Announcements 2026

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended (“Companies Act”), and paragraph 6.54 of the JSE Listings Requirements, Northam Holdings shareholders are advised that the company has received notification, in the prescribed form, from BlackRock, Inc. (“BlackRock”), advising that it has acquired a beneficial interest in the securities of Northam Holdings, such that BlackRock now holds a beneficial interest of 5.02% 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 2026

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, 15 June 2026:

Johannesburg
10 June 2026

Debt Sponsor
One Capital

Northam bondholders are advised of the following interest payment due on Monday, 23 March 2026:

Johannesburg
18 March 2026

Debt Sponsor
One Capital

Northam bondholders are advised of the following interest payments due on Friday, 13 March 2026:

Johannesburg
10 March 2026

Debt Sponsor
One Capital

Northam bondholders are advised of the following interest payments due on Wednesday, 25 February 2026 and Thursday, 26 February 2026::

Johannesburg
20 February 2026

Debt Sponsor
One Capital

Key metrics

• Total equivalent refined platinum group metal (“PGM”) produced from own operations increased by 3.7% to 467 818 oz 4E (H1 F2025: 451 213 oz 4E).
• Production of chrome concentrate increased by 14.8% to 822 759 tonnes (H1 F2025: 716 622 tonnes), on the back of improvements in UG2 tonnage throughput, feed grades and concentrator yields.
• Total metal sold increased by 13.7% to 519 192 oz 4E (H1 F2025: 456 544 oz 4E).
• Sales revenue rose by 60.0% to R23.3 billion (H1 F2025: R14.5 billion), attributable to a 53.1% appreciation in the Rand 4E basket price, together with increased metal sold.
• Group unit cash cost per equivalent refined 4E ounce increased by 7.2% to R27 208/4E oz (H1 F2025: R25 381/4E oz), as cost control and production growth tempered ongoing mining cost inflation.
• Operating profit grew by 439.2% to R5.8 billion (H1 F2025: R1.1 billion), as a result of higher sales volumes and improved metal prices.
• Basic earnings per share is expected to increase to between 2 000.5 cents and 2 011.5 cents (H1 F2025: 61.5 cents).
• Headline earnings per share is expected to increase to between 1 518.5 cents and 1 529.5 cents (H1 F2025: 61.1 cents).
• Net debt of R2.6 billion measured against a 12-month rolling EBITDA of R10.6 billion results in a net debt to EBITDA ratio of 0.24.
• Available banking facilities of R12.3 billion remain fully undrawn at period end.

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-month period ended 31 December 2025 (“H1 F2026” or the “period”) are underpinned by a solid production performance. Northam Holdings expects to report an increase in basic and headline earnings per share for H1 F2026 compared to the previous six-months ended 31 December 2024 (“H1 F2025”).

The table below provides key earnings per share information for H1 F2026, compared to that of H1 F2025:

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

Safety

All operations remained fatality free throughout the period, achieving notable safety milestones.

Booysendal surpassed 12 million fatality free shifts during December 2025, and remains fatality free since inception. Zondereinde recorded 2 million fatality free shifts during October 2025 and Eland recorded 1 million fatality free shifts in December 2025.

The group’s lost time injury incidence rate (LTIIR), expressed per 200 000 hours worked, equalled 0.55 (F2025: 0.61).

The safety 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

Key production metrics are as follows:

Equivalent refined PGMs purchased from third parties totalled 83 448 oz 4E (H1 F2025: 59 743 oz 4E), representing an increase of 39.7%.

All of our operations performed well and recorded improved metal production.

Zondereinde continues to benefit from logistics decongestion as a result of the ongoing shift of UG2 stoping from the western to the higher-yielding eastern portions of the mine, as well as an increase in mining productivity arising from focussed Merensky stoping in the Western extension.

Booysendal continues to focus on productivity and efficiency gains.

Eland is making steady progress in its ramp-up, with both square metres and tonnes mined in line with expectations.

At Zondereinde, the ramp-up of stoping continues within the Western extension section reflecting an improvement in Merensky tonnes mined. Equipping of 3 shaft for personnel and material transport, as well as the provision of services, is nearing completion. Reaming of 3a ventilation shaft also continues. Both shafts are scheduled for commissioning in April 2026. This will deliver sustainable efficiency benefits to mining in the Western extension. Pilot drilling of 4 shaft, which will be a rock hoisting shaft, is complete, and reaming has commenced.

At Booysendal, decline development is continuing in order to increase mineable reserves and enhance operational flexibility.

At Eland, the ramp-up of ore production from underground mining continues. In addition, the reconfiguration of the mine’s ventilation circuit has enabled multi-blast conditions, which is allowing accelerated decline development rates, further de-risking the mine build programme. Focus remains on strike and raise development in order to grow mineable reserves. Stoping ramp-up is improving feed volumes and grades to the concentrator, and further enhancements to the concentrator circuits are yielding additional benefits to PGM and chrome production.

At the group’s metallurgical facilities, upgrades to the Base Metal Removal (“BMR”) plant are almost complete and the furnace slag concentrator is processing slag inventory at a satisfactory pace.

Group production of chrome concentrate increased by 14.8% to 822 759 tonnes (H1 F2025: 716 622 tonnes), on the back of improvements in UG2 tonnage throughput, feed grades and concentrator yields. Eland now contributes more than 20% of group chrome concentrate production.

Unit cash costs

The unit cash cost for the group amounted to R27 208/4E oz (H1 F2025: R25 381/4E oz), representing an increase of 7.2% for the period. Unit cash costs increased at Zondereinde by 5.5% to R28 210/4E oz, at Booysendal by 2.8% to R18 897/4E oz, and at Eland by 18.8% to R42 441/4E oz. Disciplined cost control and efficiency gains at Zondereinde and Booysendal moderated normal mining inflation, while cost inflation at Eland is driven by the crew build-up and an overall increase in the number of employees.

Unit cash costs per 4E ounce for the group, and per operation, are as follows:

Sales revenue

Sales revenue rose by 60.0% to R23.3 billion (H1 F2025: R14.5 billion). The increase is primarily attributable to a 53.1% increase in the Rand 4E basket price achieved, together with a 13.7% increase in metal sold.

As a result, total revenue per equivalent refined 4E ounce sold increased by 40.7% to R44 782/4E oz (H1 F2025: R31 835/4E oz).

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 the period:

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 32 237 oz 4E in concentrate (H1 F2025: 37 341 oz 4E).

Financial results

Sales revenue increased by 60.0%, compared to an increase in cost of sales of 29.4%. This resulted in an operating profit of R5.8 billion (H1 F2025: R1.1 billion), and an operating profit margin of 25.1% (H1 F2025: 7.5%).

Earnings before interest, taxation, depreciation and amortisation (“EBITDA”) amounted to R7.5 billion (H1 F2025: R1.8 billion).

An impairment assessment was performed during the period. At 30 June 2023, an impairment charge amounting to R2.7 billion was recognised relating to the Eland mine. The estimation of recoverable value is most sensitive to commodity prices and the US dollar/South African Rand exchange rate (“Exchange Rate”). Accordingly, as a result of a significant increase in forecast long-term prices and the resultant impact on the recoverable amount for Eland, a reversal of the previously recognised impairment charge was warranted. In terms of International Financial Reporting Standards (“IFRS”) the amount of the reversal is limited to what the depreciated carrying value of the assets would have been as at 31 December 2025, had the assets not been impaired. As a result, an impairment reversal of R2.5 billion was recognised in the consolidated statement of profit or loss and other comprehensive income.

In accordance with IFRS the utilisation of a deferred tax asset is dependent on future taxable profits being in excess of the profits arising from the reversal of existing taxable temporary differences. As a result of the latest forecast commodity prices, a reassessment was performed regarding the utilisation of a deferred tax asset relating to Eland Platinum Proprietary Limited, and it is believed that it is probable that a deferred tax asset will be utilised in the near term. Accordingly, a deferred tax asset amounting to R706.0 million was recognised at the period end.

Metal inventory on hand increased to 527 395 4E oz, with a carrying value of R10.9 billion and a sales value of R25.4 billion when applying the 4E basket price and the Exchange Rate as at 31 December 2025.

Our operations generated cash to the value of R6.6 billion, before cash capital expenditure of R2.7 billion.

As at 31 December 2025, the group’s gross cash balance amounted to R9.3 billion, with net debt of R2.6 billion and a net debt to EBITDA ratio of 0.24.

At period end, Northam’s total available banking facilities amount to R12.3 billion, comprising a revolving credit facility (RCF) of R11.3 billion and a general banking facility (GBF) of R1.0 billion. Both these facilities remain undrawn.

Capital expenditure

Capital expenditure is attributable 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.

During the period, underground tunnel development within the Western extension progressed as planned, with over 2 000 metres of additional access tunnels having been advanced. Strike development has reached the fifth mining line, raises are being developed on the third mining line, and stoping is in progress on the first two mining lines.

Crew productivity is continuing to benefit from the combination of better mining conditions and focussed logistics over the ten mining levels, as well as the logistics decongestion resulting from the ongoing shift in UG2 stoping from the western to the eastern portions of the mine. Horizontal distance from the main shafts is, however, negatively impacting available face time for mining crews as well as the provision of services. Commissioning of the 3 shaft complex is envisaged to resolve these issues.

Equipping of 3 shaft, which has been designed for the conveyance of personnel and materials, together with services (including ventilation), process water, tailings slurry for backfill placement underground, as well as electricity, is progressing, and has reached a depth of 1 056 metres, with the establishment of the intermediate pumping chamber level having been completed. Reaming of 3a shaft, a dedicated, upcast ventilation way, to its final diameter of 4.8 metres, has reached 1 250 metres, with 111 metres remaining. Both shafts, together with their supporting surface infrastructure, are scheduled to be operational by April 2026. Development of the chairlift declines between levels 3 to 7 is complete, and equipping is scheduled in line with the shafts. Completion of the chairlift declines down to 12 level will continue in sequence.

Pilot drilling of 4 shaft, designed for rock hoisting, is complete, and reaming has now commenced. Ultimately, 4 shaft is envisaged to create optimal ore extraction conditions for the Western extension.

At Eland, the decline systems have been advanced 3 760 metres, which has accessed 11 strike drives. We require 11 strike drives for steady state production, but need to replenish depletion of strikes over time, therefore decline development will continue at an accelerated rate. The completion of a 4.5 metre diameter raise-bored ventilation shaft during the previous financial year significantly improved environmental conditions, particularly in the deeper sections of the mine that are critical to the medium-term ramp-up. It also allowed the mine’s ventilation circuit to be reconfigured, which is enabling improved decline development rates, further enhancing operational flexibility and de-risking the mine build programme.

Stoping of UG2 Reef is continuing, with 47 crews now deployed, averaging 9 600 square metres of stoping per month. Processing of run of mine ore sources is ongoing, together with third-party surface material. Enhancements to the processing circuits, together with improving feed grades, have led to improvements in both PGM and chrome recovery, with further upgrades and optimisation in progress. In addition, surplus capacity in the PGM and chrome circuits is allowing the treatment of UG2 ore from Zondereinde, where mining production currently exceeds concentrator capacity, delivering benefits to both operations.

Upgrades to the BMR plant at Northam’s metallurgical operations located at Zondereinde, to align capacity to that of the smelter circuit, are almost complete. Additional copper electrowinning cells were commissioned and upgrades to the second stage leaching circuits have been completed, as well as the construction of a second nickel sulphate crystalliser. In addition, vacuum pan dryers have been installed which reduce sulphur dioxide emissions in the BMR. We will continue to extract additional incremental improvements over the coming years.

The development of an 80 MW solar power facility at Zondereinde is in progress. Development is in collaboration with an Independent Power Producer (IPP) through a Power Purchase Agreement (PPA). Power will be supplied behind the Eskom meter and will thus not be exposed to load curtailment events. Construction is almost complete, and commissioning is scheduled during the second half of the current financial year. Once operational, the facility will improve security of power supply, whilst reducing energy costs and the operation’s carbon footprint.

In addition, we are developing self-build renewable energy projects at our mine sites, comprising solar plants supplemented with utility scale battery storage. Construction of the first of these projects, at Eland mine, comprising 20 MW solar, with 40 MWh of battery storage, will commence during the second half of the current financial year. Following this, a 250 MWh battery park will be installed at Zondereinde, supplementing the soon to be commissioned solar facility.

Capital expenditure for the remainder of the current financial year is estimated at R3.8 billion, with the bulk thereof to be invested in accelerated elective growth capital together with an aggressive renewable energy programme for the group.

Conclusion

Northam’s belief in the inherent value of the metals we produce, together with our long-held view of shrinking global primary production, have been the drivers behind our growth strategy. This strategy has required the investment of significant capital, both in the acquisition of quality assets, together with the development of those assets into world class mining and mineral processing operations. A significant pipeline of metal has also been funded and remains unencumbered.

Northam’s view is that primary supply will continue to decline unabated deep into the next decade due to the extended lead times for the development of new mines.

Northam’s operations are high-yielding quality assets with long operating lives, and our market share of primary PGM and chrome production is thus expected to grow over time.

We have funded our growth strategy through the very successful Zambezi empowerment transaction, internally generated cash flows and through our access to the debt market. This has enabled Northam to expand production without shareholder dilution. Northam will continue to allocate capital in this manner to ensure the sustainability of our operations well into the future, whilst returning value to shareholders.

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 of Northam Holdings for H1 F2026 are expected to be published on or about Friday, 27 February 2026.

Johannesburg
9 February 2026

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 Fairtree Asset Management Proprietary Limited, on behalf of its clients (“Fairtree”), advising that it has acquired a beneficial interest in the securities of Northam Holdings, such that Fairtree now holds a beneficial interest of 5.03% 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 January 2026

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital