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 (ARM – 54%) and platinum group metals (PGMs) producer Impala Platinum (46%). African Rainbow Minerals manages the operation.

Project Description
The project involves the development and mining of the Merensky reef and 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 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
R7.3-billion.

Planned Start/End Date

The project was successfully placed on care and maintenance, following the commissioning of the concentrator in the six months to December 31, 2024. A labour restructuring was also completed during the period.

Latest Developments
A study to complete the project and to ramp up production will be finalised in the fourth quarter of the 2026 financial year for further review and approval. 

Two Rivers’ strengthening balance sheet and an improved PGM price outlook allowed for limited decline development to start in October 2025, ahead of study completion in in the fourth quarter of the 2026 financial year.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
African Rainbow Minerals +27 11 779 1300 or email ir.admin@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.