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Mineral Resources and Mineral Reserves Statement

Mineral Resources and Mineral Reserves Statement

The Mineral Resource and Mineral Reserve Statement as at 30 June 2025 reflects the benefit of the positive long-term pricing outlook for the significant PGMs Implats produces, as well as the capital investment in material projects in the period under review.

The attributable Group Mineral Resource estimate decreased by 1.5Moz 6E to 315.0Moz 6E and the attributable Group Mineral Reserve estimate decreased by 5.5Moz 6E to 49.1Moz 6E.

Greenfields exploration activities remain dormant at the South African, Zimbabwean and Canadian operations. Shaft sinking activities at Impala Rustenburg’s 17 Shaft, Impala Bafokeng’s Maseve North Decline and Afplats’ Leeuwkop Shaft remain suspended. The Two Rivers Merensky Project was placed on care and maintenance in 2024. The Phase II expansion project at Marula was halted during 2025 in light of market constraints.

0.5%
Attributable Mineral Resources
June 2025
315.0Moz 6E
June 2024
Prominent changes
  • Implats decreased by 1.5Moz 6E
  • Total production impact of 3.8Moz 6E
  • Inclusion of Camp Lake at Impala Canada’s Lac des Iles mine of 0.6Moz 3E
  • Waterberg model update increase of 1.3Moz 4E
10%
Attributable Mineral Reserves
June 2025
49.1Moz 6E
June 2024
Prominent changes
  • Implats decreased by 5.5Moz 6E
  • Total production depletion of 3.5Moz 6E
  • Exclusion of Marula’s Phase II UG2 of 2.2Moz 6E
  • Impala Bafokeng and Zimplats inclusion of mineable areas of 0.12Moz 6E
Graph
Attributable estimates     2025   2024 2023 2022 2021
Mineral Resources* Moz Pt   155.2   156.3 127.1 128.2 132.3
  Moz Pd   97.4   97.4 85.4 87.7 90.2
  Moz 3E   264.7   266.1 223.3 227.7 234.4
  Moz 4E   283.0   284.2 237.7 242.4 249.7
  Moz 6E   315.0   316.5 262.7 268.6 277.3
  Mt   2 021.7   2 031.4 1 800.2 1 834.6 1 885.9
Mineral Reserves Moz Pt   24.2   26.3 24.3 25.5 24.6
  Moz Pd   15.7   18.0 18.4 19.7 18.8
  Moz 3E   42.2   46.7 45.3 47.8 46.0
  Moz 4E   44.7   49.6 48.0 50.7 48.7
  Moz 6E   49.1   54.6 52.5 55.7 53.4
  Mt   441.5   489.7 506.0 528.2 512.4

* Mineral Resource estimates are inclusive of Mineral Reserves.

Hover over a row in the table to the left to populate this graph

Summary Mineral Resources

Overall, the attributable Group Mineral Resource estimate decreased by 1.5Moz to 315Moz. Zimplats accounts for 31% of the Group’s Mineral Resource base, Impala Rustenburg accounts for 24%, and the balance of 45% comprises Impala Bafokeng, Marula, Mimosa, Two Rivers, Lac des Iles, Waterberg and Afplats.

Attributable Mineral Resource estimate of 315Moz 6E

as at 30 June 2025 (%)

Attributable Mineral Resource estimate

as at 30 June 2025 (variance Moz 6E)

Summary Mineral Reserves

Overall, the attributable Group Mineral Reserve estimate decreased by 5.5Moz 6E to 49.1Moz 6E. Zimplats accounts for 45% of the attributable 6E Mineral Reserve estimate base and Impala Bafokeng accounts for 22%. Impala Rustenburg accounts for 20% of the total attributable Mineral Reserve.

Attributable Mineral Reserve estimate of 49.1Moz 6E

as at 30 June 2025 (%)

Attributable Mineral Reserve estimate

as at 30 June 2025 (variance Moz 6E)