Overview
Mineral resource summary, exclusive of mineral reserves

Both inclusive and exclusive methods of reporting mineral resources are permitted by various international reporting codes. Implats has adopted the inclusive reporting for consistency purposes and to be aligned with its strategic partners. A collation of the mineral resource estimates exclusive of mineral reserves is presented below as it allows for additional transparency. Note that this format is not adhered to by Implats’ strategic partners and the corresponding estimates have been derived from details provided to Implats.

Summary of mineral resource estimate, exclusive of mineral reserves
As at 30 June 2015

						Total estimate						Attributable estimate
		Orebody		Remarks	Category	Tonnes   Mt	4E   grade   g/t	6E    grade   g/t	4E   Moz	Pt   Moz	Implats’   share   %	Tonnes   Mt	4E   Moz	Pt   Moz
Impala		Merensky			Measured	36.1	5.60	6.26	6.5	4.1	96	34.7	6.2	3.9
					Indicated	67.4	6.35	7.09	13.8	8.6	96	64.7	13.2	8.3
					Inferred	22.6	6.35	7.10	4.6	2.9	96	21.7	4.4	2.8
		UG2			Measured	35.0	7.22	8.67	8.1	4.7	96	33.6	7.8	4.5
					Indicated	48.6	7.38	8.85	11.5	6.7	96	46.7	11.1	6.4
					Inferred	14.9	7.22	8.66	3.5	2.0	96	14.3	3.3	1.9
		Merensky		Impala/RBR JV	Measured	5.3	6.72	7.50	1.1	0.7	49	2.6	0.6	0.3
					Indicated	5.4	7.12	7.95	1.2	0.8	49	2.6	0.6	0.4
					Inferred	5.0	6.69	7.48	1.1	0.7	49	2.4	0.5	0.3
		UG2			Measured	1.5	7.47	8.97	0.4	0.2	49	0.7	0.2	0.1
					Indicated	2.5	7.95	9.54	0.6	0.4	49	1.2	0.3	0.2
					Inferred	2.0	7.26	8.71	0.5	0.3	49	1.0	0.2	0.1
			Total Impala			246.2	6.68	7.44	52.9	32.0		226.2	48.5	29.4
MARULA		Merensky			Measured	34.3	4.24	4.55	4.7	2.7	73	25.0	3.4	2.0
					Indicated	7.7	4.26	4.54	1.1	0.6	73	5.6	0.8	0.4
					Inferred	9.9	4.16	4.46	1.3	0.8	73	7.2	1.0	0.6
		UG2			Measured	18.6	8.73	10.17	5.2	2.3	73	13.6	3.8	1.7
					Indicated	14.2	8.92	10.38	4.1	1.8	73	10.4	3.0	1.3
					Inferred	7.6	9.09	10.61	2.2	1.0	73	5.6	1.6	0.7
			Total Marula			92.4	6.26	7.07	18.6	9.2		67.4	13.6	6.7
INKOSI   AND   IMBASA   AFPLATS,		UG2		Afplats	Measured	98.4	5.19	6.47	16.4	10.0	74	72.8	12.1	7.4
					Indicated	10.8	5.11	6.36	1.8	1.1	74	8.0	1.3	0.8
					Inferred	55.9	5.06	6.25	9.1	5.5	74	41.3	6.7	4.1
			Total Afplats			165.1	5.14	6.39	27.3	16.6		122.2	20.1	12.3
				Imbasa	Indicated	28.2	4.59	5.74	4.2	2.6	60	16.9	2.5	1.5
					Inferred	40.2	4.53	5.70	5.9	3.6	60	24.1	3.5	2.2
				Inkosi	Indicated	67.9	4.87	6.14	10.6	6.6	49	33.2	5.2	3.2
					Inferred	38.4	4.64	5.88	5.7	3.6	49	18.8	2.8	1.7
			Total Imbasa/Inkosi			174.7	4.70	5.92	26.4	16.3		93.1	14.0	8.6

						Total estimate						Attributable estimate
		Orebody		Remarks	Category	Tonnes   Mt	4E   grade   g/t	6E    grade   g/t	4E   Moz	Pt   Moz	Implats’   share   %	Tonnes   Mt	4E   Moz	Pt   Moz
TWO RIVERS		Merensky			Indicated	60.6	2.85	3.11	5.5	3.3	49	29.7	2.7	1.6
					Inferred	99.2	3.61	3.92	11.5	6.7	49	48.6	5.6	3.3
		UG2			Measured	2.9	4.67	5.64	0.4	0.3	49	1.4	0.2	0.1
					Indicated	26.4	4.49	5.39	3.8	2.1	49	12.9	1.9	1.0
					Inferred	117.8	4.86	5.75	18.4	9.5	49	57.7	9.0	4.7
			Total Two Rivers			306.9	4.03	4.60	39.7	21.9		150.4	19.4	10.7
ZIMPLATS		MSZ			Measured	123.7	3.55	3.75	14.1	6.9	87	107.6	12.3	6.0
					Indicated	634.1	3.50	3.70	71.3	35.1	87	551.7	62.0	30.6
					Inferred	1 198.9	3.26	3.53	125.6	60.4	87	1 043.0	109.2	52.6
			Total Zimplats			1 956.7	3.35	3.60	211.0	102.5		1 702.3	183.6	89.2
MIMOSA		MSZ			Measured	26.1	3.56	3.83	3.0	1.5	50	13.0	1.5	0.7
					Indicated	28.9	3.57	3.80	3.3	1.6	50	14.5	1.7	0.8
					Inferred	27.1	3.46	3.66	3.0	1.5	50	13.6	1.5	0.8
			Total Mimosa			82.1	3.53	3.76	9.3	4.6		41.1	4.7	2.3
		All mineral resources exclusive of mineral reserves			Measured	382	4.88	5.09	60	33		305	48	27
					Indicated	1 003	4.12	4.58	133	71		798	106	57
					Inferred	1 639	3.65	4.07	192	98		1 299	150	76
					Total	3 024	3.96	4.36	385	203		2 403	304	159

Notes

• The figures in the accompanying table reflect those mineral resources that have not been converted to mineral reserves, ie these are the mineral resources exclusive of mineral reserves
• The tabulation should be read in conjunction with the mineral reserve statements in the preceding sections
• A direct comparison of tonnes and grade is not possible between inclusive and exclusive reporting, owing to the mixing of mineral resource figures with production estimates
• Mineral resource estimates allow for estimated geological losses but not for anticipated pillar losses during eventual mining
• Note that similar to previous reports, certain areas have been excluded from the mineral resource estimates and are now reported separately as exploration results in a standalone section at the end of this report
• Implats has chosen not to publish Merensky Reef mineral resource estimates for Afplats, Imbasa and Inkosi as the eventual economic extraction is presently in doubt
• The year-on-year decrease in exclusive mineral resources is a result of the transfer of the mineral rights at Tamboti into Two Rivers as well as the conversion of additional mineral resources at Mimosa, Marula and Two Rivers into the mineral reserve category
• 4E refers to the summation of platinum, palladium, rhodium and gold
• 6E refers to the summation of platinum, palladium, rhodium, ruthenium, iridium and gold
• Rounding of numbers may result in minor computational discrepancies; mineral resource estimates are inherently imprecise in nature; the results tabulated in this report must be read as estimates and not as calculations; inferred mineral resources in particular are qualified as approximations

Summary of attributable mineral resources exclusive of mineral reserves

		Moz Pt
		2012	2013	2014	2015
	Impala	38.7	40.7	28.4	27.9
	RBR JV	3.2	3.5	1.5	1.5
	Marula	6.2	6.3	6.3	6.7
	Afplats	14.5	14.3	11.9	12.3
	Imbasa and Inkosi	8.1	8.5	8.5	8.6
	Two Rivers	1.6	1.7	1.7	10.7
	Tamboti	27.1	23.2	23.2
	Zimplats	79.2	81.5	87.3	89.2
	Mimosa	2.8	2.9	2.9	2.3
	Total	181.4	182.6	171.7	159.2

Implats’ strategic review provides the framework for this report with five key focus areas: