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")

SHORT-FORM ANNOUNCEMENT - INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023

HIGHLIGHTS

        184.6% deterioration in our serious injury frequency rate
        85.1% decrease in EBITDA to R507.4 million (H1 2022: R 3 406.1 million)
        Net cash position of R4 538.4 million (H1 2022: R4 883.8 million)
        2.9% decrease in 4E built-up head grade to 3.64g/t (H1 2022: 3.75g/t)
        2.5% decrease in 4E ounces to 219.8koz (H1 2022: 225.5koz)

OPERATING AND FINANCIAL STATISTICS
 Description                                               Unit          30 June 2023     30 June 2022      % change
  Revenue                                                R’m             5 805.4          8 173.4           (29.0)
  EBITDA margin                                            %             8.7              41.7              (79.1)
  Headline (loss)/earnings                               R’m             (330.3)          2 218.0           (114.9)
  (Loss)/earnings per share                         cents/ share         (117.0)          765.4             (115.3)
  Headline (loss)/earnings per share                cents/ share         (113.8)          767.3             (114.8)
  Dividends per share                               cents/ share         -                245.0             -
  4E ounces produced                                      koz            219.8            225.5             (2.5)
  Pt ounces produced                                      koz            139.7            144.7             (3.5)
  Cash operating cost/tonne milled                        R/t            2 135            1 877             (13.7)
  Cash operating cost/4E ounce                           R/oz            22 930           19 183            (19.5)
  Capital expenditure1                                   R’m             731              820               10.9
1
  Total Group capital expenditure amounted to R716.9 million

OVERVIEW

The operating environment for the first half of 2023 was characterised by a decline in the basket price
combined with ongoing inflationary pressure on the operating costs of the business. The weakening rand
against the US dollar also played a role in driving higher-than-expected inflation, further exacerbating our cost
pressures. In response to these circumstances, we remain focused on cost management to navigate this
challenging operating environment and ensuring the sustainability of our operations.

During the period under review we had a disappointing performance in our safety metrics. Our lost time and
serious injury frequency rates declined by 96.6% and 184.6% respectively, while the total injury frequency rate
improved by 17.7%. Although we have experienced a setback in our safety metrics during the first half of 2023,
we remain committed to establishing an Agile Safety culture and progressing towards our objective of
achieving zero harm.

Regrettably, we recorded one fatality at our BRPM operation. On 11 May 2023, Mr Salvador da Conceicao
Cossa sustained an injury in a slip and fall incident at BRPM South shaft resulting in his passing on 17 June
2023. The Board of Directors and management wish to extend their sincere condolences to the family, friends
and colleagues of Mr Cossa.

Our total reef tonnes hoisted decreased by 1.5% to 2 299kt from the comparative period. Tonnes milled
increased by 2.4% to 2 360kt and 4E metals in concentrate decreased by 2.5% to 219.8koz.

In addition to cost control management within the context of our current operating environment and in line
with our strategic goal of creating sustainable value, the business aims to enhance its overall performance by
maintaining focus on safe ore generation through building flexibility, optimising resource efficiencies and
quality enhancement.

SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors. It is only a summary of the information
contained in the interim results and does not contain full or complete details. Any investment decision should
be based on the interim results accessible from Tuesday, 01 August 2023, via the JSE link
https://senspdf.jse.co.za/documents/2023/jse/isse/RBP/HY23Result.pdf and also available on the Company’s
website at https://www.bafokengplatinum.co.za/interim-results.php

This short-form announcement has not been audited or reviewed by the Company’s auditors however the
financial information herein has been extracted from the condensed consolidated interim financial statements
which have been reviewed by KPMG Inc., who expressed an unmodified review conclusion thereon. The
condensed consolidated interim financial statements and the review report can be obtained on the Company’s
website https://www.bafokengplatinum.co.za/interim-results.php

Copies of the interim results may also be requested by contacting Royal Bafokeng Platinum Investor Relations
by email at irandmedia@bafokengplatinum.co.za and are available for inspection at the Company’s registered
office at no charge, on weekdays during office hours.



Johannesburg

01 August 2023

JSE Sponsor

Merrill Lynch South Africa Proprietary Limited t/a BofA Securities



For further information, please contact:

Lindiwe Montshiwagae
Email: lindiwe@bafokengplatinum.co.za
Tel: +27 (0)10 590 4510

Thandeka Mthembu
Email: thandekam@bafokengplatinum.co.za
Tel: +27 (0) 10 590 4510