Anglo American Platinum will release results for the six months ended 30 June 2023 (“the period”) on the Johannesburg Stock Exchange News Service on 24 July 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%.

Earnings have decreased for the period largely due to a decline in revenue as a result of the lower average PGM basket price relative to the corresponding six months in 2022. The main contributors to this were declines in rhodium and palladium US$ prices, which were 47% and 29% lower respectively.  The weakening ZAR/US$ exchange rate partially mitigated the US$ price impact on the overall rand basket price which decreased by 15% against the period ended 30 June 2022. Furthermore, sales volumes from own production (excluding trading) were 12% lower compared to H1 2022. This reflected lower refined production as a result of the Polokwane smelter needing to ramp-up in January following its rebuild; scheduled annual maintenance and asset integrity work at the processing operations; and the impact of Eskom load-curtailment, which resulted in deferred production of c.66,400 PGM ounces. Continued inflationary pressure and exchange rate volatility have also led to higher mining and processing costs. Costs incurred in purchasing of concentrate decreased compared to H1 2022 due to lower prices and volumes.

As a result, headline earnings and HEPS are likely to decrease by between 65% and 75% compared to the six months ended 30 June 2022. Headline earnings are likely to be between R6.7 billion and R9.4 billion (R26.7 billion in H1 2022) and HEPS will decrease to between 2,544 cents and 3,569cents per share (10,140 cents in H1 2022).

EPS for the period are likely to decrease by between 65% and 75% compared to H1 2022. Basic earnings are likely to be between R6.6 billion and R9.3 billion (R26.7 billion in H1 2022) and EPS are expected to be between 2,506 cents and 3,531 cents per share (10,125 cents in H1 2022).

The financial information on which this trading statement is based is under review by the Company's external auditors.

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