also contributed to lower production. This, however,
was partially offset by a strong performance from Mototolo, which saw improved ground conditions, leading to an
increase in grade. Further stability at the Mototolo plant following the successful concentrator debottlenecking project
also led to improved recoveries and production.

Refined production of 877,200 PGM ounces was largely impacted due to the delay in the Polokwane smelter rebuild,
lower mined production and the impact of Eskom load-shedding. However, this was partially mitigated by strong
utilisation and throughput from our other smelters. The Polokwane smelter rebuild was completed in December 2022,
and we have largely completed the ramp-up. Sales volumes of 883,400 PGM ounces were in line with refined
production.

The impact of the delay to the Polokwane smelter rebuild, as well as Eskom load-shedding, net of inventory release
and strong performance from Waterval and Mortimer smelters during the year, resulted in a year-end build-up in work-
in-progress inventory of c.100,000 PGM ounces. We remain on track to achieve our 2023 guidance, with a strong focus
on operational excellence and cost discipline in the coming year.”



Anglo American Platinum                                                                                                Q4 2022 Q4 2022                         FY 2022
PGM Production Report - Q4 2022                                     Q4           Q3          Q2        Q1        Q4         vs       vs     FY        FY            vs
1 October 2022 - 31 December 2022                                 2022        2022         2022      2022      2021 Q4 2021 Q3 2022          2022      2021    FY 2021
M&C PGM¹ production (000 ounce)²                                 990.4     1,046.1       1,031.5    956.0    1,103.4     (10)%     (5)% 4,024.0      4,298.7      (6)%
   Own-managed mines                                             557.6        587.2       586.7     529.2     634.6      (12) %    (5) %   2,260.7   2,436.8      (7) %
   Joint operations owned volume                                  99.0         96.0        99.6      93.9      99.7       (1) %    3 %      388.5     421.5       (8) %
   Joint operations purchase of concentrate                       99.0         96.0        99.6      93.9      99.7       (1) %    3 %      388.5     421.5       (8) %
   Third party purchase of concentrate                           234.8        266.9       245.6     239.0     269.4      (13) %   (12) %    986.3    1,018.9      (3) %


Refined PGM production owned (000 ounce)²                        877.2       994.8       1,240.6    718.5    1,391.3     (37)%    (12)% 3,831.1      5,138.4     (25)%
4E Toll refined production                                       173.1        151.3       143.4     154.8     179.5       (4) %   14 %      622.6     673.8       (8) %
Total refined production (owned and toll)                      1,050.3      1,146.1      1,384.0    873.3    1,570.8     (33) %    (8) %   4,453.7   5,812.2     (23) %
PGM sales volume from production (000 ounce)                     883.4       933.5       1,206.2    838.2    1,285.2     (31)%     (5)% 3,861.3      5,214.4     (26)%
Trading sales volume3                                            789.6        403.4       256.0     400.9     272.8      189 %    96 %     1,849.9    770.6     140 %
Total sales volume (production and trading)                    1,673.0      1,336.9      1,462.2   1,239.1   1,558.0       7 %    25 %     5,711.2   5,985.0      (5) %
¹ PGM is the sum of platinum, palladium, rhodium, iridium, ruthenium, and gold ounces.
² Referencing AAP guidance.
3
  Trading sales volume not produced by Anglo American Platinum operations.
                                                                                                                     [OFFICIAL]




Review of the quarter
Safety

We had no work-related fatalities during the period at own-managed operations or Joint Operations. The Total
Recordable Case Frequency Rate (TRCFR) per million hours at managed operations of 2.25 per million hours was the
lowest recorded injury rate, improving by 12% compared to the prior period of 2.55 per million hours. Significant
management efforts are focusing on contractor safety, working collaboratively with our Joint Operations on safety,
incorporating learnings to stop repeat incidents and increased management oversight on high-risk work. Through
implementing technology in conventional underground operations, including blast-on-mesh and winch-scraper
proximity detection, high risk incidents have reduced.


Metal-in-concentrate (M&C) PGM production
Total PGM production

Total PGM production in Q4 2022 decreased 10% against the prior period (Q4 2021) to 990,400 ounces, with platinum
production decreasing 10% to 458,500 ounces, and palladium production decreasing by 11% to 307,500 ounces.


PGM production from own-managed mines

Total PGM production from own-managed mines decreased by 12% to 557,600 ounces (platinum production
decreased by 12% to 253,600 ounces, while palladium production decreased by 13% to 200,300 ounces), primarily
due to lower production from Mogalakwena, Amandelbult and Unki, partially offset by strong production from Mototolo.


PGM production at Mogalakwena decreased by 15% to 256,700 ounces (platinum decreased by 15% to 107,500 and
palladium production decreased by 14%, to 118,600 ounces), largely due to a 19% reduction in 4E built-up head grade
to 2.62g/t from 3.22g/t in Q4 2021. The decline in the grade is a factor of mining in lower grade areas, as well as lower
than anticipated grade mined in some areas. Since late 2021, there has been an extensive drilling program together
with improved geological modelling, that was concluded at the end of 2022. This has translated into changes in the
near-term ounce profile. This short-term change is not expected to affect the overall Mineral Resource estimation.


PGM production from Amandelbult decreased by 17% to 176,600 ounces (platinum production decreased by 17% to
89,600 ounces and palladium production decreased by 18% to 40,800 ounces), mainly due to the closure of Tumela
Upper conventional infrastructures, the closure of current open-pit operations, as well as poor ground conditions at
Dishaba. The Merensky concentrator was closed in Q4 2022, and greater efficiency benefits will be achieved through
utilising the lower cost UG1 and UG2 concentrators at Amandelbult.


Mototolo PGM production increased by 26% to 71,700 ounces (platinum production increased by 27% to 32,800
ounces and palladium increased by 27% to 20,600 ounces), largely due to increased throughput supported by a 7%
increase in 4E built-up head grade to 3.22g/t, due to grade improvement initiatives and increased recoveries at the
concentrator following increased stability of the concentrator debottlenecking project.


Unki PGM production decreased by 17% to 52,600 ounces (platinum production decreased by 15% to 23,700 ounces
and palladium production decreased by 18% to 20,300 ounces). Unki was impacted by maintenance at the
concentrator, as well as lower grade and recovery.
                                                                                                                 [OFFICIAL]




PGM production from Joint Operations (50% own-mined production and 50% purchase of concentrate)

Total PGM production from Joint Operations was broadly in line compared to Q4 2021 at 198,000 ounces (platinum
production of 90,600 ounces and palladium production of 58,400 ounces).


Total Modikwa PGM production decreased by 2% to 71,600 ounces (platinum production was flat at 28,800 ounces
and palladium production decreased 3% to 26,800 ounces). While tonnes milled increased by 9%, 4E built-up head
grade decreased by 6% as higher proportions of lower grade Merensky ore and surface material were milled.

Total Kroondal PGM production was flat at 126,400 ounces (platinum production increased by 2% to 61,800 ounces
and palladium production decreased by 1% to 31,600 ounces) despite the gradual ramp-down at Simunye shaft,
which benefited the prior period, and geologically challenging ground across the complex, which was offset by open
pit mining which commenced during 2022.


Purchases of PGM concentrate from third parties

Purchases of PGM concentrate (POC) from third parties decreased by 13% to 234,800 ounces (platinum POC
decreased by 15% to 114,300 ounces and palladium POC decreased by 14% to 49,000 ounces), due to lower receipts
from third parties.


Refined PGM production
Refined PGM production (from owned production, excluding tolling) decreased by 37% to 877,200 ounces, mainly due
to the rebuild of Polokwane smelter, which had been delayed in October 2022 due to the delivery of sub-standard
materials, lower M&C receipts, as well as the prior period being higher than normal as built-up inventory from the ACP
rebuild was processed. Refined platinum production decreased by 40% to 391,200 ounces and refined palladium
production decreased by 34% to 278,500 ounces. The reduction in refined production was partially mitigated by strong
utilisation and throughput from our other smelters, Waterval and Mortimer, helping to release some of the built-up
inventory. The Polokwane smelter rebuild was completed in December 2022, with ramp-up largely completed in
January.


The impact of the delay to the Polokwane smelter rebuild, as well as Eskom load-shedding, net of inventory release and
strong performance from Waterval and Mortimer smelters during the year, resulted in a year-end build-up in work-in-
progress inventory of c.100,000 PGM ounces.


Toll-refined PGM production decreased by 4% to 173,100 PGM ounces.


Base metal production

Nickel production decreased by 16% to 4,800 tonnes and copper production decreased by 5% to 3,800 tonnes.


PGM sales volumes
PGM sales volumes (excluding trading) decreased by 31% to 883,400 ounces, in line with lower refined production.
Platinum sales volumes decreased by 40% to 382,100 ounces and palladium sales volumes decreased by 29% to
282,200 ounces. The average Q4 2022 realised basket price of $2,293/PGM ounce was lower than Q4 2021 due to
lower rhodium, iridium, and ruthenium prices.
                                                                                                                                                [OFFICIAL]




2023 Guidance (unchanged)
Metal-in-concentrate (M&C) PGM guidance for 2023 is 3.6 - 4.0 million PGM ounces(1). Refined PGM production
guidance is 3.6 - 4.0 million PGM ounces, subject to the impact of Eskom load-shedding. Unit cost guidance for 2023
is R16,800 - R17,800 per PGM ounce.

(1)
      Metal in concentrate production is expected to be 1.65 – 1.85 million ounces of platinum, 1.15 – 1.25 million ounces of palladium, and 0.8 – 0.9
      million ounces of other PGMs and gold.
                                                                                                                                              [OFFICIAL]




Anglo American Platinum                                                                           Q4 2022     Q4 2022                           FY 2022
PGM Production Report - Q4 2022                       Q4        Q3        Q2      Q1        Q4         vs          vs      FY        FY              vs
1 October 2022 - 31 December 2022                   2022      2022      2022    2022      2021    Q4 2021     Q3 2022       2022      2021      FY 2021
Safety
Fatalities - own managed operations4     number         0         0         0       0         1                                 0         1
Total recordable injury frequency rate   /million    2.25      2.35      2.60    2.16      2.55     (12) %       (4) %       2.34      2.60       (10) %
Total M&C PGM production                  000 oz    990.4   1,046.1   1,031.5   956.0   1,103.4     (10) %       (5)%     4,024.0   4,298.7        (6)%
  Platinum                                000 oz    458.5    478.9     479.1    444.3    511.2      (10) %       (4) %    1,860.8   1,986.6        (6) %
  Palladium                               000 oz    307.5    323.8     321.5    296.6    345.2      (11) %       (5) %    1,249.4   1,352.7        (8) %
Tonnes milled                               000     7,021    7,042     7,050    6,609    7,217       (3) %       — %      27,721    28,205         (2) %
4E Built-up head grade                       g/t     3.19     3.33      3.33     3.24     3.49       (9) %       (4) %       3.27      3.50        (6) %
Own mined volume
Total mined production
Total M&C PGM production                 000 oz     656.6    683.2     686.3    623.1    734.3      (11) %       (4)%     2,649.2   2,858.3        (7)%
 Platinum                                000 oz     298.9    308.8     314.1    283.8    332.4      (10) %       (3) %    1,205.6   1,296.3        (7) %
  Palladium                               000 oz    229.4    240.0     240.9    219.3    258.6      (11) %       (4) %     929.6    1,015.9        (8) %
Tonnes milled                               000     7,021    7,042     7,050    6,609    7,217       (3) %       — %      27,721    28,205         (2) %
4E Built-up head grade                       g/t     3.19     3.33      3.33     3.24     3.49       (9) %       (4) %      3.27       3.50        (6) %
Own managed mines
Total M&C PGM production                 000 oz     557.6    587.2     586.7    529.2    634.6      (12) %       (5)%     2,260.7   2,436.8        (7)%
  Platinum                               000 oz     253.6    265.4     268.6    241.0    287.7      (12) %       (4) %    1,028.6   1,107.3        (7) %
  Palladium                              000 oz     200.3    211.5     211.7    191.6    229.1      (13) %       (5) %      815.1     891.1        (9) %
Tonnes milled                              000      6,175    6,224     6,208    5,789    6,391       (3) %       (1) %     24,396    24,740        (1) %
4E Built-up head grade                       g/t     3.14      3.30      3.30    3.21      3.48     (10) %       (5) %       3.24      3.47        (7) %
Mogalakwena mine
Total M&C PGM production                 000 oz     256.7    259.3     261.4    248.8    300.8      (15) %       (1)%     1,026.2   1,214.6       (16)%
  Platinum                               000 oz     107.5    107.6     110.7    104.4    126.2      (15) %       — %        430.2     512.1       (16) %
  Palladium                              000 oz     118.6    121.4     121.6    114.5    138.1      (14) %       (2) %      476.1     560.7       (15) %
Tonnes milled                              000      3,659    3,518     3,362    3,315    3,533        4 %         4 %      13,855    14,203        (2) %
4E Built-up head grade                      g/t      2.62     2.84      2.91     2.81     3.22      (19) %       (7) %       2.79      3.23       (14) %
Amandelbult mine
Total M&C PGM production                 000 oz     176.6    192.6     183.4    159.9    213.6      (17) %       (8)%      712.5     773.2         (8)%
  Platinum                               000 oz      89.6     96.5      93.4     81.4    107.7      (17) %       (7) %     360.8     391.5         (8) %
  Palladium                              000 oz      40.8     44.8      42.5     37.1     49.9      (18) %       (9) %     165.2     180.0         (8) %
Tonnes milled                              000      1,222    1,339     1,504    1,203    1,639      (25) %       (9) %     5,268     5,925        (11) %
4E Built-up head grade                      g/t      4.59     4.47      3.89     4.20     4.18       10 %         3 %       4.27      4.18          2 %
Unki mine
Total M&C PGM production                 000 oz      52.6     59.9      66.3     53.3     63.3      (17) %      (12)%      232.1     204.6        13 %
  Platinum                               000 oz      23.7     26.8      29.7     24.5     28.0      (15) %      (12) %     104.7      91.1        15 %
 Palladium                                000 oz     20.3      23.3      25.7    20.3      24.9     (18) %      (13) %      89.6      80.2        12 %
 Tonnes milled                              000      587       650       625     630       599       (2) %      (10) %     2,492     2,091        19 %
4E Built-up head grade                       g/t     3.24      3.31      3.87    3.26      3.59     (10) %       (2) %      3.42      3.52        (3) %
Mototolo mine
Total M&C PGM production                 000 oz      71.7     75.4      75.6     67.2     56.9       26   %      (5)%      289.9     244.4        19   %
  Platinum                               000 oz      32.8     34.5      34.7     30.7     25.9       27   %      (5) %     132.7     112.7        18   %
  Palladium                              000 oz      20.6     22.0      21.9     19.7     16.2       27   %      (6) %      84.2      70.2        20   %
Tonnes milled                              000       706      716       718      642      620        14   %      (1) %     2,782     2,521        10   %
4E Built-up head grade                      g/t      3.22     3.39      3.39     3.38     3.00        7   %      (5) %      3.34      3.14         6   %
Joint operations mined production
Total M&C PGM production                 000 oz      99.0     96.0      99.6     93.9     99.7       (1)%        3    %    388.5     421.5         (8)%
  Platinum                               000 oz      45.3     43.4      45.5     42.8     44.7        1 %        4    %    177.0     189.0         (6) %
  Palladium                              000 oz      29.2     28.6      29.2     27.6     29.5       (1) %       2    %    114.5     124.8         (8) %
Tonnes milled                              000       846      819       841      819      827         2 %        3    %    3,325     3,465         (4) %
4E Built-up head grade                      g/t      3.57     3.58      3.53     3.49     3.62       (1) %       —    %     3.54      3.66         (3) %
Modikwa mine
Total M&C PGM production                 000 oz      35.8     37.6      36.8     34.3     36.4       (2)%        (5)%      144.5     146.4         (1)%
  Platinum                               000 oz      14.4     15.0      14.8     13.5     14.4       — %         (4) %      57.7      57.5         — %
  Palladium                              000 oz      13.4     14.1      13.8     12.8     13.8       (3) %       (5) %      54.1      55.2         (2) %
Tonnes milled                              000       321      327       308      287      294         9 %        (2) %     1,243     1,177          6 %
4E Built-up head grade                      g/t      3.54     3.69      3.71     3.67     3.76       (6) %       (4) %      3.65      3.84         (5) %
Kroondal mine
Total M&C PGM production                 000 oz      63.2     58.4      62.8     59.6     63.4       — %          8   %    244.0     275.1        (11)%
  Platinum                               000 oz      30.9     28.5      30.7     29.3     30.3        2 %         8   %    119.3     131.5         (9) %
  Palladium                              000 oz      15.8     14.5      15.4     14.8     15.9       (1) %        9   %     60.4      69.7        (13) %
Tonnes milled                              000       525      492       533      532      533        (2) %        7   %    2,082     2,288         (9) %
4E Built-up head grade                      g/t      3.60     3.51      3.43     3.40     3.54        1 %         3   %     3.48      3.57         (3) %
                                                                                                                                                                                [OFFICIAL]




    Anglo American Platinum                                                                                                   Q4 2022         Q4 2022                        FY 2022
    PGM Production Report - Q4 2022                                Q4           Q3           Q2            Q1           Q4              vs         vs     FY        FY            vs
    1 October 2022 - 31 December 2022                           2022          2022         2022         2022         2021     Q4 2021         Q3 2022      2022      2021    FY 2021
    Purchase of concentrate
    Total purchase of concentrate
    PGM production                               000 oz         333.8        362.9        345.2        332.9         369.1           (10)%       (8)%    1,374.8   1,440.4      (5)%
     Platinum                                    000 oz         159.6        170.1        165.0         160.5        178.8           (11) %      (6) %    655.2     690.3       (5) %
     Palladium                                   000 oz          78.1          83.8         80.6         77.3         86.6           (10) %      (7) %    319.8     336.8       (5) %
    Joint operations purchase of
    concentrate
    PGM production                               000 oz          99.0         96.0          99.6         93.9         99.7            (1)%        3 %     388.5     421.5       (8)%
     Platinum                                    000 oz          45.3          43.4         45.5         42.8         44.7            1 %         4 %     177.0     189.0       (6) %
     Palladium                                   000 oz          29.1          28.6         29.2         27.6         29.5            (1) %       2 %     114.5     124.8       (8) %
    Third party purchase of concentrate
    PGM production                               000 oz         234.8        266.9        245.6        239.0         269.4           (13)%      (12)%     986.3    1,018.9      (3)%
     Platinum                                    000 oz         114.3        126.7        119.5         117.7        134.1           (15) %     (10) %    478.2     501.3       (5) %
     Palladium                                   000 oz          49.0          55.2         51.4         49.7         57.1           (14) %     (11) %    205.3     212.0       (3) %
    Refined PGM production - owned
    PGM ounces                                   000 oz         877.2        994.8      1,240.6        718.5      1,391.3            (37)%      (12)%    3,831.1   5,138.4     (25)%
     Platinum                                    000 oz         391.2        457.2        600.4         334.1        653.5           (40) %     (14) %   1,782.9   2,399.9     (26) %
     Palladium                                   000 oz         278.5        317.1        374.8         228.1        423.2           (34) %     (12) %   1,198.5   1,627.5     (26) %
     Rhodium                                     000 oz          51.7          64.8         86.4         46.3         97.7           (47) %     (20) %    249.2     349.3      (29) %
     Minor PGMs and gold                         000 oz         155.8        155.7        179.0         110.0        216.9           (28) %      — %      600.5     761.7      (21) %
    Base metal production - owned
     Nickel                                      tonnes         4,800        5,700        6,200         4,600        5,700           (16) %     (16) %   21,300    22,300       (4) %
     Copper                                      tonnes         3,800        3,900        3,900         3,400        4,000            (5) %      (3) %   15,000    14,600        3 %
     Chrome                                        000 t          213          235          203           181          192           11 %       (10) %      831       893       (7) %
    Toll refined production
     Total 4E toll refined production            000 oz         173.1        151.3        143.4        154.8         179.5            (4)%       14 %     622.6     673.8       (8)%
     Platinum                                    000 oz         102.5          89.5         85.9         91.2        106.8            (4) %      15 %     369.2     403.3       (8) %
     Palladium                                   000 oz          54.2          46.9         44.2         46.6         55.2            (2) %      16 %     191.8     205.9       (7) %
    PGM Sales volume from production
    PGM ounces                                   000 oz         883.4        933.5      1,206.2        838.2      1,285.2            (31)%       (5)%    3,861.3   5,214.4     (26)%
     Platinum                                    000 oz         382.1        414.6        600.9         333.3        632.9           (40) %      (8) %   1,730.9   2,367.3     (27) %
     Palladium                                   000 oz         282.2        302.0        388.8         235.8        395.1           (29) %      (7) %   1,208.8   1,589.5     (24) %
    Trading sales volume5
    PGM ounces                                   000 oz         789.6        403.4        256.0        400.9         272.8       189 %           96 %    1,849.9    770.6     140 %
     Platinum                                    000 oz         667.8        281.2        108.9         231.2        175.3           281 %      137 %    1,289.1    409.4     215 %
     Palladium                                   000 oz         107.6        115.5        138.8         147.0         84.8           27 %        (7) %    508.9     318.3      60 %
    Realised prices and exchange rate
    Platinum                                    (US$/oz         1,051          877          946           998          986            7 %        20 %       962     1,083      (11) %
    Palladium                                   (US$/oz)        1,975        2,024        2,178         2,097        1,971            — %        (2) %    2,076     2,439      (15) %
    Rhodium                                     (US$/oz)      13,373        14,215       17,110       17,161       13,788             (3) %      (6) %   15,600    19,613      (20) %
    Iridium                                     (US$/oz)        3,564        3,885        4,677         3,874        3,792            (6) %      (8) %    3,939     4,765      (17) %
    Ruthenium                                   (US$/oz)          413          485          573           476          530           (22) %     (15) %      483       433      12 %
    Gold                                        (US$/oz)        1,740        1,702        1,858         1,873        1,791            (3) %       2 %     1,786     1,788       — %
    Average FX achieved on sales                ZAR/US)         17.60        17.15        15.58         15.16        15.43           14 %         3 %     16.31     14.71      11 %
    US$ basket price per PGM ounce                    $
                                                (US$/oz         2,293        2,531        2,661         2,685        2,434            (6) %      (9) %    2,551     2,761       (8) %
    ZAR basket price per PGM ounce      (ZAR/oz)              40,108        43,426       41,601       40,458       37,500             7 %        (8) %   41,453    40,511        2 %
    US$ basket price per Platinum ounce (US$/oz)                5,300        5,699        5,342         6,753        4,943            7 %        (7) %    5,690     6,082       (6) %
    ZAR basket price per Platinum ounce (ZAR/oz)              92,717        97,780       83,510      101,752       76,152            22 %        (5) %   92,473    89,233        4 %
4
    The tragic fatality of Mr Julian Sesinyi was retrospectively
                                                             ) recorded on the date of his accident which was on 23 November 2021.
5
    Trading sales volume - not produced by Anglo American Platinum operations.
                                                                                                                 [OFFICIAL]




Sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities

For further information, please contact:

Investors:                                                       Media:
Emma Chapman                                                     Nomonde Ndwalaza
(SA) +27 (0) 11 373 6239                                         (SA) +27 (0) 11 638 0228
emma.chapman@angloamerican.com                                   nomonde.ndwalaza@angloamerican.com


Notes to editors:

Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of
platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting and
refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine and smelter
in Zimbabwe. Anglo American Platinum has two joint operations with several historically disadvantaged South African
consortia as part of its commitment to the transformation of the mining industry. Anglo American Platinum is committed
to the highest standards of safety and continues to make a meaningful and sustainable difference in the development
of the communities around its operations.

www.angloamericanplatinum.com

Anglo American is a leading global mining company and our products are the essential ingredients in almost every
aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development
options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and
that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business,
we use innovative practices and the latest technologies to discover new resources and to mine, process, move and
market our products to our customers – safely and sustainably.

As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore
and steelmaking coal, and nickel – with crop nutrients in development – we are committed to being carbon neutral
across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to
ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader.
We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural
resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our
shareholders. Anglo American is re-imagining mining to improve people’s lives.

www.angloamerican.com