ROYAL BAFOKENG PLATINUM LIMITED (Incorporated in the Republic of South Africa) (Registration number 2008/015696/06) JSE share code: RBP ISIN: ZAE000149936 (“RBPlat” or “the Company” or “the Group”) ROYAL BAFOKENG PLATINUM LIMITED QUARTERLY REVIEW AND PRODUCTION REPORT FOR THE PERIOD 1 JANUARY 2023 TO 31 MARCH 2023 (“REPORTING PERIOD”) OVERVIEW • Zero fatalities • 2.4% decrease in tonnes hoisted • 6.6% increase in tonnes milled • 1.5% decrease in 4E metals in concentrate • 110kt ore stockpile • 22.1% increase in cash operating cost per 4E ounce HEALTH AND SAFETY No fatal accidents were recorded during the reporting period, however a total of 47 injuries were recorded compared to the 41 recorded in the first quarter of 2022, resulting in a deterioration of 7.8% in our total injury frequency rate. Of the 47 injuries, 10 were classified as serious and 20 as lost time, resulting in our serious injury and lost time injury frequency rates increasing by 840.5% and 276.2% to 1.61 and 3.22, respectively. We remain committed to our value of Safety and People First and continue to prioritise the safety and wellbeing of our workforce. Our multi-faceted safety strategy remains people driven, with the primary objective being to establish a resilient operating culture in support of securing sustainable improvements in our injury rates. No safety-related production losses were incurred from Section 54 instructions issued to our operations during the quarter under review. PRODUCTION Total tonnes hoisted decreased by 2.4% to 1 085kt (2022: 1 112kt) with the sustained strong operational performance from BRPM unable to offset the underperformance from Styldrift. BRPM tonnes hoisted increased by 4.6% to 639kt, whilst Styldrift decreased by 10.8% to 446kt with the temporary loss of mineable face length, above plan tip-to-face distances and low trackless fleet availability continuing to impact Styldrift’s performance. Total tonnes milled for the reporting period increased by 6.6% year-on-year to 1 192kt (2022: 1 119kt) with UG2 contributing 32% or 382kt (2022: 346kt) and Merensky contributing 810kt (2022: 773kt). The built-up head grade decreased by 6.3% year-on-year to 3.55g/t (4E), due to a 3.9% and 9.1% reduction in BRPM and Styldrift head grades to 3.70g/t (4E) and 3.38g/t (4E), respectively. The reduction in head grade is mainly attributable to an increase in on-reef mining dilution currently being experienced at Styldrift, with a change in the UG2 mining mix and facies impacting BRPM. Overall concentrator recovery reduced by 1.1% to 80.03% as a result of the decrease in built-up head grade. Despite the lower built-up head grade, there is a marked improvement of 3.4% in the Maseve recoveries due to the newly commissioned MF2 circuit and ongoing HIG mill optimisation. The built-up head grade and associated lower recoveries resulted in a decrease in 6E and 4E metals in concentrate of 1.0% and 1.5%, respectively to 123.1koz and 108.9koz. Closing surface reef stocks at the end of the reporting period are estimated at 110kt, equating to a 57kt depletion from the December 2022 closing stocks. CASH OPERATING COSTS Total cash operating costs increased by 20.2% to R2 431 million for the reporting period compared to 2022. The increase in operational expenditure is attributable to an increase in total tonnes milled, increase in BRPM mining volumes, sustained inflationary pressures and abnormally high trackless fleet related costs at Styldrift. Overall unit cash cost per tonne milled increased by 12.8% to R2 039 (2022: R1 807) whilst unit cost per 4E ounce increased 22.1% to R22 323 (2022: R18 282) as result of the lower grade and associated recoveries. 1 CAPITAL EXPENDITURE Total capital expenditure for the quarter increased by 3.4% to R346.5 million compared to the previous comparative period. Expansion capital expenditure increased by 30.2% to R85.9 million in line with project expenditure requirements for the completion of the Maseve concentrator MF2 upgrade. Replacement capital expenditure for the quarter reduced by 1.8% to R134.8 million compared to 2022. SIB capital expenditure decreased by R6 million to R125.8 million in line with planned BRPM UG2 ore reserve development, Styldrift’s trackless fleet rebuild and strike conveyor extension requirements. SIB expenditure for the reporting period equated to 5.2% of cash operating costs. FINANCIAL POSITION As at 31 March 2023, the Company was in a net cash position of R4 989 million, compared to a net cash position of R4 353 million as at 31 December 2022. This was after the payment of the 2022 final dividend of R1 553 million. As at 31 March 2023, the Company was in a net cash position of R4 989 million, compared to a net cash position of R4 353 million as at 31 December 2022. In addition to the R4 989 million cash on hand, RBPlat had approximately R3 000 million of debt facilities which remain undrawn. OUTLOOK Despite the ongoing challenges at Styldrift, management remains confident that the operational strategies implemented will yield improved volume, grade and cost performance during the second quarter. As such, given the continued strong BRPM production and improved concentrating volumes, full year guidance remains at 470koz – 490koz (4E), subject to any unforeseen operational disruptions. Quarter 1 2023 vs. Unaudited quarter Unaudited quarter Description Unit Quarter 1 2022 ended 31 March 2023 ended 31 March 2022 % Change Safety TIFR (/1000,000 hrs) rate 7.57 7.02 (7.8) SIFR (/1000,000 hrs) rate 1.61 0.17 (847.1) LTIFR (/1000,000 hrs) rate 3.22 0.86 (274.4) Production Tonnes hoisted kt 1 085 1 112 (2.4) BRPM kt 639 611 4.6 Styldrift kt 446 500 (10.8) Tonnes delivered kt 1 141 1 131 0.9 BRPM kt 608 635 (4.3) Styldrift kt 533 496 7.5 Tonnes milled kt 1 192 1 119 6.6 BRPM kt 638 628 1.6 Styldrift kt 555 491 13.0 Merensky kt 810 773 4.8 UG2 kt 382 346 10.4 % UG2 of total tonnes milled % 32 31 3.2 BRPM concentrator kt 711 603 17.9 Maseve concentrator kt 408 406 0.5 Toll kt 73 110 (33.6) Closing surface stocks kt 110 171 (35.7) BRPM kt 79 54 46.3 Styldrift kt 31 117 (73.5) 4E built-up head grade g/t 3.55 3.79 (6.3) BRPM g/t 3.70 3.85 (3.9) Styldrift g/t 3.38 3.72 (9.1) Merensky g/t 3.55 3.79 (6.3) UG2 g/t 3.55 3.79 (6.3) Concentrator recovery (4E) % 80.03 80.93 (1.1) BRPM concentrator % 78.20 81.07 (3.5) Maseve concentrator % 83.59 80.81 3.4 Toll % 78.72 **80.66 (2.4) 2 Quarter 1 2023 vs. Unaudited quarter Unaudited quarter Description Unit Quarter 1 2022 ended 31 March 2023 ended 31 March 2022 % Change Metals in concentrate produced Total 6E ounces koz 123.1 124.4 (1.0) 4E ounces koz 108.9 110.6 (1.5) Platinum koz 69.2 71.2 (2.8) Palladium koz 30.0 29.5 1.7 Rhodium koz 7.0 7.0 0.0 Gold koz 2.7 2.9 (6.9) Iridium koz 2.4 2.3 4.3 Ruthenium koz 11.8 11.5 2.6 Nickel kt 0.629 0.606 3.8 Copper kt 0.378 0.378 0.0 BRPM 6E ounces koz 69.7 71.1 (2.0) 4E ounces koz 61.3 62.7 (2.2) Platinum koz 38.4 39.9 (3.8) Palladium koz 16.9 16.7 1.2 Rhodium koz 4.9 4.9 0.0 Gold koz 1.1 1.2 (8.3) Iridium koz 1.4 1.4 0.0 Ruthenium koz 7.0 7.0 0.0 Nickel kt 0.199 0.220 (9.5) Copper kt 0.127 0.143 (11.2) Styldrift 6E ounces koz 53.4 53.3 0.2 4E ounces koz 47.6 47.9 (0.6) Platinum koz 30.8 31.3 (1.6) Palladium koz 13.1 12.8 2.3 Rhodium koz 2.1 2.1 0.0 Gold koz 1.6 1.7 (5.9) Iridium koz 1.0 0.9 11.1 Ruthenium koz 4.8 4.5 6.7 Nickel kt 0.430 0.386 11.4 Copper kt 0.251 0.235 6.8 Cash operating costs Total cash operating cost R’m 2 431 2 022 (20.2) BRPM R’m 1 205 1 012 (19.1) Styldrift R’m 1 226 1 010 (21.4) Total cash operating cost / tonne milled R/t 2 039 1 807 (12.8) BRPM R/t 1 889 1 611 (17.3) Styldrift R/t 2 209 2 057 (7.4) Total cash operating cost / 6E Ounce R/oz 19 748 16 254 (21.5) BRPM R/oz 17 288 14 233 (21.5) Styldrift R/oz 22 959 18 949 (21.2) RBPlat cash operating cost / 4E Ounce R/oz 22 323 18 282 (22.1) BRPM R/oz 19 657 16 140 (21.8) Styldrift R/oz 25 756 21 086 (22.1) Capital expenditure Total capital R'm 346.5 335.1 (3.4) Expansion R'm 85.9 66.0 (30.2) Replacement R'm 134.8 137.3 1.8 Stay-in-business (SIB) R'm 125.8 131.8 4.6 BRPM mine R'm 58.7 34.6 (69.7) Styldrift mine R'm 54.1 92.5 41.5 Maseve mine R'm - 0.1 100.0 Concentrators R'm 13.0 4.6 (182.6) BRPM SIB as a % of operating cost % 4.9 3.4 (44.1) Styldrift SIB as a % of operating cost % 4.4 9.2 52.2 * Please note any difference in totals in this table is due to rounding ** Correction: In 2022 Quarter 1 value was reported incorrectly as 78.96% 3 The information set out in this announcement has not been reviewed or reported on by the Company’s external auditors. Johannesburg 21 April 2023 JSE Sponsor: Merrill Lynch South Africa Proprietary Limited t/a BofA Securities For further information, please contact: Lindiwe Montshiwagae Executive: Investor Relations and Corporate Communications Email: lindiwe@bafokengplatinum.co.za Tel: +27 (0) 10 590 4510 M: +27 (0) 82 920 7803 4