Anglo American Platinum: 2023 Outlook and 3 year Guidance

Anglo American Platinum is providing an update on its performance during 2023 and setting out guidance for the next three financial years.

• Metal-in-concentrate (M&C), refined production, and costs within guidance for 2023, with capital expenditure ~R1.5 billion below guidance
• Action plan in progress to adapt to the external environment to deliver an enhanced cost position and value focused capital allocation, whilst preserving the Company’s long-term growth optionality

Anglo American Platinum CEO, Craig Miller, said: “We expect to meet 2023 production and cost guidance, despite a broad set of external pressures, and to do so with a strong safety performance. In responding to the prevailing weakness of the PGM basket price environment and persistent cost inflation, we are deploying a series of measures to improve our competitive position while preserving our long-term optionality. This action plan includes initiatives to reduce both annual costs by ~R5 billion and stay in business capital by ~R5 billion in 2024. We are also resequencing growth investments and prioritising higher margin production from our own operations through our processing facilities. These measures will allow us to capitalise on our industry leading portfolio for the long-term benefit of our stakeholders.”

2023 GUIDANCE

M&C and refined production are expected to be within guidance at ~3.8 million PGM ounces (Moz).

Cash operating unit costs are anticipated to be within the upper end of guidance at ~R17 800 per PGM ounce.

Total capital expenditure for 2023 is anticipated to be ~R20.5 billion. This is R1.5 billion lower than previous guidance, primarily due to delays in spend for the Mototolo-Der Brochen life extension and optimisation of

cashflows. Stay-in-business capital is anticipated to be ~R11.1 billion, with life extension capital lower at ~R2.4 billion. Mogalakwena Underground capital is expected to be ~R1.0 billion and Breakthrough capital ~R1.8 billion.

Capitalised waste stripping cost at Mogalakwena is expected to be ~R4.2 billion.

OUTLOOK 2024 – 2026

Own mine production: own mine production will be sustained for the next three years at 2.1-2.3Moz per annum.

Mogalakwena M&C is forecast at ~1.0Moz per annum.

Purchase of Concentrate (POC) from third parties: Kroondal will transition to a toll arrangement (for the 4E metals) upon the delivery of an agreed amount of volume which is currently estimated to be at the end of Q2 2024. Remaining toll and POC processing agreements with Sibanye Stillwater for its Rustenburg operations, and Kroondal reach their contractual conclusion at the end of 2026. Material purchased from Siyanda Resources will transition to a toll arrangement (for the 4E metals) in 2025. As a result, POC will decline from a current level of ~1.3moz to ~1.0moz by 2025.

Anglo American Platinum CEO, Craig Miller, said: “We remain committed to operating safely and sustainably at all times. We have delivered a record safety performance so far this year and remain on track to meet 2023 guidance on production and costs with lower capital expenditure. We are adapting to the current environment by deploying a wide range of value-based measures. This includes embedding efficiencies, stepping up cost saving initiatives and re-prioritising our capital allocation. We believe that the actions we are taking are critical to improve our competitive

position and protect long term returns from our PGMs that are integral to the major demand trends of improving living standards for a growing global population and the need for cleaner transport and energy”.