• Impala Platinum reported record breaking results this week for the year ended 30   June 2021.

  • Headline earnings increased by 125% year-on-year on the back of   record PGM prices and an improvement in output.

  • Production volumes of refined 6E PGM was up 16% as sales volumes   increased 17%.

  • The group recorded a net profit of R37.9bn, free cash flows of   R38.3bn and paid out R18bn in dividends to shareholders for the financial   year.

  • In addition, Impala repurchased its convertible bonds giving it a   strong debt-free balance sheet. It is now sitting with an extra R23.5bn of   net cash.

  • The average price received for a 6E basket was $2587 per ounce.

  • Rhodium was by far the biggest contributor to earnings growth, and   with rhodium prices having fallen more than 30% from their highs earlier this   year, the market may be stamping these results as peak earnings.

  • Interestingly Impala said they were first platinum miner to   vaccinate all of their staff. And with the share trading on just 4x earnings   with a 10% dividend yield, there is margin of safety buying Impala at these   levels, with the possibility for significant growth should platinum prices   continue to remain elevated.