FACT SHEET MARULA Regional locality map showing PGM Mineral Rights and infrastructure in the Marula Regional locality map showing PGM mineral rights and infrastructuresurroundings in the Marula surroundings

24°15’S 24°15’S 15’ E 0° E 3 E E ” ” 30 ° 0 0 22’ 3 52’ 3 30 ° 29 °

BOKONI R37 (Atlatsa – Amplats)

TWICKENHAM 0 5 10 (Amplats) Scale (km)

24°30’S 24°30’S NEWCO TJATE (Jubilee Platinum) R37 MARULA PLATINUM LL S I H Y E

D4250 SMO K

MODIKWA (ARM – Amplats) R37

BURGERSFORT E ” 0 0” E 3 3 ’

2 R37 5’ E 22 ’ 5 ° ° 1 ° 0 9 0 3 2 3 SEKHUKHUNE R555 STEELPOORT 24°45’S 30° E 24°45’S

Marula is 73% owned by Implats and is one of the first operations to have been developed on the relatively under-exploited eastern limb of the Bushveld Complex in South Africa. It is located in the Limpopo Province, some 35 kilometres north-west of Burgersfort. In FY2020, the operation delivered 6E in concentrate production of 210 000 ounces. The operation comprises two decline shaft systems and a concentrator plant.

2 GEOLOGY

Marula holds two contiguous mining rights and a prospecting right covering 5 494 hectares across the farms Winaarshoek and Clapham, and portions of the farms Driekop, Forest Hill and Hackney. Marula also has a royalty agreement with Modikwa which allows limited mining on an area adjacent to the Driekop shaft.

Both the Merensky and the underlying UG2 reefs are present and sub-outcrop in the Marula mining right area. The reefs dip generally in a west-southwest direction at 12 to 14 degrees with a vertical separation of some 400 metres between them. Potholes represent the majority of the geographical losses encounted underground, while a small dunite pipe also disrupts the reef horizon.

Mineral resources (inclusive reporting) as at 30 June 2020 Tonnes 4E Grade 6E Grade 6E Category Width (cm) (Mt) (g/t) (g/t) (Moz) measured 34.3 100 4.26 4.56 5.0 Merensky indicated 7.6 100 4.20 4.50 1.1 inferred 5.2 100 3.82 4.10 0.7 measured 47.5 96 6.28 7.28 11.1 UG2 indicated 22.4 102 6.21 7.23 5.2 inferred 6.4 103 6.32 7.36 1.5 Total 123.3 5.48 6.21 24.6 Mineral reserves as at 30 June 2020 Tonnes 4E Grade 6E Grade 6E Category Width (cm) (Mt) (g/t) (g/t) (Moz) proved 4.0 125 4.36 4.99 0.6 UG2 probable 15.6 126 4.00 4.62 2.3 Total 19.6 4.07 4.70 3.0

3 Marula

Infrastructure Both mineralised horizons sub-outcrop on the Marula mining rights The region is well developed, partly due to other mining activities area and dip in a west-southwest direction at 12° to 14°. The reefs in the vicinity. The R37 tarred road from Burgersfort to Polokwane are relatively undisturbed by faults and dykes with one major dolerite passes through the area, while a secondary tarred road, built by dyke traversing the mining area. Potholes represent the majority of Marula, links the R37 to the main offi ce and other infrastructure at the geological losses encountered underground, while a small Marula. The existing mines and villages are supplied with electricity dunite pipe also disrupts the reef horizons. These geological by Eskom. Marula has an adequate and fi rm electricity supply and features are accounted for in the Mineral Resource and Mineral distribution network. The site is supplied by two independent 132kV Reserve Statements as geological losses. Eskom power lines. Two 40MVA transformers (one operating and one on standby) convert the voltage to 33kV for surface and underground distribution. Water is provided through the Lebalelo Water Scheme from which Marula has an allocation of 13.8Ml per Marula – Merensky day, which is more than adequate for planned production levels. Mining infrastructure includes two decline shafts, offi ces, stores, Q Pt Q Pd Q 6E 100 a concentrator plant, a chromite recovery plant, a tailings storage facility and overland ore conveyance. 50 Marula0 Environmental -50

Summary details pertaining to the Group environmental Width (cm) -100 Infrastructure Both mineralised horizons sub-outcrop on the Marula mining rights management and policy are listed on page 19. This includes the -150 focus areas such as compliance, water stewardship, air quality, The region is well developed, partly due to other mining activities area and dip in a west-southwest direction at 12° to 14°. The reefs managing waste streams and promoting land management in the vicinity.-200 The R37 tarred road from Burgersfort to Polokwane are relatively undisturbed by faults and dykes with one major dolerite practices. Marula’s ISO 14001 certifi cation lapsed in 2017 but passes through-250 the area,Marula while a secondary tarred road, built by dyke traversing the mining area. Potholes represent the majority of was successfully re-certifi ed in 2019. In line with our environmental Marula, links the0 R37 to the3 main offi ce6 and other infrastructure9 12 at the geological losses encountered underground, while a small management system expectations, all areas are required to identify Marula. The existing mines and villagesGrade are (g/t) supplied with electricity dunite pipe also disrupts the reef horizons. These geological and report on environmental incidents. Systems are in place to by Eskom. MarulaO Pyroxenite hasInfrastructure an adequateO Pegmatoid andO Chromitite fi rm electricity supply and features are accountedBoth for inmineralised the Mineral horizons Resource sub-outcrop and Mineral on the Marula mining rights investigate and determine the direct and root causes of high-severity distribution network. TheThe site region is supplied is well developed, by two independent partly due 132kV to other miningReserve activities Statements asarea geological and dip losses.in a west-southwest direction at 12° to 14°. The reefs incidents and to address and close out these incidents. Eskom power lines. Twoin the 40MVA vicinity. transformers The R37 tarred (one operatingroad from andBurgersfort to Polokwane are relatively undisturbed by faults and dykes with one major dolerite one on standby) convertpasses the voltage through to the 33kV area, for while surface a secondary and tarred road, built by dyke traversing the mining area. Potholes represent the majority of the geological losses encountered underground, while a small Geology underground distribution.Marula, Water links is providedthe R37 tothrough the main the offiLebalelo ce and other infrastructure at Water Scheme from whichMarula. Marula The existinghas an allocation mines and of villages 13.8Ml areper supplied with electricity dunite pipe also disrupts the reef horizons. These geological The geological succession is illustrated in the generalised MarulaMarula - – UG2UG2 MarulaMarula - – MerenskyMerensky day, which is more thanby adequate Eskom. Marula for planned has an production adequate levels.and fi rm electricity supply and features are accounted for in the Mineral Resource and Mineral stratigraphic column on page 65 The Merensky and UG2 Reefs are Q Q Q Q Q Q Mining infrastructure includesdistribution two network.decline shafts, The site Ptoffi is ces, supplied Pd stores, 6E by two independent 132kV Reserve Statements asPt geological Pd 6E losses. separated by a sequence of mostly anorthositic and noritic layered 100 100 a concentrator plant, aEskom chromite power recovery lines. plant,Two 40MVA a tailings transformers storage (one operating and units of some 400m in combined thickness. Both the Merensky and facility and overland50 oreone conveyance. on standby) convert the voltage to 33kV for surface and 50 UG2 Reefs are present but only the UG2 is currently exploited. The underground distribution. Water is provided through the Lebalelo0 geological succession is broadly similar to that of the western limb. 0 Water Scheme from which Marula has an allocation of 13.8Ml-50 per Marula – Merensky The UG2 Reef is defi ned as a main chromitite layer, with most of the Environmental-50 Width (cm) Width (cm) day, which is more than adequate for planned production levels. Marula Summary details pertaining to the Group environmental -100 mineralisation confi ned to this unit, followed by a poorly mineralised Q Q Q -100 Mining infrastructure includes two decline shafts, offi ces, stores, Pt Pd 6E pegmatoidal footwall. The Merensky Reef comprises the upper management and policy are listed on page 19. This includes the -150 100 a concentrator plant, a chromite recovery plant, a tailings storage portion of a pyroxenite layer, with a chromitite stringer close to the focus areas-150 such as compliance, water stewardship, air quality, facility and overland ore conveyance. -200 50 hanging wall contact. Mineralisation peaks over the chromitite managing waste streams and promoting land management Infrastructure Both mineralised horizons sub-outcrop on the Marula mining rights -200 -250 0 stringer and decreases into the hangingwall and footwall. The practices. Marula’s ISO 14001 certifi cation lapsed in 2017 but The region is well developed, partly due to other mining activities area and dip in a west-southwest direction at 12° to 14°. The reefs 0 5 10 15 0 3 6 9 12 average 6E metal ratios show the distinct differences between the was successfully re-certifiEnvironmental ed in 2019. In line with our environmental in the vicinity.-50 The R37 tarred road from Burgersfort to Polokwane are relatively undisturbed by faults and dykes with one major dolerite Grade (g/t)

Grade (g/t) Width (cm) Merensky and UG2 Reefs, in particular the high proportion of management system expectations,Summary details all areas pertaining are required to the Group to identify environmental passes-100 through the area, while a secondary tarred road, built by dyke traversing the mining area. Potholes represent the majority of O Pyroxenite O Pegmatoid O Chromitite O Pyroxenite O Pegmatoid O Chromitite the geological losses encountered underground, while a small palladium associated with the UG2 at Marula and also the relative and report on environmentalmanagement incidents. and Systems policy are are listed in place on page to 19. This includes the Marula,-150 links the R37 to the main offi ce and other infrastructure at investigate and determinefocus the areas direct such and as root compliance, causes of waterhigh-severity stewardship, air quality, Marula. The existing mines and villages are supplied with electricity dunite pipe also disrupts the reef horizons. These geological high proportion of rhodium in the UG2 Reef, as shown on the this -200 page. incidents and to addressmanaging and close waste out streamsthese incidents. and promoting land management by Eskom. Marula has an adequate and fi rm electricity supply and features are accounted for in the Mineral Resource and Mineral practices. Marula’s ISO 14001 certifi cation lapsed in 2017 but distribution-250 network. The site is supplied by two independent 132kV Reserve Statements as geological losses. Geology was successfully re-certifi ed in 2019. In line with our environmental Eskom power0 lines. Two3 40MVA transformers6 9 (one operating12 and Grade (g/t) The geological successionmanagement is illustrated system in the expectations, generalised all areas are requiredMarula to identify – UG2 one on standby) convert the voltage to 33kV for surface and O O O Marula Merensky 6E metal ratio Marula UG2 6Eand metal report ratio on environmental incidents. Systems are in place to underground Pyroxenite distribution. Pegmatoid Water is Chromitite provided through the Lebalelo stratigraphic column on page 65 The Merensky and UG2 Reefs are Q Pt Q Pd Q 6E as at 30 June 2020 (%) separatedas at by 30 aJune sequence 2020investigate (%) of mostly and anorthositic determine andthe directnoritic and layered root causes of high-severity100 Water Scheme from which Marula has an allocation of 13.8Ml per Marula – Merensky units of some 400m inincidents combined and thickness. to address Both and the close Merensky out these and incidents. day, which is more than adequate for planned production levels. 50 Q Q Q Mining infrastructure includes two decline shafts, offi ces, stores, Pt Pd 6E Pt 54.2 UG2 ReefsPt are present but only the UG2 is currently 35.7exploited. The 100 geological succession Geologyis broadly similar to that of the western limb. 0 a concentrator plant, a chromite recovery plant, a tailings storage Marula – UG2 50 Pd 29.6 MININGThe UG2Pd Reef is defi nedThe as geological a main chromitite succession layer, is illustratedwith most42.0 in of the the generalised -50 METALLURGYfacility and overland ore conveyance.

Width (cm) 0 mineralisation confi nedstratigraphic to this unit, columnfollowed on by page a poorly 65 The mineralised Merensky and UG2 Reefs are Q Q Q Rh 2.7 Rh 7.8 -100 Pt Pd 6E pegmatoidal footwall. separatedThe Merensky by a Reef sequence comprises of mostly the upper anorthositic and noritic layered Environmental100 -50 5.5 Ru Ru 10.7 -150 Width (cm) portion of a pyroxeniteunits layer, of with some a chromitite 400m in combined stringer close thickness. to the Both the Merensky and Summary50 details pertaining to the Group environmental -100 Ir 0.9 hangingIr wall 2.6contact. MineralisationUG2 Reefs are peaks present over but the only chromitite the UG2 is currently exploited.-200 The management and policy are listed on page 19. This includes the -150 Current mining activities target the UG2 Marula has0 a concentrator plant where stringer and decreasesgeological into the hangingwall succession andis broadly footwall. similar The to that of the western limb.0 focus5 areas such as10 compliance, water15 stewardship, air quality, Au 7.1 Au 1.2 -200 average 6E metal ratiosThe show UG2 the Reef distinct is defi differences ned as a main between chromitite the layer, with most of the managing-50 waste streams and promoting land management Grade (g/t) reef only, which is accessed via two initial processingWidth (cm) is done. Concentrate is Merensky and UG2 Reefs,mineralisation in particular confi the ned high to proportionthis unit, followed of by a poorly mineralised practices. Marula’s ISO 14001 certifi cation lapsed in 2017 but -250 0 10% 20% 30% 40% 50% 60% 0 10% 20% 30% 40% 50% O Pyroxenite O Pegmatoid-100 O Chromitite palladium associated withpegmatoidal the UG2 footwall.at Marula The and Merensky also the relativeReef comprises the upper was successfully re-certifi ed in 2019. In line with our environmental 0 3 6 9 12 (%) (%) declinehigh proportion shaft of rhodium systems.portion in theof a UG2 pyroxenite Driekop Reef, aslayer, shown with Shaft ona chromitite the this stringer close to thetransported management-150 by system road expectations, to Impala all areas are Platinum’s required to identify Grade (g/t) Merensky metal ratios derived from the Mineral Resource estimate. page.UG2 metal ratios derivedhanging from wallthe Mineral contact. Reserve Mineralisation estimate. peaks over the chromitite and report on environmental incidents. Systems are in place to O Pyroxenite O Pegmatoid O Chromitite uses a hybrid mining method, while Mineral Processes-200 in Rustenburg in terms stringer and decreases into the hangingwall and footwall. The investigate0 and determine 5the direct and root10 causes of high-severity15 average 6E metal ratios show the distinct differences between the incidents and to address and close out these incidents. Grade (g/t) at Clapham Shaft,Merensky both and UG2 hybrid Reefs, in particularand the high proportion of of a life-of-mine offtake agreement with O Pyroxenite O Pegmatoid O Chromitite Marula Merensky 6Epalladium metal ratio associated with the UG2 at Marula and also Marulathe relative UG2 6E metalGeology ratio conventionalas at 30 June 2020 (%) mininghigh proportion methods of rhodium inare the UG2 used. Reef, as shown ason at the 30 JunethisImpala 2020 (%) Refining Services (IRS). Marula – UG2 IMPLATS The geological succession is illustrated in the generalised page. 64 MINERAL RESOURCE AND MINERAL RESERVE STATEMENT 2020 stratigraphic column on page 65 The Merensky and UG2 Reefs are Q Pt Q Pd Q 6E 100 In thePt hybrid sections, all main development54.2 Pt separated by a sequence35.7 of mostly anorthositic and noritic layered units of some 400m in combined thickness. Both the Merensky and 50 is donePd on reef, and stoping29.6 is carried Pd UG2 Reefs are present but only the42.0 UG2 is currently exploited. The 0 2.7 Marula Merensky 6E metal ratio 7.8 geologicalMarula UG2succession 6E metal is broadly ratio similar to that of the western limb. Rh as at 30 June 2020 (%) Rh Marulaas at 30UG2 June 6E 2020 metal (%) ratio as at 30 June 2020 The UG2 Reef is defi ned as a main chromitite layer, with most of the -50 outRu through5.5 conventional single-sided Ru 10.7 mineralisation confi ned to this unit, followed by a poorly mineralised Width (cm) -100 breastIr 0.9 mining fromPt a centre gully. Ir54.2 2.6 pegmatoidalPt footwall. The Merensky Reef comprises35.7 the upper portion of a pyroxenite layer, with a chromitite stringer close to the -150 Au 7.1 Au 1.2 Pd 29.6 hangingPd wall contact. Mineralisation peaks over the chromitite42.0 Panel face lengths are approximately -200 0 10% 20%Rh 2.730% 40% 50% 60% 0 10% stringerRh 20% and decreases7.830% into the40% hangingwall50% and footwall. The 0 5 10 15 (%) average 6E(%) metal ratios show the distinct differences between the 16 to 24 metresRu and5.5 the stoping width Ru 10.7 Grade (g/t) Merensky and UG2 Reefs, in particular the high proportion of O Pyroxenite O Pegmatoid O Chromitite Merensky metal ratios derivedIr from0.9 the Mineral Resource estimate. UG2 metal ratios derived frompalladiumIr the Mineral2.6 associated Reserve estimate.with the UG2 at Marula and also the relative averages 1.25 metres. high proportion of rhodium in the UG2 Reef, as shown on the this Au 7.1 Au 1.2 page. 0 10% 20% 30% 40% 50% 60% 0 10% 20% 30% 40% 50% For the conventional operation, the(%) footwall (%) IMPLATS 64 MINERAL RESOURCEMerensky AND MINERAL metal ratios RESERVE derived STATEMENT from the2020 Mineral Resource estimate. UG2Marula metal Merenskyratios derived 6E from metal the Mineral ratio Reserve estimate. Marula UG2 6E metal ratio drives are developed on strike approximately Marulaas at 30 Merensky June 2020 (%) 6E metal ratio as at 30 June 2020 as at 30 June 2020 (%) 25 metres below the reef horizon with Pt 54.2 Pt 35.7

crosscut breakaways about 220 metres Pd 29.6 Pd 42.0 64 IMPLATS apart. Development MINERALis undertaken RESOURCE AND MINERAL RESERVEwith STATEMENT 2020 Rh 2.7 Rh 7.8 Ru 5.5 Ru 10.7

drill rigs and dump trucks. Stope face Ir 0.9 Ir 2.6 drilling is done with hand held pneumatic Au 7.1 Au 1.2

0 10% 20% 30% 40% 50% 60% 0 10% 20% 30% 40% 50% rock drills with air legs. 5 (%) (%)

Merensky metal ratios derived from the Mineral Resource estimate. UG2 metal ratios derived from the Mineral Reserve estimate. 4

IMPLATS 64 MINERAL RESOURCE AND MINERAL RESERVE STATEMENT 2020 INTRODUCTION SCENE THE DETAILS – MINERAL RESOURCES AND OVERVIEW SETTING AND MINERAL RESERVES APPENDICES

Marula INTRODUCTION SCENE THE DETAILS – MINERAL RESOURCES AND OVERVIEW SETTING AND MINERAL RESERVES APPENDICES

Mining methods and mine planning using Isatis™ software. The planning process starts with the Marula Mine has two decline shaft systems. Driekop Shaft is compilation of the LoM plan (August to October) followed by a Marulaexploiting the UG2 Reef by means of a hybrid mining method, detailed two-year budget plan (February to April). The LoM I while at Clapham Shaft, both a hybrid and conventional mining encompasses the UG2 Reef at the Clapham Shaft down to 5 level methods are being used to exploit the UG2 Reef. For the two and the Driekop Hybrid areas. There are various options to optimise LoM IIA and II, these are subjects of studies going Mininghybrid sections, methods all main and development mine planning is undertaken on-reef and using Isatis™ software. The planning process starts with the the stoping is carried out through conventional single-sided breast forward. The comparison between the Mineral Resource Marula Mine has two decline shaft systems. Driekop Shaft is compilation of the LoM plan (August to October) followed by a mining from a centre gully. Panel face lengths are approximately Statement and the 20-year LoM profi le clearly illustrates Marula’s exploiting the UG2 Reef by means of a hybrid mining method, detailed two-year budget plan (February to April). The LoM I 16m to 26m, with panels being separated by 6m x 4m grid pillars potential to expand operations in future if economically viable. while at Clapham Shaft, both a hybrid and conventional mining encompasses the UG2 Reef at the Clapham Shaft down to 5 level with 2m ventilation holings. The stoping width averages 125cm. Note that the indicative LoM profi le is based on a range of methods are being used to exploit the UG2 Reef. For the two and the Driekop Hybrid areas. There are various options to For the conventional operation, the footwall drives are developed assumptions, which could change in future. hybrid sections, all main development is undertaken on-reef and optimise LoM IIA and II, these are subjects of studies going on strike approximately 25m below the reef horizon with cross-cut the stoping is carried out through conventional single-sided breast forward. The comparison between the Mineral Resource breakaways about 220m apart. This development is undertaken It should be noted that the Mineral Reserve estimate is the result of mining from a centre gully. Panel face lengths are approximately Statement and the 20-year LoM profi le clearly illustrates Marula’s with drill rigs and dump trucks. Stope face drilling takes place with the planning process applied against the Measured and Indicated 16m to 26m, with panels being separated by 6m x 4m grid pillars potential to expand operations in future if economically viable. hand-held pneumatic rock drills with air legs. Mine design and Mineral Resources only, through the application of detailed modifying with 2m ventilation holings. The stoping width averages 125cm. Note that the indicative LoM profi le is based on a range of scheduling of the operational shafts is carried out using factors; importantly, it should be noted that this process is subjected For the conventional operation, the footwall drives are developed assumptions, which could change in future. CADSmine™ software. Geological models and ore blocks are to rigorous economic viability testing at given market conditions. on strike approximately 25m below the reef horizon with cross-cut updated and validated using G-Blocks and boundaries in the breakaways about 220m apart. This development is undertaken It should be noted that the Mineral Reserve estimate is the result of MRM information system. Grade block models are developed with drill rigs and dump trucks. Stope face drilling takes place with the planning process applied against the Measured and Indicated hand-held pneumatic rock drills with air legs. Mine design and Mineral Resources only, through the application of detailed modifying scheduling of the operational shafts is carried out using factors; importantly, it should be noted that this process is subjected CADSmine™ software. Geological models and ore blocks are to rigorous economic viability testing at given market conditions. updatedMarula and20-year validated estimated using G-BlocksLoM platinum and boundaries ounce profile in the MRMMarulaas at 30information 20-yearJune 2020 estimatedsystem. Grade LoM block platinum models ounce are developed profile as at 30 June 2020

120 100 Marula80 20-year estimated LoM platinum ounce profile as at60 30 June 2020 40 120 Pt oz in concentrate 20 100 0 80 2021 2040 60 40 Q LoM I Q LoM IIA Q LoM II

Pt oz in concentrate 20 0 Marula 20-year estimated LoM palladium ounce profile 2021 as at 30 June 2020 2040

Q LoM I Q LoM IIA Q LoM II 120 100 Marula80 20-year estimated LoM palladium ounce profile as at 30 June 2020 Marula60 20-year estimated LoM palladium ounce profile as at 30 June 2020 40 120

Pd oz in concentrate 20 100 0 80

60 2021 2040 40 Q LoM I Q LoM IIA Q LoM II

Pd oz in concentrate 20 0

Mineral 2021 Reserve estimation and reconciliation The Mineral Reserves are refl ected in both 4E and 6E formats.2040 The updated Mineral Reserve estimate for Marula as at 30 June Rounding of numbers may result in minor computational 2020 is tabulatedQ LoM I Q LoMon IIApage Q LoM 70. II The corresponding estimated discrepancies. The conversion and classifi cation of Mineral attributable Mineral Reserves are summarised on page 35. The Reserves at Marula is informed by: Mineral Reserves quoted refl ect the grade delivered to the mill • Feasible mine plan and project studies, Board approval and available funding rather than the in situ channel grade quoted in respect of the The Mineral Reserves are refl ected in both 4E and 6E formats. Mineral Reserve estimation and reconciliation • Economic testing at given market conditions (price deck) Mineral Resources. The modifying factors used in the UG2 Mineral Rounding of numbers may result in minor computational The updated Mineral Reserve estimate for Marula as at 30 June • Measured Mineral Resources are classifi ed as Proved and Reserve estimate are based on the mine plan, which envisages discrepancies. The conversion and classifi cation of Mineral 2020 is tabulated on page 70. The corresponding estimated Probable Mineral Reserves if the mine plan passed economic hybrid and conventional breast mining operations. An economic Reserves at Marula is informed by: attributable Mineral Reserves are summarised on page 35. The testing and is approved for funding profi tability test was conducted at each shaft, in particular also • Feasible mine plan and project studies, Board approval and SUSTAINABLEMineral Reserves quoted refl ect theDEVELOPMENT grade delivered to the mill • Proved Mineral Reserves are those areas where the main to conduct so-called tail-cutting at the end of a shaft’s life. available funding rather than the in situ channel grade quoted in respect of the development has been completed Mineral Resources. The modifying factors used in the UG2 Mineral • Economic testing at given market conditions (price deck) Reserve estimate are based on the mine plan, which envisages • Measured Mineral Resources are classifi ed as Proved and Marulahybrid focuses and conventional on addressingbreast mining operations. those An social, economic MarulaProbable is Mineral determined Reserves if the to mine maximise plan passed theeconomic benefits profi tability test was conducted at each shaft, in particular also testing and is approved for funding IMPLATS economicto conduct and so-called environmental tail-cutting at the end issues of a shaft’s that life. of• Provedthe mine MineralMINERAL forReserves RESOURCE its AND localare MINERAL those communities RESERVE areas STATEMENTwhere the 2020 main and 69 development has been completed are seen as having a material impact on the social investment strategy focuses on the long-term success of the business, the addressing the urgent needs identified in these IMPLATS sustainability of the economy, the environment areas. PreferenceMINERAL RESOURCE AND is MINERAL given RESERVE to STATEMENT local 2020contractors69 and the communities in which we operate or and suppliers of goods and services. that are important to key stakeholders. The Makgomo Chrome is a joint venture that pursuit of sustainable development and zero assists local communities with the extraction harm are seen as competitive imperatives. and marketing of chrome from tailings.

5 HISTORY

Platinum was first discovered in the area by renowned explorer Hans Merensky on the nearby farm Maandagshoek (now Modikwa Platinum) in the 1920s. In June 1998, Implats acquired the Winnaarshoek property from Platexco, a Canadian-based company. The mineral rights to portions of the adjacent farms of Clapham and Forest Hill and a sub-lease to Driekop were subsequently acquired from Anglo Platinum in exchange for Hendriksplaats (part of Modikwa Platinum) so consolidating the Marula mine area. The exploration programme was expanded and some 750 surface boreholes have been drilled to date. The establishment and development of the mine commenced in October 2002.

BLACK ECONOMIC EMPOWERMENT

Black economic empowerment forms a key component of the Marula operation and our partners together own 27% of the company. Each of the following parties hold a 9% stake in the business: • The Marula Community Trust ensuring sustainable benefit flows to the local community over the life of the mine and beyond; • Tubatse Platinum, a broad-based HDSA empowerment consortium from local business; and • Mmakau Mining, an established mining entity.

Implats, as the largest stakeholder, brings technical, managerial, financial and operational expertise to the mine.

6 marula – key statistics

MARULA – KEY STATISTICS FY2020 FY2019 Production Tonnes milled ex mine (000t) 1 636 1 772 Headgrade (6E) (g/t) 4.70 4.40 6E in concentrate production (000oz) 210 217 Labour efficiency Tonnes milled per employee costed* (t/man/annum) 386 445 Cost Cost of sales (Rm) (2 865) (2 676) On-mine operations (Rm) (2 004) (2 027) Processing operations (Rm) (251) (264) Other (Rm) (610) (385)

(Rm) 2 255 2 291 Total cost (US$m) 144 161 Unit costs (R/t) 1 378 1 293 per tonne milled (US$/t) 88 91

per 6E ounce (R/oz) 10 713 10 562 in concentrate (US$/oz) 683 744 Financial ratios Gross margin ex mine (%) 45.7 10.1 EBITDA (Rm) 2 583 469 Capital expenditure (Rm) 340 152 (US$m) 22 11 Safety LTIFR (pmmhw+) 6.71 13.41 FIFR (pmmhw+) – – Labour complement Own employees (no) 3 325 3 312

* ContractorsAverage working cost employees (no) 1 035 760 + Per million man hours worked

7 CONTACT DETAILS

HEAD OFFICE 2 Fricker Road, Illovo, 2196 Private Bag X18, Northlands, 2116 Tel: +27 (11) 731 9000 E-mail: [email protected] www.implats.co.za

Group Executive: Corporate Affairs Johan Theron Tel: +27 (11) 731 9013 E-mail: [email protected]

Executive: Corporate Affairs Emma Townshend Tel: +27 (21) 794 8345 E-mail: [email protected]

Group Head: Corporate Communications Alice Lourens Tel: +27 (11) 731 9033 E-mail: [email protected]

DECEMBER 2020