Royal Bafokeng Platinum : Annual Results booklet

Annual Results

for the year ended 31 December 2022

Creating economic value for all our stakeholders by delivering More than mining

OUR BUSINESS AT A GLANCE

We are a mid-tier producer of platinum group metals (PGMs) listed on the Johannesburg Stock Exchange (JSE). Our operations are on shallow long-life Merensky and UG2 ore bodies located on the Bushveld Igneous Complex in the North West province of South Africa. We focus on extracting value from the PGMs and base metals we mine, which make a difference in people's lives with the aim of achieving our purpose of creating economic value for all our stakeholders by delivering More than mining.

We own and operate two mines and two concentrators

Our mines

Bafokeng Rasimone Platinum Mine (BRPM), North and South shafts

Both are twin decline shafts with an average mining depth of 450m. The mining methods applied are conventional and hybrid mining, mining both the Merensky and UG2 reefs

Styldrift Mine (Styldrift)

A twin vertical shaft with an average mining depth of 680m. It is a mechanised bord and pillar mining operation, currently only mining the Merensky reef

Our concentrators

BRPM concentrator

A 250ktpm capacity traditional MF2 process plant

Maseve concentrator

A 180ktpm capacity traditional MF2 process plant

EXPLORATION

MINING

CONCENTRATING

Major shareholders*

40.71% Impala Platinum Holdings Limited (Implats)

34.52% Northam Platinum Holdings Limited (Northam)

9.27% Public Investment Corporation (PIC)

3.28% Royal Bafokeng Holdings Proprietary Limited

2022

CONCENTRATE sold to Anglo American Platinum Limited (Amplats) through its wholly owned subsidiary, Rustenburg Platinum Mines Limited, who smelt, refines, and markets our product

* As at 31 December 2022

ROYAL BAFOKENG PLATINUM

Annual Results for the year ended 31 December 2022

OUR PURPOSE

To create economic value for all our stakeholders by delivering More than mining

OUR VISION

To seek and deliver the good from mining

OUR MISSION

To leave a lasting legacy of sustainable benefits for our stakeholders

OUR VALUES

Safety and people first

Mining is a high-risk business and cannot succeed without total trust, respect, teamwork and an uncompromising commitment to safety and people first

Promises delivered

We do what we say we will do

Mutual interests and mutual rewards

We have mutual goals and mutual interests and we depend on each other to realise our vision and mission.

We operate in good faith, openly and transparently

Our More than mining philosophy, which commits RBPlat to creating value for society, underpins our ability to create the social, human, intellectual and natural capital we need to be sustainable and perform well in the future.

ROYAL BAFOKENG PLATINUM	01
Annual Results for the year ended 31 December 2022

OUR PERFORMANCE IN 2022

Our commitment to achieving our purpose drives our performance. The past year has been a challenging one for RBPlat, during which we have remained focused on delivering on our purpose and our strategy with the aim of creating value for all.

We have done so by delivering on our commitments to our shareholders and to society, which include our environmental stewardship.

FINANCIAL CAPITAL

• EBITDA of

R5 993.9 million

(2021: R8 530.6 million)

• Headline earnings per share of

1 203.1 cents

(2021: 2 324.6 cents)

• Net cash position of

R4 353.1 million

(2021: R4 898.4 million)

• 780.0 cents per share dividend declared

HUMAN CAPITAL

• One fatality (2021: one fatality)
• Three million fatality-free shifts on 22 July 2022
• 28.0% improvement in our serious injury frequency rate (SIFR)
• Invested R111.1 million in training and development
• 80% of our Exco members are black and
  60% of our Exco members are black women

NATURAL CAPITAL

• A- score for our voluntary participation in the CDP water security
• B score for our voluntary participation in the CDP climate change
• Group carbon intensity 0.131tCO2e/ tonne milled (scope 1 and 2 emissions)
• Water efficiency 0.808kl/tonne milled

MANUFACTURED CAPITAL

• 3.1% decrease in 4E built-up

headgrade to 3.74g/t (2021: 3.86g/t)

• 3.9% decrease in 4E ounces to

449koz (2021: 467koz)

• 22.0% increase in cash cost per

4E ounce to R20 465 (2021: R16 770)

SOCIAL AND RELATIONSHIP CAPITAL

• R12.9 million spent on community infrastructure
• R17.3 million spent on the construction of the schools in the Waterkloof Hills Estate in 2022. Together, RBPlat and the Department of Education have invested approximately R151.2 million in the schools to date
• R5.6 billion of our total discretionary procurement was spent with historically disadvantaged businesses (87% of our discretionary procurement)
• R17.4 million spent on enterprise development
• R5.8 million spent on education support

INTELLECTUAL CAPITAL

TECHNOLOGY

• Over 300 Wi-Fi access points installed underground at Styldrift as part of the establishment of an underground Wi-Finetwork
• KAELO platform reach expanded through the integration of safety, production engineering, human resources and supply chain to optimise safety, performance and cost
• Digital technology used in incident analysis

ROYAL BAFOKENG PLATINUM

02 Annual Results for the year ended 31 December 2022

STRATEGY

Towards

1 operational

excellence

	OPERATIONAL
PILLARS				exibility
				Build
STRATEGIC			2	to ensure
			sustainability

3 Grow organically

GROWTH

Pursue value

4 enhancing

opportunities

1. Optimise volumes to achieve economic sustainability
2. Achieve cost efciencies that contribute to the sustainability of the business
3. Achieve zero harm
4. Transform our workforce to achieve gender equality and inclusivity
5. Effective corporate governance designed to protect and grow value
6. Contributing to community sustainability
7. Environmental stewardship

1. Maintain our immediately mineable sections (IMS) panel ratio at BRPM
2. Creating the necessary IMS and maintaining it at Styldrift
3. Processing exibility and capacity
4. Capital allocation

3.1 Position RBPlat to compete over the long term

1. Completion of the MF2 upgrade of the Maseve concentrator
2. Conversion of BRPM South shaft to UG2 as Merensky Mineral Reserves are depleted
3. Styldrift is a relatively shallow twin vertical shaft mechanised mine with an average mining depth of 680m giving access to both Merensky and UG2 resources with a life of mine exceeding 40 years

1. Royalty agreements
2. Mergers and acquisitions
3. Gold streaming

Achieved

In progress

Not achieved

ROYAL BAFOKENG PLATINUM	03
Annual Results for the year ended 31 December 2022