Implats elects not to exercise its option to increase its stake in the Waterberg Project IMPALA PLATINUM HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1957/001979/06) JSE Share code: IMP ISIN: ZAE000083648 JSE Convertible Bond Stock Code: IMCB22 JSE Convertible Bond ISIN: ZAE000247458 ADR code: IMPUY (“Implats” or “the Group”) Implats elects not to exercise its option to increase its stake in the Waterberg Project Implats refers to its SENS announcement of 16 October 2017, regarding its strategic investment in the Waterberg Development Project (the project) and its right to acquire majority ownership in the project through the exercise of a sale and subscription option following completion of a definitive feasibility study (“DFS”). The Board of Implats has elected not to exercise the current option arrangement to acquire up to 50.1% from the joint venture partners ("JV partners"). Implats will, however, retain its 15% ownership in the project. The original investment decision was informed by Implats’ stated strategy to rebalance its portfolio of mining assets towards lower risk, shallow and mechanisable orebodies. The final decision to increase participation in the project was always dependent on the outcomes of the DFS. Following completion of this study, which was approved by the JV partners in December 2019, the following key considerations, among others, were considered in assessing the Group’s appetite for increasing its participation in the project: • The long-term PGM demand outlook combined with the project schedule and production ramp-up profile. • Implats’ funding and return requirements at 50.01% shareholding in the context of the Group’s capital allocation framework, which prioritises balance sheet strength and shareholder returns. • More recently, the implications of the Covid-19 pandemic on the global economic outlook. • Investor financing appetite for large greenfield projects in general. After taking these considerations into account, the Implats Board resolved that the Group will not exercise its option to increase its shareholding in the project at this time. Implats reiterates its support for both the project and its JV partners. The Group intends to remain an active participant in the project at its current 15% shareholding, including funding its share of costs depending on future implementation decisions taken by all the JV partners. In addition, the Group confirms that its rights relating to the concentrate offtake from the project remains unchanged and affirms its commitment to continue negotiations in this regard with the JV partners in good faith. Costs associated with further study and optimisation work to de-risk the project implementation programme will continue to be funded by Implats, up to a maximum of R55 million as previously announced, with planned studies expected to be complete by mid-August 2020. Queries: Johan Theron E-mail: johan.theron@implats.co.za T: +27 (0) 11 731 9013/43 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 Alice Lourens E-mail: alice.lourens@implats.co.za T: +27 (0) 11 731 9033/43 M: +27 (0) 82 498 3608 17 June 2020 Johannesburg Sponsor to Implats Nedbank Corporate and Investment Banking Date: 17-06-2020 08:38:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.