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Introducing Implats

Implats is in the business of mining,

refining and marketing the platinum

group metals and associated base metals

Implats has extensive operations on the two most

significant PGM deposits in the world:

• the Bushveld Complex in South Africa and

• the Great Dyke in Zimbabwe

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A multi-resource company

30%

4%64%

2%

Impala Marula Zimplats Mimosa

1999

69 Moz Pt 254 Moz Pt

2004

72%28%

BarplatsImpala

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Share price performance

60

80

100

120

140

160

180

200

Jul-01 Dec-01 Jul-02 Dec-02 Jul-03 Dec-03MSCI EM Index ImplatsAnglo Platinum Lonmin

Indexed to 100

Source: UBS, Reuters

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Analysis of shareholding

South Africa

USA

England, Scotland andWales

Europe

Other countries

55%

21%

12%

5%7%

45% held offshore (FY2002: 31%)

As at end December 2003:

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Metals produced

215132Rhodium

14 7008 055Nickel (tonnes)

893551Palladium

1 6731 075*Platinum

3 2002 006 Total PGMs

FY2003FY2004First half

000oz

* Includes 206 000 oz of Western Platinum material – toll refined

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Key features of the FY2004 interims

• Platinum production increases significantly

• Rand appreciation causes decline in

basket price

• Impala unit costs well-contained

• Net profit decreases to R1,1 billion

• Continued improvement in safety

• Sale of Lonplats stake progressing

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Refined platinum production

100-206Lonplats

397731 075Total

2986111Metal returned

12773869Headline production

15126145Metal purchased

9561613Mine-to-market

% changeFY2003

First halfFY2004

First half000oz

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Platinum production

103154Other and toll refining

228529Impala Refining Services

7731 075Total platinum production

-206Lonplats

6689Aquarius Platinum

826Mimosa Platinum

3538Zimplats

1616Barplats

545546Impala Platinum

FY2003First half

FY2004First half

000oz

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Sales volumes

13.66.67.5000 tNickel

3.099102Rhodium

9.6344377Palladium

13.0677765000 ozPlatinum

% change

FY2003First half

FY2004First half

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Metal prices

27.8553707$/ozPlatinum(37.5)312195Palladium (36.3)757482Rhodium36.07 0579 600$/tNickel

% change

FY2003First half

FY2004First half

(24.1)9 3537 099R revenue per Pt oz

(29.4)10.097.12Exchange rate7.6927997$ revenue per Pt oz

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Revenue received per platinum ounce

850

900

950

1000

1050

1100

FY2002 FY2003 FY20040

2000

4000

6000

8000

10000

$/oz R/oz

$/oz R/oz

First half

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Contribution to revenue by metal

Interim FY2004Interim FY2003

68%9%

6%

10%7%

59%

17%

12%

7% 5%

Platinum Palladium Rhodium Nickel Other

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Key ratios and margins

17

50

43

30

37

FY2003FY2003

First halfFY2004

First half

1422IRS

5635Impala lease area

4731Gross

Margins

3817Return on assets

4322Return on equity

Ratios

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Contributions to net profit

149

(2)

(1)

2

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21

28

90

FY2004First half

FY2003 First half

$m

1Mimosa Platinum

2IRS

199Total

3Zimplats*

1 Barplats

3Aquarius Platinum

36Lonplats

153Impala Platinum Limited

* Elimination of unearned profit

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Group capex

0

50

100

150

200

250

FY2002 FY2003 FY2004

Impala Barplats Marula Zimbabwe

$m

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Three-pronged strategy

• Mine-to-market

• Impala Refining Services

• Strategic alliances and investments

Impala Marula Mimosa Zimplats

Lonplats Aquarius Two Rivers

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Impala Platinum

• Implats primary operating unit – comprises the mining operations on the Impala lease area, Mineral Processes and Refineries

• Mining operations include 13 shaft systems and one decline – four additional declines are being developed

• 30-year plan to produce 1 million ounces annually

• Significant royalty agreement in place with the Royal Bafokeng Nation

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Marula Platinum

• 20% BEE participation

• Commissioning of surface infrastructure going well

• On-reef decline development behind schedule

• Target production of 100 000 Pt oz pa

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Marula Platinum

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Zimplats

• Shareholding - 82%

• Current production of 85 000oz Pt per annum

• Significant expansion opportunities

Potential Pt production (000oz)

0

100

200

300

400

2004 2006 2008 2010

Current

Phase 1

Phase 2

Phase 3

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Mimosa Platinum

• Currently at full production of 65 000 oz Pt

per annum

• One of the lowest cost producers in the world

• Phase 2 expansion being evaluated –

potential doubling of output by 2007

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Working in Zimbabwe

• Working relationship with Government

• Approval for foreign currency accounts

• Able to import fuel and capital goods

• Power - paid for in dollars

• Exchange rate issues

• Indigenisation programme:• Zimplats – heads of agreement signed

with Needgate; funds being raised

• Mimosa – negotiations underway

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Lonplats

• Transaction is still under cautionary

• Progressing sale of 27.1% holding - $800 million

• Two pre-conditions

• Reasonable assurance on BEE credits

• Suitable financing arrangements

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Platinum price

R/oz$/oz

300

450

600

750

900

Jul-01 Nov-01 Mar-02 Jul-02 Nov-02 Mar-03 Jul-03 Nov-0330003500400045005000550060006500

$/oz R/oz

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Platinum supply and demand

6 6206 550Total supply

(510)(345)Net deficit

7 1306 895Total demand

1 6701 610Industrial/investment

2 8452 625Jewellery

2 6152 660Automobile

Demand

20022003000oz

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Overview – platinum market

• Price at a 24-year high in US dollars

• High and volatile prices impact on

jewellery market

• Tighter emission legislation and further

growth in diesel vehicle sales have

supported demand

• Growth in RoW vehicle sales becoming a

factor

• Heightened profile for fuel cell activity

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Palladium price

0

100

200

300

400

500

600

Jul-01 Feb-02 Sep-02 Apr-03 Nov-030

1000

2000

3000

4000

5000

$/oz R/oz

$/oz R/oz

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Palladium supply and demand

6 8956 625Total demand

7 1407 150Total supply

245525Net surplus

615605Other

770815Dental

980965Electronics

4 5304 240Automobile

Demand

20022003000oz

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Overview – palladium market

• Fundamentals not supportive of current

price levels

• High inventory levels

• Anaemic demand

• Speculative activity behind recent price rally

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Other markets

Rhodium

• Drop in rhodium price reflects a market that

is adequately supplied

Nickel• Rapid growth in stainless steel production

drives demand

• Lack of new capacity in tight market will keep

pressure on prices in short to medium term

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ADR Programme

• Level 1 sponsored ADR initiated in Jan 2003• ADR split in Feb 2004 – now 4 ADRs:1 ordinary • Increased interest from US market, both retail

and institutional• Cost-benefit analysis of upgrading listing• Dividend reinvestment plan under

consideration Depositary Receipt Activity Report

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

Jan-

03

Feb-

03

Mar

-03

Apr-

03

May

-03

Jun-

03

Jul-0

3

Aug-

03

Sep-

03

Oct

-03

Nov

-03

Dec

-03

Jan-

04

Feb-

04

AD

Rs

Out

stan

ding

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Production outlook

On target for 1.9 million ounces in FY2004

0

500

1,000

1,500

2,000

FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06

Impala Growth Lonplats toll refining

000oz

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Prospects

• Exchange rate movements have dramatically

increased US dollar costs

• Similar profitability expected in second half

of year, dependent on rand basket prices

• Well-positioned for expansion

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Disclaimer

This presentation may contain certain forward-looking 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 website. 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.

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