Announcements 2026

GCR upgrades Northam’s long term issuer rating to AA(ZA) from A+(ZA), on the back of a stronger operational profile and net ungeared balance sheet

28 Oct 2026

GCR Ratings (“GCR”) has upgraded Northam Platinum’s national scale long and short term issuer ratings to AA_(ZA) and A1+_(ZA), from A+_(ZA) and A1_(ZA), respectively, with a Stable outlook. Concurrently, GCR has upgraded Northam Holdings’ national scale long and short term issuer ratings to AA_(ZA) and A1+_(ZA), from A+_(ZA) and A1_(ZA) respectively. The rating outlook is Stable.

The upgrade of Northam’s ratings reflects its demonstrated ability to grow production levels and reserves internally through continuous project development. GCR notes that it believes that the group’s lower cost position and growing volumes will continue to support its robust financial performance after record-high results for the financial year ended 30 June 2026. Concurrently, Northam is reducing leverage while maintaining robust liquidity, which provides the group with substantial financial flexibility.

GCR further notes that Northam’s operational profile has strengthened through demonstrated strong execution of ongoing development projects that will continue to enhance its production capacity, improve efficiencies and commodity diversification. The continued capital investment, even during down cycles, has seen the group consistently ramp-up production, in contrast to peers in the local market.

The Stable outlook reflects GCR’s expectation that Northam will progressively increase its production as it develops new projects to expand capacity at its existing mines. This, coupled with generally supportive prices should continue to underpin strong cash generation to support higher capex and further deleveraging.

The GCR announcement in regard to Northam’s credit rating upgrade is available from the GCR website at: https://gcrratings.com/announcements/gcr-upgrades-northams-long-term-issuer-rating-to-aaza-from-aza-on-the-back-of-a-stronger-operational-profile-and-net-ungeared-balance-sheet/

Johannesburg
28 October 2026

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital