Royal Bafokeng Platinum : Interim Results booklet

Condensed Consolidated Interim Results

for the six months ended 30 June 2023

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

CONCENTRATE sold to Anglo American Platinum

EXPLORATIONMINING CONCENTRATING Limited (Amplats) through its wholly owned subsidiary, Rustenburg Platinum Mines Limited, who smelt, refines, and markets our product

ROYAL BAFOKENG PLATINUM

Condensed Consolidated Interim Results for the six months ended 30 June 2023

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
Condensed Consolidated Interim Results for the six months ended 30 June 2023

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. Optimisation of the MF2 upgrade at 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

ROYAL BAFOKENG PLATINUM

02 Condensed Consolidated Interim Results for the six months ended 30 June 2023

MEASURING OUR PERFORMANCE

HUMAN AND SOCIAL

FINANCIAL

OPERATIONAL

• 184.6% deterioration in our serious injury frequency rate
• R3.1 billion discretionary procurement spend from historically disadvantaged businesses
• 46.0% of our total discretionary procurement spend is with local historically disadvantaged businesses

NATURAL

• 23.6% decline in the average basket price to R27 193.4 per 4E ounce (H1 2022: R35 599.6)
• EBITDA of R507.4 million
  (H1 2022: R3 406.1 million)
• Headline loss per share of
  113.8 cents (H1 2022: headline earnings per share of 767.3 cents)
• Net cash position of
  R4 538.4 million
  (H1 2022: R4 883.8 million)

• 2.4% increase in tonnes milled to
  2 360kt (H1 2022: 2 304kt)
• 2.9% decrease in 4E built-up head grade to 3.64g/t (H1 2022: 3.75g/t)
• 2.5% decrease in 4E ounces to 219.8koz (H1 2022: 225.5koz)
• 19.5% increase in cash cost per
  4E ounce to R22 930
  (H1 2022: R19 183)

• Environmental Impact Assessment for the construction of the solar PV plant was approved by DEDECT*
• In the process of installing solar panels at our office complexes
• Five-year(2023-2027) revised Group energy and water efficiency targets have been approved

* North West Department of Economic Development, Environment, Conservation and Tourism

ROYAL BAFOKENG PLATINUM	03
Condensed Consolidated Interim Results for the six months ended 30 June 2023