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 - CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS
ENDED 30 JUNE 2022 AND DIVIDEND DECLARATION

HIGHLIGHTS

        31.0% improvement in serious injury frequency rate
        38.1% decrease in EBITDA to R3 406.1 million (H1 2021: R5 499.1 million)
        58.1% decrease in basic HEPS to 767.3 cents (H1 2021: 1 831.9 cents)
        Interim dividend declared of 245.0 cents per share
        4.5% increase in 4E ounces to 225.5koz (H1 2021: 215.7koz)
        15.2% increase in cash cost per 4E ounce to R19 183 (H1 2021: R16 649)

OPERATING AND FINANCIAL STATISTICS
 Description                                                 Unit         30 June 2022       30 June 2021      % change
  Revenue                                                R’m              8 173.4            9 584.3           (14.7)
  4E ounces produced                                      koz             225.5              215.7             4.5
  Pt ounces produced                                      koz             144.7              138.8             4.3
  Cash operating cost/tonne milled                        R/t             1 877              1 663             (12.9)
  Cash operating cost/4E ounce                           R/oz             19 183             16 649            (15.2)
  Capital expenditure1                                   R’m              820                830               1.2
  EBITDA margin                                            %              41.7               57.4              (27.4)
  Earnings per share                                cents/ share          765.4              1 840.2           (58.4)
  Headline earnings per share                       cents/ share          767.3              1 831.9           (58.1)
  Dividends per share                               cents/ share          245.0              535.0             (54.2)
1
  Total Group capital expenditure amounted to R813.4 million

OVERVIEW

The first half of 2022 was characterised by uncertainty and geopolitical tensions as Russia invaded Ukraine.
This led to the palladium price reaching a record high in the first quarter of the year, however, PGM prices
have since come down as Russia continues to supply palladium to the market. The war in Ukraine has affected
global supply chains resulting in inflationary cost pressures impacting profit margins and raising fears of a
global recession. The Covid-19 lockdown in China further exacerbated existing supply chain challenges.

After more than two years of the Covid-19 pandemic, all indications show it is now under control. Our
dedication towards health and wellness in order to maintain a safe work environment has resulted in 94% of
our employees being fully vaccinated. This resulted in limited exposure to the impact of the 5th wave of Covid-
19. Although all Covid-19 restrictions have been lifted we still encourage our employees to continue taking the
necessary safety precautions as we move towards returning to normality.

Our continued commitment towards putting the health and safety of our people first through proactive safety
initiatives can be celebrated in the historic safety milestone of achieving 3 000 000 fatality-free shifts on 3 July
2022. Our lost time injury frequency rate (LTIFR) and serious injury frequency rate (SIFR) improved by 32.5%
and 31.0% respectively, however, there was an 8.7% deterioration in the total injury frequency rate (TIFR).

Total reef tonnes hoisted increased by 8.1% to 2 333kt, tonnes milled by 6.7% to 2 304kt and 4E metals in
concentrate by 4.5% to 225.5koz. Notwithstanding these reported increases, this overall production was not in
line with our operational expectations.
Performance was hampered by an increase in the number of Section 54 stoppages, Eskom electricity supply
interruptions and constraints in achieving steady state production volumes at Styldrift. Operational teams have
remained focused on improving efficiencies and embedding the operational maturity required to sustainably
secure a cost effective and high-quality production performance in alignment with our 2022 roadmap. Our ESG
commitments are central to our “More than Mining” philosophy of conducting business in a sustainable
manner that has a positive impact on our employees, community and on the environment.

DECLARATION OF DIVIDEND

Taking into consideration the declining basket price, the uncertain demand fundamentals, global recession
fears and the continuing uncertainty brought about by the M&A activity, the Board decided to adopt a
conservative approach in declaring the interim dividend. The Board declared an interim gross cash dividend of
245 cents per share, equating to R711 million.

The dividend was declared from retained earnings and will be subject to a dividend withholding tax of 20% for
all shareholders who are not exempt from or do not qualify for a reduced rate of withholding tax. The net
dividend payable to shareholders subject to the withholding tax at a rate of 20% amounts to 196.0 cents per
ordinary share. The issued share capital at the declaration date is 290 334 425 ordinary shares and the
Company’s tax number is 9512379166.

The salient dates relating to the dividend payment are as follows:

 Declaration date                                                                    Tuesday, 2 August 2022
 Last day for trading to qualify and participate in the interim dividend            Tuesday, 23 August 2022
 Trading ex-dividend commences                                                   Wednesday, 24 August 2022
 Record date                                                                          Friday, 26 August 2022
 Dividend payment date                                                              Monday, 29 August 2022


Share certificates may not be dematerialised or rematerialized between Wednesday, 24 August 2022 and
Friday, 26 August 2022 both days inclusive. Any changes to the dividend instruction will be announced on the
JSE Stock Exchange News Service.

SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors. It is only a summary of the information
contained in the full announcement and does not contain full or complete details. Any investment decision
should be based on the full announcement accessible from Tuesday, 02 August 2022, via the JSE link
https://senspdf.jse.co.za/documents/2022/jse/isse/RBP/H122Result.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 full announcement may also be requested by contacting Royal Bafokeng Platinum Investor
Relations by email at lindiwe@bafokengplatinum.co.za and are available for inspection at the Company’s
registered office at no charge, on weekdays during office hours.



Johannesburg

02 August 2022
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
M: + 27 (0) 82 920 7803

Thandeka Mthembu
Email: thandekam@bafokengplatinum.co.za
Tel: +27 (0) 10 590 4510
M: +27 (0) 72 674 9601