Anglo American Platinum will release results for the twelve months ended 31 December 2022 (“the period”) on the Johannesburg Stock Exchange News Service on 20 February 2023.

In accordance with section 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that headline earnings and headline earnings per share (“HEPS”) and basic earnings and basic earnings per share (“EPS”) have decreased by more than 20%.

Despite a 2% increase in the rand basket price, the expected decrease in headline earnings and basic earnings is primarily driven by a 26% decrease in PGM sales volumes. The prior period benefitted from an increase in refined production due to a strong performance from the ACP Phase A unit following its rebuild and recommissioning in November 2020 and consequent increase in work- in-progress in 2020. As a result, there was additional drawdown of c.1 million PGM ounces from work-in-progress inventory in the prior period. In addition, the second half of 2022 was impacted by the planned structural rebuild of the Polokwane smelter – a process that was extended by approximately two months following the receipt of sub-standard materials identified through our quality assurance processes, leading to a build-up in work-in-progress inventory.

Inflationary pressures led to higher mining and processing costs, partially offset by a decrease in purchase-of-concentrate costs due to lower receipts. Net deferred consideration remeasurements from the disposal of Rustenburg and Union mines and the acquisition of Mototolo were negative compared to the large increase in 2021 resulting from a change in economic and operating assumptions year-on-year. Taxation and royalties decreased in line with lower profits.

As a result, headline earnings and HEPS for the period are likely to decrease by between 33% and 52% compared to the twelve months ended 31 December 2021 (the “prior period”). Headline earnings are likely to be between R38.0 billion and R53.0 billion (R79.0 billion in 2021) and HEPS will decrease to between 14,431 cents and 20,128 cents per share (30,042 cents in 2021).

Basic earnings and earnings per share (“EPS”) for the period are likely to decrease by between 33% and 52% compared to the prior period. Basic earnings are likely to be between R38.0 billion and R53.0 billion (R79.0 billion in 2021) and EPS is expected to be between 14,431 cents and 20,128 cents per share (30,023 cents in 2021).

The financial information on which this trading statement is based, has been reviewed but not reported on by the Company's external auditors.

Sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities