[OFFICIAL]

Anglo American Platinum Limited

(Incorporated in the Republic of South Africa) (Registration number: 1946/022452/06)

Share Code: AMS

ISIN: ZAE000013181

("The Company" or "Anglo American Platinum")

21 July 2022

Anglo American Platinum Limited

PGMs Production Report for the second quarter ending 30 June 2022 Overview - Q2 2022 performance against prior period Q2 2021

  • Safety performance - tragically we lost one colleague from the ACP processing facility following complications after a slip-and-fall accident in November 2021 and one colleague from the independently managed Modikwa operation in Q2 2022.
  • Total PGMs production (expressed as 5E+Au metal-in-concentrate) decreased by 2% to 1,031,500 ounces.
  • Own-managedmines PGMs production decreased by 2% to 586,700 ounces, primarily due to lower production from Mogalakwena which was impacted by anticipated lower grade and milled volume. The decrease was partially offset by a strong production performance from Mototolo, up 26%, and a 38% increase at Unki due to increasing production from the concentrator debottlenecking projects. Production from own- managed mine operations was 11% higher compared to Q1 2022 as greater stability was achieved across the operations.
  • Refined PGMs production (owned production, excluding tolling) decreased by 8% to 1,240,600 ounces due to more normalised throughput, as Q2 2021 benefited from higher-than-normalwork-in-progress inventory following the ACP Phase A rebuild and commissioning in Q4 2020.
  • PGMs sales volumes (from production, excluding sales from trading) decreased by 16% to 1,206,200 ounces in line with lower refined production. Higher volumes of ruthenium were sold in Q2 2021 due to an increase in demand.
  • Guidance for 2022 - metal-in-concentrate PGM production is maintained at 3.9 - 4.3 million ounces, refined PGM production is maintained at 4.0 - 4.4 million ounces and unit cost per PGM ounce produced is maintained at R14,000 - R15,000 per PGM ounce. However, all guidance is subject to the impact of further Eskom power outages.

Natascha Viljoen, CEO of Anglo American Platinum, said:

[OFFICIAL]

"Tragically, and unacceptably, we lost two of our colleagues during the quarter. Mr Boitshepo "Julian" Sesinyi showed tremendous courage and fighting spirit during his rehabilitation, following a slip-and-fall incident at the ACP processing facility on 23 November 2021 when he sustained a serious spinal injury. Sadly, he succumbed to a complication whilst recovering at the rehabilitation facility. This is a stark reminder to all of us that any accident can result in a colleague losing their life and therefore we need to maintain our relentless focus on eliminating accidents.

On 10 June 2022, we lost our colleague Ms Phasoana Rheina Malatji from the independently managed Modikwa operation. Ms Malatji, a construction crew member and employee of Redpath, was fatally injured after being struck by an underground mining vehicle tyre that was being moved. We once again send our deepest condolences to Mr Sesinyi's and Ms Malatji's family, friends, and colleagues.

We continue to work extremely hard at all operations to ensure every colleague goes home safely every day and we were able to reduce our total-recordable-case-injury- frequency rate (TRCFR) by 11% to 2.60 per million hours worked.

Despite total PGM production being marginally lower in Q2 2022 against Q2 2021, I am pleased with the improved stability across the operations as we build maturity in our operating model and asset reliability. Lower mined production was due to Mogalakwena mining through a low-grade area in line with the mine plan. Mototolo and Unki mines both had a strong production performance, as both operations completed the integration of the concentrator debottlenecking projects. Amandelbult was able to keep production relatively flat, despite the infrastructure closures at the end of 2021. All operations saw an improvement in production over Q1 2022 as greater stability was achieved at the operations.

Refined production of 1,240,600 PGM ounces was lower as guided, as the built-up work- in-progress inventory following the ACP incident in 2020 was largely refined in 2021 ahead of schedule. Sales volumes of 1,206,200 declined in line with refined production.

The discipline to continue with the asset reliability maintenance cycle means we will see short term impacts on production, with both the Polokwane smelter and Mogalakwena South Concentrator going into planned maintenance in Q3. We have set up the operations for greater stability and should see increased runtime of Mogalakwena's North Concentrator and the smelters to ensure we meet our full year production guidance.

We continue to work on the building blocks of our strategy to ensure we deliver sustainable value creation. This is evident in the signing of a five-year wage agreement, a first for the Company and achieved without any industrial action. We also continue to make progress with our plans to lead the industry in sustainability, not least through the launch of our nuGen™ hydrogen-powered haul truck at Mogalakwena in early May, offering the potential for a step-change reduction in our site emissions."

[OFFICIAL]

Anglo American Platinum

Q2 2022

H1 2022

PGM Production Report - Q2 2022

Q2

Q1

Q4

Q3

Q2

vs

vs

H1

H1

vs

1 April 2022 - 30 June 2022

2022

2022

2021

2021

2021

Q2 2021

Q1 2022

2022

2021

H1 2021

M&C PGM¹ production (000 ounce) ²

1,031.5

956.0

1,103.4

1,116.2

1,057.9

(2)

8 %

1,987.5

2,079.3

(4)

Own-managed mines

586.7

529.2

634.6

606.3

601.5

(2)

11

%

1,115.

1,196.

(7)

Joint operations owned volume

99.6

93.9

99.7

113.7

107.8

(8)

6

%

193.5

208.1

(7)

Joint operations purchase of

99.6

93.9

99.7

113.7

107.8

(8)

6

%

193.5

208.1

(7)

Third party purchase of concentrate

245.6

239.0

269.4

282.6

240.9

2 %

3

%

484.6

466.9

4 %

Refined PGM production owned (000

1,240.6

718.5

1,391.3

1,420.4

1,353.7

(8)

73

%

1,959.1

2,326.7

(16)

4E Toll refined production

143.4

154.8

179.5

164.6

153.8

(7)

(7)

298.2

329.8

(10)

Total refined production (owned and

1,384.

873.3

1,570.

1,585.

1,507.

(8)

58

%

2,257.

2,656.

(15)

PGM sales volume from production (000

1,206.2

838.2

1,285.2

1,361.0

1,437.1

(16)

44

%

2,044.4

2,568.2

(20)

Trading sales volume3

256.0

400.9

272.8

160.2

116.1

121 %

(36)

656.9

337.6

95 %

Total sales volume (production and

1,462.

1,239.

1,558.

1,521.

1,553.

(6)

18

%

2,701.

2,905.

(7)

  • PGM is the sum of platinum, palladium, rhodium, iridium, ruthenium, and gold ounces. ² Referencing AAP guidance.
    3 Trading sales volume not produced by Anglo American Platinum operations.

[OFFICIAL]

Review of the quarter

Safety

Tragically, on 1 April 2022, we lost our colleague, Mr Boitshepo "Julian" Sesinyi. Julian showed tremendous courage and a fighting spirit in his rehabilitation, following a slip-and-fall incident at the ACP processing facility on 23 November 2021 when he sustained a serious spinal injury. Sadly, he succumbed to a complication whilst recovering at the rehabilitation facility.

At our independently managed Modikwa operation, we sadly also report that on 10 June 2022, we lost our colleague Ms Phasoana Rheina Malatji. Ms Malatji, a construction crew member and employee of Redpath, was fatally injured after being struck by an underground mining vehicle tyre that was being moved. We once again send our deepest condolences to Mr Sesinyi's and Ms Malatji's family, friends, and colleagues.

The Total Recordable Case Frequency Rate (TRCFR) per million hours at managed operations improved by 11% to 2.60 per million hours, compared to 2.91 per million hours in the prior period. Significant management efforts are focused on contractor safety, working collaboratively with our Joint Operations on safety, incorporating learnings to stop repeat incidents and increased management oversight on high-risk work.

Metal-in-concentrate (M&C) PGM production

Total PGM production

Total PGM production in Q2 2022 decreased 2% against the prior period (Q2 2021) to 1,031,500 ounces, with platinum production decreasing 2% to 479,100 ounces, and palladium production decreasing 4% to 321,500 ounces. Total PGM production increased 8% against Q1 2022.

PGM production from own-managed mines

Total PGM production from own-managed mines decreased by 2% to 586,700 ounces primarily due to lower production from Mogalakwena, partially offset by strong production from Mototolo and Unki. Platinum production decreased by 2% to 268,600 ounces, while palladium production decreased by 5% to 211,700 ounces. We continue to embed the Operating Model in our operations, increasing stability and driving efficiencies at the operations, as well as implementing improvement projects to drive further operational enhancements.

PGM production at Mogalakwena decreased by 15% to 261,400 ounces. Platinum decreased by 15% to 110,700 and palladium production decreased by 15%, to 121,600 ounces. The decrease was largely due to an anticipated 11% reduction in 4E built-up head grade to 2.91g/t from 3.26g/t, due to mining in a lower-grade area in line with the mine plan. In addition, we identified an area of cultural significance which was planned for waste dumping. We proactively changed the dumping strategy to change the area of waste dumping, increasing the load-haul cycle. This impacted production, which we have mitigated going forward by increasing the mining truck fleet, due to arrive in Q3

2022. The North Concentrator went into planned maintenance at the end of Q2 2022 which

[OFFICIAL]

also impacted tonnes milled but will allow for greater runtime into H2 2022. PGM production benefited from an improvement in concentrator recovery. The South Concentrator will undergo planned maintenance in Q3 2022. The delivery of heavy mining equipment (HME) drills, which were delayed due to disrupted supply chains, arrived on site in Q2 2022, allowing for an increase in drilling performance.

PGM production from Amandelbult decreased marginally by 1% to 183,400 ounces, due to the closure of the Tumela Upper conventional infrastructures, reaching end of life in December 2021 (which contributed c.19,000 PGM ounces in the prior period). Platinum production decreased by 1% to 93,400 ounces and palladium production decreased by 1% to 42,500 ounces This was partially offset by an increase in mechanised production and improved performance from underground mining. Increased surface sources in the ore mix delivered to the concentrator reduced the 4E built-up head grade by 6% to 3.89g/t.

Mototolo PGM production increased by 26% to 75,600 ounces due to an improvement in mining and milling performance as a result of the completion of the concentrator debottlenecking project. Improved ground conditions also resulted in an 8% increase in 4E built-up head grade to 3.39g/t. Platinum production increased by 26% to 34,700 ounces and palladium increased by 27% to 21,900 ounces,

Unki PGM production increased by 38% to 66,300 ounces. The concentrator debottlenecking project was completed in Q4 2021 which increased concentrator capacity from 180ktpm to 210ktpm. Increased mining to fill capacity led to a 24% increase in tonnes milled. The 4E built-up head grade increased 12% to 3.87g/t, returning to a more normalised grade. Platinum production increased by 38% to 29,700 ounces and palladium production increased by 37% to 25,700 ounces.

PGM production from Joint Operations (50% own-mined production and 50% purchase of concentrate)

Total PGM production from Joint Operations decreased by 8% to 199,200 ounces. Platinum production decreased by 6% to 91,000 ounces while palladium production decreased by 7% to 58,400 ounces.

Total Modikwa PGM production increased by 7% to 73,600 ounces in line with an 8% increase in tonnes milled and an increase in concentrator recovery. Platinum production increased by 10% to 29,600 ounces and palladium production increased 7% to 27,600 ounces.

Total Kroondal PGM production decreased by 14% to 125,600 ounces largely due to the gradual ramp-down at Simunye shaft, which benefited the prior period by 13,900 PGM ounces. Simunye shaft is forecast for shutdown towards Q4 2022 and geologically challenging ground at Bambanani and Kwezi shafts, also negatively impacted the 4E built- up head grade. Overall, Kroondal platinum production decreased by 12% to 61,400 ounces and palladium production decreased by 17% to 30,800 ounces in the quarter.

Purchases of PGM concentrate from third parties

Purchase of PGM concentrate (POC) from third parties increased by 2% to 245,600 ounces primarily due to the continued recovery of third-party volumes from the impact of Covid-

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Anglo American Platinum Ltd. published this content on 21 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2022 06:33:01 UTC.