Announcements 2025

Northam bondholders are advised of the following interest payments due on Monday, 15 December 2025:

Johannesburg
10 December 2025

Debt Sponsor
One Capital

In accordance with the group’s remuneration policy, conditional shares under the Northam Platinum Share Incentive Plan, 2011 (“SIP”) are awarded annually to all employees employed within the Paterson D lower band and above, including executive directors (“SIP Performance Awards”).

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements (“JSE Listings Requirements”), Northam Holdings shareholders are hereby advised of the SIP Performance Awards below made to executive directors and the company secretary of the company, as well as a director of a major subsidiary of the company, with effect from 31 October 2025 ("Grant Date").

Vesting of the SIP Performance Awards is subject to, inter alia, continued employment with the group and the achievement of performance conditions over the vesting period.

*The deemed value of the transaction is illustrative and is calculated using all relevant SIP Performance Awards, priced at the Northam Holdings closing share price of R283.96 as at 13 November 2025. For the avoidance of doubt, the final number of SIP Performance Awards that will vest, after the vesting date, remains subject to, inter alia, continued employment with the group and the achievement of performance conditions.

Johannesburg
14 November 2025

Attorneys to Northam Holdings and Northam Platinum
Webber Wentzel

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

GCR Ratings (“GCR”) has affirmed Northam Platinum’s national scale long-term and short-term issuer ratings at A+_(ZA) and A1_(ZA), respectively, with the rating outlook revised to Positive from Stable. Concurrently, GCR has affirmed Northam Holdings’ national scale long-term and short-term issuer ratings at A+_(ZA) and A1_(ZA), respectively. The rating outlook has been revised to Positive from Stable.

The affirmation of Northam’s rating and the revision of its outlook to Positive reflect the continued operational development at the group’s mines, which together with its sustainable cost advantage, serve to enhance its business profile.

Northam has reached 1 million platinum group metal (“PGM”) ounce 4E sales and is nearing its 1 million ounce production target from own operations (i.e. excluding purchased metal). With PGM prices having notably improved and forecast to remain broadly firmer, GCR anticipates upside to its base case and expects earnings to improve significantly, and gearing metrics to strengthen. Additionally, Northam is expected to maintain a robust liquidity profile.

GCR notes that Northam's competitive position has progressively strengthened through strong project execution, leading to continued production expansion and the prioritisation of operational improvements. GCR views Northam’s low-cost position as a key benefit to through-the-cycle profitability. Additionally, chrome production has also become a valuable emerging businesses segment, serving to diversify income streams. Northam has advanced its environmental strategy including various large-scale renewable projects at different stages of completion, which will strengthen energy security, lower long-term energy costs, and enable the achievement of decarbonisation targets.

The Positive outlook reflects GCR’s view that sustained operational improvements, disciplined capital management, and the expected earnings recovery will strengthen Northam’s credit profile over the next 12 to 18 months.

The GCR announcement in regard to Northam’s credit rating is available from the GCR website at: https://gcrratings.com/announcements/gcr-revises-the-outlook-on-northams-long-term-issuer-rating-of-aza-topositive-on-the-back-of-an-improving-operational-profile-and-expected-stronger-earnings-and-financial-position/

Johannesburg
29 October 2025

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(c) of the JSE Limited Listings Requirements, Northam wishes to advise of the following changes to the board committees in accordance with the board’s succession plan, with effect from 24 October 2025:

• the resignation of Ms Hester Helena Hickey as chairperson of the audit and risk committee and the subsequent appointment of Mr Wouter André Hanekom as chairperson of the audit and risk committee;
• the appointment of Mr Hanekom as a member of the remuneration committee; and
• the appointment of Mr Mcebisi Hubert Jonas as a member of the investment committee.

Ms Hickey will remain a member of the audit and risk committee.

The directors of Northam would like to express their appreciation to Ms Hickey for her valuable leadership during her tenure as chairperson of the audit and risk committee and wish Mr Hanekom and Mr Jonas well in their new roles.

Johannesburg
20 October 2025

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

In compliance with paragraphs 4.10 and 6.21 of the JSE Debt and Specialist Securities Listings Requirements, the company hereby advises noteholders of updates made to the information statement, incorporated by reference into the programme memorandum dated 7 November 2024 in respect of the Northam Platinum Limited R15 billion Domestic Medium Term Note Programme (“Information Statement”).

The updates to the Information Statement relate primarily to the following sections:

• material risks relating to Northam’s business;
• description of Northam; and
• description of Booysendal Platinum Proprietary Limited.

The updated Information Statement, dated 6 October 2025, is available for inspection at the company’s registered office and is also available on Northam’s website at:
https://www.northam.co.za/index.php?option=com_jdownloads&task=download.send&id=1619&catid=166&m=0&Itemid=347

Johannesburg
6 October 2025

Corporate Advisor and Debt Sponsor
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:

Johannesburg
29 September 2025

Debt Sponsor
One Capital

Nortdam bondholders are advised of the following interest payments due on Monday, 15 September 2025:

Johannesburg
10 September 2025

Debt Sponsor
One Capital

Northam bondholders are hereby advised that the Northam consolidated and separate annual financial statements for the year ended 30 June 2025, which incorporate the independent auditor’s unmodified audit report thereon issued by PricewaterhouseCoopers Incorporated, are available on Northam’s website at https://www.northam.co.za/index.php?option=com_jdownloads&task=download.send&id=1608&catid=186&m=0 and available for inspection, during office hours, at the registered office of the company.

Johannesburg
29 August 2025

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 payments due on Monday, 25 August 2025 and Tuesday, 26 August 2025:

Johannesburg
20 August 2025

Debt Sponsor
One Capital

Northam is pleased to report a solid operational performance from both Zondereinde and Booysendal for the financial year ended 30 June 2025 (“F2025”), while Eland continues to ramp-up.

The following key production metrics exceeded guidance:

• Equivalent refined metal produced from own operations at Zondereinde at 330 769 oz 4E
• Metal in concentrate produced from own operations at Booysendal at 512 147 oz 4E
• Equivalent refined metal purchases from third parties of 127 171 oz 4E

Total metal sold by the group exceeded 1 million oz 4E for the first time.

All other production metrics were within guidance, with the exception of Eland’s production of Platinum Group Metals (“PGMs”). The group’s equivalent refined metal produced from own operations for F2025 grew to 899 244 oz 4E from 892 876 oz 4E for the financial year ended 30 June 2024 (“F2024”).

Group production of chrome concentrate increased by 9.0% to 1 439 752 tonnes (F2024: 1 320 963 tonnes), on the back of improvements in UG2 tonnage throughput, feed grades and concentrator yields.

Key production metrics for F2025 compared to F2024 are as follows:

*Metal in concentrate produced from own operations at Eland amounted to 75 103 oz 4E and 72 442 oz 4E on a stock adjusted basis.

Zondereinde

Stoping is continuing to ramp-up within the Western extension. Equipping of 3 shaft for personnel and material transport, as well as the provision of services, continues to progress. Both 3 shaft, as well as 3a ventilation shaft, are scheduled for commissioning during the first quarter of the 2026 calendar year. This is expected to deliver sustainable long-term efficiency benefits. Pilot drilling of 3b rock hoisting shaft is complete.

Chrome concentrate production increased by 12.1% to 497 438 tonnes (F2024: 443 806 tonnes) on the back of improved yields resulting from ongoing metallurgical enhancements, as well as higher UG2 tonnage throughput. These improvements are expected to continue.

At the group’s metallurgical facilities, situated at Zondereinde, upgrades to the base metal removal plant are progressing well and the smelter furnaces are operating within expectations.

Booysendal

All current mining modules are operating at steady state levels. Decline development is continuing in order to increase mineable reserves and operational flexibility. Production of chrome concentrate marginally reduced by 1.0% to 735 706 tonnes (F2024: 743 072 tonnes), due to preferential Merensky milling and in line with mining expectations. Chrome concentrate production is expected to normalise during the financial year ending 30 June 2026 (“F2026”).

Eland

Following the occurrence of two fatal accidents during the first half of F2025, significant additional focus has been placed on safe operating practices, particularly relating to onboarding and embedding of new mining crews during this critical period of the mine’s development and ramp-up. A noticeably improved safety performance was delivered by Eland during the second half of F2025. The safety of our employees remains of utmost importance and takes precedence over any production objectives.

Production of PGM concentrate from own operations was below guidance at 75 103 oz 4E (72 442 oz 4E on a stock adjusted basis). Improved chromite feed grades and ongoing recovery improvements led to a notable 54.1% increase in chrome concentrate produced, at 206 608 tonnes (F2024: 134 085 tonnes), notwithstanding the impact of lower than anticipated PGM production.

Development of the decline system is ongoing, and a reconfiguration of the mine’s ventilation circuit will enable accelerated decline development rates. A new 4.5 metre diameter raise-bored ventilation shaft has significantly improved environmental conditions, particularly in the deeper sections of the mine that are critical to the medium-term ramp-up, and facilitated the planned ventilation reconfiguration.

Updated guidance for Eland will be provided in Northam Holdings’ F2025 financial results, which are expected to be published on SENS on or about Friday, 29 August 2025.

Looking forward

In light of prevailing PGM market uncertainty, Northam remains internally focused with full emphasis on operational excellence, particularly surrounding safe, sustainable production and efficient mining at the right cost.

Despite recent improvements in metal prices being realised, the global economic outlook remains uncertain, with potentially volatile metal markets and exchange rates.

Northam’s relative positioning on the industry cost curve, and the ability to retain operational flexibility and balance sheet strength, remain our key differentiators. The group remains committed to the strategic goal of growing safe and sustainable production down the industry cost curve.

This voluntary production report has not been reviewed and reported on by the group’s external auditors.

Johannesburg
23 July 2025

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 has 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 20.399% 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
7 July 2025

Corporate Advisor and Sponsor to Northam Holdings

One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum

One Capital

Northam is pleased to announce that it has successfully concluded a private placement of new domestic medium term notes (“Notes”) to the value of R5.7 billion under Northam Platinum’s R15.0 billion Domestic Medium Term Note Programme, as amended and/or supplemented from time to time (“Programme”), (the “Placement”).

The new Notes were issued today, 13 June 2025 and comprise:

• c. R2.6 billion under bond series NHM027 maturing on 13 June 2028;
• c. R0.6 billion under bond series NHM028 maturing on 13 June 2029; and
• c. R2.5 billion under bond series NHM029 maturing on 13 June 2030,

(collectively, the “New Notes”).

The maturity profile of the New Notes has been staggered intentionally, taking into consideration, inter alia, Northam’s business strategy, the extent and expected completion dates of current and planned capital projects and the maturity profile of the Notes in issue under the Programme prior to the Placement, to provide additional certainty and flexibility as well as to protect Northam’s liquidity position and capacity to execute growth projects through metal price cycles.

Pursuant to the Placement, the total nominal value of Notes in issue under the Programme amounts to c. R12.2 billion. No further Notes will mature during the current financial year, with the remainder of maturities spread across the 2026 to 2030 financial years.

Paul Dunne, Northam’s Chief Executive Officer, said: “Northam is grateful for the continued support received from our capital providers, including new investors in our Programme. Our growth strategy and allocation of capital are underpinned by our belief in the special metals we produce and their continued global importance. This placement will provide Northam with sufficient flexibility and liquidity to pursue an accelerated capital programme in the short- to medium-term in the execution of our strategy to safely, efficiently and sustainably increase our PGM production against a depleting primary supply from the sector. The strong performance by our operations, together with our favourable position on the sector cost curve, ensure Northam’s sustainable future, enhancing our investment case.”

Johannesburg
13 June 2025

Corporate Advisor and JSE Sponsor to Northam Holdings

One Capital

Sole Arranger and Dealer to Northam Platinum in respect of the Programme as well as Corporate Advisor and Debt Sponsor to Northam Platinum

One Capital

Attorneys to Northam Holdings, Northam Platinum, the Guarantor, the Arranger and the Dealer, in respect of the Programme

Bowman Gilfillan Inc.

Northam bondholders are advised of the following interest payments due on Monday, 26 May 2025:

Johannesburg
21 May 2025

Debt Sponsor
One Capital

Introduction and background information

In 2015, Northam successfully concluded a black economic empowerment transaction (“BEE Transaction”) with Zambezi Platinum (RF) Limited (“Zambezi”). As a consequence thereof, Northam Holdings shareholders (“Shareholders”) approved the introduction of a lock-in and incentive mechanism (“LIM”) as part of the existing Northam Platinum Share Incentive Plan (“SIP”) in order to:

• incentivise key members of Northam’s senior management team (“LIM Participants”) to remain employed with the Group over the 10 year period of the BEE Transaction in order to lock-in their skill-set until the redemption date of the Zambezi preference shares (“Zambezi Prefs”), thereby mitigating the risks introduced by the guarantee provided by Northam Platinum in favour of holders of the Zambezi Prefs (“Guarantee”) over this period; and
• address the long term incentivisation and retention of the LIM Participants by aligning their interests with Shareholders through equity participation.

As part of the LIM approval, Shareholders approved allocations of conditional shares in relation to the BEE Transaction (“LIM Awards”) to specific LIM Participants.

Pursuant to the composite transaction implemented by Northam as set out in the circular to Shareholders dated 31 May 2021 (“Composite Transaction”), the maturity of the BEE Transaction was accelerated and Northam Platinum acquired all of the Zambezi Prefs. As a result, the Guarantee liability was extinguished and a portion of the LIM Awards would have become subject to an early vesting upon implementation of the Composite Transaction. In order to continue the incentivisation and retention of senior management until 18 May 2025 (“Original LIM Vesting Date”), being the day following the initially anticipated maturity date of the BEE Transaction, Shareholders approved the deferral of the vesting of the LIM Awards to the Original LIM Vesting Date.

Settlement of the LIM Awards

The LIM Awards held by the relevant LIM Participants vested unconditionally on Sunday, 18 May 2025.

Following engagement with various key Shareholders and in order to retain and enhance the alignment of interests between the LIM Participants and Shareholders, the Company decided to settle the LIM Awards through the allotment and issuance of new ordinary shares in Northam Holdings (“Northam Shares”), with a portion of the LIM Awards being settled in cash (“Cash Settlement”) as a result of the individual maximum share allocation limits under the SIP rules. Settlement of the Vested LIM Awards occurred on Monday, 19 May 2025 and resulted in the issue of a total of 3 864 687 new Northam Shares to LIM Participants (“LIM Shares”) and a Cash Settlement in an amount of R53.3 million.

A portion of the LIM Shares will be sold on market on behalf of LIM Participants in order to settle the employee tax liability arising from the vesting of the LIM Awards, whereafter LIM Participants will receive the balance of the LIM Shares (“Retained LIM Shares”).

New voluntary incentive mechanism

In order to incentivise the continued retention of LIM Participants, and to support the continued alignment of interests between LIM Participants and Shareholders through ongoing equity exposure, a new voluntary incentive mechanism (“VIM”) has been established. In terms of the VIM, LIM Participants have the option to voluntarily commit all or a portion of their Retained LIM Shares to the VIM (“VIM Commitment Shares”).

The VIM is a 5-year cash-settled scheme designed to reward participants (“VIM Participants”) annually through annual awards of notional Northam Shares (“VIM Award Shares”) together with notional dividends paid in respect of the VIM Award Shares (“VIM Dividends”) to those VIM Participants who remain employed by the Group and continue to hold their VIM Commitment Shares.

• participation in the VIM is entirely voluntary;
• VIM Participants retain unrestricted ownership of, and all Shareholder rights attaching to, their VIM Commitment Shares;
• VIM Award Shares and VIM Dividends will be awarded to VIM Participants annually, after each anniversary date of the implementation of the VIM (“VIM Anniversary Date”), provided that VIM Participants remain employed by the Group and continue to hold VIM Commitment Shares;
• the number of VIM Award Shares to be awarded annually will be calculated as a percentage of the number of VIM Commitment Shares held by each VIM Participant on the day immediately preceding each VIM Anniversary Date as follows: year 1 - 10.0%, year 2 - 12.5%, year 3 - 15.0%, year 4 - 17.5% and year 5 - 20.0%; and
• VIM Award Shares and VIM Dividends will be settled in cash, on an annual basis.

Northam is pleased to confirm that all of the LIM Participants, including Paul Dunne, the Chief Executive Officer, and Alet Coetzee, the Chief Financial Officer, have elected to commit 100% of their Retained LIM Shares to the VIM.

Hester Hickey, chairperson of the Remuneration Committee, commented: “The senior management team have chosen, once again, not to “cash in”, as they could have potentially done in 2021 at significantly higher share prices, but to retain their fully paid-up Northam shares, aligning them with Shareholders and the Company’s long-term prospects by continuing to share in investment and market risks.”

Mcebisi Jonas, chairperson of Northam, said: “The board is pleased with the exceptional continued commitment demonstrated by Northam’s senior management team, ably led by Paul Dunne and Alet Coetzee. The management team’s substantial VIM commitments once again confirm their long-term confidence in the Company, and further aligns the interests of management and Shareholders. The board believes that the Company and Shareholders will continue to benefit from the experience and expertise of our exceptional management team.”

Johannesburg
20 May 2025

INTEREST PAYMENT NOTIFICATION

Northam bondholders are advised of the following interest payment due on Monday, 12 May 2025:

CAPITAL SETTLEMENT NOTIFICATION

Northam bondholders are further advised that NHM016 will be settled in full on its Maturity Date, being Monday, 12 May 2025. Following the settlement of NHM016 amounting to c. R3.7 billion, the capital outstanding under Northam’s R15.0 billion Domestic Medium Term Note Programme will amount to c. R6.5 billion.

Johannesburg
7 May 2025

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 has received notification, in the prescribed form, from Ninety One SA Proprietary Limited (“Ninety One”), advising that it has acquired a beneficial interest in the securities of Northam Holdings, such that Ninety One now holds a beneficial interest of 5.1195% 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
10 April 2025

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 has received notification, in the prescribed form, from Standard Bank Group Limited (“Standard Bank”), advising that it has acquired a beneficial interest in the securities of Northam Holdings, such that Standard Bank now holds a beneficial interest of 5.74% 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
20 March 2025

Corporate Advisor and Sponsor to Northam Holdings
Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

Shareholders of Northam Holdings (“Shareholders”) are hereby advised that the company has today published its condensed reviewed interim financial results for the six months ended 31 December 2024 (“Interim Results”).

Financial results overview

* Earnings before interest, taxation, depreciation and amortisation, and excluding the loss on the sale of Impala Platinum Holdings Limited shares in respect of the six months ended 31 December 2023.

Cash dividend declaration

For the six months ended 31 December 2024, the board of directors (“board”) has resolved to declare and pay an interim gross cash dividend of 15.0 cents per share (31 December 2023: 100.0 cents per share and for 30 June 2024: 70.0 cents per share), in line with the board approved company dividend policy of 25% of headline earnings, which in aggregate amounts to an interim gross cash dividend of approximately R59.4 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 12.0 cents per share (31 December 2023: 80.0 cents per share and 30 June 2024: 56.0 cents per share).

The following dates are applicable to the interim cash dividend:

Shareholders may not dematerialise or rematerialise their Northam Holdings shares between Tuesday, 18 March 2025 and Thursday, 20 March 2025, both days inclusive.

The following additional information is disclosed regarding the interim cash 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 2024 (which incorporates the external auditor’s report in which PricewaterhouseCoopers Incorporated expressed an unmodified review conclusion) accessible via the JSE cloudlink at: https://senspdf.jse.co.za/documents/2025/JSE/ISSE/NPHE/Interim_25.pdf and on the company’s website at: https://www.northam.co.za/index.php?option=com_jdownloads&task=download.send&id=1590.

Johannesburg
28 February 2025

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 payments due on Tuesday, 25 February 2025 and Wednesday, 26 February 2025:

Johannesburg
20 February 2025

Debt Sponsor
One Capital

Key metrics

• 3.7% increase in equivalent refined metal from own operations to 451 213 oz 4E (H1 F2024: 434 977 oz 4E), following a strong performance from all mines, including a 15.1% increase in 4E metal in concentrate produced from own operations and surface sources at Eland to 37 488 oz 4E (H1 F2024: 32 574 oz 4E).
• 2.5% decrease in refined metal produced to 425 151 oz 4E (H1 F2024: 436 178 oz 4E) due to the planned rebuild of furnace 2.
• 7.7% increase in group unit cash costs per equivalent refined 4E ounce to R25 381/oz 4E (H1 F2024: R23 562/oz 4E), reflecting the impact of mining inflation and lower refined metal volumes during the first half of H1 F2025.
• 3.1% decrease in sales revenue to R14.5 billion (H1 F2024: R15.0 billion), primarily attributable to a 3.3% decrease in the 4E ZAR basket price to R23 457/oz 4E (H1 F2024: R24 269/oz 4E).
• 7.5% increase in chrome concentrate sales to 716 622 tonnes (H1 F2024: 666 692 tonnes).
• 55.2% decrease in operating profit to R1.1 billion (H1 F2024: R2.4 billion).
• 49.9% - 59.9% expected decrease in basic earnings per share.
• 44.7% - 54.7% expected decrease in headline earnings per share.
• Net debt as at 31 December 2024 of R6.1 billion with a net debt to EBITDA ratio of 1.26.
• R12.3 billion fully undrawn and available banking facilities.

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 2024 (“H1 F2025”) are underpinned by a solid production performance. Notwithstanding this, Northam Holdings expects to report a decrease in basic and headline earnings per share for H1 F2025 compared to the previous six-months ended 31 December 2023 (“H1 F2024”).

The table below provides key earnings per share information for H1 F2025, compared to that of H1 F2024:

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

Safety

The group’s overall safety performance improved, with the total injury incidence rate (“TIIR”) expressed per every 200 000 hours worked recorded at 1.08 (H1 F2024: 1.35).

However, we sadly lost two of our employees in separate incidents at Eland mine. On 5 August 2024, Mr Aubrey Katlego Sithole, a shotcrete assistant, passed away in a barring incident which occurred during shotcreting operations in a development tunnel and on 29 November 2024, Mr Koshi Charles Makhobo, an engineering fitter, was fatally injured whilst undertaking maintenance on a conveyor belt.

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

The first half of F2025 has seen further progress towards the group’s strategic goals of growing safe and sustainable production down the industry cost curve.

Challenges remain, particularly in respect of metal prices, mining and energy cost inflation and the potential for Eskom load curtailment events. The tragedy of two fatalities during the period also demonstrates the potential for serious accidents, which remains an inherent ongoing risk.

Our growth programme remains on track, despite temporary pauses to specific project modules which do not have a detrimental impact on the overall objectives. These pauses represent appropriate management interventions to preserve liquidity whilst low Platinum Group Metal (“PGM”) prices persist.

Our strategy of counter-cyclical growth and operational resilience pursued over the past decade has established a competitive and sustainable production base which is able to withstand medium to long-term cyclical downturns, including current market conditions. This strategic approach remains a differentiating factor for Northam.

A key feature of the period is the steady and robust production volumes delivered by all operations. Zondereinde benefitted from focussed Merensky stoping in the Western extension, together with logistical decongestion resulting from the ongoing shift in UG2 stoping from the western to the higher yielding eastern portions of the mine. Booysendal has reached its steady state production profile and is now focussing on productivity and efficiency gains, whilst Eland continues to ramp-up on schedule.

The group’s equivalent refined metal from own operations increased by 3.7% to 451 213 oz 4E (H1 F2024: 434 977 oz 4E). Strong production growth was recorded at Eland, despite safety stoppages. Zondereinde achieved marginal production improvements, ahead of commissioning 3 shaft and despite an Eskom power outage during November 2024. Booysendal production also improved as a result of productivity gains. These achievements continue to demonstrate the quality of our operations and orebodies.

Group production of chrome concentrate increased by 7.5% to 716 622 tonnes (H1 F2024: 666 692 tonnes), as a result of improvements in UG2 tonnage throughput, feed grades and concentrator yields, and a notable increase at Eland.

Mining tonnages and grades across the group are expected to improve further over the coming two years upon our growth and innovation projects reaching completion and achieving their planned targets. These improvements, together with an expected increase in mineable reserves, will provide important additional operational flexibility.

Key production metrics for H1 F2025, compared to H1 F2024, are as follows (in oz 4E):

Unit cash costs

The increase in unit cash costs across the group was restricted to 7.7%, averaging R25 381/oz 4E (H1 F2024: R23 562/oz 4E). This was primarily the result of increased mining production, improved concentrator feed grades and improved concentrator recoveries. Unit cash costs increased at Zondereinde by 8.0% to R26 752/oz 4E, at Booysendal by 7.0% to R18 383/oz 4E, and at Eland by 6.1% to R35 711/oz 4E.

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

Sales revenue

Sales revenue amounted to R14.5 billion, a decrease of 3.1% (H1 F2024: R15.0 billion).

This is predominantly attributable to a 3.3% decrease in the 4E ZAR basket price to R23 457/oz 4E (H1 F2024: R24 269/oz 4E), resulting mainly from a decrease in the average ZAR/USD exchange rate achieved, i.e. a stronger Rand, of R17.92/USD (H1 F2024: R18.64/USD), together with the impact of the planned furnace rebuild.

The rebuild of furnace 2 was scheduled to minimise the impact on refined metal production during both the previous financial year as well as the current financial year. As a result, sales for F2025 will be lopsided, with the full year forecast estimated at between 980 000 and 1 020 000 4E ounces of equivalent refined metal.

The benefits from the full mine to market value chain in respect of chrome is clear. For H1 F2025, 716 622 tonnes of chrome concentrate was sold (H1 F2024: 666 692 tonnes), contributing 12.5% or R1.8 billion to total revenue. During the last quarter of calendar year 2024, stainless steel margins came under renewed pressure, which, coupled with ferrochrome oversupply, prompted stainless steel producers to reduce ferrochrome purchases, which in turn led to a decline in chrome ore prices towards the end of the period.

The current weakness in PGM prices continues to place significant pressure on revenue and therefore profitability. Total revenue per equivalent refined 4E ounce sold decreased by 2.9% to R31 835/oz 4E (H1 F2024: R32 785/oz 4E).

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 (expressed per metal and on a 4E basis) during H1 F2025:

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 37 341 oz 4E in concentrate (H1 F2024: 24 497 oz 4E). Refined metal sold to the group’s customers totalled 420 232 oz 4E (H1 F2024: 433 535 oz 4E).

Financial results

Sales revenue decreased by 3.1% to R14.5 billion, whilst cost of sales increased by 6.9% to R13.4 billion. This resulted in an operating profit of R1.1 billion (H1 F2024: R2.4 billion), and an operating profit margin of 7.5% (H1 F2024: 16.1%).

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 and persistent weak 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.

Earnings before interest, taxation, depreciation and amortisation (“EBITDA”) amounted to R1.8 billion (H1 F2024: R3.2 billion).

Metal inventory on hand increased to 529 825 oz 4E, as a result of the impact of the planned furnace rebuild, with a Rand carrying value of R9.2 billion and a sales value of R15.1 billion when applying the 4E price and exchange rate as at the end of December 2024. Our operations generated cash to the value of R419.2 million (before cash capital expenditure of R2.4 billion), impacted by negative working capital movements amounting to R1.2 billion relating to a build-up of inventory and the settlement of trade and other payables, before the December 2024 close.

In addition, the group paid R272.9 million in dividends and settled Domestic Medium Term Notes (“DMTNs”) upon maturity and finance costs to the value of R1.2 billion.

As at 31 December 2024, the gross cash balance amounted to R4.0 billion.

During the period under review, Northam increased its existing revolving credit facility (“RCF”) from R10.0 billion to R11.3 billion (“RCF Increase”). Northam proactively implemented the RCF Increase to further enhance liquidity and balance sheet flexibility in light of the current weak PGM pricing environment, and in the event that these circumstances prevail for a sustained period of time.

Northam’s total available banking facilities now amount to R12.3 billion, comprising the RCF of R11.3 billion and existing general banking facilities (“GBF”) of R1.0 billion. Both these facilities remain undrawn.

Capital expenditure

Capital expenditure of R2.4 billion related to significant activity on the Western extension project at Zondereinde, the ongoing ramp-up at Eland, and mining fleet purchases and concentrator upgrades at Booysendal South. Further development activity at Zondereinde and Eland is planned for the 2025 calendar year.

At Zondereinde mine, stoping is ramping-up within the Western extension section. Equipping of 3 shaft for personnel and material transport, as well as the provision of services, is in progress. This includes the establishment of the intermediate pumping chamber, which is a key milestone. Reaming of 3a ventilation shaft also continues. Both shafts are scheduled for commissioning at the end of the 2025 calendar year. This will deliver efficiency benefits to mining in the Western extension section. Pilot drilling of 3b rock hoisting shaft is complete, reaming will commence, with shaft commissioning scheduled for the 2028 calendar year.

At the group’s metallurgical facilities, upgrades to the base metal removal plant are progressing well and the expanded and upgraded furnace slag concentrator will soon start to improve overall metal recovery. The planned rebuild of furnace 2, which commenced during May 2024, was completed on schedule in August 2024.

At Booysendal, all mining modules are operating at steady state levels. Decline development is continuing in order to increase mineable reserves and enhance operational flexibility.

At Eland mine, processing of ore from surface sources continues, whilst ore production from underground mining ramps up, with an increase in stoping crews operating ahead of production and consequently impacting unit cash costs, circumstances that will normalise over the coming two years. Development of the decline system was resumed after a temporary pause, as part of a capital trimming exercise, and a planned reconfiguration of the mine’s ventilation circuit towards the end of the current financial year will contribute positively towards accelerated decline development rates from F2026 onwards. A new 4.5 metre diameter raise-bored ventilation shaft has significantly improved environmental conditions, particularly in the deeper sections of the mine that are critical to the medium-term ramp-up and facilitated the planned ventilation reconfiguration. Focus remains on strike and raise development, in order to increase mineable reserves. Underground stoping ramp-up continues on track. This is yielding meaningful increases in own 4E metal production.

Enhancements to the PGM and chrome concentrator circuits at each of the mines are starting to generate low-risk and profitable improvements in metal recoveries.

Capital expenditure for the remainder of F2025 is estimated at R2.2 billion, with the bulk being invested in focussed growth programmes.

The development of an 80 MW solar power facility at Zondereinde is in progress, 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 has commenced, and commissioning is scheduled midway through F2026. Once operational, the facility will improve security of power supply, whilst reducing energy costs and the mine’s carbon footprint.

Conclusion

Commodity markets are known for their cyclicality. The current outlook for global PGM demand and supply remains uncertain which in turn results in an uncertain outlook for PGM prices. A raft of global geopolitical and macro-economic issues have the potential to cause further disruption to the PGM markets and metal prices, whilst the possibility of Eskom load curtailment events could lead to additional operational disruption and challenges. We continue to monitor the market and are confident that our recently commissioned additional on-demand self-generation capacity units at all our operations will significantly contribute towards mitigating risks associated with load curtailment events.

The prevailing low PGM price environment is constraining earnings across the entire PGM sector. The sector’s ability to respond to lower PGM prices by suspending or reducing costs is limited, as the majority of mining costs are fixed in nature. This is consequently constraining cash generation across the sector, requiring ever more prudent management of liquidity.

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 continues 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 our 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 expected 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 through metal price cycles.
• The group’s available banking facilities amount to R12.3 billion, comprising an R11.3 billion RCF and a R1.0 billion GBF. These facilities remain fully undrawn.
• Should market conditions deteriorate, adjustments will be made to the group’s expansionary capital expenditure, if necessary, to preserve liquidity.

In light of the prevailing 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 remain particular focus areas.

Relative positioning on the industry cost curve, and the ability to retain operational flexibility and balance sheet strength, remain a key differentiator for the group.

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 F2025 are expected to be published on or about Friday, 28 February 2025.

Johannesburg
12 February 2025

Northam bondholders are advised of the following interest payment due on Tuesday, 21 January 2025:

Johannesburg
16 January 2025

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 20.186% 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
10 January 2025

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital