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Anglo American Platinum trading statement for the six months ended 30 June 2023

17 July, 2023

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

For further information, please contact:

Investors Media
Franscelene Moodley
[email protected]
Tel: (SA) +27 (0)79 877 7848
Nomonde Ndwalaza
[email protected]
Tel: (SA) +27 (0)66 311 1133

Notes to editors:

Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting and refining operations are based in South Africa. Elsewhere in the world, the Group owns the Unki Platinum mine and smelter in Zimbabwe. Anglo American Platinum is committed to the highest standards of safety and continues to make a meaningful and sustainable difference in the development of the communities around its operations.

www.angloamericanplatinum.com

Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast-growing everyday demands of billions of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers – safely and sustainably.

As a responsible producer of copper, nickel, platinum group metals, diamonds (through De Beers), and premium quality iron ore and steelmaking coal – with crop nutrients in development – we are committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people’s lives.

www.angloamerican.com