Announcements 2024

Northam bondholders are advised of the following interest payment due on Friday, 13 September 2024:

Bond Code:	NHM015
ISIN:	ZAG000164922
Coupon:	11.642%
Interest Period:	13 June 2024 to 12 September 2024
Interest Amount Due:	R14 672 109.59
Payment Date:	13 September 2024
Date Convention:	Following Business Day

Johannesburg
10 September 2024

Debt Sponsor
One Capital

Northam bondholders are hereby advised that the Booysendal Platinum Proprietary Limited annual financial statements for the year ended 30 June 2024, which incorporates the independent auditor’s unmodified audit report thereon, issued by PricewaterhouseCoopers Incorporated, are available on Northam’s website at https://www.northam.co.za/downloads?task=download.send&id=1560 and available for inspection, during office hours, at the registered office of the company.

Johannesburg
30 August 2024

Debt Sponsor
One Capital

Shareholders of Northam Holdings (“Shareholders”) are hereby advised that Northam Holdings published its audited group consolidated annual results for the year ended 30 June 2024, today.

Financial results overview

		30 June 2024	30 June 2023	Variance
Sales revenue	R000	30 766 472	39 548 159	(22.2)%
Operating profit	R000	4 824 133	15 446 786	(68.8)%
Operating margin	%	15.7	39.1	(59.8)%
Basic earnings per share	cents	461.0	654.5	(29.6)%
Headline earnings per share	cents	445.0	2 414.9	(81.6)%
Dividends per share*	cents	170.0	600.0	(71.7)%
EBITDA**	R000	6 270 467	16 501 054	(62.0)%
EBITDA margin	%	20.4	41.7	(51.1)%

* Comprising (i) an interim dividend of 100.0 cents per share for the six months ended 31 December 2023, and (ii) a final dividend of 70.0 cents per share for the year ended 30 June 2024.
**Earnings before interest, taxation, depreciation, amortisation and impairments, and excluding the loss on the sale of Impala Platinum Holdings Limited shares.

Final cash dividend declaration

The company’s board of directors (“board”) is pleased to announce that it resolved to declare and pay a final gross cash dividend of 70.0 cents per share for the financial year ended 30 June 2024 (“F2024”) (30 June 2023: 600.0 cents per share) which in aggregate amounts to a final gross cash dividend of approximately R277.4 million. The final cash dividend has been declared from income reserves.  

A dividend withholding tax of 20% will be applicable to Shareholders who are not exempt from, or who do not qualify for, a reduced rate of dividend withholding tax. Accordingly, for those Shareholders subject to dividend withholding tax at a rate of 20%, the final net cash dividend amounts to 56.0 cents per share (30 June 2023: 480.0 cents per share).

The following dates are applicable to the final cash dividend:
Last day to trade (cum dividend), on	Tuesday, 17 September 2024
Trading ex-dividend, on	Wednesday, 18 September 2024
Record date to determine which Shareholders are eligible to receive the final cash dividend, on	Friday, 20 September 2024
Payment date of the final cash dividend, on	Monday, 23 September 2024

Shareholders may not dematerialise or rematerialise their shares between Wednesday, 18 September 2024 and Friday, 20 September 2024, both days inclusive.

The following additional information is disclosed regarding the final cash dividend:

• Northam Holdings’ issued share capital as at the dividend declaration date is 396 238 229 ordinary shares (of which 1 share is held by Northam Platinum, a subsidiary of Northam Holdings).
• Northam Holdings' registration number is 2020/905346/06.
• Northam Holdings' income tax reference number is 9586451198.

Total cash dividends for F2024

The total cash dividends declared for F2024 amounts to 170.0 cents per share, comprising the final cash dividend of 70.0 cents per share and the interim cash dividend of 100.0 cents per share, and represents 26.6% of headline earnings, excluding the loss on the sale of Impala Platinum Holdings Limited shares, in accordance with the company’s dividend policy.

Annual general meeting

The Northam Holdings 2024 Annual General Meeting (“2024 AGM”) will be held on Monday, 28 October 2024 at 10:00 South African time to transact the business as stated in the notice of the 2024 AGM (“2024 AGM notice”). 

The 2024 AGM will be held entirely by way of electronic participation. Shareholders are encouraged to read the 2024 AGM notice for information on how to electronically attend, participate in and vote at the 2024 AGM.

Shareholders are advised that the 2024 AGM notice, containing the summarised audited group consolidated annual financial statements for the year ended 30 June 2024, is available on the company’s website at: https://www.northam.co.za/downloads?task=download.send&id=1558 and will be distributed to Shareholders on Friday, 6 September 2024.

The salient dates and times for the 2024 AGM are as follows:
Record date to determine which Shareholders are entitled to receive the 2024 AGM notice, on	Friday, 30 August 2024
2024 AGM notice made available on the company’s website, on	Friday, 30 August 2024
Distribution of the 2024 AGM notice to Shareholders, on	Friday, 6 September 2024
Last date to trade in order to be recorded in the register to be able to electronically attend, participate in and vote at the 2024 AGM, on	Tuesday, 15 October 2024
Record date to determine which Shareholders are entitled to electronically attend, participate in and vote at the 2024 AGM, on	Friday, 18 October 2024
For administration purposes, forms of proxy to be delivered to The Meeting Specialist Proprietary Limited (TMS) by 10:00 (SA time), on*	Thursday, 24 October 2024
2024 AGM to be held at 10:00 (SA time), on	Monday, 28 October 2024
Results of the 2024 AGM expected to be published on SENS, on or about	Monday, 28 October 2024

* Any forms of proxy not delivered by this date and time must be submitted electronically to the chairperson of the 2024 AGM before the appointed proxy may exercise any rights of the Shareholder at the meeting.

About this announcement

As the information in this announcement does not provide all of the details, any investment decisions should be based on the published audited group consolidated annual financial statements (which incorporates the external auditor’s report in which PricewaterhouseCoopers Incorporated expressed an unqualified audit opinion) which is accessible via the JSE cloudlink at: https://senspdf.jse.co.za/documents/2024/JSE/ISSE/NPHE/AFS_24.pdf and available on the company’s website at: https://www.northam.co.za/downloads?task=download.send&id=1552.

Shareholders are also referred to the summarised financial results for the year ended 30 June 2024 available on the company’s website at: https://www.northam.co.za/downloads?task=download.send&id=1553 for further detailed information pertaining to the group’s business and operations, including detailed results commentary in respect of the financial year ended 30 June 2024.

The group annual integrated report for the year ended 30 June 2024, which contains, inter alia, the additional information required in terms of paragraph 8.62 of the JSE Limited Listings Requirements, the summarised financial results for the year ended 30 June 2024 and the 2024 AGM notice, is available on the company’s website at: https://www.northam.co.za/downloads?task=download.send&id=1555.

Johannesburg
30 August 2024

Corporate Advisor and Sponsor to Northam Holding
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

 Attorneys to Northam Holdings and Northam Platinum
Webber Wentzel

Key metrics for the year ended 30 June 2024

• 10.3% increase in equivalent refined metal from own operations to 892 876 oz 4E (F2023: 809 775 oz 4E), following a strong performance from all mines, including:
  • a 12.9% increase in 4E metal in concentrate produced from own operations at Booysendal to 511 340 oz 4E (F2023: 452 903 oz 4E); and
  • a 41.4% increase in 4E metal in concentrate produced from own operations and surface sources at Eland to 69 020 oz 4E (F2023: 48 800 oz 4E).
• 7.3% increase in 4E sales volumes.
• Both equivalent refined metal production from own operations and equivalent refined metal purchased from third parties exceeded guidance.
• 4.3% increase in group unit cash costs per equivalent refined 4E ounce, notwithstanding the high inflationary environment. This was achieved as a result of disciplined cost control, increased production volumes and improved efficiencies.
• 22.2% decrease in sales revenue to R30.8 billion, on the back of a 35.5% decrease in the 4E ZAR basket price to R24 178/oz 4E (F2023: R37 488/oz 4E) and despite the 7.3% increase in 4E sales volumes.
• 68.8% decrease in gross profit to R4.8 billion (F2023: R15.4 billion).
• 24.6% - 34.6% expected decrease in basic earnings per share.
• 76.6% - 86.6% expected decrease in headline earnings per share.
• Net debt as at 30 June 2024 improved to R3.1 billion (F2023: R9.4 billion) with a net debt to EBITDA ratio of 0.50, well below Northam’s self-imposed target ratio of 1 to 1 in pursuance of the group’s growth strategy.
• Our capital growth programme remains on track, despite temporary pauses to project modules that have not had a detrimental impact on the overall programme

Introduction

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are satisfied, with a reasonable degree of certainty, that the financial results for the current reporting period will differ by at least 20% from the financial results of the previous corresponding period.

Northam Holdings’ financial results for the year ended 30 June 2024 (“F2024”) are underpinned by a solid performance from all operations within the group, particularly from a cost containment and increased production perspective. Notwithstanding these contributors, Northam Holdings expects to report a decrease in earnings per share for F2024 compared to the previous financial year ended 30 June 2023 (“F2023”), mainly as a result of a 35.5% decrease in the 4E ZAR basket price.

The table below provides key earnings per share information for F2024, compared to that of F2023:

	F2024	F2023	Variance
Basic earnings per share (cents)	428.3 – 493.7	654.5	(34.6% – 24.6%)
Headline earnings per share (cents)	324.3 – 565.7	2 414.9	(86.6% – 76.6%)
Number of shares in issue including treasury shares	396 238 229	396 615 878	(0.1%)
Weighted average number of shares in issue*	389 975 640	390 237 523	(0.1%)

*The weighted average number of shares in issue have been used to determine the basic and headline earnings per share

Safety

The group’s overall safety performance improved year on year, with the total injury incidence rate (TIIR expressed per every 200 000 hours worked) recorded at 1.23 (F2023: 1.38).

Zondereinde recorded a TIIR of 1.25 (F2023: 1.16) and surpassed 4 million fatality free shifts shortly after year-end. Despite Zondereinde’s increase in the injury incidence rate in F2024, the mine has shown a positive trend in the reduction of injuries incurred over the past two decades. We remain acutely aware of the potential severity of injuries which may result from incidents and are proactively working to minimise both potential incidents and consequential injuries.

At Booysendal mine, the strong safety performance continues with the mine surpassing 10 million fatality free shifts shortly after year-end and more importantly, the mine remains fatality free since mine inception over 14 years ago. Booysendal’s TIIR also improved to 1.24 (F2023: 1.77).

Eland’s TIIR was 1.14 (F2023: 1.58), with the mine surpassing 2 million fatality free shifts during April 2024. Sadly, subsequent to year-end, on 5 August 2024 Mr Aubrey Katlego Sithole, a shotcrete assistant at Maroelabult, was fatally injured during a fall of ground incident in a development end. The board extends their heartfelt sympathies to Mr Sithole’s family, friends and colleagues.

The safety of all of our employees remains of utmost importance and takes precedence over any production, operational or financial objectives. Improving safety performance, as well as the health and wellness of our workforce, remain critical focus areas for the business.

Production

F2024 has seen further progress towards the group’s strategic goals of growing safe and sustainable production down the sector cost curve. Challenges remain, particularly in respect of metal prices, mining inflation and the potential for Eskom load curtailment events. Our capital growth programmes remain on track, despite temporary pauses to specific project modules that were delayed without these having a detrimental impact on the overall programme. The impact of our ongoing production growth on operational resilience continues to demonstrate the long-term contribution of our counter-cyclical investments made over the past decade in pursuit of establishing a very competitive and sustainable production base, which is able to withstand potential medium to long-term cyclical downturns.

Key features of the year have been the consistently strong production and safety performances delivered by all operations. Zondereinde benefitted from focussed Merensky stoping in the Western extension, together with logistical decongestion resulting from the ongoing shift of UG2 stoping from the western to the eastern portions of the mine. Booysendal has reached its steady state production profile and Eland continues to ramp-up on schedule.

The group’s equivalent refined metal from own operations increased by 10.3% to 892 876 oz 4E (F2023: 809 775 oz 4E). Strong production growth was recorded at Booysendal and Eland, whilst production at Zondereinde showed marginal improvement ahead of the commissioning of 3 shaft.

Group production of chrome concentrate increased by 23.9% to 1 320 963 tonnes (F2023: 1 065 757 tonnes), on the back of improvements at all operations. This was particularly pleasing, given the strength of chrome prices during the year, contributing R3.8 billion to revenue.

Mining tonnages and grades across the group are expected to improve further over the coming two years as our growth and innovation projects reach completion and achieve their planned objectives, which, along with an expected increase in mineable reserves, will provide important additional operational flexibility.

Key production metrics for F2024, compared to F2023, are as follows:

	F2024	F2023
	oz 4E	oz 4E	Variance
Equivalent refined production from own operations at Zondereinde (within guidance)	328 513	321 901	2.1%
Concentrate production from own operations at Booysendal (exceeded guidance)	511 340	452 903	12.9%
Concentrate production from own operations at Eland (within guidance)	69 020	48 800	41.4%
Total equivalent refined metal production from own operations (exceeded guidance)	892 876	809 775	10.3%
Equivalent refined metal purchased from third parties (exceeded guidance)	135 409	119 820	13.0%
Total equivalent refined metal production from own operations including refined metal purchased from third parties	1 028 285	929 595	10.6%

Unit cash costs

The increase in group unit cash costs was limited to 4.3% to R23 811/oz 4E (F2023: R22 824/oz 4E), despite the ongoing trend of generally higher mining inflation. This achievement was primarily the result of increased mining production, improved concentrator feed grades and disciplined cost control. Unit cash costs increased at Zondereinde by 5.1% to R24 830/oz 4E and at Booysendal by 4.4% to R17 520/oz 4E whilst at Eland unit cash costs decreased by 4.7% to R34 607/oz 4E as a result of the increased production volume absorbing high fixed costs during the ramp-up phase.

Unit cash costs per 4E ounce for the group, and per operation, for F2024 compared to F2023, are as follows (in R/4E oz):

	F2024	F2023	Variance
Zondereinde cash cost per equivalent refined 4E ounce (better than guidance)	24 830	23 620	(5.1%)
Booysendal cash cost per 4E ounce in concentrate produced (within guidance)	17 520	16 789	(4.4%)
Eland cash cost per 4E ounce in concentrate produced (within guidance)	34 607	36 319	4.7%
Group cash cost per equivalent refined 4E ounce (better than guidance)	23 811	22 824	(4.3%)

Sales revenue

Sales revenue for F2024 amounted to R30.8 billion, a decrease of 22.2% (F2023: R39.5 billion).

The decrease in sales revenue is attributable to a 35.5% decrease in the 4E ZAR basket price to R24 178/oz 4E (F2023: R37 488/oz 4E), despite a 7.3% increase in 4E sales volumes to 950 251 oz 4E (F2023: 885 347 oz 4E) and increased revenue from chrome sales. The lower ZAR basket price is the combined result of a 38.7% lower 4E US dollar (“USD”) basket price of USD1 295/oz 4E (F2023: USD2 112/oz 4E) tempered by a 5.2% increase in the average ZAR/USD exchange rate achieved, i.e. a weaker Rand, being R18.67/USD (F2023: R17.75/USD).

Total revenue per equivalent refined 4E ounce sold decreased by 27.5% to R32 377/oz 4E (F2023: R44 670/oz 4E). This, combined with unit cash costs increasing by 4.3% from R22 824/oz 4E to R23 811/oz 4E, led to a decrease in the cash profit margin per 4E ounce to 26.5% (F2023: 48.9%).

The table below summarises metal volumes dispatched to the group’s precious metal refiners, compared to metal volumes refined and sold, together with the average USD sales prices achieved per metal during F2024.

	Dispatched	Total refined metal produced	Total equivalent refined metal sold (including the sale of concentrate)	Average sales prices achieved
	oz	oz	oz	USD/oz
Platinum	535 111	537 738	572 657	930
Palladium	259 922	261 980	279 655	1 070
Rhodium	81 446	82 475	87 726	4 300
Gold	9 372	9 528	10 213	2 072
Total 4E	885 851	891 721	950 251	1 295

Included in total equivalent refined metal sold is concentrate sold to a third party to honour legacy offtake agreements relating to the Everest and Maroelabult operations, which contained 52 317 oz 4E in concentrate (F2023: 54 220 oz 4E). Refined metal sold to the group’s customers totalled 899 377 oz 4E (F2023: 832 602 oz 4E).

Financial results

Sales revenue decreased by 22.2% compared to an increase in cost of sales of 7.6%. This resulted in a gross profit of R4.8 billion (F2023: R15.4 billion), and a gross profit margin of 15.7% (F2023: 39.1%).

We operate a largely fixed cost business and consider increasing our production, and doing so efficiently and sustainably, to be our best defence against current global inflationary pressures and fluctuating metal prices. Our capital allocation and treasury decisions have been guided by our growth strategy and our results have benefitted from our consistent approach to growing our production base down the industry cost curve on a sustainable basis.

Earnings before interest, taxation, depreciation and amortisation, and excluding the loss on the sale of Impala Platinum Holdings Limited shares (“Implats Shares”), (“EBITDA”) amounted to R6.3 billion (F2023: R16.5 billion).

As at 30 June 2024, inventory on hand amounted to 475 420 oz 4E, valued at R14.5 billion when applying the 4E basket price and exchange rate at 30 June 2024.

Our operations generated cash to the value of R3.5 billion (before cash capital expenditure of R4.7 billion), impacted by negative working capital movements amounting to R2.4 billion relating to a build-up of inventory to the value of R1.2 billion and the settlement of trade and other payables of R1.0 billion, which included the payout of profit share schemes across the group.

In addition, the group paid R2.7 billion in dividends, and settled Domestic Medium-Term Notes to the value of R4.3 billion.

At year-end, the cash balance amounted to R7.5 billion.

The sale of our non-core investment in Implats Shares contributed to a reduction in Net Debt to R3.1 billion (F2023: R9.4 billion), whilst we continue to invest in organic growth.

Capital expenditure

Capital expenditure of R4.6 billion related to significant activity on the Western extension project at Zondereinde, together with the ongoing ramp-up at Eland. Further development activity at both sites is planned over the coming 18 months.

At Zondereinde mine, stoping is ramping-up within the Western extension section and further progress has been made on the deepening project. Equipping of the 3 shaft for personnel and material transport, as well as the provision of services, is in progress, as is reaming of the 3a ventilation shaft. Pilot drilling of the 3b rock hoisting shaft continues and shaft commissioning is scheduled for the 2028 calendar year.

At the group’s metallurgical facilities, upgrades to the base metal removal plant are progressing well and the commissioning of the expanded and upgraded furnace slag concentrator is improving overall metal recovery, as well as the cash conversion of excess inventory. The planned re-build of smelter furnace 2 commenced during May 2024 and was completed, on schedule, shortly after year-end.

At Booysendal, the full complement of stoping crews is in place at the Central UG2 modules and production has reached steady state levels. Decline development is continuing in order to increase mineable reserves and operational flexibility.

At Eland mine, processing of ore from surface sources continues, whilst underground feed is being batch treated. Development of the decline systems was temporarily paused in order to limit capital expenditure whilst focussing on strike and raise development to increase mineable reserves. Underground stoping ramp-up continues. This is yielding meaningful increases in own 4E metal production. In addition, the successful on-schedule completion of a new 4.5 metre diameter raise-bored ventilation shaft during December 2023 has significantly improved environmental conditions, particularly in the deeper sections of the mine that are critical to the medium-term ramp-up of the mine.

A raft of global geopolitical and macro-economic issues has the potential to cause further disruption to the Platinum Group Metal (“PGM”) markets and metal prices, whilst the possibility of further Eskom load curtailment events could lead to additional operational disruption and challenges. We continue to monitor the market and have recently commissioned additional on-demand self-generation capacity at all our operations.

The group capital programme has and will be amended when and where prudent, taking into account the changing landscape and new market insights.

The development of an 80 MW solar power facility at Zondereinde is in progress. Development is in collaboration with an Independent Power Producer through a Power Purchase Agreement. Power will be supplied behind the Eskom meter, and will thus not be subject to load curtailment events. Construction is scheduled to commence during the second quarter of the new year and commissioning is scheduled midway through F2026. This, together with the additional self-generation capacity, will enable unimpeded production under level 4 Eskom load curtailment conditions, which is equivalent to stage 6 loadshedding.

 

Conclusion

The group has delivered a strong operational performance for F2024, whilst achieving significant strategic advancements, including:

• Continuing to improve the safety performance and health and wellness of our employees – The group strives to improve the safety performance and health and wellness of all employees, by continuously seeking to avoid and reduce injuries, applying appropriate technologies, communication and training, and reinforcing operational standards and responsibilities.
• Effective cost control – Cost containment is essential to the group’s sustainability. Northam strives to maintain its relative position in the lower half of the industry cost curve.
• Management of production and performance targets to ensure the successful execution of Northam’s business strategy – Management sets realistic but stretched performance targets for the business. The successful execution of Northam’s strategy will positively affect shareholders and stakeholders alike.
• Effective project execution – The group has a focussed capital expansion programme in place to secure its future through the creation of long-life, low-cost, sustainable operations. Successful project execution is key to creating a sustainable business for the long-term benefit of all of Northam’s stakeholders.

The global economic outlook remains uncertain, resulting in volatile metal markets and exchange rates. Prevailing PGM market conditions and the material decline in the ZAR 4E basket price have negatively impacted the profitability and rate of cash generation of the group. The group’s financial performance is influenced by the exchange rate and commodity prices, together with the stability of Northam’s broader operating environment.

The current price environment may last for some time and this, combined with higher general inflation, is placing pressure on the entire PGM sector. Relative positioning on the industry cost curve, and the ability to retain operational flexibility and balance sheet strength, are becoming increasingly important.

In light of the prevailing PGM market uncertainty, Northam remains internally focussed and places full emphasis on operational excellence, particularly surrounding safe, sustainable production, and efficient mining at the right cost. Cash generation and preservation will remain particular focus areas for the group in the coming year.

The financial information contained in this announcement is the responsibility of the board of directors of Northam Holdings and has not been reviewed or reported on by Northam Holdings’ auditors, PricewaterhouseCoopers Incorporated. The audited results for Northam Holdings for F2024 are expected to be published on or about 30 August 2024.

Johannesburg
14 August 2024

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

Northam bondholders are advised of the following interest payment due on Monday, 24 June 2024:

Bond Code:	NHM023
ISIN:	ZAG000190968
Coupon:	11.358%
Interest Period:	22 April 2024 to 21 July 2024
Interest Amount Due:	R6 881 080.93
Payment Date:	22 July 2024
Date Convention:	Following Business Day

Johannesburg
17 July 2024

Debt Sponsor
One Capital

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended (“Companies Act”), and paragraph 3.83(b) of the JSE Limited Listings Requirements (“JSE Listings Requirements”), Northam Holdings shareholders are advised that the company received notification, in the prescribed form, from the Public Investment Corporation SOC Limited (“PIC”), advising that it has acquired a beneficial interest in the securities of Northam Holdings, such that the PIC now holds a beneficial interest of 20.09% in the company’s total issued share capital.

The company will file the relevant notification with the Takeover Regulation Panel and the Companies and Intellectual Property Commission, as required in terms of sections 122(3)(a) and 122(3A) of the Companies Act.

The board of directors of Northam Holdings (“Board”) accepts responsibility for the information contained in this announcement and certifies that, to the best of the Board’s knowledge and belief, the information contained in this announcement is true and that there are no facts that have been omitted which would make any statement in this announcement false or misleading and that this announcement contains all information required by law and the JSE Listings Requirements.

Johannesburg
1 July 2024

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

In accordance with paragraph 3.59 of the JSE Limited Listings Requirements and paragraph 6.39 of the JSE Debt Listings Requirements, Northam wishes to advise of the following changes to the board of directors of Northam Holdings (“Northam Holdings Board”), the board of directors of Northam Platinum (“Northam Platinum Board”) and the group’s Nomination committee, with effect from the conclusion of the respective annual general meetings of Northam Holdings and Northam Platinum, expected to be held on Monday, 28 October 2024:

• the resignation of Mr Temba Mvusi as chairperson of both the Northam Holdings Board and the Northam Platinum Board, as a result of conditions of the Prudential Authority's approval of his appointment as chairperson of the board of directors of Sanlam Limited and Sanlam Life Insurance Limited;
• the appointment of Mr Mcebisi Jonas as the independent non-executive chairperson of the Northam Holdings Board, and as an independent non-executive director and chairperson of the Northam Platinum Board; and
• the appointment of Mr Jonas as a member and chairperson of the group’s Nomination committee following Mr Mvusi’s resignation as a member and chairperson thereof.

Mr Mvusi will remain an independent non-executive director of both the Northam Holdings Board and the Northam Platinum Board.

The above-mentioned appointments of Mr Jonas were made in accordance with the group’s Nomination committee Charter in respect of which the nomination of Northam directors is managed.

The directors of Northam would like to express their appreciation to Mr Mvusi for his valuable leadership during his tenure as chairperson of the Northam Holdings Board, the Northam Platinum Board and the group’s Nomination committee, and wish Mr Jonas well in his new roles.

Johannesburg
18 June 2024

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

In compliance with paragraphs 3.63 to 3.70 of the JSE Limited Listings Requirements (“Listings Requirements”), Northam shareholders are advised of the following dealings by a director of the company:

Name of director:	Temba Irvine Mvusi
Class of securities:	Northam Holdings ordinary shares (“Shares”)
Nature of the transaction:	Purchase of Shares
Date of the transaction:	3 June 2024
Total number of Shares:	7 700
Price per Share	Various different trades with the following price information: volume weighted average price of R122.5367 highest price of R123.08 lowest price of R121.57
Total value of transactions:	R943 532.59
Nature and extent of interest:	Direct beneficial
On-market or off-market:	On-market
Clearance obtained in terms of paragraph 3.66 of the Listings Requirements:	Yes

Johannesburg
5 June 2024

Sponsor and Debt Sponsor
One Capital

Northam bondholders are advised of the following interest payment due on Monday, 13 May 2024:

Bond Code:	NHM016
ISIN:	ZAG000167750
Coupon:	12.617%
Interest Period:	12 February 2024 to 12 May 2024
Interest Amount Due:	R116 242 864.17
Payment Date:	13 May 2024
Date Convention:	Following Business Day

 

Johannesburg
8 May 2024

Debt Sponsor
One Capital

Northam bondholders are advised of the following interest payment due on Monday, 25 March 2024:

Bond Code:	NHM022
ISIN:	ZAG000190133
Coupon:	12.15%
Interest Period:	27 December 2023 to 24 March 2024
Interest Amount Due:	R103 691 095.89
Payment Date:	25 March 2024
Date Convention:	Following Business Day

 

Johannesburg
19 March 2024

Debt Sponsor
One Capital

Shareholders of Northam Holdings (“Shareholders”) are advised that the company has, today, published its condensed reviewed interim financial results for the six months ended 31 December 2023 (“Interim Results”).

Financial results overview

		Six months ended 31 December 2023	Six months ended 31 December 2022	Variance %
Sales revenue	R000	14 994 577	20 119 026	(25.5%)
Operating profit	R000	2 417 200	9 066 564	(73.3%)
Operating profit margin	%	16.1	45.1	(64.3%)
Earnings per share	cents	136.5	1 596.2	(91.4%)
Headline earnings per share	cents	121.4	1 608.5	(92.5%)
Dividends per share	cents	100.0	-	100.0%
EBITDA*	R000	3 170 829	9 953 810	(68.1%)
EBITDA margin	%	21.1	49.5	(57.4%)

* Earnings before interest, taxation, depreciation and amortisation, and excluding losses on the sale of the Impala Platinum Holdings Limited shares

Cash dividend declaration

For the six months ended 31 December 2023, the board of directors (“board”) has resolved to declare and pay an interim gross cash dividend of 100.0 cents per share (31 December 2022: Nil cents per share and for 30 June 2023: 600.0 cents per share), which in aggregate amounts to an interim gross cash dividend of approximately R396.2 million. The interim gross cash dividend has been declared from income reserves.

A dividend withholding tax of 20% will be applicable to Shareholders who are not exempt from, or who do not qualify for, a reduced rate of dividend withholding tax. Accordingly, for those Shareholders subject to dividend withholding tax at a rate of 20%, the final net cash dividend will amount to 80.0 cents per share (31 December 2022: Nil cents per share and 30 June 2023: 480.0 cents per share).

The following dates are applicable to the interim dividend:

Last day to trade (cum dividend), on	Monday, 18 March 2024
Trading ex-dividend, on	Tuesday, 19 March 2024
Record date to determine which Shareholders are eligible to receive the dividend, on	Friday, 22 March 2024
Payment date of the dividend, on	Monday, 25 March 2024

Shareholders may not dematerialise or rematerialise their Northam Holdings shares between Tuesday, 19 March 2024 and Friday, 22 March 2024, both days inclusive.

The following additional information is disclosed regarding the interim dividend:

• Northam Holdings’ issued share capital as at the date of this announcement is 396 238 229 ordinary shares (of which 1 share is held by Northam Platinum, a subsidiary of Northam Holdings)
• Northam Holdings’ registration number is 2020/905346/06
• Northam Holdings’ income tax reference number is 9586451198

About this announcement

This announcement is the responsibility of the board and contains information extracted from the Interim Results.

As the information in this announcement does not provide all of the details, any investment decisions should be based on the published condensed reviewed interim financial results for the six months ended 31 December 2023 (which incorporates the external auditor’s report in which PricewaterhouseCoopers Incorporated expressed an unmodified review conclusion) accessible via the JSE cloudlink here, and on the company’s website here.

Johannesburg
1 March 2024

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

In compliance with paragraph 3.59 of the JSE Limited Listings Requirements, the board of directors of Northam Holdings (“Board”) is pleased to announce the appointment of Mrs Geralda Wildschutt as an independent non-executive director of the Board and as a member of the SEHR&T committee, with effect from Friday, 1 March 2024.

Mrs Wildschutt is currently an independent non-executive director of Caledonia Mining Corporation Plc, a gold mining company listed on the New York Stock Exchange and on AIM of the London Stock Exchange. She serves on the Climate Change Advisory Panel of Sasol Limited, a company listed on the JSE Limited. Mrs Wildschutt served as a consultant to Anglo American PLC, Gold Fields Limited, Ivanhoe Mines Limited and Debswana Diamond Company Limited on a range of environmental, social and governance (“ESG”) topics. She holds a Masters’ Degree in Psychology from the University of Cape Town and an MBA from the Business School of the Netherlands.

Mr Paul Dunne, the chief executive officer of the company, will step down as a member of the SEHR&T committee immediately following the appointment of Mrs Wildschutt.

Mr Temba Mvusi, the independent chairman of the Board, commented, “Northam Holdings is pleased to welcome Mrs Wildschutt to the Board. She brings a range of expertise in ESG to the company, which will further strengthen the Board’s ESG competency. We look forward to her contribution.”

Johannesburg
28 February 2024

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

Key metrics:

• 10.6% increase in equivalent refined 4E ounce (“oz”) metal from own operations to 434 977 oz 4E (H1 F2023: 393 309 oz 4E), following a solid performance from all mines across the group, including a 14.9% increase in 4E concentrate produced by Booysendal and a 51.8% increase in 4E concentrate produced from own operations and surface sources at Eland
• 25.5% decrease in sales revenue to R15.0 billion (H1 F2023: R20.1 billion), despite a 10.4% increase in sales volumes to 457 357 oz 4E (H1 F2023: 414 170 oz 4E), primarily attributable to a 42.3% decrease in the 4E ZAR basket price to R24 269/oz 4E (H1 F2023: R42 046/oz 4E)
• 6.7% increase in group unit cash cost per equivalent refined 4E oz
• 28.1% cash profit margin per equivalent refined 4E oz
• 73.3% decrease in gross profit to R2.4 billion
• 68.1% decrease in EBITDA to R3.2 billion
• 86.4% – 96.4% expected decrease in basic earnings per share
• 87.5% – 97.5% expected decrease in headline earnings per share
• Net debt as at 31 December 2023 improved to R2.4 billion with a rolling 12-month net debt to EBITDA ratio of 0.24, and cash and cash equivalents of R11.8 billion, with additional available undrawn facilities of R11.0 billion

Introduction

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are satisfied, with a reasonable degree of certainty, that the financial results for the current reporting period will differ by at least 20% from the financial results of the previous corresponding period.

Northam Holdings’ financial results for the six-months ended 31 December 2023 (“H1 F2024”) are underpinned by a solid production performance and effective cost control at all operations within the group. Notwithstanding this, Northam Holdings expects to report a decrease in earnings per share for H1 F2024 compared to the previous six-months ended 31 December 2022 (“H1 F2023”), largely because of the significant decrease in commodity prices together with a loss of R799.7 million on the disposal of the Impala Platinum Holdings Limited (“Implats”) ordinary shares (“Implats Shares”) (JSE share code: IMP) received as part of the disposal consideration following acceptance of the mandatory offer made by Implats to shareholders of Royal Bafokeng Platinum Limited (“RBPlat”), (“Implats Mandatory Offer”).

The table below provides key earnings per share information for H1 F2024, compared to that of H1 F2023:

	H1 F2024	H1 F2023	Variance
Basic earnings per share (cents)	56.7 – 216.3	1 596.2	(96.4% – 86.4%)
Headline earnings per share (cents)	41.0 – 201.8	1 608.5	(97.5% – 87.5%)
Number of shares in issue including treasury shares	396 238 229	396 615 878	(0.1%)
Weighted average number of shares in issue*	390 090 148	390 237 523	(0.0%)

*The weighted average number of shares in issue have been used to determine the basic and headline earnings per share.

Production

The group’s equivalent refined metal from own operations increased by 10.6% to 434 977 oz 4E (H1 F2023: 393 309 oz 4E). Zondereinde’s metal production was flat, as expected ahead of the commissioning of 3 shaft, whilst growth from the Booysendal South mine and Eland was in line with our forecast.

Group production of chrome concentrate increased by 31.8% to 666 692 tonnes (H1 F2023: 505 841 tonnes), on the back of increased UG2 tonnages and recovery improvements at all operations. This was particularly pleasing, given the recent strengthening of the chrome price.

The group continued to progress its strategic goals of sustainably growing safe production down the sector cost curve. Challenges remain, particularly in respect of metal prices, mining inflation and the potential for higher frequency and longer duration Eskom load curtailment events. Our capital growth programme remains on-track and is improving our operational resilience during the current weak market conditions.

A key feature has been the solid production performance achieved by all operations. Zondereinde has benefitted from focussed Merensky stoping in the Western extension, together with logistics decongestion resulting from the ongoing shift in UG2 stoping from the western to the eastern portions of the mine. Booysendal delivered growth on the back of strong production from North mine, as well as the ongoing ramp-up of South mine. Eland production is ramping up on schedule with stoping production up by 170%, while mineable reserves have almost doubled. This has yielded a 51.8% increase in 4E metal production from own operations and surface sources and a 100.0% increase in chrome concentrate. The successful, on-schedule completion of a new 4.5 metre diameter raise-bored ventilation shaft during December 2023 has created environmental conditions in the deeper sections of the mine which are critical to the medium-term schedule.

All operations have been subject to numerous Eskom load curtailment events, however, the combination of our comprehensive load management protocols, as well as increased on-demand self-generation capacity, is limiting consequential production losses. The group’s programme to further increase self-generation capacity is well advanced and will assist in mitigating potential losses resulting from Eskom load curtailment events. Furthermore, all safety metrics show improvement from the previous financial year, with both Booysendal and Eland remaining fatality free since inception.

Key production metrics for H1 F2024, compared to H1 F2023, are as follows (in oz 4E):

	H1 F2024	H1 F2023	Variance
Equivalent refined metal production from own operations at Zondereinde	160 188	160 806	(0.4%)
Concentrate production from own operations at Booysendal	250 004	217 630	14.9%
Concentrate production from own operations and surface sources at Eland	32 574	21 463	51.8%
Total equivalent refined metal production from own operations	434 977	393 309	10.6%
Equivalent refined metal purchased from third parties	83 107	38 739	114.5%
Total production including purchased material	518 084	432 048	19.9%

Unit cash costs

The increase in group unit cash costs has been limited to 6.7%, despite the ongoing trend of generally higher mining inflation. We have benefitted from growing mining production, improved concentrator feed grades and disciplined, focussed cost control.

Unit cash costs per 4E ounce for the group, and per operation, for H1 F2024 compared to H1 F2023, are as follows (in R/oz 4E):

	H1 F2024	H1 F2023	Variance
Zondereinde cash cost per equivalent refined 4E ounce	24 778	23 479	(5.5%)
Booysendal cash cost per 4E ounce in concentrate produced	17 173	16 169	(6.2%)
Eland cash cost per 4E ounce in concentrate produced*	33 652	30 292	(11.1%)
Group cash cost per equivalent refined 4E ounce	23 562	22 088	(6.7%)

*Eland is in ramp-up phase.

The total cost of purchased concentrates and recycling material increased by 32.0% to R2.1 billion (H1 F2023: R1.6 billion), with 4E ounce volumes purchased increasing by 114.5%. The cost of purchased material is based on ruling commodity prices as well as the relevant prill split of the purchased material.

Sales revenue

The decrease in sales revenue, despite an increase in 4E sales volumes of 10.4% to 457 357 oz 4E (H1 F2023: 414 170 oz 4E), is attributable to a significantly lower 4E ZAR basket price of R24 269/oz 4E (H1 F2023: R42 046/oz 4E), representing a decrease of 42.3%. The lower ZAR basket price is the combined result of a lower 4E US dollar (“USD”) basket price of USD 1 302/oz 4E (H1 F2023: USD 2 422/oz 4E) and an increase in the average ZAR/USD exchange rate achieved i.e. a weaker Rand, being R18.64/USD (H1 F2023: R17.36/USD).

Total revenue per equivalent refined 4E ounce sold decreased by 32.5% to R32 785/oz 4E (H1 F2023: R48 577/oz 4E). This, combined with unit cash costs increasing by 6.7% from R22 088/oz 4E in H1 F2023 to R23 562/oz 4E in H1 F2024, led to a decrease in the cash profit margin per 4E ounce to 28.1% (H1 F2023: 54.5%).

The table below summarises dispatched metal volumes to the group’s precious metal refiners, compared to metal volumes refined and sold together with the average USD sales prices achieved per metal:

	Dispatched	Total refined metal produced	Total equivalent refined metal sold (including the sale of concentrate)	Average sales prices achieved
	oz	oz	oz	USD/oz
Platinum	276 430	261 876	276 358	918
Palladium	133 327	126 970	133 583	1 180
Rhodium	42 628	42 551	42 512	4 110
Gold	4 910	4 781	4 904	1 937
Total 4E	457 295	436 178	457 357	1 302

Included in total equivalent refined metal sold in the table above is concentrate sold to a third party to honour legacy offtake agreements relating to the Everest and Maroelabult operations, which contained 24 497 oz 4E in concentrate (H1 F2023: 22 034 oz 4E). Refined metal sold to the group’s customers totalled 433 535 oz 4E (H1 F2023: 392 744 oz 4E), representing an increase of 10.4%.

Financial results

Sales revenue decreased by 25.5% compared to an increase in cost of sales of 13.8%. This resulted in a gross profit of R2.4 billion (H1 F2023: R9.1 billion), and a gross profit margin of 16.1% (H1 F2023: 45.1%).

We operate a largely fixed cost business and consider increasing production, and doing so efficiently, to be our best defence against current global inflationary pressures. Our capital allocation and treasury decisions have been guided by our growth strategy and our results have benefitted from our consistent approach to growing our production base down the industry cost curve.

Earnings before interest, taxation, depreciation and amortisation, and excluding losses on the sale of the Implats Shares, (“EBITDA”) amounted to R3.2 billion (H1 F2023: R10.0 billion).

As at 31 December 2023, inventory on hand amounted to 458 113 oz 4E, valued at R13.7 billion when applying the 4E price and exchange rate at 31 December 2023.

For the six-months ended 31 December 2023, our operations generated cash to the value of R698.5 million (before capital expenditure), impacted primarily by working capital movements relating to a build-up of inventory to the value of R909.7 million and the settlement of trade and other payables amounting to R1.4 billion, mainly relating to the payout of profit share schemes across the group. Capital expenditure amounting to R2.4 billion was paid in cash during the period.

In light of the prevailing market conditions and negative medium-term outlook, the Implats Mandatory Offer presented a unique and attractive opportunity during the period for Northam to lock-in substantial value in relation to the RBPlat ordinary shares (“RBPlat Shares”) held by Northam, with a strong cash underpin that was not adversely affected by the steep decline in Platinum Group Metals (“PGM”) equity valuations across the sector. This also presented an opportunity to significantly strengthen our balance sheet and liquidity position, which in turn provides additional flexibility and optionality.

In accordance with the terms of the Implats Mandatory Offer (details of which are contained in the offer circular issued by Implats dated 17 January 2022), Northam disposed of all of its RBPlat Shares during the period. The offer consideration receivable per RBPlat Share tendered into the Implats Mandatory Offer amounted to R90.00 in cash and 0.3 new Implats Shares. Northam Holdings received, in aggregate, R9.0 billion in cash and 30 065 866 Implats Shares.

The Implats Shares were subsequently disposed of on-market for a total consideration of R3.1 billion, representing a volume weighted average price of R103.95 per Implats Share.

Due to the decrease in the value of Implats Shares from the date of the acceptance of the Implats Mandatory Offer to the date of sale, a loss of R799.7 million was recognised on the sale of the Implats Shares.

During the period under review, the group paid R2.3 billion in dividends, in respect of the final dividend declared for the financial year ended 30 June 2023, and settled the NHM020 series in the Domestic Medium-Term Note Programme (“DMTN Programme”) to the value of R682.0 million, which matured during H1 F2024.

Capital expenditure

Capital expenditure amounted to R2.4 billion (H1 F2023: R2.6 billion). This is in line with our trimmed capital schedule, and the combined result of lower expansionary capital of R1.6 billion (H1 F2023: R1.8 billion), slightly offset by a marginal increase in sustaining capital expenditure to R846.0 million (H1 F2023: R813.3 million).

The majority of expansionary capital expenditure related to significant activity on the Western extension project at Zondereinde, together with the ongoing ramp‑up at Eland. Sustaining capital expenditure at Booysendal increased in line with production levels, whilst sustaining capital requirements at our metallurgical operations increased as a result of the upgrade to the furnace slag concentrator at Zondereinde.

We plan significant development activity at the Western extension of Zondereinde, as well as at Eland, over the coming 18 months.

At Zondereinde mine, stoping is ramping-up within the Western extension section and further progress has been made on the deepening project. Equipping of 3 shaft, for personnel and material transport, as well as the provision of services, is in progress and on track, as is reaming of 3a ventilation shaft. Both shafts are scheduled to be commissioned towards the end of the financial year ending 30 June 2025 (“F2025”). Pilot drilling of the 3b rock hoisting shaft continues, and shaft commissioning is scheduled for the 2028 calendar year. In the interest of capital preservation during the current PGM market conditions, certain workstreams have been deferred in instances where it would not have a detrimental impact on the overall project.

Upgrades to the base metal removal plant are progressing well at the group’s metallurgical facilities, and the commissioning of the expanded and upgraded furnace slag concentrator will improve overall metal recoveries, as well as the cash conversion of excess inventory.

The development of Booysendal South mine is on track. The full complement of stoping crews is in place at the Central UG2 modules and production has reached steady state levels on a monthly basis. Decline development is continuing in order to increase mineable reserves and operational flexibility. Progress of the South Merensky module is on target, with current focus on stoping in the upper mining levels. Stoping is continuing at the BS4 UG2 module and will ramp-up during the coming 12 months. Development of declines at both the South Merensky and the BS4 modules has been temporarily curtailed and mining crews at South Merensky have been limited in the interest of capital preservation. Commissioning of the North aerial rope conveyor during the financial year ended 30 June 2022 has enabled the ramp-up of the North Merensky module to its phase two steady-state production rate.

At Eland mine, processing of ore from surface sources continues, whilst underground feed is being batch treated. Development of the decline systems has been temporarily paused, in order to focus on strike and raise development and consequently increase mineable reserves, whilst limiting capital expenditure. We expect to resume decline development in F2025, subject to market conditions at that time. Underground stoping ramp-up continues on schedule.

A raft of global geopolitical issues has the potential to cause further disruption to PGM markets and metal prices, whilst the potential for further and more severe Eskom load curtailment events could lead to additional operational disruptions. We continue to monitor the market and are rolling out additional on-demand self-generation capacity at all of our operations. We will amend our capital programme when and where prudent, taking into account the changing landscape.

Conclusion

Our revenue is dependent upon external cyclical and variable markets, in terms of both price and demand patterns. However, the bulk of our costs are fixed and our ability to significantly suspend or reduce these costs is limited.

With the decrease in commodity prices, earnings across the PGM sector are under pressure. This will consequently constrain cash generation across the sector resulting in prudent management of liquidity becoming even more important.

The following factors have been considered as part of the liquidity management of the group:

• The group’s growth strategy is focussed on growing production down the industry cost curve by developing shallow, mechanisable orebodies. Our programme of optimising existing operations is progressing and remains on track. We have utilised our balance sheet to grow the business and the project pipeline has been funded through cash generated by our operations, as well as the utilisation of our banking facilities and the R15.0 billion DMTN Programme.
• The staggered maturity profile of Northam’s DMTN Programme provides an additional degree of certainty and flexibility to prudent cash flow management. Northam has proactively managed its DMTN Programme’s maturity profile to appropriately match the production growth build-up, and therefore the cash generation capacity of the group. Furthermore, the maturity profile has been staggered over a number of years to enhance and protect our liquidity position.
• The group’s available banking facilities amount to R11.0 billion, comprising a R10.0 billion revolving credit facility and a R1.0 billion general banking facility. These facilities remain undrawn.
• As at 31 December 2023, net debt improved to R2.4 billion, with cash and cash equivalents of R11.8 billion and the rolling 12-month net debt to EBITDA ratio at 0.24.
• Through the acceptance of the Implats Mandatory Offer, Northam received R9.0 billion in cash and 30 065 866 Implats Shares, which were sold on market for approximately R3.1 billion. The Implats Mandatory Offer presented a well-timed opportunity in the prevailing PGM market for Northam to secure a significant cash injection that materially strengthened Northam’s balance sheet and liquidity position.

The global economic outlook remains uncertain, resulting in volatile metal prices and exchange rates. Prevailing PGM market conditions and the material decline in the 4E basket price have negatively impacted the profitability and rate of cash generation of the group. The group’s financial performance is influenced by the exchange rate and commodity prices together with the stability of Northam’s broader operating environment. Relative positioning on the industry cost curve, and the ability to retain operational flexibility and balance sheet strength, are becoming increasingly important sector differentiating factors. Northam has always maintained inherent optionality and flexibility in executing its growth strategy and these considerations remain key drivers to all our decisions.

The financial information contained in this announcement is the responsibility of the board of directors of Northam Holdings and has not been reviewed or reported on by Northam Holdings’ auditors, PricewaterhouseCoopers Incorporated. The reviewed results for Northam Holdings for H1 F2024 are expected to be published on or about Friday, 1 March 2024.

Johannesburg
19 February 2024

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended (“Companies Act”), and paragraph 3.83(b) of the JSE Limited Listings Requirements (“JSE Listings Requirements”), Northam Holdings shareholders are advised that the company received notification, in the prescribed form, from Old Mutual Limited (“Old Mutual”), advising that it has acquired a beneficial interest in the securities of Northam Holdings, such that Old Mutual now holds a beneficial interest of 5.04% in the company’s total issued share capital.

The company will file the relevant notification with the Takeover Regulation Panel and the Companies and Intellectual Property Commission, as required in terms of sections 122(3)(a) and 122(3A) of the Companies Act.

The board of directors of Northam Holdings (“Board”) accepts responsibility for the information contained in this announcement and certifies that, to the best of the Board’s knowledge and belief, the information contained in this announcement is true and that there are no facts that have been omitted which would make any statement in this announcement false or misleading and that this announcement contains all information required by law and the JSE Listings Requirements.

Johannesburg
17 January 2024

Debt Sponsor
One Capital

Northam is pleased to report a 10.6% increase in total equivalent refined metal production from own operations, and a 19.9% increase in total production (including purchased material), for the 6-month period ended 31 December 2023 (H1 F2024), compared to the 6-month period ended, 31 December 2022 (H1 F2023).

Key production metrics for H1 F2024 compared to H1 F2023 are as follows:

	H1 F2024 oz 4E	H1 F2023 oz 4E	% variance
Equivalent refined metal production from own operations at Zondereinde	160 188	160 806	(0.4%)
Concentrate production from own operations at Booysendal	250 004	217 630	14.9%
Concentrate production from own operations at Eland	32 574	21 463	51.8%
Total equivalent refined metal production from own operations	434 977	393 309	10.6%
Equivalent refined metal purchased from third parties	83 107	38 739	114.5%
Total production including purchased material	518 084	432 048	19.9%

Production growth has been achieved due to the continued focussed execution of the group’s growth strategy. We have targeted increased mechanisation to grow production whilst lowering operational risk and improving our relative position on the industry cost curve. This protects our operations against subdued or volatile commodity markets.

Johannesburg
15 January 2024