IMP 201410290017A
First quarter production report for the period 1 July to 30 September 2014

IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE Share code: IMP
ADR code: IMPUY
ISIN: ZAE000083648
(“Implats” or “the Group”)

First quarter production report for the period 1 July to 30 September 2014

                                                              Unaudited             Unaudited
          Operational information                           Quarter ended         Quarter ended
                                                          30 September 2014     30 September 2013
 Implats Gross Refined Production
 Platinum                                         000oz                  280                  376
 Palladium                                        000oz                  197                  228
 Rhodium                                          000oz                   36                   45
 Nickel                                            000t                  3.79                 3.88

 Impala
 Tonnes Milled                                     000t                 1 286                3 000
 Grade (6E)                                         g/t                  4.23                 4.35
 Merensky Ore Milled                                 %                    50                   44
 Refined Platinum Production                      000oz                   79                  195

 Marula
 Tonnes Milled                                     000t                  381                  453
 Grade (6E)                                         g/t                  3.92                 4.25
 Platinum in Concentrate                          000oz                   16                   20

 Zimplats
 Tonnes Milled                                     000t                 1 315                1 509
 Grade (6E)                                         g/t                  3.46                 3.46
 Platinum in Matte                                000oz                   52                   60



 Mimosa
 Tonnes Milled                                     000t                  636                  611
 Grade (6E)                                         g/t                  3.92                 3.94
 Platinum in Concentrate                          000oz                   29                   26

 IRS
 Refined Platinum Production                      000oz                  202                  181

 Group Unit Costs (excluding SBP)                  R/oz                26 698               16 488



 Prices Achieved
 Platinum                                        US$/oz                 1 457                1 440
 Palladium                                       US$/oz                  866                  723
 Rhodium                                         US$/oz                 1 224                 982
 Nickel                                           US$/t                20 688               13 907
 Average exchange rate                              R/$                 10.70                10.00
SAFETY
Implats deeply regrets to report that four employees and one contractor passed away during the
quarter in work-related incidents. Four of the fatal incidents occurred at Impala Rustenburg and
one at Marula. The board of directors and the management team have extended their sincere
sympathies to the family, friends and colleagues of those that have passed away.

Following the fatal incidents at Impala Rustenburg, all affected shaft and production units were
stopped for an extended period to fully investigate each incident and agree a detailed remedial
plan. In addition, all mining operations at the mine were suspended for a period of four days to
mourn the tragic loss of our colleagues. Management actively consulted all key stakeholders,
including employees, union leaders and representatives from the Department of Mineral
Resources (DMR), in a collaborative effort to review the Impala Rustenburg safety plan. This
plan has been amended to include a Critical Safe Behaviours programme, one of a number of
new initiatives.

Notwithstanding these tragic incidents, the Lost Time Injury Frequency Rate (LTIFR) across the
Group improved by 33% during the review period (2.61 per million man hours worked compared
to 3.92 achieved in the 2014 financial year). Safe production remains our priority and is a key
component in delivering on the company’s strategic objectives.

PRODUCTION
Gross platinum production during the period decreased by 25.5% to 280 000 ounces, compared
to 376 000 ounces achieved in the prior corresponding period. This was primarily due to lower
production at Impala Rustenburg as it ramps-up operations following the five-month wage strike
which ended in June 2014. Lower production from Zimplats, impacted by the Bimha Mine safety
closure, and safety and industrial action stoppages at Marula, also impacted production.
Platinum production at Mimosa increased by 11%, while Two Rivers maintained production
levels at 44 000 platinum ounces. Impala Refining Services (IRS) throughput increased by 11%
largely due to the timing of the treatment of stockpiled material.

Impala
Mill throughput decreased by 57% to 1.29 million tonnes during the period, compared to
3.0 million tonnes in the prior corresponding period. This was a result of the operational re-start
and ramp-up following the protracted wage strike. Refined platinum production declined by 59%
to 79 000 ounces in line with the lower milled production, compared to 195 000 ounces in the
prior corresponding quarter.

Good progress in re-starting the operation during the first two months of the quarter was
interrupted by four separate fatal incidents at the mine and the subsequent closure of the mining
operation. However, full production is now imminent, and notwithstanding the delay, production
guidance for the half-year and full-year is maintained at 250 000 and 575 000 platinum ounces
respectively. A strategic review of all operations and projects has been initiated and remains on
schedule for completion by December 2014 and will be communicated to stakeholders at the
time of release of the interim results in February 2015.
Marula
Tonnes milled during the review period declined by 16% to 381 000 tonnes, compared to
453 000 tonnes in the prior corresponding period. Production was impacted by an unprotected
labour stoppage with an effective loss of a week’s production, a fatal incident and other DMR
safety closures at the mine. Lower mining production and mill grade, which declined by 8% to
3.92 g/t, were partially offset by improved recoveries. As a result, platinum in concentrate
production decreased by 20% to 16 000 ounces, compared to 20 000 ounces in the prior
corresponding period.

Zimplats
Mill throughput during the period decreased by 13% to 1.32 million tonnes, compared to
1.51 million tonnes in the prior corresponding period. The lower throughput was attributable to
the safety closure of the Bimha Mine in August 2014, following a collapse within a section of the
underground working area triggered by the accelerated deterioration of ground conditions
associated with the Mutambara Shear. As a result, platinum in matte decreased by
8 000 ounces (13%) to 52 000 ounces, compared to 60 000 ounces in the prior corresponding
period.

Six out of the eight mining crews and their fleets at the Bimha Mine have been successfully
redeployed at other mining operations to mitigate the production impact. Together with the
ramp-up of the Phase 2 expansion project scheduled to reach full production during the second
half of the financial year, platinum production is now only expected to be negatively impacted by
30 000 platinum ounces compared to the original guidance of 70 000 ounces for the financial
year. The re-engineering of mining operations and further production mitigation measures at the
Bimha Mine are ongoing.

Mimosa
Tonnes milled during the period increased by 4% to 636 000 tonnes, compared to 611 000
tonnes in the prior corresponding period. The increased throughput together with improved
recoveries at the mine improved platinum production by 12% to 29 000 ounces, compared to
26 000 ounces in the prior corresponding period.

IRS
IRS refined platinum production during the period increased by 11% to 202 000 ounces,
compared to 181 000 ounces in the prior corresponding period.

CAPITAL EXPENDITURE
Capital expenditure in the first quarter amounted to R875 million, down from R1.143 billion in the
previous corresponding period. This was largely due to the restart of the major projects
following the strike at Impala Rustenburg and the reduced spend at Zimplats as the Phase 2
expansion project nears completion.
GROUP UNIT COSTS
In line with reduced platinum production, Group unit costs rose by 62% to R26 698 per platinum
ounce compared to R16 488 achieved in the previous corresponding period.

The Group’s gross cash at the end of the quarter under review was R3.3 billion.

Johannesburg
29 October 2014

Queries:

Johan Theron                                    Alice Lourens
Group Executive: Corporate Relations            Group Corporate Relations Manager
E-mail: Johan.Theron@implats.co.za              E-mail: Alice.Lourens@implats.co.za
Tel:    +27 11 731 9013/43                      Tel:    +27 11 731 9033/43
Cell:   +27 82 809 0166                         Cell:   +27 82 498 3608

Sponsor
Deutsche Securities (SA) Proprietary Limited

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