Impala Platinum Holdings Limited reported production results for the six months ended December 31, 2023. Implats delivered strong production volumes and commendable cost control in H1 FY2024, despite navigating several serious challenges as well as an increasingly constrained operating environment caused by the significant retracement in rand PGM pricing. Achieved volumes benefitted from the maiden interim consolidation of Impala Bafokeng in the period.

However, notable improvements were achieved on a like-for-like basis (excluding Impala Bafokeng's contribution) at the Group's mining and processing operations. Input inflation continued to ease, but rand depreciation persisted, adversely impacting the translated dollar cost and capital base of Zimbabwean and Canadian assets. Gross Group 6E production increased by 18% to 1.90 million 6E ounces from 1.62 million 6E ounces for the half year ended 31 December 2022 (the "comparative period"), with like-for-like gains of 2%.

Production from managed operations increased by 28% to 1.51 million 6E ounces, with a like-for-like improvement of 7% from the collective production base at Impala Rustenburg, Marula, Zimplats and Impala Canada: Impala Rustenburg increased production by 11% to 675,000 stock-adjusted 6E ounces, demonstrating a step-change in operating momentum A maiden interim contribution of 254,000 6E ounces in concentrate from Impala Bafokeng was recorded in the period Performance at Marula was negatively impacted by lengthy safety stoppages in the period and 6E concentrate production declined by 12% to 113,000 ounces Zimplats benefitted from higher installed milling capacity and delivered a 9% increase in 6E matte production to 328,000 ounces Impala Canada delivered a 1% gain in 6E in concentrate production to 144,000 ounces, with high grade feed offsetting lower milled volumes. Refined 6E production, which includes saleable ounces from Impala Bafokeng and Impala Canada, increased by 19% to 1.75 million 6E ounces (4% on a like-for-like basis). The period was characterised by a noticeable reduction in the frequency and intensity of load curtailment, with minimal attributable production foregone and deferred across southern African managed and JV operations during the period.

The scheduled rebuild of Number 5 furnace at Impala Rustenburg was initiated in mid-December 2023, with the planned recommissioning set for April 2024. Implats ended H1 FY2024 with excess inventory of approximately 330,000 6E ounces. Sales volumes of 1.70 million 6E ounces, including saleable production from Impala Canada and Impala Bafokeng, increased by 12% (2% lower on a like-for-like basis).

The notable decline in US dollar basket pricing was only partially offset by depreciation in the rand exchange rate and Group sales revenue decreased to circa R25 795 per 6E ounce sold.