mineral resource and mineral reserve statement ... - Impala Platinum

MINERAL RESOURCE ANDMINERAL RESERVE STATEMENT 2010

The Mineral Resourcesand Mineral Reservesof the Implats groupreflect the company’sgrowth opportunities.Second largestplatinum producer...Zimplats operations.www.implats.co.za 2 Implats Mineral Resource and Mineral Reserve Statement 2010

IntroductionThe Mineral Resources and Mineral Reserves of the Implatsgroup reflect the company’s growth opportunities. We arecommitted to:• Safe production and ensuring that this is the firstprinciple underpinning all Mineral Reserve estimates• Optimal exploitation of current assets, together withgrowth of the Mineral Resource base by leveraging andoptimising existing Implats properties, exploration andacquisitions; including alliances and equity interests withthird parties• Continuously improving the management of MineralResources and related processes, while addressingskills development and retention• The legislative regime that governs mineral rightsownership• The transparent, responsible disclosure of MineralResources and Mineral Reserves in line with theprescribed codes, SAMREC and JORC giving duecognisance to materiality and competency• Consistency in the style of reporting and that our publicreports can be reconciled with previous declarationsSalient features 2010Main features relating to Implats’ Mineral Resources andMineral Reserves as at 30 June 2010 relative to 30 June2009 are:• Estimated total attributable Mineral Resourcesdecreased by 2% to 225 million platinum ounces from230 million platinum ounces• Total attributable group Mineral Reserves decreased by1% to 36.9 million platinum ounces from 37.4 millionplatinum ounces• Introduction of a new group-wide standard protocol forthe estimation, classification and reporting of MineralResources and Reserves• As a consequence there were material changes in theclassification of Mineral Resources and decreases due tothe introduction of a depth cut-off at 2 350m below surface• Completion of a group-wide audit of the MineralResources and Reserves by an independent third party• A re-estimation of the Marula Merensky Reef MineralResources resulting in a material decrease• Addition of Impala/RBR joint venture Mineral Resourcesfollowing initial prospecting• The attributable Mineral Resources are dominated bythe Zimplats and Impala contributionsAttributable Mineral Resources of 225 millionplatinum ounces as at 30 June 2010Zimplats – 42%Mimosa – 2%Impala – 30%Marula – 3%Afplats – 10%Two Rivers – 1%Tamboti – 12%* Includes Impala/RBR JV.Attributable platinum ounces, net of depletion, corporate activity and additional work30 June 200730 June 200830 June 200930 June 2010Resources 187Moz Pt 2% increase, Afplats includedReserves 40Moz Pt 8% increase, Afplats includedResources 237Moz Pt 27% increase, Tamboti added, reporting principle adjustedReserves 42Moz Pt 5% increase, progression of 17 Shaft to reservesResources 230Moz Pt 3% decrease, complex graben at Impala excludedReserves 37.4Moz Pt 12% decrease, Afplats excludedResources 225Moz Pt 2% decrease, mostly due to introduction of depth cut-offReserves 36.9Moz Pt No material changesNote: Mineral Resources are inclusive of Mineral Reserves.www.implats.co.za 3 Implats Mineral Resource and Mineral Reserve Statement 2010

Geological settingsImplats exploits platiniferous horizons within the BushveldComplex in South Africa and the Great Dyke in Zimbabwe.These are the two largest known deposits of platinum groupminerals in the world and are unique in terms of geologicalcontinuity. Mining mostly takes place as undergroundoperations focusing on relatively narrow mineralised horizonswith specific mining methods adapted to suit the localgeology and morphology of the mineralised horizon.SOUTHERN AFRICAThe Great Dyke and Bushveld ComplexZAMBIAMusengeziComplexHarareZimplatsHartleyComplexZIMBABWESelukwe ComplexBulawayoMimosaWedza ComplexBOTSWANASOUTH AFRICAPolokwaneMarulaBurgersfortTwo RiversTambotiImpalaRustenburgAfplatsBritsPretoriaJohannesburg0 100 200Scale (km)PilanesbergGreat DykeBushveld Complexwww.implats.co.za 4 Implats Mineral Resource and Mineral Reserve Statement 2010

The Bushveld ComplexThe Bushveld Complex is an extremely large, 2-billionyear-oldsaucer-shaped layered igneous intrusionoccurring in the northern part of the country within theboundaries of South Africa. The complex comprises adiversity of igneous rocks ranging in composition fromultramafic to felsic. Some individual layers or groupsof layers can be traced for hundreds of kilometres.This layered sequence, the Rustenburg Layered Suite,comprises five principal zones, the Marginal, Lower,Critical, Main and Upper Zones. In plan, the BushveldComplex has a clover-leaf shape, consisting of fourcompartments or limbs.The Bushveld Complex is unique both in its size, coveringan extent of some 66 000km 2 , and in the economicimportance of its minerals. Contained within the welllayeredultramafic to mafic succession are two horizonsin the Critical Zone which host economically exploitablequantities of PGMs, namely the Merensky Reef and theunderlying UG2 Reef. These two economic horizonscan be traced for hundreds of kilometres around thecomplex and are the focus of Implats’ operationsfrom which the PGMs – platinum, palladium, rhodium,ruthenium and iridium – are recovered, together withquantities of gold, nickel, copper and several othermetals and compounds.The Merensky Reef is generally composed of an upperfeldspathic pyroxenite, overlying a thin basal chromititestringer, followed by an anorthosite to norite footwall,with mineralisation decreasing from the basal chromititestringer into the hangingwall and footwall. The UG2 Reefis defined as a main chromitite layer, with most of themineralisation contained within this unit, followed by apoorly mineralised pegmatoidal pyroxenite footwall.Below the UG2 Reef are numerous other chromititelayers that are mined by others principally for chromium.Implats’ operations on the Bushveld Complex compriseImpala Platinum, located north of Rustenburg in theNorth West Province, and Marula, situated north-westof Burgersfort in the province of Limpopo. The TwoRivers Mine, a joint venture between Implats and AfricanRainbow Minerals Limited (ARM), is located south-west ofBurgersfort in the province of Mpumalanga. The LeeuwkopProject and contiguous prospecting areas of Afplats aresituated west of Brits, also in the North West Province.16 Shaft, Impala.www.implats.co.za 5 Implats Mineral Resource and Mineral Reserve Statement 2010

Geological settings continuedThe Great DykeThe Great Dyke is an elongated, slightly sinuous, 550kmlonglayered igneous intrusion, with a maximum width of11km, occurring in the centre of Zimbabwe. The GreatDyke, which bisects the country in a north-north-easttrendingdirection, is a 2.5-billion-year-old, layered igneousintrusion similar to the Bushveld Complex. It comprisesigneous rocks ranging in composition from ultramafic tomafic.The Dyke is divided vertically into an ultramafic sequence,dominated from the base upwards by cyclic repetitions ofdunite, harzburgite and pyroxenite, and an upper maficsequence consisting mainly of gabbro and gabbronorite.It is V- to Y-shaped in section, with the layering dippingfrom the sides of the Dyke and flattening towards the axisof the intrusion.Much of the mafic sequence has been removed byerosion. Contained within the ultramafic sequence isthe P1 pyroxenite, directly below the mafic-ultramaficcontact. The P1 pyroxenite in turn hosts economicallyexploitable quantities of PGMs in the Main Sulphide Zone(MSZ), which is generally 10m to 50m from the top of theultramafic sequence.The Great Dyke developed as a series of initially discretemagma chambers or compartments, which joined upas the chambers filled. The chambers coalesced belowthe MSZ and before erosion, the MSZ would have beencontinuous along the length of the Dyke.In its present plane of erosion, the Great Dyke is exposedas a series of narrow contiguous layered complexes orchambers, namely a northern chamber consisting of theMusengezi, Darwendale and Sebakwe sub-chambers;and a southern chamber consisting of the Selukweand Wedza sub-chambers. The mafic remnant of theDarwendale and Sebakwe sub-chambers is collectivelyknown as the Hartley Complex.The MSZ is a lithologically continuous layer, typicallybetween 2m and 3m thick, that forms an elongated basin.It generally contains iron-nickel-copper sulphides, whileelevated PGM concentrations occur towards its base.Peak values for the PGMs and base metals are commonlyoffset, while the ratio between platinum and palladium alsovaries vertically. In contrast to the Bushveld Complex, it isoften difficult to identify mineralisation visually in the MSZ.Below the MSZ are several chromitite layers that are minedfor chromium, as their PGM content is too low.Implats’ operations on the Great Dyke comprise Zimplats’Ngezi Mine, located south-west of Harare in Zimbabwe,and the Mimosa Mine, a joint venture between Implats andAquarius Platinum Limited (Aquarius), which is situatedeast of Bulawayo.Mimosa geologist inspecting borehole core, North Hill.www.implats.co.za 6 Implats Mineral Resource and Mineral Reserve Statement 2010

Implats embraces theprinciples of transformationas a strategic imperativeto reinforce its positionas a leading southernAfrican mining company,making the best possibleuse of available MineralResources.Leading miningcompany...Surface drilling at the proposed 19 Shaft area, Rustenburg.www.implats.co.za 8 Implats Mineral Resource and Mineral Reserve Statement 2010

Mineral rights statusThe Mineral and Petroleum Resources DevelopmentAct, No 28 of 2002 (MPRDA), came into effect on 1 May2004 in South Africa. The MPRDA, its associated broadbasedsocio-economic empowerment charter for themining industry and its attendant scorecard have playeda significant role in the transformation of the South Africanmining industry. The act effectively transferred ownershipof privately held mineral rights to the state to enable anythird party to apply to the Department of Mineral Resources(DMR) for new-order prospecting rights or mining rightsover these previously privately held minerals.Implats embraces the principles of transformation as astrategic imperative to reinforce its position as a leadingsouthern African mining company, making the bestpossible use of available Mineral Resources. To this effect,all applications for the conversion of all old-order miningrights and old-order prospecting rights by the Implats groupthat were lodged with the DMR have been successfullygranted, thus aligning Implats with the governing mineralrights legislation. Approvals for certain applicationsmade under sections 11 and 102 of the MPRDA toalign certain rights in terms of ownership or inclusionwith existing rights have not yet materialised; howeverfive section 102 applications were executed since thecommencement of the MPRDA. Notable is the inclusion ofthe small areas along the UG2 sub-outcrop that facilitatedcontinued UG2 opencast mining, the prospecting righton the so-called Fourth and Fifth Bafokeng areas on thefarms Elandsheuvel and Reinkoyalskraal in the southernextremity of Impala, into the mining right. At Tambotithe section 102 application for the previous undividedshares on certain portions of the farm Kalkfontein wasexecuted thereby removing potential ambiguity in termsof ownership. We believe that progress is being made withthe outstanding section 102 applications. The conversionof Two Rivers’ old-order mining rights is awaited followingthe submission of that application in July 2007. Alsooutstanding is the granting of one new prospecting right inrespect of unused old-order rights.During FY2010 Marula entered into an agreement toextend the mining of the Driekop shaft onto a small area ofthe adjacent Modikwa-owned mineral rights. This providessome mining flexibility and is essentially a lease agreement;the Mineral Resources and Mineral Reserves involved arenot reflected in this report as the ownership has not beentransferred.At Afplats the DMR has awarded overlapping prospectingrights to a third party over certain portions of the farmHartebeestpoort B and the farm Kareepoort. An appealwas lodged with the DMR as we believe that our rightsare entrenched and that due process was followed inlodging an objection at the initial stage. An application torenew the prospecting right at the Inkosi area was lodgedtowards year end.Two greenfields prospecting projects were concluded; theParadys prospecting rights are being transferred to thejoint venture partner and the Springbok prospecting rightwas terminated.Fully permitted mining tenements are not specified bySAMREC as a prerequisite for the conversion of MineralResources to Mineral Reserves, however Implats iscognisant of the fact that a reasonable expectation mustexist that such mining rights will be obtained. We remaincommitted to South African legislative requirements toconvert applicable prospecting rights to mining rights.In Zimbabwe very little progress has been made to datein resolving issues raised by mineral rights legislation.Discussions are ongoing to clarify the situation withthe Zimbabwean government, specifically recognitionof empowerment credits and final empowermentshareholding.www.implats.co.za 9 Implats Mineral Resource and Mineral Reserve Statement 2010

Implats’ explorationstrategy remains in placewith both brownfields andgreenfields explorationbeing undertaken.Focused exploration...Mining the Great Dyke at Zimplats.www.implats.co.za 10 Implats Mineral Resource and Mineral Reserve Statement 2010

Exploration reviewImplats’ exploration strategy remains in place with bothbrownfields (evaluation drilling at, or adjacent to, ourexisting operations) and greenfields exploration beingundertaken; the primary focus is brownfields prospecting.The offshore greenfields exploration continues at a lowlevel in conjunction with third parties. The focus of thisexploration is on primary platinum group mineral targets.Bushveld Complex in South AfricaExploration around current mining operations at Impalaand Marula in support of life-of-mine operations continues.At Impala, efforts are being accelerated with increaseddrilling activity at potential future shaft blocks; duringthe past year the exploration to support the prefeasibilitystudy at the proposed 18 Shaft block was completed andwork is now focused on the proposed 19 and 16 lowerblocks. Exploration also continued at the prospectingright areas on portions of the farms Doornspruit andRoodekraalspruit, and the farms Diepkuil and Klipgatkop,all of which are situated down dip of the present Impalamining lease boundary. At Marula limited infill drilling wascompleted to assist the current mining operation.At Afplats exploration at the prospecting right areas onthe farms Wolwekraal and Kareepoort, and portions of thefarm Hartebeestpoort B, continued during the year.Subsequent to the agreement in 2009 with Kameniregarding the Tamboti Project, all prospecting wasundertaken by Kameni in the past year. Exploration wasterminated at the grassroots Paradys Project located inthe eastern Bushveld; the rights are being transferred tothe joint venture partner Endulwini Resources. Explorationwas also terminated at the Springbok Project situatedsouth of Bela-Bela, in the absence of positive drillingresults.Offshore projectsOffshore exploration activities continued during the yearbut efforts were concentrated on projects within theSudbury Basin, Canada, in conjunction with Xstrata andWallbridge Mining and on the Hele Project in the ThunderBay area in conjunction with our strategic alliance partner,HTX Minerals Limited.No encouragement was obtained at the Levack FootwallProject with Xstrata within the Sudbury Complex andImplats terminated the joint venture during the year.However, drilling and borehole geophysical surveyscontinued at the Milnet and Parkin Project with WallbridgeMining. Encouraging borehole intersections were obtainedbeneath the old Milnet Mine at depths of around 1 500mincluding 8g/t (Pt+Pd+Au), 2.54%Cu and 0.78%Ni overan intersected width of 14.24m and 2.46g/t (Pt+Pd+Au),0.96%Cu and 0.44%Ni over an intersected width of12.66m.Surface mapping and sampling programmes supportedby airborne geophysics were completed at the HeleProject, Ontario, a joint venture with HTX Minerals in themid-continental rift zone, near Thunder Bay, Ontario.Reconnaissance drilling and surface sampling indicatedthe presence of multiple low-level (less than or equal to1.2g/t) PGE-enriched, reef-like zones extending over strikelengths of up to 4km at Amikoq in Greenland; Implats hassince withdrawn from the project.Target generation activities also continue within thestrategic alliances with HTX Minerals in Ontario and withImpact Minerals in southern Africa.Great Dyke in ZimbabweAt Zimplats, limited exploration recommenced to supportfuture feasibility studies. Exploration activities had beensuspended in FY2009 in favour of cash preservation. Infilldrilling was undertaken at the Mimosa South Hill deposit;an 80 borehole programme commenced toward year endto support a prefeasibility study at North Hill.www.implats.co.za 11 Implats Mineral Resource and Mineral Reserve Statement 2010

Auditing in 2010Implats is committed to independent third party reviews ofMineral Resource and Mineral Reserve estimates. In thepast these were done on a three-year cycle at differentoperations. The practice has been adapted to conductgroup-wide audits on a two-year cycle.AMEC Americas Limited (AMEC) has completed anaudit in the past year of the Mineral Resource andMineral Reserve procedures as adopted by the Implatsoperations. The audit focused specifically on Impala,Afplats, Marula and Zimplats. The audit was aimed atreviewing the procedures that are applied at each of thesesites, how these procedures conform to Implats’ internalCode of Practice for the Estimation, Classification andReporting of Mineral Resources and Reserves, and howthese procedures comply with the international reportingcodes, namely the SAMREC Code and the JORC Code.The audit, undertaken over a four-month period, identifiedseveral areas for improvement and these were ranked inorder of significance. Some of the issues have alreadybeen addressed, including the Merensky Reef MineralResource estimate at Marula that was identified as theonly material matter. Implats views such detailed auditsnot only as a governance issue, we benefit from theexpertise that the audit team brings which enables us toimprove current practices. Outstanding matters identifiedby AMEC will be prioritised during FY2011. The mostpertinent of these relate to database management and theneed for improved documentation, specifically relating tothe classification of Mineral Resources.AMEC concluded that:• There are no material discrepancies between the Implatsreporting methodology and the regulatory codes• The Resource and Reserve estimation methodologiesused are appropriate with regard to the nature of theorebodies and the mining methods usedPertinent assessment andreporting criteriaThe following key assumptions and parameters, unlessstated otherwise, were used in the compilation of theestimates in this declaration:• Implats developed a group-wide protocol for theestimation, classification and reporting of MineralResources and Mineral Reserves during 2010. Theobjective of the protocol is to improve standardisation,consistency and to facilitate auditing. The protocolwas reviewed by industry experts Peter Mellowship,Andy Jameson and Alistair McFarlane; also by SteffenRobertson and Kirsten (SRK), Cardiff• Most pertinent is the classification of MineralResources, which is now based on a flow sheet givingcognisance to fatal flaws, geoscientific information suchas the availability of a 3D seismic survey, sample pointfrequency, data quality, interpretation and continuity aswell as grade confidence. In addition a depth cut-off of2 350m below surface was introduced• Mineral Resource tonnage and grades are estimated insitu. The Mineral Resources for the Merensky Reef areestimated at a minimum mining width, and may includemineralisation below the selected cut-off grade• Mineral Resource estimates for the UG2 Reef reflect thechannel widths only and do not include any dilution; theestimates only reflect the main UG2 Chromitite Layer.Note that the channel widths in the case of Impala andMarula are narrower than a practical minimum miningwidth• Mineral Resource estimates for the Main Sulphide Zoneare based on optimal mining widths• Mineral Resources are reported inclusive of MineralReserves, unless otherwise stated• Mineral Resource estimates allow for estimatedgeological losses but not for anticipated pillar lossesduring eventual mining• Mineral Resource estimates presented in this report donot cater for estimated support and stability pillars• Mineral Reserve estimates include allowances formining dilution and are reported as tonnage and gradedelivered to the millwww.implats.co.za 12 Implats Mineral Resource and Mineral Reserve Statement 2010

• Rounding of figures in the accompanying summaryestimates may result in minor computationaldiscrepancies; where this occurs it is not deemedsignificant• All references to tonnage are to the metric unit• All references to ounces (oz) are troy with the factorused being 31.10348 metric grams per ounce• The Mineral Resources and Mineral Reserves reportedfor the individual operations and projects are reflectedas the total estimate. The corresponding estimatesrelating to attributable Mineral Resources and MineralReserves are only given as a combined summarytabulation where specifically stated as such• Mineral Reserves are that portion of the MineralResource which technical and economic studieshave demonstrated can justify extraction at the timeof disclosure. Historically, Implats has only convertedMineral Resources to Mineral Reserves on completionof a full feasibility study. The exception to this has beenat Zimplats where the basis of a prefeasibility study wasapplied, as permitted by the JORC Code. This practiceis in line with the SAMREC 2008 clarification that only aprefeasibility study is required for such conversions• The term Ore Reserve is the same as that applied forMineral Reserve• Implats uses a discounted cash flow model thatembodies economic, financial and production statisticsin the valuation of mineral assets. Forecasts of keyinputs are:– Relative rates of inflation in South Africa and theUnited States– Rand/dollar exchange rate– Capital expenditure– Operating expenditure– Production profile– Metal recoveriesThe outputs are net present value, the internal rate of return,annual free cash flow, project payback period and fundingrequirements. Metal price and exchange rate forecasts areregularly updated by the marketing department of Implats.As at 30 June 2010, a real long-term forecast for revenueper platinum ounce sold of R27 716 was used.Key year-on-year changesin Mineral Resources and Mineral Reserve estimates and reportingMaterial and significant issues affecting the MineralResource and Mineral Reserve estimates and reporting asat 30 June 2010, relative to the previous reporting periodinclude the following:• The introduction of the new Implats protocol for theestimation, classification and reporting of MineralResources and Mineral Reserves resulted in thereclassification of certain areas, notably at Impalaand Marula where some indicated Mineral Resourceswere reclassed as inferred. On a group-wide basis theproportion of inferred Mineral Resources has remainedrelatively constant as the impact was off-set by theupgrading of Mineral Resources in other areas due toadditional information• The Mineral Resource estimates at Impala and Afplatswere negatively impacted upon by the introduction ofthe 2 350m below surface depth cut-off• The inclusion of the Impala/RBR joint venture MineralResource estimate added some 3.1Moz platinumattributable platinum ounces• Some 2Moz platinum were excluded from the ImpalaMineral Resource estimate in view of a pending transferof these to a third party• The Marula Mineral Resource estimate was reduced bysome 0.6 million attributable platinum ounces followingthe new Merensky Reef estimate• At Tamboti the Mineral Resource estimate increasedby 3.6Moz platinum due to the approval of the section102 application• Specific changes relating to the estimates are clarifiedunder each operational sub-sectionwww.implats.co.za 13 Implats Mineral Resource and Mineral Reserve Statement 2010

Historic productionSince 1969 when production commenced at Impala thecompany has continued to grow the Mineral Resourceportfolio and related platinum production. The productionperformance for FY2010 is described in detail in the Implatsintegrated annual report for 2010. The total production interms of tonnage and platinum ounces is depicted in theaccompanying graphs; notably the tonnage mined at theother operations, excluding Impala breached the 10Mthurdle in FY2010.Historic annual production at Impala(tonnes Merensky and UG2)20 00015 00010 0005 00001970197219741976197819801982198419861988199019921994199619982000Milled tonnes (thousands)20022004200620082010 Merensy UG2Gross Implats historic platinumproduction since 19702 500Pt ounces (thousands)2 0001 5001 0005000197019721974197619781980198219841986198819901992199419961998200020022004200620082010Annual tonnage profile for combinedMarula, Two Rivers, Mimosa and Zimplats since 200210 000Milled tonnes (thousands)8 0006 0004 0002 0000200220032004200520062007200820092010 Marula Two Rivers Mimosa Zimplatswww.implats.co.za 14 Implats Mineral Resource and Mineral Reserve Statement 2010

Implats’ attributable Mineral Resourcesand Mineral ReservesSince FY2007, Implats has reported a summary of totalattributable platinum ounces as sourced from all categoriesof Mineral Resources of the Implats group of companiesand its other strategic interests on a percentage equityinterest basis. The tabulation below reflects estimates forplatinum, palladium and rhodium based on the percentageequity interest in the Implats group of companies and itsstrategic partners. The BEE transaction with the RBNwas executed at an Implats level and such ownershipis not reflected below. No additional BEE participationis accounted for. For clarity, both attributable MineralResources, inclusive of Mineral Reserves, and attributableMineral Reserves are shown in separate tables. Note thatthese are not in addition to each other. These are summaryestimates and inaccuracy is derived from rounding offnumbers.Attributable Mineral Resources inclusive of Mineral Reserves as at 30 June 2010OrebodyCategoryAttributableGrade Implats Attributable ouncestonnes (g/t) % Pt Pd(Mt) 5PGE+Au ownership(millions)RhImpala Merensky Measured 136.2 6.82 100 16.9 7.4 1.37Indicated 63.6 6.76 100 7.8 3.4 0.63Inferred 78.5 6.21 100 8.9 3.9 0.72UG2 Measured 132.2 8.87 100 18.1 9.7 3.31Indicated 48.8 8.44 100 6.4 3.4 1.16Inferred 53.4 8.38 100 6.9 3.7 1.26Impala/RBR JV Merensky Measured 1.6 6.98 49 0.2 0.1 0.02Indicated 3.6 6.51 49 0.4 0.2 0.03Inferred 10.5 7.23 49 1.4 0.6 0.11UG2 Measured 1.1 9.13 49 0.2 0.1 0.03Indicated 1.0 9.20 49 0.1 0.1 0.03Inferred 5.5 8.96 49 0.8 0.4 0.14Total 536 7.57 68.0 33.1 8.81Marula Merensky Measured 14.1 4.77 73 1.2 0.6 0.06Indicated 11.0 4.49 73 0.9 0.5 0.04Inferred 13.5 4.30 73 1.0 0.6 0.05UG2 Measured 19.4 9.64 73 2.2 2.3 0.50Indicated 12.3 10.22 73 1.5 1.5 0.34Inferred 6.7 10.35 73 0.8 0.8 0.19Total 77 7.23 7.6 6.3 1.17Afplats Leeuwkop UG2 Measured 48.2 6.63 74 5.1 2.3 0.96Indicated 8.2 6.72 74 0.9 0.4 0.17Inferred 64.0 6.34 74 6.4 2.9 1.22Kareepoort/Wolwekraal Indicated 8.2 6.48 74 0.8 0.4 0.16Inferred 17.5 6.23 74 1.7 0.8 0.33Imbasa Indicated 5.7 5.65 60 0.5 0.2 0.10Inferred 32.0 6.10 60 3.1 1.4 0.59Inkosi Indicated 11.8 6.18 49 1.2 0.5 0.22Inferred 36.6 6.09 49 3.5 1.6 0.67Afplats Total 232 6.28 23.2 10.3 4.41Two Rivers Merensky Indicated 8.4 3.55 45 0.5 0.3 0.03Inferred 1.8 3.36 45 0.1 0.1 0.01UG2 Measured 4.0 5.43 45 0.3 0.2 0.06Indicated 21.1 4.53 45 1.4 0.8 0.27Inferred 0.5 6.26 45 0.05 0.03 0.01Total 36 4.37 2.4 1.4 0.37www.implats.co.za 15 Implats Mineral Resource and Mineral Reserve Statement 2010

Implats’ attributable Mineral Resources andMineral Reserves continuedAttributable Mineral Resources inclusive of Mineral Reserves as at 30 June 2010 (continued)OrebodyCategoryAttributableGrade Implats Attributable ouncestonnes (g/t) % Pt Pd(Mt) 5PGE+Au ownership(millions)RhTamboti Merensky Inferred 141.1 4.11 100 10.2 5.3 0.56UG2 Inferred 177.6 6.65 100 16.9 11.5 3.21Total 319 5.52 27.1 16.8 3.77Zimplats MSZ Measured 119.4 3.90 87 7.0 5.5 0.59Indicated 582.7 3.90 87 34.4 26.7 2.89Inferred 933 3.78 87 51.4 41.4 4.49Total 1 635 3.83 92.9 73.5 7.98Mimosa MSZ Measured 19.2 4.26 50 1.2 1.0 0.11Indicated 17.4 3.71 50 0.9 0.8 0.09Inferred 3.5 4.09 50 0.2 0.2 0.02Inferred(oxides) 3.3 3.95 50 0.2 0.2 0.02InferredNorth Hill 24.3 3.90 50 1.4 1.1 0.13Total 68 4.01 3.9 3.1 0.36All Total 2 902 5.01 225 145 27For comparative purposes note that Implats reportedsome 230 million attributable platinum ounces in FY2009from the summation of all attributable Mineral Resources.The group Mineral Resources are dominated by the MainSulphide Zone (43%); the Zimplats Mineral Resourcesmake up the bulk of these (41%).Implats attributable MineralResources inclusive ofMineral ReservesAttributable Mineral Resourcesinclusive of Mineral ReservesSome 51% of the attributable Mineral Resources remainin the inferred category; this compares favourably with theprevious reporting period. The detailed reports per sectionindicate various movements in classification, amongstothers prompted by the introduction of the Implats groupwideprotocol as well as additional information acquiredduring the reporting period.Group-wide MineralResource classification(million ounces)Pt 225Pd 145Rh 27(million ounces) Pt Pd Rh%2224282550518771545974237950Merensky UG2 MSZMeasured Indicated Inferred 2009 2010www.implats.co.za 16 Implats Mineral Resource and Mineral Reserve Statement 2010

Attributable Mineral Reserves as at 30 June 2010AttributableGrade Implats Attributable ouncestonnes (g/t) % Pt PdOrebody Category (Mt) 5PGE+Au ownership(millions)RhImpala Merensky Proved 13.0 4.58 100 1.1 0.5 0.09Probable 121.6 4.75 100 10.5 4.6 0.85UG2 Proved 17.6 4.64 100 1.3 0.7 0.23Probable 138.7 4.74 100 10.1 5.4 1.85Total 290.9 4.73 100 23.0 11.2 3.02Marula UG2 Probable 33.0 4.76 73 1.9 1.9 0.42Two Rivers UG2 Proved 2.3 3.94 45 0.1 0.1 0.03UG2 Probable 13.9 3.47 45 0.7 0.4 0.13Total 16.2 3.54 45 0.9 0.5 0.16Zimplats MSZ Proved 45.3 3.60 87 2.5 1.9 0.21Probable 140.6 3.63 87 7.8 6.0 0.65Total 185.8 3.62 87 10.2 7.9 0.86Mimosa MSZ Proved 7.7 3.91 50 0.4 0.4 0.04Probable 9.0 3.41 50 0.5 0.4 0.04Total 16.7 3.64 50 0.9 0.7 0.08All Total 542.7 4.28 36.9 22.3 4.5For comparative purposes, note that Implats reportedsome 37.4 million attributable platinum ounces in FY2009from the summation of all Mineral Reserves. The tonnageshown reflects the attributable tonnes.The totals presented for the group, as well as the detailedbreakdown in the following section, are indicative of futuregrowth opportunities.Implats attributableMineral ReservesAttributable MineralReserves(million ounces)Pt 36.9Pd 22.3Rh 4.5(million ounces) Pt Pd Rh2.70.95.18.514.10.98.611.611.1Merensky UG2 MSZwww.implats.co.za 17 Implats Mineral Resource and Mineral Reserve Statement 2010

Mineral Resource summary –exclusive of Mineral ReservesBoth inclusive and exclusive methods of reportingMineral Resources are permitted by the governing codes.SAMREC is in the process of reviewing this aspectto ensure alignment of approaches used by differentcompanies. Implats has adopted the inclusive reporting forconsistency purposes and to be aligned with its strategicpartners. A collation of the Mineral Resource estimatesexclusive of Mineral Reserves is however presented belowas it allows for additional transparency. Note that thisformat is not adhered to by Implats’ strategic partnersand the corresponding estimates have been derived fromdetails provided to Implats. The tabulation below should beread in conjunction with the Mineral Reserve statementsin the preceding sections. A direct comparison of tonnesand grade is not possible between inclusive and exclusivereporting, owing to the mixing of Mineral Resource figureswith production estimates.Summary Mineral Resource estimate, exclusive of Mineral Reserves, as at 30 June 2010Orebody Remarks CategoryTotal estimateTonnes Grade (g/t)(Mt) 5PGE+AuPt(Moz)AttributableestimateTonnes Pt(Mt) (Moz)Impala Merensky Measured 24.2 6.19 2.7 24.2 2.7Indicated 56.1 6.55 6.7 56.1 6.7Inferred 78.5 6.21 8.9 78.5 8.9UG2 Measured 22.1 8.48 2.9 22.1 2.9Indicated 46.2 8.43 6.0 46.2 6.0Inferred 53.4 8.38 6.9 53.4 6.9Merensky Impala/RBR JV Measured 3.3 6.98 0.4 1.6 0.2Indicated 7.3 6.51 0.9 3.6 0.4Inferred 21.5 7.23 2.8 10.5 1.4UG2 Measured 2.2 9.13 0.3 1.1 0.2Indicated 2.1 9.20 0.3 1.0 0.1Inferred 11.1 8.96 1.5 5.5 0.8Total Impala 328 7.30 40.3 304 37.2Marula Merensky Measured 19.3 4.77 1.6 14.1 1.2Indicated 15.0 4.49 1.2 11.0 0.9Inferred 18.5 4.30 1.4 13.5 1.0UG2 Indicated 16.8 10.22 2.1 12.3 1.5Inferred 9.2 10.35 1.1 6.7 0.8Total Marula 79 6.42 7.4 58 5.4Afplats UG2 Leeuwkop Measured 65.1 6.63 6.8 48.2 5.1Indicated 11.0 6.72 1.2 8.2 0.9Inferred 86.4 6.34 8.7 64.0 6.4Kareepoort-Wolwekraal Indicated 11.1 6.48 1.1 8.2 0.8Inferred 23.7 6.23 2.3 17.5 1.7Imbasa Indicated 9.4 5.65 0.8 5.7 0.5Inferred 53.3 6.10 5.1 32.0 3.1Inkosi Indicated 24.1 6.18 2.4 11.8 1.2Inferred 74.6 6.09 7.2 36.6 3.5Total Afplats 359 6.28 35.7 232 23.2www.implats.co.za 18 Implats Mineral Resource and Mineral Reserve Statement 2010

Summary Mineral Resource estimate, exclusive of Mineral Reserves, as at 30 June 2010Orebody Remarks CategoryTotal estimateTonnes Grade (g/t)(Mt) 5PGE+AuPt(Moz)AttributableestimateTonnes Pt(Mt) (Moz)Two Rivers Merensky Indicated 18.7 3.55 1.2 8.4 0.6Inferred 3.9 3.36 0.2 1.8 0.1Indicated 7.6 5.19 0.6 3.4 0.3UG2 Inferred 1.1 6.26 0.1 0.5 0.0Total Two Rivers 31 4.02 2.2 14 1.0Tamboti Merensky Inferred 141.1 4.11 10.2 141.1 10.2UG2 Inferred 177.6 6.65 16.9 177.6 16.9Total Tamboti 319 5.52 27.1 319 27.1Zimplats MSZ Measured 71.9 4.08 4.4 62.5 3.8Indicated 440.2 3.98 26.4 383.0 23.0Inferred 1 072 3.78 59.1 933 51.4Total Zimplats 1 585 3.85 89.9 1 379 78.2Mimosa MSZ South Hill Measured 18.4 4.26 1.2 9.2 0.6Indicated 12.4 3.71 0.7 6.2 0.3Inferred 6.9 4.09 0.4 3.5 0.2Inferred(Oxides) 6.6 3.95 0.4 3.3 0.2North Hill Inferred 48.6 3.90 2.8 24.3 1.4Total Mimosa 93 3.96 5.4 47 2.7All Mineral Resources exclusiveof Mineral ReservesMeasured 226 5.63 20 183 17Indicated 678 4.89 52 565 43Inferred 1 889 4.72 136 1 603 115Total 2 793 4.84 208 2 351 175Note: The tabulation above reflects both the total and attributable Mineral Resource tonnages and ounces; for comparisonnote that the 2009 report published the total tonnage and ounces only. Some 210 million total platinum ounces were reportedlast year, the corresponding figure is 208 million ounces as at 30 June 2010.www.implats.co.za 19 Implats Mineral Resource and Mineral Reserve Statement 2010

ReconciliationA high-level reconciliation of total Mineral Resources andMineral Reserves for the Implats group of companies isshown below. These high-level variances are relatively small;particulars of these variances in addition to depletions areexplained in the detailed sections by operation. Roundingof numbers may result in computational discrepancies,specifically in these high-level comparisons.Total Mineral Resources tonnage (million) – inclusive of Mineral Reserves2009 2010 VarianceAttributabletonnageper ImplatsownershipImpala* 559 560 1 536Marula 102 105 4 77Afplats 400 359 (41) 232Two Rivers 85 79 (5) 36Tamboti 277 319 42 319Zimplats 1 880 1 879 (1) 1 635Mimosa 137 135 (2) 68Totals 3 439 3 437 (2) 2 902* Includes Impala/RBR JVThe main factors impacting on the variances, other thandepletions, are:• The variance at Impala is the result of various changesoff-set by the addition of the Impala/RBR JV estimates• The variance at Marula can largely be ascribed to therevised Merensky estimate• The negative variance at Afplats is largely due to theimposed depth limit• The positive variance at Tamboti is due to the increasedmineral rights on the farm KalkfonteinImplats attributable Mineral Resources(year-on-year variance)(Moz Pt)230.02009ImpalaMarulaAfplatsTwo RiversTambotiZimplatsMimosa225.22010Total Mineral Resources Pt ounces (million) – inclusive of Mineral Reserves2009DepletionminedGrowthandchanges 2010AttributablePt ouncesper ImplatsownershipImpala* 74.1 1.21 (1.7) 71.4 68.0Marula 11.2 0.10 (0.7) 10.4 7.6Afplats 37.8 0.00 (2.1) 35.7 23.2Two Rivers 5.8 0.21 (0.1) 5.5 2.4Tamboti 23.5 0.00 3.6 27.1 27.1Zimplats 106.9 0.26 0.2 106.8 92.8Mimosa 8.0 0.16 0.1 7.9 3.9Totals 267.4 1.93 (0.9) 264.6 225.2* Includes Impala/RBR JVNotes• Depletion ounces were adjusted by global concentrator and mine call factors• Potential impact of pillar losses was taken into accountwww.implats.co.za 20 Implats Mineral Resource and Mineral Reserve Statement 2010

Year-on-year comparisons for the Mineral Reserve estimates are summarised below, both as tonnage and platinum ounceestimates.Total Mineral Reserves tonnage (million)2009DepletionminedGrowthandchanges 2010Attributabletonnageper ImplatsownershipImpala 300 13.6 5.0 291 291Marula 36 2.0 10.9 45 33Two Rivers 35 2.9 3.6 36 16Zimplats 217 4.1 0.3 214 186Mimosa 33 2.3 2.5 33 17Totals 622 24.9 22.3 619 543The main considerations impacting on the year-on-year comparisons other than depletions include:• The tonnage variance at Impala is largely due to thecombination of the reduction of bord-and-pillar MineralReserves and white areas and additional UG2 MineralReserves at existing infrastructure• The variance at Marula is a combination of additionalareas at the Clapham and Driekop hybrid sections,positive impact of increased extraction rates usedand the exclusion of the Mineral Reserves previouslyincluded for levels 9 and 10 of the conventional sectionTotal Mineral Reserves Pt ounces (million)2009DepletionminedGrowthandchanges 2010AttributablePt ouncesper ImplatsownershipImpala 23.5 1.06 0.6 23.0 23.0Marula 2.3 0.91 1.2 2.6 1.9Two Rivers 2.0 0.18 0.1 1.9 0.9Zimplats 11.9 0.22 0.1 11.8 10.2Mimosa 1.8 0.13 0.1 1.8 0.9Totals 41.6 2.51 2.0 41.1 36.9Notes• Depletion ounces were adjusted by global concentrator factors• The above high-level reconciliations reflect both stability and growth opportunities for Implats and its subsidiariesImplats attributable Mineral Reserves(year-on-year variance)(Moz Pt)37.436.92009ImpalaMarulaTwo RiversZimplatsMimosa2010www.implats.co.za 21 Implats Mineral Resource and Mineral Reserve Statement 2010

The Bushveld Complexin South Africa andthe Great Dyke inZimbabwe are the twolargest known depositsof platinum group mineralsin the world.Unique miningopportunities...Overland conveyer and silo at Marula.www.implats.co.za 22 Implats Mineral Resource and Mineral Reserve Statement 2010

www.implats.co.za 23 Implats Mineral Resource and Mineral Reserve Statement 2010

ImpalaThe Impala Platinum mining operation is located just to thenorth of Rustenburg on the western limb of the BushveldComplex. Contained within this well-layered ultramafic tomafic succession are two horizons in the Critical Zonethat host economically exploitable quantities of PGMs,namely the Merensky Reef and the underlying UG2 Reef.Both reefs sub-outcrop in the mining right area and dipgenerally in a north-easterly direction at about 10°. Thevertical separation between the Merensky and UG2 Reefsvaries from about 125m in the south to 45m in the north.The Merensky Reef is generally composed of an upperfeldspathic pyroxenite, overlying a thin basal chromititestringer, followed by an anorthosite to norite footwall, withthe mineralisation decreasing from the basal chromititestringer into the hangingwall and footwall. The UG2 Reefis defined as a main chromitite layer, with most of themineralisation contained within this unit, followed by apoorly mineralised pegmatoidal pyroxenite footwall.7A6EF4782012N1212S141411 11C11Impala holds contiguous mining rights and prospectingrights for a total area of 33 191ha across 20 farms orportions thereof. The prospecting area involving thejoint venture with Royal Bafokeng Resources Platinum(Pty) Limited (RBR) has this year for the first time beenfactored into the Mineral Resource estimate. Agreementhas been reached in principle with a third party to transfera portion of the Mineral Resources in the southernextremity on the so-called Fourth and Fifth Bafokeng Areapending regulatory approvals. The corresponding MineralResources have been excluded from the 2010 statement.2A251910101 16170 5 10Scale (km)Current shaftsMajor capital projectsRemaining areasImpala/RBR JVDecline projectsImpala Merensky metal ratios% 5PGM+AuImpala UG2 metal ratios% 5PGM+AuPt 56.7%Pd 24.9%Rh 4.6%Ru 8.4%Ir 1.8%Au 3.6%Pt 47.9%Pd 25.8%Rh 8.8%Ru 13.4%Ir 3.4%Au 0.6%www.implats.co.za 24 Implats Mineral Resource and Mineral Reserve Statement 2010

Both the Merensky and UG2 Reefs are being exploited;the bulk of the mining at Impala is conventional breastmining. Mechanised bord-and-pillar mining takes place inselected areas only, while limited opencast mining takesplace at the outcrop position.ImpalaMineral Resources as at 30 June 2010 as at 30 June 2009OrebodyCategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)Tonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)Merensky Measured 136.2 5.91 6.82 16.9 127.9 5.75 6.59 15.4Indicated 63.6 5.85 6.76 7.8 92.2 6.12 7.01 11.8Inferred 78.5 5.37 6.21 8.9 79.5 6.72 7.70 11.2UG2 Measured 132.2 6.87 8.87 18.1 127.0 6.90 8.99 17.6Indicated 48.8 6.54 8.44 6.4 70.5 6.80 8.86 9.6Inferred 53.4 6.50 8.38 6.9 61.5 6.97 9.08 8.6Total 512.7 6.19 7.56 65.0 558.7 6.48 7.92 74.1Looking up at 20 Shaft, Rustenburg.www.implats.co.za 25 Implats Mineral Resource and Mineral Reserve Statement 2010

Impala Platinum Mineral Resources andMineral Reserves continuedImpala (continued)Mineral Reserves as at 30 June 2010 as at 30 June 2009OrebodyCategoryMilltonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt (Moz)Milltonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt (Moz)Merensky Proved 13.0 3.96 4.58 1.1 16.9 3.98 4.56 1.4Probable 121.6 4.11 4.75 10.5 133.6 3.87 4.44 10.8UG2 Proved 17.6 3.60 4.64 1.3 21.8 3.85 5.02 1.7Probable 138.7 3.67 4.74 10.1 127.3 3.76 4.90 9.6Total 290.9 3.87 4.73 23.0 299.6 3.83 4.68 23.5Mineral Resources as at 30 June 2010 as at 30 June 2009OrebodyCategoryTonnes(Mt)Grade(g/t)Pt (Moz)Tonnes(Mt)Grade(g/t) Pt (Moz)1 and 2 TailingsComplex Indicated 48.1 0.42 0.6 48.1 0.42 0.6Impala/RBR JVMineral Resources as at 30 June 2010OrebodyCategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt (Moz)Merensky Measured 3.3 6.04 6.98 0.4Indicated 7.3 5.64 6.51 0.9Inferred 21.5 6.26 7.23 2.8UG2 Measured 2.2 7.07 9.13 0.3Indicated 2.1 7.13 9.20 0.3Inferred 11.1 6.95 8.96 1.5Total 47.4 6.39 7.69 6.3Notes• Mineral Resources are quoted inclusive of MineralReserves• Mineral Resource estimates allow for estimatedgeological losses but not for anticipated pillar lossesduring eventual mining• The modifying factors used to convert a MineralResource to a Mineral Reserve are derived fromhistorical figures using an in-house ore accountingsystem. This system is able to provide dilution factorsthat are applied to in situ estimates to project the finalproduct delivered to the mill• Mineral Reserves quoted reflect the grade delivered tothe mill rather than an in situ channel grade quoted inrespect of Mineral Resources• The material reduction in the Mineral Resource estimateis the result of various changes including the exclusionof an area in the southern extremity on the so-calledFourth and Fifth Bafokeng area, the introduction of the2 350m below surface depth cut-off, the reduction inareas earmarked for the bord-and-pillar mining as wellas changes in extraction rates• The apparent increase in Mineral Reserves can largelybe ascribed to the inclusion of additional UG2 areas atexisting shafts which were off-set by the reduction inbord-and-pillar reserves. In addition some white areaswere written off from a safety perspective• The year-on-year reduction in Proved Mineral Reservesillustrates that main development is under pressure tokeep up with stoping operations. This is a high priorityand additional measures have been introduced tomanage the availability of Mineral Reserves• Mineral Resource and Mineral Reserve grades areshown as both 5PGE+Au and 3PGE+Au• Rounding of numbers may result in minor computationaldiscrepancieswww.implats.co.za 26 Implats Mineral Resource and Mineral Reserve Statement 2010

Attributable platinum ounces, net of depletion, corporate activity and additional work30 June 2007Resources 71.4Moz Pt 4% decrease, exclusion of area in northern extremityReserves 20.8Moz Pt 4% decrease, mostly depletion30 June 2008Resources 79.1Moz Pt 10% increase, reporting method adjustedReserves 24.5Moz Pt 17% increase, addition of 17 Shaft reserves30 June 2009Resources 74.1Moz Pt 6% decrease, mostly due to exclusion of large grabenReserves 23.5Moz Pt 4% decrease, mostly depletion30 June 2010Resources 68.0Moz Pt 8% decrease, depth cut-off introduced, JV area addedReserves 23.0Moz Pt 2% decrease net of depletion, reduction of trackless reservesNote: Mineral Resources are inclusive of Mineral Reserves.Merensky Mineral Resources andMineral ReservesUG2 Mineral Resources andMineral Reserves0 5 10Scale (km)0 5 10Scale (km)BoreholesMajor geological featuresBoreholesMajor geological featuresMined-out areasImpala/RBR JVMined-out areasImpala/RBR JVMineral ReserveProspecting rightMineral ReserveProspecting rightMeasured Mineral ResourceArea excluded from ResourceMeasured Mineral ResourceArea excluded from ResourceIndicated Mineral ResourceMerensky sub-outcropIndicated Mineral ResourceUG2 sub-outcropInferred Mineral ResourceMining right boundaryInferred Mineral ResourceMining right boundarywww.implats.co.za 27 Implats Mineral Resource and Mineral Reserve Statement 2010

MarulaMarula’s mining operation is located on the eastern limb ofthe Bushveld Complex, some 35km to the north-west ofBurgersfort. The geological succession is broadly similarto that of the western limb with the same two horizonsoccurring in the Critical Zone and hosting economicallyexploitable quantities of PGMs, namely the Merensky Reefand the underlying UG2 Reef. Both reefs sub-outcrop inthe Marula mining rights area and dip generally in a westsouth-westdirection at about 13°. The vertical separationbetween the Merensky and UG2 Reefs is around 400m.The UG2 Reef is defined as a main chromitite layer, withmost of the mineralisation contained within this unit,followed by a poorly mineralised pegmatoidal pyroxenitefootwall. The Merensky Reef is the upper portion of apyroxenite layer, with a chromitite stringer close to thecontact with the hangingwall and with the mineralisationdecreasing from this upper chromitite stringer into thehangingwall and footwall.Marula holds a prospecting right and two contiguousmining rights covering a total area of 5 717ha acrossthe farms Clapham and Winnaarshoek, and portions ofthe farms Driekop, Forest Hill and Hackney. At present,Implats has an effective 73% interest in Marula. The threeempowerment partners now each hold a 9% interest inMarula. Marula entered into a royalty agreement with theadjacent Modikwa Mine to allow limited mining on an areacontiguous to the Driekop hybrid section. These MineralResources and Mineral Reserves have not been reflectedin the 2010 statement as the ownership is fully vested withModikwa.Current mining activities target the UG2 Reef only. Themine is being converted to a conventional breast miningmethod over an extended period. Hybrid mining at theForest Hill and Driekop areas will be used to supplementproduction. Potential future mining of the Merensky Reefwill largely be influenced by the market outlook.Marula Merensky metal ratios% 5PGM+AuMarula UG2 metal ratios% 5PGM+AuPt 54.2%Pd 29.6%Rh 2.7%Ru 5.5%Ir 0.9%Au 7.1%Pt 37.1%Pd 38.0%Rh 8.3%Ru 12.1%Ir 3.4%Au 1.0%www.implats.co.za 28 Implats Mineral Resource and Mineral Reserve Statement 2010

MarulaMineral Resources as at 30 June 2010 as at 30 June 2009OrebodyCategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)Tonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)Merensky Measured 19.3 4.47 4.77 1.6 18.2 5.44 5.80 1.8Indicated 15.0 4.19 4.49 1.2 13.7 5.57 5.94 1.4Inferred 18.5 4.01 4.30 1.4 17.2 5.89 6.28 1.9UG2 Measured 26.6 8.32 9.64 3.1 27.0 8.56 9.96 3.2Indicated 16.8 8.77 10.22 2.1 22.0 8.48 9.87 2.6Inferred 9.2 8.92 10.35 1.1 3.5 7.50 8.88 0.4Total 105.4 6.39 7.23 10.4 101.6 7.09 7.99 11.2Overland conveyer, Marula.www.implats.co.za 29 Implats Mineral Resource and Mineral Reserve Statement 2010

Marula Platinum Mineral Resourcesand Mineral Reserves continuedMarula (continued)Mineral Reserves as at 30 June 2010 as at 30 June 2009OrebodyCategoryMilltonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)Milltonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)UG2 Probable 45.2 4.10 4.76 2.6 36.3 4.48 5.31 2.3Notes• The figures in the statement above reflect totalestimates for Marula as at June 2010, correspondingestimated attributable Mineral Resources and Reservesare summarised elsewhere in the report• Mineral Resources are quoted inclusive of MineralReserves• Mineral Reserves quoted reflect the grade delivered tothe mill rather than an in situ channel grade quoted inrespect of the Mineral Resources• The modifying factors used in the UG2 Mineral Reservecalculation are based on the mine plan which envisageshybrid and conventional breast mining operations• Estimated geological losses have been accounted forin the Mineral Resource calculations but not estimatedpillar losses• The UG2 Mineral Resource accounts for themain chromitite layer channel width only, withoutconsideration of dilution• Grade estimates were obtained by means of ordinarykriging of borehole intersections• The Merensky Mineral Resource was re-estimated asa consequence of the independent third party audit byAMEC, which assisted with the estimation. The newestimate is based on a consistent width of 100cm• Changes in the UG2 Mineral Resource estimates sincelast year essentially reflect the re-alignment to thegroup-wide classification standard• The UG2 Mineral Reserve has increased due to theaddition of areas at Forest Hill and Driekop and aneffective increase in extraction rates. This was off-set bythe exclusion of levels 9 and 10, which were previouslyincluded in the Mineral Reserve estimate. Studies areunder way to re-assess the life-of-mine options; it ispresently foreseen that levels 9 and 10 will not be minedfrom the Clapham conventional decline section• The apparent reduction in the UG2 Mineral Reservegrade is the result of the exclusion of higher grade areasand the inclusion of areas with lower grades• Mineral Resource and Mineral Reserve grades arereflected in both 3PGE+Au and 5PGE+Au formats• Rounding of numbers may result in minor computationaldiscrepancieswww.implats.co.za 30 Implats Mineral Resource and Mineral Reserve Statement 2010

Attributable platinum ounces, net of depletion, corporate activity and additional work30 June 2007Resources 9.0Moz Pt 2% decrease, additional work on Merensky estimateReserves 1.9Moz Pt 4% decrease, mostly depletion30 June 2008Resources 8.3Moz Pt 8% decrease, re-estimate for Merensky and depletionReserves 1.7Moz Pt 8% decrease, depletion30 June 2009Resources 8.2Moz Pt 2% decrease, depletionReserves 1.7Moz Pt 4% decrease, depletion30 June 2010Resources 7.6Moz Pt 7% decrease, net of depletion and re-estimateReserves 1.9Moz Pt 11% decrease, revised shaft areaNote: Mineral Resources are inclusive of Mineral Reserves.Merensky MineralResourcesUG2 Mineral Resources andMineral ReservesForest HillForest HillHackneyClaphamHackneyClaphamDriekopWinnaarshoekWinnaarshoekDriekop0 10 1Scale (km)Scale (km)BoreholesProspecting rightBoreholesInferred Mineral ResourceMeasured Mineral ResourceMerensky sub-outcropMined-out areasProspecting rightIndicated Mineral ResourceFarm boundaryMineral ReserveUG2 sub-outcropInferred Mineral ResourceIndicated Mineral ResourceFarm boundarywww.implats.co.za 31 Implats Mineral Resource and Mineral Reserve Statement 2010

AfplatsAfplats’ Leeuwkop Project and adjacent prospecting rightareas are situated about 10km west of Brits on the westernlimb of the Bushveld Complex. An extensive explorationprogramme conducted by Afplats intersected both theMerensky and UG2 Reefs. The Merensky Reef occursabout 850m below surface at the southern boundaryof Leeuwkop, with the vertical separation between theMerensky and UG2 Reefs averaging 200m. Both reefs dipgenerally to the north at about 9°.The UG2 Reef comprises a package that is made up of twochromitite layers. The upper chromitite layer is separatedfrom the main chromitite layer by a thin pyroxenite parting.It will be mined as a single package. The Merensky Reef,which is not deemed to be economically viable at present,is the upper portion of a pyroxenite layer, with a chromititestringer close to the contact with the hangingwall and withthe mineralisation decreasing from the chromitite stringerinto the hangingwall and footwall.Afplats holds a mining right which is contiguous to theprospecting rights, for a total area of some 9 931ha acrossthe farms Leeuwkop and portions of Hartebeestpoort B,Kareepoort and Wolwekraal west of Brits. In terms of Implats’acquisition of Afplats announced in February 2007, Implatsacquired 100% of Afplats and, by implication, an effective74% stake in the Leeuwkop Project and varying proportionsin the associated subsidiaries. The mining right for theLeeuwkop Project was awarded in April 2008. The finalcorporate structure for the so-called Imbasa and Inkosi areas,which comprise several portions of the farm HartebeestpoortB, had not been finalised at year end. These are held insubsidiaries with varying BEE partnership shareholdings.The Inkosi prospecting area was amended in February 2009with the addition of the so-called “gap area” on the farmHartebeestpoort B that had previously been excluded.Shaft sinking activities at the Leeuwkop Project weredeferred due to the prevailing market conditions in 2009.During 2010 feasibility work continued to assess differentoptions to render the project viable; these studies have notbeen concluded and the Mineral Resource has not beenreclassified to the Reserve category.Afplats UG2 metal ratios% 5PGM+AuPt 49.2%Pd 22.0%Rh 9.4%Ru 15.4%Ir 3.8%Au 0.3%AfplatsMineral Resources as at 30 June 2010 as at 30 June 2009OrebodyAll UG2CategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt (Moz)Tonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt (Moz)Leeuwkop Measured 65.1 5.30 6.63 6.8 66.1 5.20 6.22 6.5Indicated 11.0 5.25 6.72 1.2 10.5 5.04 6.11 1.0Inferred 86.4 5.18 6.34 8.7 108.0 5.04 6.11 10.5Kareepoort-Wolwekraal Indicated 11.1 5.24 6.48 1.1 10.2 5.06 6.26 1.0Inferred 23.7 5.09 6.23 2.3 29.4 4.98 6.11 2.9Imbasa Indicated 9.4 4.65 5.65 0.8 5.7 4.92 6.06 0.6Inferred 53.3 4.93 6.10 5.1 62.3 4.64 5.69 5.6Inkosi Indicated 24.1 5.02 6.18 2.4 16.1 4.92 6.06 1.5Inferred 74.6 4.94 6.09 7.2 91.4 4.64 5.69 8.2Total 358.8 5.09 6.28 35.7 399.8 4.89 5.96 37.8Notes• The figures in the statement above reflect totalMineral Resource and Mineral Reserve estimates forAfplats and related subsidiaries as at 30 June 2010.The corresponding estimated attributable MineralResources and Mineral Reserves attributable to Implatsare summarised elsewhere in the report• No Mineral Reserve is reported in the absence of Boardapproval to recommence development• Implats has chosen not to publish Merensky ReefMineral Resource estimates as their eventual economicextraction is presently in doubt• No Mineral Reserves are quoted given the deferral ofthe Leeuwkop Project• The updated UG2 grade estimates are based onborehole assay data, which has been expanded througha prospecting programme conducted in the past year• The updated estimate is based on in-house MineralResource estimation using ordinary krigingwww.implats.co.za 32 Implats Mineral Resource and Mineral Reserve Statement 2010

• Given the additional information, selected MineralResource areas with a higher level of confidence havebeen upgraded in terms of their classification• The Mineral Resource tonnage estimate decreased bysome 11Mt due to the exclusion of the hangingwall andfootwall sampling overbreak; this is aligned with thegroup-wide standard, does not impact on the metalcontent but results in an increased grade• The remainder of the negative variance in tonnage(27.9Mt) and content (2.8Moz Pt) is the result ofthe introduction of the 2 350m below surface depthlimit• Mineral Resource and Mineral Reserve grades are nowalso reflected in both 3PGE+Au and 5PGE+Au formats• The additional exploration data impacted on theestimated individual metal ratios; the updated ratios areillustrated in the accompanying graph• Rounding of numbers may result in minor computationaldiscrepanciesAttributable platinum ounces, net of depletion, corporate activity and additional work30 June 2007Resources 20.9Moz Pt 100% increase, new acquisitionReserves 2.6Moz Pt 100% increase, new acquisition30 June 2008Resources 23.4Moz Pt 12% increase, reporting method adjustedReserves 2.6Moz Pt No change30 June 2009Resources 24.7Moz Pt 6% increase, additional data, re-estimate and area adjustedReserves 0.0Moz Pt 100% decrease, Leeuwkop Project deferred30 June 2010Resources 23.2Moz Pt 2% decrease, introduction of depth cut-offReserves 0.0Moz Pt No change, studies in progressNote: Mineral Resources are inclusive of Mineral Reserves.UG2 Mineral ResourcesWolwekraalLeeuwkopImbasa WestImbasa EastInkosiKareepoort0 1Scale (km)BoreholesMeasured Mineral ResourceIndicated Mineral ResourceProspecting rightArea excluded from ResourceFarm boundaryInferred Mineral Resourcewww.implats.co.za 33 Implats Mineral Resource and Mineral Reserve Statement 2010

Two RiversTwo Rivers is located approximately 35km to the southwestof Burgersfort on the eastern limb of the BushveldComplex. In broad terms, the geological succession issimilar to that of other areas of the eastern limb; both theMerensky Reef and underlying UG2 Reef occur at TwoRivers. The UG2 Reef outcrops in the Klein Dwarsriviervalley over a north-south strike length of 7.5km, dipping tothe west at between 7o and 10o. The extreme topographyresults in the UG2 occurring at a depth of 935m on thewestern boundary. The vertical separation between theMerensky and UG2 Reefs is around 140m.Three distinct reef facies (reef types) have been definedfor the UG2 Reef at Two Rivers, namely the ‘normalfacies’ with a thick main chromitite layer; a ‘split reef’in the southern, west-central and north-eastern parts,characterised by an internal pyroxenite/norite lens ofup to 6m thick and situated approximately two-thirds ofthe chromitite thickness upwards from the base; and a‘multiple split reef facies’ comprising a second pyroxenite/norite lens situated approximately one-third of thechromitite thickness from the base. The Merensky Reefis the upper portion of a pyroxenite layer, with a chromititestringer close to the contact with the hangingwall andmineralisation decreasing from the chromitite stringerinto the hangingwall and footwall. Only the UG2 Reef iscurrently being mined.Two Rivers holds a contiguous old-order mining right overa total of 2 139ha on a portion of the farm Dwarsrivier.Mine development targeting the UG2 Reef began in 2005and the mining layout is based on a mechanised bordand-pillardesign. The orebody is accessed via two declineshaft systems, situated approximately 2.5km apart. Theoperation is managed by ARM and Implats has a 45%interest in the joint venture.Two Rivers Merensky metal ratios% 5PGM+AuTwo Rivers UG2 metal ratios% 5PGM+AuPt 56.6%Pd 27.4%Rh 2.7%Ru 5.9%Ir 1.0%Au 6.4%Pt 46.5%Pd 27.2%Rh 8.7%Ru 13.5%Ir 3.3%Au 0.9%www.implats.co.za 34 Implats Mineral Resource and Mineral Reserve Statement 2010

Two RiversMineral Resources as at 30 June 2010 as at 30 June 2009OrebodyCategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)Tonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)Merensky Indicated 18.7 3.34 3.55 1.2 18.7 3.34 3.55 1.2Inferred 3.9 3.16 3.36 0.2 3.9 3.16 3.36 0.2UG2 Measured 8.8 4.53 5.43 0.7 13.8 4.59 5.47 1.1Indicated 46.8 3.76 4.53 3.2 40.3 3.69 4.47 2.7Inferred 1.1 5.19 6.26 0.1 8.1 3.90 4.68 0.6Total 79.4 3.74 4.37 5.5 84.8 3.76 4.40 5.8Two Rivers Platinum.www.implats.co.za 35 Implats Mineral Resource and Mineral Reserve Statement 2010

Two Rivers Platinum Mineral Resourcesand Mineral Reserves continuedTwo RiversMineral Reserves as at 30 June 2010 as at 30 June 2009OrebodyCategoryMilltonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)Milltonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuPt(Moz)UG2 Proved 5.1 3.29 3.94 0.3 7.8 3.45 4.11 0.5Proved(stockpile) 0.2 3.43 4.10 0.0Probable 30.8 2.88 3.47 1.6 27.2 3.16 3.81 1.5Total 35.9 2.94 3.54 1.9 35.2 3.23 3.88 2.0Notes• The figures in the statement above reflect the totalestimates for Two Rivers, as at 30 June 2010. Thecorresponding estimated attributable Mineral Resourcesand Reserves to Implats are summarised elsewhere inthe report• Mineral Resources are quoted inclusive of MineralReserves• Grade estimates were obtained by means ofordinary kriging of UG2 and Merensky Reef boreholeintersections• The modifying factors used in the UG2 Mineral Reservecalculations are based on mechanised bord-and-pillarmining operations• Merensky Reef estimates are unchanged from theprevious statements• The updated UG2 Mineral Resource estimate iseffectively unchanged if depletion is taken into account• The Measured UG2 Mineral Resource decreased bysome 36% largely due to the downgrading of areas withMultiple Split Reef; notably the southern area previouslyclassified as Inferred Mineral Resources progressed tothe Indicated class• Changes in the Mineral Reserve estimate involved anincrease in anticipated dilution associated with the splitreef• The individual metal proportions for the Merensky Reefwere derived by Implats• Mineral Resource and Mineral Reserve grades arereflected in both 3PGE+Au and 5PGE+Au formats• During the past year the Mineral Resources andReserves were audited by an independent third party• Rounding of numbers may result in minor computationaldiscrepancies• More details regarding the Mineral Resources andMineral Reserves can be found in the 2010 ARM annualreportwww.implats.co.za 36 Implats Mineral Resource and Mineral Reserve Statement 2010

Attributable platinum ounces, net of depletion, corporate activity and additional work30 June 2007Resources 2.8Moz Pt 12% increase, inclusion of inferred resourcesReserves 1.1Moz Pt 4% increase, updated plan and re-estimate30 June 2008Resources 2.7Moz Pt 3% decrease, depletionReserves 1.1Moz Pt 5% decrease, depletion30 June 2009Resources 2.6Moz Pt 3% decrease, depletion, north pit excludedReserves 0.9Moz Pt 13% decrease, depletion, north pit excluded30 June 2010Resources 2.4Moz Pt 6% decrease, depletion and re-estimateReserves 0.9Moz Pt 7% decrease, depletion and additional dilutionNote: Mineral Resources are inclusive of Mineral Reserves.Merensky Reef MineralResourcesUG2 Mineral Resources andMineral ReservesTweefonteinTweefonteinKalkfonteinKalkfonteinDwarsrivierDwarsrivierRichmondRichmond0 1Thorncliffe0 1ThorncliffeScale (km)Scale (km)BoreholesMerensky outcropBoreholesProved Mineral ReserveIndicated Mineral ResourceFarm boundaryMined-out areasProbable Mineral ReserveInferred Mineral ResourceMeasured Mineral ResourceUG2 outcropIndicated Mineral ResourceFarm boundaryInferred Mineral Resourcewww.implats.co.za 37 Implats Mineral Resource and Mineral Reserve Statement 2010

Tamboti projectThe Tamboti Project is located down-dip of the TwoRivers Mine and approximately 45km to the southwestof Burgersfort on the eastern limb of the BushveldComplex. In broad terms, the geological successionis similar to that of other areas of the eastern limb andof Two Rivers in particular. Both the Merensky Reef andunderlying UG2 Reef occur at the Tamboti Project andare affected by numerous faults. The vertical separationbetween the Merensky and UG2 Reefs is around 160m.The Steelpoortpark granite occurs in the south-westernpart of the area.Two distinct reef facies (reef types) have been defined forthe UG2 Reef at Tamboti, namely the ‘normal facies’ with athick main chromitite layer and a ‘split reef’, characterisedby an internal pyroxenite/norite lens. The Merensky Reefis the upper portion of a pyroxenite layer, with a chromititestringer close to the contact with the hangingwall andmineralisation decreasing from the chromitite stringer intothe hangingwall and footwall.Impala holds a prospecting right over a total of 8 524ha ona large portion of the farms Tweefontein and Kalkfontein,as well as the farm Buffelshoek; this constitutes theTamboti Project. No Merensky Reef is present onTweefontein and the UG2 Reef occurs only on a smallportion of this farm. The total mineral rights holdingat Kalkfontein increased by some 34% due to theDMR awarding the section 102 application for thehistoric undivided shareholding on certain portions of thefarm Kalkfontein. This clarified the ambiguity regardingownership. The agreements with junior resource companyKameni and African Rainbow Minerals were recorded inthe 2009 annual report.TambotiMineral Resources as at 30 June 2010 as at 30 June 2009OrebodyperfarmportionsCategoryGradeTonnes (g/t)(Mt) 3PGE+AuGrade(g/t)5PGE+AuPt(Moz)GradeTonnes (g/t)(Mt) 3PGE+AuGrade(g/t)5PGE+AuPt(Moz)Kalkfontein Merenskyportions1 – 3 Inferred 58.0 3.43 3.70 3.8 46.6 3.43 3.70 3.1Merenskyportions4 – 6 Inferred 14.0 3.43 3.70 0.9 7.6 3.43 3.7 0.5UG2portions1 – 3 Inferred 72.2 5.68 6.82 7.1 57.9 5.68 6.82 5.7UG2portions4 – 6 Inferred 21.5 5.68 6.82 2.1 11.5 5.68 6.82 1.1Buffelshoek Merenskyall portions Inferred 69.1 4.21 4.54 5.5 69.1 4.21 4.54 5.5UG2all portions Inferred 83.9 5.46 6.45 7.6 83.9 5.46 6.45 7.6Total 318.7 4.80 5.52 27.1 276.6 4.81 5.53 23.5Tamboti Merensky metal ratios% 5PGM+AuTamboti UG2 metal ratios% 5PGM+AuPt 54.8%Pd 28.7%Rh 3.0%Ru 6.2%Ir 1.1%Au 6.2%Pt 44.4%Pd 30.2%Rh 8.5%Ru 12.9%Ir 3.1%Au 0.9%www.implats.co.za 38 Implats Mineral Resource and Mineral Reserve Statement 2010

Notes• The figures in the statement reflect the total estimatesfor the Tamboti Project as at 30 June 2010, and arestill in total attributable to Implats until the rights aretransferred to Kameni and African Rainbow Minerals• The small area of UG2 Reef that occurs at Tweefonteinwas excluded as it is structurally complex• Only Mineral Resources are quoted, as MineralReserves cannot be calculated at this stage• Mineral Resource estimates allow for estimatedgeological losses but not for anticipated pillar lossesduring eventual mining• During the past year Kameni has conducted extensivework, the results of which were not incorporated inthe estimate above as work was still in progress at30 June 2010• The estimate above does not reflect any additionalwork or re-estimate. The 2009 estimate was merelyadjusted for the increased area resulting in an overall34% increase on the Kalkfontein properties• The Merensky Reef represents the mineralised portionof the upper portion of the pyroxenite layer, the MineralResource estimate is based on a minimum miningheight of 100cm• The UG2 Reef includes the main and leader chromititelayers, which, given their close proximity to each other,makes them difficult to separate during mining• Mineral Resource grades are reflected in both 3PGE+Auand 5PGE+Au formats• Rounding of numbers may result in minor computationaldiscrepanciesAttributable platinum ounces, net of depletion, corporate activity and additional work30 June 2007 Resources 0.0Moz Pt In prospecting phase only30 June 2008 Resources 24.6Moz Pt 100% increase, first statement following prospecting30 June 2009 Resources 23.6Moz Pt 4% decrease, re-estimates and additional data30 June 2010 Resources 27.1Moz Pt 15% increase, additional areaNote: Mineral Resources are inclusive of Mineral Reserves.Merensky Mineral ResourcesUG2 Mineral ResourcesSteelpoortparkTweefonteinSteelpoortparkTweefonteinPortions1-3Portions4-6Portions1-3Portions4-6KalkfonteinKalkfonteinDwarsrivierDwarsrivierBuffelshoekBuffelshoek0 10 1Scale (km)Scale (km)BoreholesProspecting right and farm boundaryBoreholesProspecting right and farm boundaryInferred Mineral ResourceMerensky outcropInferred Mineral ResourceUG2 outcropGraniteFarm boundaryGraniteFarm boundarywww.implats.co.za 39 Implats Mineral Resource and Mineral Reserve Statement 2010

ZimplatsZimplats’ Ngezi Mine is located south-west of Harareand exploits the Sebakwe sub-chamber of the HartleyComplex in the Great Dyke. Also in the Hartley Complexis the Hartley Mine, but in the Darwendale sub-chamber,77km to the north of Ngezi. The Hartley Complex isabout 100km long and contains approximately 80% ofZimbabwe’s PGM Mineral Resources. The north-northeast-trendinglayered igneous rocks within the basin dipat between 5° and 20° near the margins and flatten outnear the centre.The platinum-bearing Main Sulphide Zone (MSZ) liesbetween 5m and 50m below the base of the maficsequence. The MSZ is a continuous layer between 2mand 10m thick that forms an elongated basin. Peak valuesfor the base metals and various PGMs are offset verticallywith palladium at the base, platinum in the centre andnickel above. It is difficult to visually identify the MSZ.Zimplats holds mining rights over two areas comprising atotal of 48 500ha across the Hartley Complex in the GreatDyke. Underground stoping at Zimplats currently consistsof mechanised bord-and-pillar layouts. Undergroundproduction is presently sourced from portals 1, 2 and4; establishment of a fourth underground section atportal 3 will commence in FY2011. Opencast miningremains suspended due to economic considerations.Zimplats MSZ metal ratios% 5PGM+AuPt 47.21%Pd 36.52%Rh 3.96%Ru 3.61%Ir 1.70%Au 7.00%ZimplatsMineral Resources as at 30 June 2010 as at 30 June 2009OrebodyCategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)Tonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)Ngezi portals– advanced toReserveMSZ Measured 65.4 3.50 3.70 0.10 0.08 3.7 68.8 3.50 3.69 0.10 0.08 3.9Indicated 229.5 3.54 3.74 0.11 0.08 13.2 234.5 3.53 3.73 0.11 0.08 13.4Total 295 3.53 3.73 0.11 0.08 17 303 3.52 3.72 0.11 0.08 17Ngezi portals –not advancedto ReserveMSZ Measured 43.6 3.44 3.63 0.10 0.09 2.4 38.0 3.38 3.58 0.10 0.09 2.0Indicated 227.1 3.50 3.69 0.12 0.09 12.6 226.4 3.51 3.70 0.12 0.09 12.5Inferred 134 3.44 3.63 0.13 0.08 8 134 3.44 3.63 0.13 0.09 8Total 404 3.47 3.66 0.12 0.09 23 399 3.48 3.67 0.12 0.09 22Mining leasenorth ofportal 10MSZ Indicated 53.8 4.56 4.80 0.22 0.18 3.6 53.8 4.56 4.80 0.22 0.18 3.6Inferred 829 3.59 3.79 0.15 0.13 45 829 3.59 3.79 0.15 0.13 45Total 883 3.65 3.85 0.15 0.13 49 883 3.65 3.85 0.15 0.13 49www.implats.co.za 40 Implats Mineral Resource and Mineral Reserve Statement 2010

Zimplats (continued)Mineral Resources as at 30 June 2010 as at 30 June 2009OrebodyCategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)Tonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)HartleyMSZ Measured 28.3 4.53 4.78 0.14 0.12 2.0 28.3 4.53 4.78 0.14 0.12 2.0Indicated 143.1 3.97 4.19 0.13 0.11 9.3 143.1 3.97 4.19 0.13 0.11 9.3Inferred 46 3.89 4.10 0.13 0.10 3 46 3.89 4.10 0.13 0.10 3Total 218 4.03 4.25 0.13 0.11 14 218 4.03 4.25 0.13 0.11 14Oxides – allareasMSZ Indicated 16.2 3.42 3.61 0.10 0.07 0.9 16.8 3.46 3.66 0.10 0.07 0.9Inferred 63 3.48 3.67 0.12 0.10 3.5 61 3.65 3.85 0.12 0.10 3.5Total 80 3.47 3.66 0.12 0.10 4.4 78 3.61 3.81 0.12 0.09 4.4Overall total 1 879 3.63 3.83 0.14 0.11 107 1 880 3.64 3.84 0.13 0.11 107Zimplats operations.www.implats.co.za 41 Implats Mineral Resource and Mineral Reserve Statement 2010

Zimplats Mineral Resourcesand Ore Reserves continuedZimplatsOre Reserves as at 30 June 2010 as at 30 June 2009OrebodyCategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)Tonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)MSZ Proved 52.0 3.41 3.60 0.10 0.07 2.8 54.3 3.40 3.59 0.10 0.07 2.9Probable 161.6 3.44 3.63 0.11 0.08 9.0 163.1 3.43 3.62 0.11 0.08 9.0Total 213.6 3.43 3.62 0.11 0.08 11.8 217.4 3.43 3.62 0.10 0.07 11.9Notes• The figures in the statement above reflect the totalMineral Resource and Ore Reserve estimate for Zimplatsas at 30 June 2010, corresponding estimated MineralResources and Ore Reserves attributable to Implats aresummarised elsewhere in this report• Mineral Resources are quoted inclusive of Ore Reserves• Mineral Resource estimates allow for estimatedgeological losses, while no allowance is made foranticipated support pillar losses during eventual mining• The Ore Reserves quoted reflect anticipated gradesdelivered to the mill• Day-to-day operations are monitored using in-houselead collection fire assays with AA finish. The MineralResources and Ore Reserves in this statement arebased largely on Genalysis nickel sulphide collection fireassays with ICP-MS finish. The differences between themethods are incorporated within the modifying factorsthat have been applied, which means that there may beslight distortions in recovery and other parameters• Nickel grades are stated as nickel in sulphide that isamenable to recovery by flotation• Mineral Resources have been estimated using krigingtechniques on data derived from surface drill holes.Estimates are based on composite widths that varydepending on cut-off grades, which are based onappropriate economic parameters• The proposal to develop portal 3 has been presented toand approved by the board• The main difference from the 2009 statement can beascribed to depletion and transfer of 6.5Mt from portals3 to 10 to the steeps, ie areas where the dip is too steepfor mechanised bord-and-pillar mining• The boundaries of the ore envelope are gradational,particularly in the footwall, so the choice of mining cut isaffected by economic factors• Rounding of numbers may result in minor computationaldiscrepancies• More details regarding the Mineral Resources andMineral Reserves can be obtained in the 2010 Zimplatsannual reportAttributable platinum ounces, net of depletion, corporate activity and additional work30 June 200730 June 200830 June 200930 June 2010Resources 77.1Moz Pt No change, depletion off-set by re-estimateReserves 11.2Moz Pt 4% increase, depletion and re-estimateResources 95.2Moz Pt 23% increase, reporting method adjustedReserves 10.9Moz Pt 3% decrease, depletionResources 92.9Moz Pt 3% decrease, depletionReserves 10.4Moz Pt 5% decrease, open-pit reserves moved to resourcesResources 92.8Moz Pt No material changeReserves 10.2Moz Pt 1.5% decrease, depletionNote: Mineral Resources are inclusive of Mineral Reserves.www.implats.co.za 42 Implats Mineral Resource and Mineral Reserve Statement 2010

MSZ Mineral Resources and Ore ReservesHartleyNgeziNgezi0 10Scale (km)0 10Scale (km)BoreholesMined-out areasMeasured Mineral ResourceIndicated Mineral ResourceInferred Mineral ResourceOre ReserveOpen-pit ResourceMSZ outcropMining lease boundarywww.implats.co.za 43 Implats Mineral Resource and Mineral Reserve Statement 2010

MimosaMimosa is located in Zimbabwe, east of Bulawayo inthe Wedza Complex of the Great Dyke. PGM MineralResources at Mimosa are located in four erosionallyisolated and fault-bounded blocks, consisting from northto south of: the North Hill, South Hill, the Mtshingwe andFar South Hill areas. The Mimosa Mine is located in theeastern part of the South Hill block. The north-north-easttrendinglayered igneous rocks within the layering dip fromthe sides towards the axis of the intrusion and flatten outnear the centre.Mimosa holds contiguous mining rights for a total area of6 590ha across the Wedza Complex in the Great Dyke.As at 30 June 2010, Implats owned a 50% shareholdingin Mimosa Investments Limited (with Aquarius PlatinumLimited owning the remaining 50%).Underground stoping operations at Mimosa arebeing conducted by means of mechanised bord-andpillarmethods. The mining method comprises a fullymechanised operation.The platinum-bearing Main Sulphide Zone (MSZ) liesabout 10m below the base of the mafic sequence and is acontinuous layer between 2m and 3m thick that forms anelongated basin. The MSZ at Mimosa has a well-definedgrade profile.Mimosa MSZ metal ratios% 5PGM+AuPt 45.8%Pd 36.3%Rh 4.2%Ru 3.9%Ir 2.4%Au 7.3%MimosaMineral Resources as at 30 June 2010 as at 30 June 2009Orebody CategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)Tonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)South Hill Measured 38.31 3.99 4.26 0.14 0.11 2.4 39.7 3.90 4.17 0.14 0.11 2.4Indicated 34.73 3.44 3.71 0.14 0.12 1.9 26.9 3.54 3.78 0.14 0.12 1.5Inferred 6.94 3.85 4.09 0.13 0.12 0.4 15.0 3.85 4.09 0.13 0.12 0.9Inferred(oxides) 6.64 3.70 3.95 0.13 0.12 0.4 6.6 3.70 3.95 0.13 0.12 0.4Total 86.6 3.74 4.00 0.14 0.12 5.1 88.3 3.77 4.02 0.14 0.12 5.2www.implats.co.za 44 Implats Mineral Resource and Mineral Reserve Statement 2010

Mimosa (continued)Ore Reserves as at 30 June 2010 as at 30 June 2009Orebody CategoryMilltonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)Milltonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)South Hill Proved 15.5 3.66 3.91 0.14 0.12 0.9 16.3 3.68 3.93 0.14 0.12 0.9Probable 17.9 3.21 3.41 0.14 0.12 0.9 16.9 3.33 3.55 0.15 0.12 0.9Total 33.4 3.42 3.64 0.14 0.12 1.8 33.2 3.50 3.74 0.15 0.12 1.8Mineral Resources as at 30 June 2010 as at 30 June 2009Orebody CategoryTonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)Tonnes(Mt)Grade(g/t)3PGE+AuGrade(g/t)5PGE+AuNi%Cu%Pt(Moz)North Hill Inferred 48.6 3.64 3.90 0.14 0.11 2.8 48.6 3.64 3.90 0.14 0.11 2.8Exploration drilling at North Hill, Mimosa.www.implats.co.za 45 Implats Mineral Resource and Mineral Reserve Statement 2010

Mimosa Mineral Resourcesand Ore Reserves continuedNotes• The figures in the statement above reflect the totalMineral Resource and Ore Reserve estimates forMimosa as at 30 June 2010, corresponding estimatedMineral Resources and Reserves attributable to Implatsare summarised elsewhere in the report• Mineral Resources are quoted inclusive of Ore Reserves• Mineral Resources are quoted before accounting foranticipated pillar losses. Predicted geological losseshave been subtracted from the Mineral Resourceestimates• Mineral Resource and Reserve estimates are based ona 2m mining width• Additional surface drilling has been conducted, resultingin the upgrading of Inferred Resources in the southwesternand north-western extremities of the South Hilldeposit to the Indicated category• Extensive exploration is in progress at North Hill, theestimate shown above remains unchanged as work isstill in progress. The extent of oxides has also not yetbeen defined for the Inferred Mineral Resource at NorthHill as metallurgical test work is in progress• Additional changes are attributed to depletion• Rounding of numbers may result in minor computationaldiscrepanciesAttributable platinum ounces, net of depletion, corporate activity and additional work30 June 2007Resources 4.1Moz Pt Minor increase, depletion off-set by increased widthReserves 1.0Moz Pt Marginal increase, reserve boundary enlarged, width adjusted30 June 2008Resources 4.1Moz Pt No change, depletion off-set by increased widthReserves 1.0Moz Pt 4% decrease, mostly depletion30 June 2009Resources 4.0Moz Pt 4% decrease, depletion and increased geological lossReserves 0.9Moz Pt 5% decrease, depletion30 June 2010Resources 3.9Moz Pt 1.5% decrease, depletionReserves 0.9Moz Pt 2% decrease, depletionNote: Mineral Resources are inclusive of Ore Reserves.www.implats.co.za 46 Implats Mineral Resource and Mineral Reserve Statement 2010

MSZ Mineral Resources and Ore ReservesSouth HillNorth Hill0 1Scale (km)South Hill0 1Scale (km)BoreholesMined-out areasMeasured Mineral ResourceIndicated Mineral ResourceInferred Mineral ResourceProbable ReserveInferred Mineral Resource – bad groundOxideAnomalous zoneMining lease boundaryProved Reservewww.implats.co.za 47 Implats Mineral Resource and Mineral Reserve Statement 2010

Glossary of terms3PGE+Au5PGE+AuAfplatsAnorthositeAquariusARMASXBEEBord and pillarConcentratingDeclineDevelopmentDMRDuniteDykeFACFFaciesg/tGSSAhaHDSAHead gradeIn situIRSRefers to the sum of platinum, palladium, rhodium and gold as determined by a fire assaymethod (typically by a lead collection procedure); notably there are various methods inoperation at different laboratories and companies; these are not directly comparable.These fire assay methods typically under-measure the actual total platinum, palladium,rhodium and gold content.Refers to the sum of platinum, palladium, rhodium, ruthenium, iridium and gold asdetermined by a nickel sulphide fire assay procedure; this is the most accurate assayprocedure, and results can be compared between laboratories.African Platinum Limited.Plutonic rock composed almost entirely of plagioclase feldspar.Aquarius Platinum Limited.African Rainbow Minerals Limited of which ARM Platinum is a subsidiary.Australian Securities Exchange.Black economic empowerment.Underground mining method where ore is extracted from rectangular shaped rooms,leaving parts of the ore as pillars to support the roof. Pillars are usually rectangular andarranged in a regular pattern.A process of splitting the milled ore in two fractions, one containing the valuable minerals,the other waste.A shallow dipping mining excavation used to access the orebody.Underground excavation for the purpose of accessing Mineral Reserves.Department of Mineral Resources, formerly known as the Department of Minerals andEnergy (DME).Coarse-grained, igneous rock consisting mainly of olivine.A wall-like body of igneous rock that is intruded (usually vertically) into the surrounding rockin such a way that it cuts across the stratification (layering) of this rock.Fire assay conversion factor is merely the ratio of (5PGE+Au):(3PGE+Au). Note that thisdoes not merely reflect the impact of ruthenium and iridium.A rock unit defined by its composition, its shape and internal geometry. Generally, asub-unit of a more extensive rock unit with defining compositional, textural and othercharacteristics.Grams per tonne. The unit of measurement of grade, equivalent to parts per million.Geological Society of South Africa.Abbreviation for hectare, unit of area measurement equal to 10 000 square metres.Historically disadvantaged South Africans, being South African nationals who were, priorto 1994, disadvantaged whether by legislation or convention.The value, usually expressed in parts per million or gram per tonne, of the containedmineralisation of economic interest in material delivered to the mill.In its natural position or place.Impala Refining Services Limited.www.implats.co.za 48 Implats Mineral Resource and Mineral Reserve Statement 2010

JORC CodeJSEKrigingLSEMaficMerensky ReefMozMPRDAMtNYSEPegmatoidPGEPGMPyroxeniteReefSAIMMSAMRECSAMREC CodeSAMVALSeismic surveysSmeltingSSC committeeStopingUG2 ReefWhite areasThe Australasian Code for Reporting of Mineral Resources and Ore Reserves.The JSE Limited, the South African securities exchange based in Johannesburg. Formerly,the JSE Securities Exchange and prior to that the Johannesburg Stock Exchange.A geostatistical estimation method that gives the best-unbiased linear estimates of pointvalues or of block averages.London Stock Exchange.An igneous rock composed mainly of dark ferromagnesium minerals.A horizon in the Critical Zone of the Bushveld Complex often containing economic gradesof PGM. The term “Merensky Reef” as it is generally used refers to that part of the Merenskyunit that is economically exploitable, regardless of the rock type.Million ounces. All references to ounces are troy ounces with the factor being31.10348 metric grams per ounce.Minerals and Petroleum Resources Development Act.Abbreviation for million metric tonnes.New York Stock Exchange.An igneous rock that has the coarse-grained texture of a pegmatite but lacks graphicintergrowths.Platinum group elements comprising six elemental metals of the platinum group. Themetals are platinum, palladium, rhodium, ruthenium, iridium and osmium.Platinum group metals being the metals derived from PGE.An ultramafic igneous rock consisting of pyroxenes which are usually more than 90% byvolume.A local term for a metalliferous mineral deposit.South African Institute of Mining and Metallurgy.The South African Mineral Resource Committee.The South African Code for the Reporting of Exploration Results, Mineral Resources andMineral Reserves.The South African Mineral Asset Valuation Committee.A geophysical exploration method whereby rock layers can be mapped based on the timetaken for wave energy reflected from these layers to return to surface.A smelting process to upgrade further the fraction containing the valuable minerals.SAMREC/SAMVAL committee.Underground excavations to effect the removal of ore.A distinct chromitite horizon in the Upper Critical Zone of the Bushveld Complex oftencontaining economic grades of PGM.These are typically relatively small Mineral Reserve blocks that remain in old mining areas;after thorough multi-disciplinary safety, technical and economic investigations a decisioncould be made to mine these.www.implats.co.za 49 Implats Mineral Resource and Mineral Reserve Statement 2010

Mineral Resource and Mineral ReservedefinitionsSAMREC Code – The South African Code for Reportingof Mineral Resources and Mineral Reserves sets outminimum standards, recommendations and guidelines forpublic reporting of exploration results, Mineral Resourcesand Mineral Reserves in South Africa. SAMREC wasestablished in 1998 and is modelled on the AustralasianCode for Reporting of Mineral Resources and OreReserves (JORC Code). An updated version of SAMRECwas published in 2007.In terms of SAMREC, a Competent Person is one whois registered with the South African Council for NationalScientific Professions (SACNASP), the EngineeringCouncil of South Africa (ECSA) or the South AfricanCouncil for Professional Land Surveyors and TechnicalSurveyors (PLATO), or is a member of or Fellow of theSAIMM, the GSSA or a recognised overseas professionalorganisation (ROPO). A complete list of such recognisedorganisations is promulgated by the SSC from time totime. The Competent Person must comply with theprovisions of the relevant promulgated acts. A CompetentPerson must have a minimum of five years’ experiencerelevant to the style of mineralisation and type of depositor class of deposit under consideration and to the activitythey undertake. If the Competent Person is estimatingor supervising the estimation of Mineral Resources,the relevant experience must be in the estimation,assessment and evaluation of Mineral Resources. Ifthe Competent Person is estimating or supervising theestimation of Mineral Reserves, the relevant experiencemust be in the estimation, assessment and evaluationof Mineral Reserves. Persons called upon to sign as aCompetent Person must be clearly satisfied in theirown minds that they are able to face their peers anddemonstrate competence in the commodity, type ofdeposit and situation under consideration.A Mineral Resource is a concentration (or occurrence)of material of economic interest in or on the earth’scrust in such form, quality and quantity that there arereasonable and realistic prospects for eventual economicextraction. The location, quantity, grade, continuity andother geological characteristics of a Mineral Resourceare known, estimated from specific geological evidenceand knowledge, or interpreted from a well-constrainedand portrayed geological model. Mineral Resources aresubdivided, in order of increasing confidence in respectof geoscientific evidence, into Inferred, Indicated andMeasured categories.An Inferred Mineral Resource is that part of a MineralResource for which tonnage, grade and mineral content canbe estimated with a low level of confidence. It is inferred fromgeological evidence and assumed but not verified geologicaland/or grade continuity. It is based on information gatheredthrough appropriate techniques from locations such asoutcrops, trenches, pits, workings and drill holes that maybe limited or of uncertain quality and reliability.An Indicated Mineral Resource is that part of aMineral Resource for which tonnage, densities, shape,physical characteristics, grade and mineral content canbe estimated with a reasonable level of confidence. It isbased on exploration, sampling and testing informationgathered through appropriate techniques from locationssuch as outcrops, trenches, pits, workings and drill holes.The locations are too widely or inappropriately spaced toconfirm geological and/or grade continuity but are spacedclosely enough for continuity to be assumed.A Measured Mineral Resource is that part of a MineralResource for which tonnage, densities, shape, physicalcharacteristics, grade and mineral content can beestimated with a high level of confidence. It is based ondetailed and reliable exploration, sampling and testinginformation gathered through appropriate techniques fromlocations such as outcrops, trenches, pits, workings anddrill holes. The locations are spaced closely enough toconfirm geological and grade continuity.A Mineral Reserve is the economically mineable materialderived from a Measured and/or Indicated MineralResource. It is inclusive of diluting materials and allowsfor losses that may occur when the material is mined.Appropriate assessments, which may include feasibilitystudies, have been carried out, including considerationof, and modification by, realistically assumed mining,metallurgical, economic, marketing, legal, environmental,social and government factors. These assessmentsdemonstrate at the time of reporting that extraction isreasonably justified. Mineral Reserves are subdividedin order of increasing confidence into Probable MineralReserves and Proved Mineral Reserves.A Probable Mineral Reserve is the economically mineablematerial derived from a Measured and/or Indicated MineralResource. It is estimated with a lower level of confidencethan a Proved Mineral Reserve. It is inclusive of dilutingmaterials and allows for losses that may occur when thematerial is mined. Appropriate assessments, which mayinclude feasibility studies, have been carried out, includingconsideration of, and modification by, realistically assumedmining, metallurgical, economic, marketing, legal,environmental, social and governmental factors. Theseassessments demonstrate at the time of reporting thatextraction is reasonably justified.A Proved Mineral Reserve is the economically mineablematerial derived from a Measured Mineral Resource. It isestimated with a high level of confidence. It is inclusiveof diluting materials and allows for losses that may occurwhen the material is mined. Appropriate assessments,which may include feasibility studies, have been carried out,including consideration of and modification by realisticallyassumed mining, metallurgical, economic, marketing,legal, environmental, social and governmental factors.These assessments demonstrate at the time of reportingthat extraction is reasonably justified.www.implats.co.za 50 Implats Mineral Resource and Mineral Reserve Statement 2010

Contact details and administrationRegistered office2 Fricker RoadIllovo, 2196Private Bag X18Northlands, 2116Telephone: +27 (11) 731 9000Telefax: +27 (11) 731 9254Email: investor@implats.co.zaRegistration number: 1957/001979/06Share codes:JSE: IMP/IMPOLSE: IPLAADRs: IMPUYISIN: ZAE 000083648Website: http://www.implats.co.zaImpala and Impala Refining ServicesHead office2 Fricker RoadIllovo, 2196Private Bag X18Northlands, 2116Telephone: +27 (11) 731 9000Telefax: +27 (11) 731 9254Impala Platinum (Rustenburg)PO Box 5683Rustenburg, 0300Telephone: +27 (14) 569 0000Telefax: +27 (14) 569 6548Impala Platinum RefineriesPO Box 222Springs,1560Telephone: +27 (11) 360 3111Telefax: +27 (11) 360 3680Marula Platinum2 Fricker RoadIllovo, 2196Private Bag X18Northlands, 2116Telephone: +27 (11) 731 9000Telefax: +27 (11) 731 9254ZimplatsBlock BEmerald Park30 The Chase (West)Emerald HillHarare, ZimbabwePO Box 6380HarareZimbabweTelephone: +26 (34) 332 590/3Fax: +26 (34) 332 496/7Email: info@zimplats.co.zwImpala Platinum Japan LimitedUchisaiwaicho Daibiru, room number 7023-3 Uchisaiwaicho1-Chome, Chiyoda-kuTokyoJapanTelephone: +81 (3) 3504 0712Telefax: +81 (3) 3508 9199Group secretaryAvanthi ParboosingEmail: avanthi.parboosing@implats.co.zaUnited Kingdom secretariesSt James’s Corporate Services Limited6 St James’s PlaceLondonSW1A 1NPUnited KingdomTelephone: +44 (020) 7499 3916Telefax: +44 (020) 7491 1989Email: phil.dexter@corpserv.co.ukPublic officerFrançois NaudeEmail: francois.naude@implats.co.zaTransfer secretariesSouth AfricaComputershare Investor Services (Pty) Limited70 Marshall StreetJohannesburg 2000PO Box 61051Marshalltown 2107Telephone: +27 (11) 370 5000Telefax: +27 (11) 688 5200United KingdomComputershare Investor Services plcThe PavilionsBridgwater RoadBristolBS13 8AEAuditorsPricewaterhouseCoopers Inc2 Eglin RoadSunninghillJohannesburg2157Corporate relationsBob GilmourInvestor queries may be directed to:Email: investor@implats.co.zaBASTION GRAPHICSwww.implats.co.za 51 Implats Mineral Resource and Mineral Reserve Statement 2010

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