Disclaimer. Implats. Share price (US$ equivalent)

Transcription

1 Implats a superior platinum investment Denver Gold Forum September 25

2 1 Disclaimer The content of this presentation is for information purposes only and is not intended to serve as financial, investment or any other type of advice. This presentation may contain certain forwardlooking statements concerning Implats' operations, economic performance and financial condition, and plans and expectations. These statements, including without limitation, those concerning the economic outlook for the platinum group metals (PGM) industry and market, expectations of PGM prices, production, the commencement and completion of certain exploration and production projects, may contain forward-looking views. Such views involve both known and unknown risks, assumptions, uncertainties and other important factors that could materially influence the actual performance of the company. No assurance can be given that these will prove to be correct and no representation or warranty express or implied is given as to the accuracy or completeness of such views or as to any of the other information on this presentation. Implats' future results may differ materially from past or current results, and actual results may differ materially from those projected in the forward-looking statements. Note that US dollar numbers are provided merely as a guide and have not been audited. Forwardlooking numbers (capital expenditure) have been calculated using current rates of exchange and are presented only as a guide. 2 Implats Second largest PGM producer in the world Total production of Moz platinum in FY25 around 25% of global supply Premier global platinum investment, consistently delivering on production growth targets and cost efficiencies share price appreciation returning substantial dividends to shareholders Cost-effective long-term growth programme Share price (US$ equivalent) 2/1/4 21/1/4 22/1/4 23/1/4 24/1/4 25/1/

3 3 Our business To maximise shareholder returns through a strategic focus on our core competencies as a PGMs producer, refiner and marketer 1. Mine-to-market operations our primary focus 2. Impala Refining Services (IRS) maximises use of core group competencies in processing and refining 3. Investments where these add value Aquarius Platinum and Ambatovy Nickel Nickel, 1.5% Palladium, 8.5% Rhodium, 1.7% Contribution by metal Other, 5.5% Platinum, 64.8% 4 Financial highlights $m FY25 FY24 % change Sales 2,23 1, Profit after tax Headline earnings per share Dividends per share Cash net of short-term debt

4 5 Operations on the world s premier deposits gafhffdjgh 6 Good platinum market fundamentals surplus/deficit oz CY99 CY CY1 CY2 CY3 CY4 CY5 CY6 CY7 price $/oz

5 7 Palladium surplus continues surplus/deficit oz 1,5 1, , CY99 CY CY1 CY2 CY3 CY4 CY5 CY6 CY7 price $/oz Platinum reserves and resources Moz of platinum attributable reserves and resources as at 3 June 25 Aquarius, 1% Mimosa, 2% Two Rivers, 1% Impala Platinum, 34% Zimplats, 57% Marula Platinum, 5% 4

6 9 Impala Platinum the group flagship (1%) Largest single platinum producing entity in the world produced Moz platinum in FY25, 26,9 employees Life-of-mine of 3 years Mining 13 shafts and five declines; 2 new shafts under construction Mineral Processes concentrating and smelting operations Base metal and precious metal refineries 1 Marula Platinum (1%*) 14, oz platinum pa Currently in ramp-up phase Currently converting operations to conventional stoping to better suit the orebody Life-of-mine of 17 years * 2% allocated for BEE partners 5

7 11 Two Rivers Platinum (45%) Project go-ahead given in FY25 Planned capital expenditure of around $194 million Project plan includes Mining of 2.2 mt ore pa Annual production of 12, oz platinum Full production scheduled for 28/9 Life-of-mine of 2 years 12 Zimplats (86.9%) Largest platinum resource outside of South Africa Potential to become a 1 million Pt ounce pa mine the same as Impala Implementing change-over from higher cost opencast tonnes to lower cost underground ore Margins of 2% Underground expansion to 145 oz platinum pa at a cost of $1 million approved with certain provisos 6

8 13 Mimosa (5%) One of lowest cost producers in industry Margins of 3% Expansion to 86,5 platinum oz approved 14 Impala Refining Services (1%) Undertakes processing of third party material toll-refining activities concentrate purchases autocatalyst recycling IRS headline platinum production 8 Headline production of 7, platinum ounces in FY25 ozs FY1 FY2 FY3 FY4 FY5 7

9 15 Aquarius Platinum Equity stakes: Aquarius Platinum 8.6% Aquarius Platinum South Africa 2% Three mines: Kroondal (194, Pt oz) Marikana (64, Pt oz) Everest (145, Pt oz) under construction gaf 16 Ambatovy nickel project $2.25 billion joint venture: Implats 37.5% Dynatec 37.5% Sumitomo 25% Planned production: 6, tpa nickel and 5,6 tpa cobalt Detailed feasibility study underway decision by June 26 If given go-ahead production due to start in 29 Estimated life-of-project of 27 years IRR of 15-2% gaf 8

10 17 Current shareholding Europe (other) 6% Other/below threshold 5% USA/Canada 21% South Africa 58% UK 1% 1% free float Offshore holding of more than 4% 18 Investment case Prospects for PGMs and nickel remain sound Consistent growth in production target of 2.3Moz platinum for FY21 Superior shareholder returns Attractive dividend yields ozs Planned growth in platinum production Undemanding PEs 1 5 FY99 FY FY1 FY2 FY3 FY4 FY5 FY6 FY7 FY8 FY9 FY1 Mine to market 3rd party processing Zimbabwean expansions 9

11 DENVER GOLD FORUM September 25 How to invest in Implats: Johannesburg (JSE): IMP London (LSE): United States (Level 1 ADR): IPLA IMPUY 2 Group structure IMPLATS Mine to market operations Impala Refining Services (IRS) (1%) Strategic holdings Impala Platinum Marula Platinum Zimplats 1% 1%* 86.9% Concentrate offtake agreements Aquarius Platinum (8.6%) 51% Aquarius Platinum SA (2%) Mimosa 5% Toll refining Two Rivers 45% * 2% to be allocated to BEE ownership 1

12 Implats a superior platinum investment DENVER GOLD FORUM September 25 11