IMPALA PLATINUM HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1957/001979/06) JSE Share code: IMP ISIN: ZAE000083648 ADR code: IMPUY (“Implats” or “the Group”) First quarter production report for the period 1 July to 30 September 2022 Key highlights • A 1% year-on-year improvement in the all-injury frequency rate, but a 2% deterioration in the lost-time injury frequency rate. Regrettably, one fatality, resulting from an equipment incident at Impala Rustenburg • Total 6E concentrate volumes increased 2% on the previous comparable quarter to 824 000 ounces, with unchanged managed volumes of 593 000 ounces, a 2% increase in production from joint ventures to 141 000 ounces, and 14% higher third-party receipts of 91 000 ounces • Gross 6E refined and saleable production volumes declined by 5% to 705 000 ounces, aligned with scheduled processing maintenance, with stable 6E sales volumes of 708 000 ounces. Implats’ Chief Executive Officer, Nico Muller, commented: “Implats continues to navigate a complex operating environment, while maintaining our intense focus on delivering safe and cost-efficient production. We have made good progress across our suite of mining and processing projects. The increased severity and frequency of load curtailment by power utility Eskom, necessitated adjustments to hoisting, concentrating and smelting rates in South Africa, which adversely impacted operational momentum during the quarter. In addition, socio-economic pressures are being compounded by rising global inflation, which in South Africa has been further aggravated by the recent rand depreciation. Despite these headwinds, we expect revenue to remain robust. Recent discussions with our core customer base confirm our expectations for rising demand for our key products over the coming year. PGM pricing remains volatile and vulnerable to macro-economic news flow. We are determined to maximise the tailwinds of strong prevailing PGM prices and deliver our guided business performance in FY2023, for the benefit of all our stakeholders.” Unaudited Unaudited Operational information quarter ended quarter ended Variance, % 30 September 30 September 2022 2021 Safety LTIFR pmmhw 4.04 3.95 -22 TIFR pmmhw 9.58 9.68 1 Fatalities count 1 1 - Gross production Tonnes milled (managed operations) 000t 5 852 5 761 2 Grade (6E) g/t 3.61 3.64 -1 6E in concentrate 000oz 824 809 2 Managed operations 000oz 593 592 - JV operations 000oz 141 138 2 Third-party and toll 000oz 91 80 14 Gross 6E refined 000oz 705 741 -5 Impala 6E refined 000oz 300 292 3 IRS 6E refined 000oz 340 394 -14 Impala Canada saleable 6E 000oz 64 55 14 Gross platinum refined 000oz 333 345 -4 Gross palladium refined 000oz 249 258 -3 Gross rhodium refined 000oz 36 44 -18 Gross nickel refined t 3 972 3 959 - 6E sales volumes 000oz 708 707 - Managed operations production: Impala Rustenburg Tonnes milled 000t 2 650 2 589 2 Grade (6E) g/t 3.85 3.99 -3 6E in concentrate 000oz 310 315 -2 6E refined 000oz 300 292 3 Zimplats Tonnes milled 000t 1 731 1 678 3 Grade (6E) g/t 3.41 3.45 -1 6E in concentrate 000oz 146 144 1 6E in matte (incl. concentrates sold to IRS) 000oz 140 143 -3 Marula Tonnes milled 000t 522 523 - Grade (6E) g/t 4.49 4.73 -5 6E in concentrate 000oz 68 71 -5 Impala Canada Tonnes milled 000t 951 971 -2 Grade (6E) g/t 2.78 2.42 14 6E in concentrate 000oz 69 61 14 JV operations production: Mimosa Tonnes milled 000t 680 704 -3 Grade (6E) g/t 3.78 3.84 -2 6E in concentrate 000oz 61 61 - Two Rivers Tonnes milled 000t 933 852 10 Grade (6E) g/t 3.14 3.28 -4 PGE in concentrate 000oz 80 77 4 Impala Refining Services production Gross 6E receipts 000oz 431 464 -7 Mine-to-market 000oz 340 384 -11 Third-party and toll 000oz 91 80 14 6E refined 000oz 340 394 -14 Rounded numbers may not add up correctly 2 HEALTH AND SAFETY Implats’ priority is to eliminate harm to the health and safety of our employees and contractors. Regrettably, during the quarter ended 30 September 2022, the Group reported one fatal incident at its managed operations, resulting from an equipment accident at 16 Shaft, Impala Rustenburg. The board and management team have extended their sincere sympathies and continue to offer support to the family, friends and colleagues of Mr Estevao Matsimbe. The Group’s lost-time injury frequency rate deteriorated by 2% to 4.04 per million-man hours worked from 3.95 reported in the previous comparable quarter, while the all-injury frequency rate improved by 1% to 9.58 (Q1 FY2022: 9.68). PRODUCTION Gross tonnes milled at managed operations improved by 2% to 5.85 million tonnes during the quarter, with volume gains at Impala Rustenburg and Zimplats, stable production at Marula and marginally lower mill throughput at Impala Canada. 6E milled grade declined marginally to 3.61g/t, resulting in unchanged 6E concentrate production of 593 000 ounces at managed operations. 6E concentrate production from the joint ventures at Mimosa and Two Rivers improved by 2% to 141 000 ounces. Third-party 6E concentrate deliveries to Impala Refining Service (IRS) rose by 14% to 91 000 ounces. Consequently, Group 6E in concentrate production increased by 2% to 824 000 ounces. The impact of Eskom load curtailment on Group production in the period resulted in a circa 25 000 6E ounce increase in concentrate stocks at period end. Refined 6E production, which includes saleable ounces from Impala Canada, was impacted by scheduled processing maintenance and ongoing power disruptions in South Africa and declined by 5% to 705 000 ounces. The scheduled maintenance was successfully completed in July and August, with smelting rates impacted by the increased frequency and severity of load curtailment in September. Refined production of platinum and palladium declined by 4% and 3% respectively, with a more notable reduction in refined volumes of rhodium and other minor PGMs. This timing difference was directly due to the longer duration of the refining process for these precious metals and the impact thereon of the maintenance programme during the period. 6E sales volumes of 708 000 ounces were largely unchanged from those in the prior comparable period. Impala Rustenburg Milled production at Impala Rustenburg increased by 2% to 2.65 million tonnes, but milled head grade declined by 4% to 3.85g/t due to changes in the ore mix across the shaft complex. As a result, 6E in concentrate production declined by 2% to 310 000 ounces. The operating environment at Impala Rustenburg remains challenging: production momentum was impacted by unprotected industrial action among the contractor workforce at the end of FY2022 and again in September 2022 when a two-day dispute arose with permanent workers as a result of the individual tax status of certain permanent employees, which impacted the quantum of their employee share ownership trust (ESOT) pay outs. Production was further impacted by Eskom loadshedding during the reporting period and safety stoppages following the fatality at 16 Shaft. Refined 6E production of 300 000 ounces was 3% higher during the quarter, up from 292 000 ounces in the prior comparable period. Zimplats Tonnes milled increased by 3% to 1.73 million tonnes with the third concentrator plant commissioned towards period-end. Milled grade declined by 1% due to changes in ore mix as production ceased at Rukodzi Mine in Q4 FY2022. 6E concentrate production was 1% higher at 146 000 ounces, while matte volumes, of 140 000 ounces, were 3% lower following a scheduled furnace reline in the period. 3 Marula Marula sustained record milling volumes of 522 000 tonnes, but grade of 4.49g/t declined by 5% due to the impact of increased development tonnage from the Phase 2 extension project. Consequently, 6E in concentrate production was 5% lower at 68 000 ounces. Impala Canada Underground production volumes increased during the period as operating momentum improved, resulting in reduced milled volumes of open pit and surface material, compared to higher-grade underground material. As a result, milled throughput declined by 2% from the prior comparable period, but milled grade improved by 15% to 2.78g/t, resulting in a 14% increase in 6E volumes in concentrate to 69 000 ounces. Mimosa Milled volumes were impacted by intermittent power interruptions and the decision to reduce milling rates to nameplate capacity, to assess the impact on recoveries, as part of the ongoing plant optimisation process. While tonnes milled were 3% lower at 680 000 tonnes and milled grade declined 2% to 3.78g/t, yield improvements resulted in stable 6E concentrate production of 61 000 ounces. Two Rivers Milled volumes benefitted from expanded processing capacity and the increased processing of lower- grade material. Milled throughput increased by 10% to 933 000 tonnes, milled head grade declined by 4%, with 6E concentrate production rising by 4% to 80 000 ounces. IRS Mine-to-market 6E receipts from Zimplats, Marula, Two Rivers and Mimosa declined by 12% to 340 000 ounces, while third-party receipts increased by 14% to 91 000 ounces. During the prior comparable period, IRS purchases benefitted from the receipt of accumulated Zimplats matte following the deferral of deliveries to Q1 FY2022. Refined 6E production in the prior comparable period benefited from increased receipts and the destocking of previously accumulated inventory. Consequently, refined production was 14% lower at 340 000 ounces in the period under review. FY2023 GUIDANCE Key guidance parameters for FY2023 are maintained. Group unit costs and capital expenditure remain vulnerable to a sustained depreciation of the rand due to the translation of the dollar cost base at both Impala Canada and Zimplats. The first quarter production report for the period 1 July to 30 September 2022 has not been reviewed and reported on by the external auditors of Implats. Queries: Johan Theron E-mail: johan.theron@implats.co.za T: +27 (0) 11 731 9013/17 M: +27 (0) 82 809 0166 Emma Townshend E-mail: emma.townshend@implats.co.za T : +27 (0) 21 794 8345 M : +27 (0) 82 415 3770 4 Alice Lourens E-mail: alice.lourens@implats.co.za T: +27 (0) 11 731 9033/17 M: +27 (0) 82 498 3608 28 October 2022 Johannesburg Sponsor to Implats Nedbank Corporate and Investment Banking, a division of Nedbank Limited 5