Impala Platinum Holdings Ltd

Welcome to our webcast presentation of our results for the year ended 30 June 2025. I am Nico Miller, the CEO of Intex. This presentation provides a high level overview of our group's performance over the financial year. Before we begin, I draw your attention to our normal disclosure statement pertaining to any forward looking statements that may be made today. I will start today's presentation with an overview of the group's performance and the key features. This will lead into a more detailed account of the group's operational performance presented by Patrick Mahutwa, our Chief Operating Officer, followed by the financial results presented by Marilisha Kerber, our CFO, and then Safisha Sabir, our Group Executive for Refining and Marketing, who will provide an overview of the PGN markets before I finish off with our key focus areas and the outlook for FY2026. We continue to strengthen our commitment to a safety-first culture at all our operations, and we remain deeply committed to the well-being of our employees. The disciplined execution of our safety strategy has led to continued improvements in overall safety performance. However, key challenges remain. While the number and severity of injuries has declined, the number of fatal incidents has not followed the same trend. This underscores the need for further targeted interventions and addressing high-risk behaviours. It is therefore with profound sadness and disappointment that we report eight employee fatalities in seven incidents at our managed operations during the period. We acknowledge the improvement in safety delivered across our managed and joint venture portfolio, which led to an 11% improvement in the group's last-time injury frequency rate and a 2% improved total injury frequency rate. INCLATS seeks to demonstrate best practice in environmental management, guided by our environmental strategy and ESG framework. I am proud to report that we achieved further progress in our sustainability journey during the period. Zemplash successfully commissioned the first 35 MW of its intended 185 MW solar power complex and the second phase for 45 MW was approved by the Board in November 2024. A five-year renewable energy supply agreement was concluded with Discovery Green. This will provide real wind and solar renewable energy for up to 90% of the electricity demand at our Impala refineries. We also delivered a sound environmental performance with no major significant environmental incidents. All tailings storage facilities retained compliance in the annual independent tailings review board audit. Our efforts and achievements were once again recognized by several global agencies in their annual rankings and ratings. INPLESA's focus on key high-impact and strategic community investment projects was maintained in the year. The group spent R274 million on projects focused on community well-being, education and skills development, enterprise development, inclusive procurement and developing resilient infrastructure. Taken together, these projects benefited more than 61,000 people and supported approximately 3,700 employment opportunities during the year. Implats delivered a commendable performance across its mining and processing assets following a group-wide labour restructuring and revisions to operating parameters at several of our operations. After a robust first half, we experienced unplanned furnace maintenance and utility supply and weather-related disruptions at our base and precious metal refineries. This materially impacted our ability to meet planned refined and sales volumes in the period. Group 6E production declined by 0.3% to 3.55 million ounces. Our refined volumes, which include saleable production from Impala Canada and Impala Buffer King, were unchanged at 3.4 million ounces. Unit costs benefited from easy input inflation and rent appreciation, but faced headwinds from lower production volumes, the reallocation of capital from Empire Canada to working costs, and ESOT and ex gratia payments. We are reporting a 7% increase in unit costs for the period. Capital expenditure also eased meaningfully. Several replacement and growth projects were completed and commissioned in the period, and as mentioned, we have transferred spend at Empire Canada to Working Class, in line with our group accounting policies. Profitability was affected by lower sales volumes and muted Rand PGM pricing, while operational challenges and restructuring costs at our South African and Canadian assets further impacted earnings. Free cash flow generation improved despite lower earnings and the group maintained a strong and flexible balance sheet with improved liquidity headroom of R19.7 billion. Impacts generated EBITDA of R9.9 billion headline earnings of 82 cents per share, and recorded a free cash flow of 2.4 billion rand. We have declared a dividend of 165 cents per share for the year. I will now hand over to Patrick Marutwa, our Chief Operating Officer, who will take you through an overview of our operational performance.

Thank you, Nico. We are reporting small changes in our mineral resource estimate, with positive adjustments at the Impala Kanada and the Waterberg project likely offsetting depletion. The 10% reduction in reserves is likely due to the exclusion of Marula Phase II project, which together with production depletion has more than offset some gains at the Impala Wafikeng and Zinc Flats. We navigated a group-wide labor restructuring, elevated project commissioning activity at Zimplet, changes in operating parameters at several of our assets, and unplanned maintenance, weather-related and utility supply disruptions at our processing assets to deliver commendable production and cost performance. Turning to the specific contribution to group PGM production from the different operations, Production at our managed operations declined by 4%. Stock adjusted production at Impala last year was largely unchanged, with the operating momentum challenged by safety shortages, but benefiting from higher grades and maintained mining flexibility. Zimplet faced weak machine availability and intermittent power interruptions, with MET volumes also impacted by smelter and converter commissioning in the period. At Canada, as previously communicated, The production profile is tapering on the shortened life of mine. Marula was impacted by constrained mining flexibility and two phases of labor restructuring were completed in the year. At the impalpable game, some really pleasing improvements as the drift were offset by challenges at BRPM and production losses due to safety damages in the period. Production from our JVs declined by 1%. Pleasingly, two rivers improved its UG2 mining performance, but we mailed lower volumes of Merensky ore. It mostly remained a consistently strong operation for the group. Finally, the third-party receipt benefited from better than expected deliveries from key contracts. Refined CC production, which includes saleable ounces from Impala Bofunke and Impala Canada, was stable. Our processing capacity was impacted by unplanned furnace maintenance, the simplest furnace commissioning, heavy rain at our refineries, and interruptions to both hydrogen and water supply at our refineries. In total, this event resulted in 230,000 ounces of deferred refined volumes in the period. We ended the period with excess inventory of circa 420,060 ounces, about 30,000 ounces higher than at the prior year end. We have introduced an optimized operating strategy and enhanced maintenance protocols across our furnaces and will begin with the phase introduction of design enhancements in FY2026. Further upgrades aimed at ensuring long-term furnace integrity and performance while addressing changes in finance feed mineralogy, will be implemented in scheduled rebuild from FY 1027. We expect to steadily release this inventory over the next four years. Capital expenditure reflects the material slowing in growth and replacement spend as major projects were commissioned in the period. Capital expenditure during the year was planned against the backdrop of weak rent revenue and constrained profitability. We focused spend on projects that delivered operational efficiency and safeguarded the integrity of our mining and processing infrastructure. Several notable milestones were achieved, including the commissioning of both the 38 MW smelter and 35 MW solar power plant at Zimplet. The upgrade of Impala Rusty Lake flash dryer and Impala Refinery's base metal refinery were completed. And the BMR effluent crystallizer was commissioned, improving our environmental performance and ensuring compliance with our water use license. Marunisha Kheber, our chief financial officer, will now outline the group's financial performance for the period.

Thank you, Patrick. Group profitability remained challenged by lackluster Rand PGM pricing, which characterized most of the reporting period. Despite good cost containment, we faced several operational challenges and incurred restructuring costs at the South African and Canadian assets, and we are reporting lower earnings metrics for the period. We benefited from improved cash flow generation and our balance sheet remained strong, with an improved adjusted net cash position and higher liquidity headroom, delivering on a key strategic imperative for the group and supporting the resumption of dividend payments. Looking at some of the details. Financial metrics were negatively impacted by the combination of lower metal prices received in the period, particularly palladium and nickel, which together with a stronger achieved RAND offset the positive impact of higher platinum, rhodium and gold prices. I am really pleased with the cost performance delivered by the team during the period. Mining inflation of 4.7%, moderated from the prior period and was partially offset by a lower labour complement and the benefit of the translation of the dollar cost rate of Impala Canada and Zimpla at a stronger exchange rate. In total, we limited the increase in cash costs to 3%. Depreciation decreased slightly, with lower charges due to impairments in the prior year, partially offset by the accelerated depreciation at Impala Canada. The movement in stock reflected increased quantities of both refined and in-process inventory, together with higher unit costs. You will recall that profit in the prior year was impacted by several significant once-off and non-cash items, and there were no impairments in the period under review. Other net expenses benefited from insurance proceeds and fair value gains on the environmental rehabilitation investment, which were countered by restructuring costs and provisions for severance at Impala Canada. The loss of earnings at our joint ventures moderated in the period. but was adversely impacted by the movement of unrealised profits in inventories which had remained unsold at period end. The effective tax rate was higher for the period due to no deferred tax being raised on the Impala Canada losses and the post-tax loss from associates being included in profit before tax. Collectively, these factors contributed to a decline in reported EBITDA to R9.9 billion and headline earnings of 82 cents per share. Group stock adjusted unit costs increased by 7%. Group mining inflation of 4.7% at our managed operations accounted for R958 per ounce of the increase. The translation of the dollar cost base of Impala Canada and Zimplat at a stronger exchange rate benefited the unit cost performance by R156 or 1% per ounce. The lower labour complement, following a group-wide restructuring, resulted in a further R441 per ounce or 2% benefit. Stock adjusted volumes at managed operations declined by 5% in the period, with smelting costs negatively impacted by the commissioning of the new Zimplat smelter. However, gross refined volumes improved by 2% at our springs refinery. Overall, lower volumes resulted in a cumulative R587 per ounce increase in unit costs. The Impala ESOT and Exgratia payment and the expensing of Impala Canada capital expenditure collectively accounted for R416 or 2% of the increase. Maintaining an optimal capital structure and a strong and flexible balance sheet through the cycle remains a key strategic priority, and I am pleased with the improvements we are reporting today. Cash generation remained constrained by lackluster RAN PGM pricing and still elevated levels of working capital, but net cash from operating activities increased from 6.9 billion RAN to 7.4 billion RAN. Free cash flow benefited from a retracement in capital expenditure to R7 billion as spend slowed on, the Zemplatt solar, mining and processing projects, the Marula Phase II project was stopped and the reclassification of Impala Canada's spend to cash costs due to the shortened mine life. The group received the June 2024 Impala Buffer King revenue payment of R1 billion in early July and insurance proceeds of R740 million. In total, we generated free cash flow including some once-off cash flows of R2.4 billion. Adjusted debt of R3.3 billion includes the deferred revenue on the gold stream at Impala Buffer King of 1.6 billion rand and loan facilities at Zimplat. Cash balances amounted to 11.6 billion rand and Implat closed the period with adjusted cash net of debt of 8.1 billion rand. Our total committed revolving credit facility of 8.2 billion rand remain undrawn, resulting in closing liquidity headroom of R19.7 billion. Our capital allocation framework aims to deliver, sustain and grow meaningful value for all our stakeholders. As a reminder, we first allocate cash flow to sustaining capital, which ensures that our assets operate safely, optimally and sustainably. We adjust free cash flow in each period for non-discretionary outflows and add back expansion capital. We then allocate the resultant free cash flow across three broad pillars of balance sheet strength, growth and investment, and shareholder return. Implex recorded an adjusted free cash inflow of 2.6 billion in the period. $0.9 billion was incurred to fund growth, primarily at the group's processing operations, with minimal allocation required at this stage for additional balance sheet strength. InPlax's dividend policy is premised on returning a minimum of 30% of adjusted free cash flow pre-growth capital. After considering the group's financial performance, strong balance sheet positioning, and future capital requirements, as well as the improving market conditions, the Board declared a final cash dividend of 165 cents per share or 1.5 billion rand. Together with dividends paid to Impala Crow minorities in the period, this results in an approximately 60% of adjusted free cash flow allocation to shareholders' returns in Sufiso Sibia, our group executive for refining and marketing, will now discuss the PGM market. Thank you, Merunisha.