PERSPECTIVE

The Mineral Resource and Mineral Reserve Statement as at 30 June 2019 is collated at a time when the platinum industry continues to face significant external challenges. The depressed metal prices seen in recent years showed improvements during 2019 in the combined suite of metals produced by Implats. These impacted positively on cash flow and an improved outlook. However, the constraint in major capital investment for deeper shaft infrastructure remains unchanged. Greenfields exploration activities are still dormant and shaft sinking operations at Impala’s 17 Shaft and Afplats’ Leeuwkop Shafts remain suspended.

GROUP OPERATIONS

The Implats structure remained largely unchanged during the past year with operations at Impala in the Rustenburg area of the North West province, the refinery at Springs in the Gauteng province, the Marula Mine in the Limpopo province, Zimplats and Mimosa Mines operating in Zimbabwe, the Two Rivers Mine near Burgersfort in the Limpopo province and the Afplats project near Brits in the North West province. During 2017 Implats secured a minority 15% interest in the Waterberg Joint Venture project (Waterberg JV Resources (Pty) Ltd) in the Limpopo province with the option to increase the Implats stake to 50.01%. At yearend the Bankable Feasibility Study (BFS) for the Waterberg JV project was in progress and such attributable interest is not included in this report.

GROUP STRUCTURE

Headline numbers

Summary Mineral Resources

There has been no material change in the attributable Group Mineral Resource estimate which reduced by 2.2Moz Pt. The change is largely attributable to depletion. The estimate as at 30 June 2019 is dominated by Zimplats and Impala, which on a combined basis, contribute some 74% of the total attributable Group Mineral Resources.

Attributable Mineral Resource estimate of 131.6Moz Pt as at 30 June 2019

Attributable Mineral Resource estimate as at 30 June 2019 (variance in Moz Pt)

Summary Mineral Reserves

Overall the attributable Group Mineral Reserve estimate remains static at 21.2Moz Pt. The resultant estimate as at 30 June 2019 is based on production depletion being offset by modest increases in Mineral Reserves at Zimplats. Some 53% of the attributable Group Mineral Reserves (Pt) is located at Zimplats and a further 32% at Impala.

Attributable Mineral Reserve estimate of 21.2Moz Pt as at 30 June 2019 (%)

Attributable Mineral Reserve estimate as at 30 June 2019 (variance in Moz Pt)

Compliance

The Mineral Resource and Mineral Reserve Statement is compiled in accordance with guidelines and principles of the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code (2016)), the South African Code for the Reporting of Mineral Asset Valuation (SAMVAL Code) and Section 12.13 of the JSE Listings Requirements as updated from time to time. Supporting documentation includes detailed internal reports, SAMREC Table 1 reports, and regular third-party reviews. A summary list of Competent Persons who compiled this report is included in this document on page 10 . While Zimplats complies with guidelines and principles of the JORC Code (2012), the defi nitions are either similar or do not vary materially from the SAMREC Code (2016). The Zimplats estimates refl ected in this report comply with the SAMREC Code (2016) and Section 12.13 of the JSE Listings Requirements.

Implats subscribes to the principles of transparency, materiality and competency as per the SAMREC Code (2016).

Note that:

• Mineral Resources are reported inclusive of Mineral Reserves unless otherwise stated
• There are no Inferred Mineral Resources included in any of the Mineral Reserve estimates or feasibility studies
• The Mineral Resource estimates remain, in principle, imprecise and must not be seen as calculations
• Rounding-off of fi gures may result in minor discrepancies
• All mineral rights are in good standing without any known impediments.

Long-term price assumptions