Name of the Project
Two Rivers Platinum Mine Merensky project.

Location
On the eastern limb of the Bushveld Complex, about 35 km south-west of Burgersfort, in Mpumalanga, South Africa.

Project Owner/s
Two Rivers is a joint venture between diversified mining company, African Rainbow Minerals (54%) and platinum group metals producer Impala Platinum (46%). African Rainbow Minerals manages the operation.

Project Description
The Project involves the development and mining of the Merensky reef; as well as the construction of the associated infrastructure, including a concentrator plant at Two Rivers.

Steady-state production of 182 000 6E PGM ounces (platinum, palladium, ruthenium, rhodium, iridium and gold), 1 600 t/y of nickel and 1 300 t/y of copper are expected once the project is fully ramped up. The additional production from this project  is expected to position the mine in the bottom half of the industry cash cost curve.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
The cost of the project has increased from R5.7-billion to R7.2-billion, including contingencies.

Planned Start/End Date

The project was approved in the 2021 financial year. Mining of the Merensky reef started in February 2022.

The concentrator plant is scheduled to be commissioned in December 2023. The project completion date remains November 2024.

Latest Developments
Mining of the Merensky reef is ramping up. Surface earthworks in the mining development and concentrator plant areas have begun. The concentrator plant is scheduled to be commissioned in December 2023. The project completion date remains November 2024.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
African Rainbow Minerals executive director: Investor relations and new business development Jongisa Magagula, tel +27 11 779 1509 or email jongisa.magagula@arm.co.za.
Impala Platinum group head: Investor relations and corporate communications Alice Lourens, tel +27 11 731 9033 or email Alice.Lourens@implats.co.za.