IMP 201510300014A
First quarter production report for the period 1 July to 30 September 2015

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 2015

Johannesburg, 30 October 2015: Implats has released its first quarter production results for
the period 1 July to 30 September 2015.

CEO Terence Goodlace commented: “The Group completed the R4 billion equity raising and the
balance sheet has been positioned as planned. Group production for the quarter was impacted
by a lock-up of platinum group metals in the Rustenburg smelter as a result of scheduled
maintenance and Section 54 safety stoppages which contributed to lower than planned stoping
volumes at Impala. The mining plan introduced at Zimplats in 2015 has gained momentum
resulting in restored platinum output and Mimosa and Two Rivers performed in line with
expectations. The implementation of the response plan for the lower-for-longer PGM prices is
being advanced as we focus on shorter term cash preservation and profitability in a low price
environment and continue our investment into key capital projects.”

                                                       Unaudited             Unaudited              Unaudited
  Operational information                            Quarter ended          Quarter ended         Quarter ended
                                                   30 September 2015       30 June 2015        30 September 2014
  Group Gross Refined Production
  Platinum                              000oz                  304              344                 280
  Palladium                             000oz                  191              203                 197
  Rhodium                               000oz                   41               46                  36
  Nickel                                 000t                3 971            4 337               3 788



  Managed operations
  Impala
  Tonnes Milled                          000t                2 989            2 683              1 286*
  Grade (6E)                              g/t                 4.04             4.12               4.23*
  Merensky Ore Milled                      %                    47               45                 50*
  Refined Platinum Production           000oz                  123              180                 79*

  Marula
  Tonnes Milled                          000t                  440              459                 381
  Grade (6E)                              g/t                 4.41             4.25                3.92
  Platinum in Concentrate               000oz                   21               20                  16
                                                                                                            
  Zimplats
  Tonnes Milled                         000t               1 614             1 422                 1 315
  Grade (6E)                             g/t                3.46              3.46                  3.46
  Platinum in Matte                   000oz                   66                35                    52


  Jointly-managed operations
  Mimosa
  Tonnes Milled                         000t                 672               663                   636
  Grade (6E)                             g/t                3.95              3.94                  3.92
  Platinum in Concentrate             000oz                   31                30                    29



  Impala Refining Services (IRS)
  Refined Platinum Production         000oz                  181               165                   202

                                                                        *Post-strike ramp-up affected quarter


SAFETY
Safe production remains our principle priority and is a key component in delivering on the
Group’s strategic objectives. Regrettably, an employee passed away in a fall-of-ground incident
at the jointly-managed Mimosa operation. The board of directors of Implats and the
management team have extended their sincere sympathies to the family, friends and colleagues
of Mr Erik Mukazi.

The Fatal Injury Frequency Rate (FIFR) across the Group improved by 47% during the quarter
(0.031 per million man hours worked compared to 0.058 achieved in the 2015 financial year).
Notwithstanding this however, the Total Injury Frequency Rate (TIFR) deteriorated to 13.09 per
million man hours worked.

PRODUCTION
Gross refined platinum production during the quarter increased by 8.6% to 304 000 ounces,
compared to 280 000 ounces achieved in the prior corresponding period. This was primarily due
to the impact of the ramp-up of operations at Impala Rustenburg following the five-month wage
strike in the previous comparable quarter. Production during the quarter was impacted by
planned furnace maintenance at the Rustenburg smelters resulting in a lock-up of 54 000
ounces of platinum. Consequently, refined platinum production decreased by 11.6% to 304 000
ounces when compared to 344 000 ounces achieved in the previous quarter ended
30 June 2015.      Zimplats and Mimosa increased platinum output, while production declined
marginally at Marula.

Impala
Production in the quarter was impacted by a lock-up of material in the smelter due to planned
maintenance as both No.3 and No.5 furnaces were taken off-line, safety stoppages, which
contributed to lower than planned stoping volumes, as well as the initiation of closure
proceedings at 8 Shaft and 12 Shaft mechanised section. While, refined platinum production
improved significantly from the ramp-up affected comparable quarter in the prior year, refined
platinum volumes decreased to 123 000 ounces from 180 000 ounces in the immediately prior
quarter.

Refurbishment of a third smelting unit, the number 4 furnace, commenced in July 2015 and is
scheduled for completion by the end of November 2015. Three furnaces will then be operational
and all stockpiled material should be processed by the end of the March 2016. The additional
furnace will provide further opportunity for business optimisation and toll refining.

Increased development from replacement shafts impacted mill grade negatively during the
quarter resulting in a decline from 4.12g/t to 4.04g/t. Measures have been adopted to address
this with increased Merensky tonnage planned from 16 and 20 Shafts towards year-end and
improving mining quality in other mining areas. Production guidance for the full year is
maintained at 720 000 to 740 000 platinum ounces.

Marula
Tonnes milled during the review period increased by 16% to 440 000 tonnes, compared to
381 000 tonnes in the prior corresponding period as an unprotected labour stoppage, a fatal
incident and safety closures at the mine impacted production in the previous comparable period.
Head grade improved by 13% to 4.41g/t and platinum in concentrate production increased by
25% to 21 000 ounces, compared to 16 000 ounces in the prior corresponding period.

When compared to the immediately prior quarter, tonnes milled decreased by 4% to 440 000
tonnes, compared to 459 000 tonnes. Head grade improved by 3.8% to 4.41g/t and platinum in
concentrate production increased to 21 000 ounces, compared to 20 000 ounces in the previous
quarter. Community activism affecting production continues to be addressed by management at
Marula. Production for the year is still estimated to be between 80 000 to 85 000 ounces of
platinum in concentrate.

Zimplats
Mill throughput increased by 23% to 1.61 million tonnes, compared to 1.32 million tonnes in the
prior corresponding period due to the safety closure of the Bimha Mine in August 2014, following
a collapse within a section of the underground working area. As a result, platinum in matte
increased by 14 000 ounces (27%) to 66 000 ounces, compared to 52 000 ounces in the prior
corresponding period a year ago.

Mill throughput increased by 13.5% to 1.61 million tonnes, compared to 1.42 million tonnes in
the previous quarter ended 30 June 2015, as the benefits of open pit mining and re-
establishment at Bimha started to materialise. As a result, platinum in matte increased by
14 000 ounces (27%) to 66 000 ounces, compared to 35 000 ounces in the previous quarter,
which was affected by a lock-up of approximately 27 000 ounces of platinum in concentrate after
a furnace outage following a shell break-out incident in May 2015.
Head grade was maintained at 3.46g/t. Material stock-piled during the Zimplats smelter outage
could not be processed during this quarter due to capacity constraints at the Rustenburg smelter
and will only be treated by IRS from November 2015 once the third furnace is brought on-line.
Platinum in matte production for the full year is maintained at between 250 000 and 260 000
ounces.

Mimosa
Tonnes milled during the period increased by 1.4% to 672 000 tonnes, compared to 663 000
tonnes in last quarter and 636 000 tonnes in the quarter a year ago. The increased throughput
together with a slightly improved grade and recoveries at the mine improved platinum production
to 31 000 ounces, compared to 30 000 ounces in the prior quarter and 29 000 in the prior year.
Platinum in concentrate production is expected to be maintained at around 110 000 ounces for
the full year.

IRS
IRS refined platinum production during the period increased to 181 000 ounces, compared to
165 000 ounces in the prior quarter both periods being impacted by the Zimplats smelter lock-
up. This was lower than the 202 000 ounces produced in the comparable quarter a year ago
when additional material was released following the strike.

EQUITY RAISING
During the period, the Group successfully raised R4 billion through an equity raise, which will be
spent on the completion of Impala Rustenburg’s 16 and 20 Shafts.

OUTLOOK
The Group confirms that full year refined production for the year will be between 1.45 and 1.50
million ounces of platinum for the year ending 30 June 2016. Group unit costs are expected to
be approximately R20 000 per platinum ounce for the full year in line with guidance.

The above information has not been reviewed or reported on by the Group’s external auditors.


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

Johannesburg
30 October 2015

Sponsor to Implats
Deutsche Securities (SA) Proprietary Limited

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