Slides
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Investor conference call Bokoni development project and Nkomati operational restart31 July 2026
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2 Forward looking statementsCertain statements in this document constitute forward-looking statements that are neither financial results nor historical information. They include, but are not limited to statements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. Such forward-looking statements may or may not take into account and may or may not be affected by known and/or unknown risks, unpredictables and other important factors that could cause the actual results, performance and/or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Such risks, unpredictables and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of commodities; hazards associated with underground and surface mining; labour disruptions; changes in government regulations, including environmental regulations; changes in exchange rates; currency devaluations; inflation and other macro-economic factors; and the impact of the health-related epidemics and pandemics in South Africa. These forward-looking statements speak only as of the date of publication of these pages. The company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of publication of these pages or to reflect the occurrence of unpredictable events. ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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We do it better Bokoni 180ktpm Development Project31 July 2026Investor presentation | Board-approved development plan
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4 Agenda1. Investment proposition2. Why this plan is different3. Technical design and execution pathway 5. Delivery risks, controls and accountability Bokoni will create value and enhance earnings for ARM and its shareholders4. Financial returns and sensitivities 6. Why Bokoni will succeed
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5 A Completed DFS Underpins a Clear Path to Development: Bokoni has a defined execution basis supported by completed studies and independent reviews Definitive feasibility studyCompleted in June 2026 across mining, processing, infrastructure, capital, cost and execution workstreams. Orebody knowledgeExtensive exploration, large measured and indicated UG2 orebody, and learnings from Early Ounce production support mine planning. Operating model selectedThe selected operating model uses conventional stoping supported by mechanised development. Independent technical and financial reviewsHatch reviewed the technical basis; the financial model was subject to third-party review. Brownfield platformExisting mine workings, the 60ktpm concentrator, chrome recovery plant and surface infrastructure provide a practical starting point. Board mandateThe Board approved the 180ktpm development with a R15.2 billion nominal capital cost inclusive of contingency.
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Bokoni materially strengthens the scale, quality and resilience of ARM Doubles ARM’s attributable PGM production •Adds approximately 350 000 to 400 000 six-element ounces annually at steady state.•Creates greater operating scale across Bokoni, Two Rivers and Modikwa. Bokoni establishes a material, long-term growth platform for ARM Platinum. Improves portfolio quality and resilience•Introduces a large, high-grade asset with a competitive cost position.•Strengthens ARM Platinum’s ability to generate attractive margins through the cycle. Creates long-term value beyond the initial plan•The initial 19-year plan is expected to deplete only 13% of Bokoni’s Upper Group 2, Measured and Indicated Mineral Resources.•The remaining resource provides significant potential for life extension and future development. Advances ARM’s disciplined growth strategy•Provides organic growth through an asset that ARM owns and can develop in a phased manner.•Creates a platform for sustained production and value creation beyond the current operating portfolio. 6
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7 Competitive system at scale:180ktpm designed to improve fixed-cost absorption and margin resilience Brownfield foundation:Existing mine access, surface services and 60ktpm concentrator plant and chrome recovery plant support phased execution High-grade orebody: 31 million measured 6E ounces of Upper Group 2 (UG2) resource at approximately 7.4g/t (18% chrome grade) Practical operating model:Conventional stoping supported by mechanised development High grade, scale and brownfield operations underpin Bokoni’s investment case 180ktpmTotal run-of-mine processing capacity 350 –400kozAnnual steady-state 6E production 31 million 6E ouncesUG2 Measured Resource 6.1g/tLong-term 6E milled grade 19 yearsInitial modelled life Lower halfExpected cost position at scale
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8 Attractive returns28.0% IRRR5.9bn NPV•Exceeds ARM's investment hurdle rates.•Generates attractive long-term returns from a high-quality orebody.•Creates value beyond the capital invested.•Enhancing ARM’s global competitiveness Strengthens ARM’s Platinum PortfolioA B Significant long-term optionalityC Why invest in Bokoni rather than return additional cash to shareholders? Capital allocation: Why Bokoni is the right use of capital 350–400koz/yearCompetitive cash cost position•Approximately doubles ARM's attributable platinum group metal production.•Strengthens the scale, quality and resilience of ARM Platinum.•A competitive cost position enhances operational resilience and supports sustainable margins through the commodity cycle.•Unlocking full potential value of our already owned high quality asset Only 13% depleted•The initial 19-year plan depletes only 13% of the Measure and Indicated UG2 Resource.•Preserves substantial future expansion and life-extension potential.•Creates value beyond the currently modelled mine plan. ARM is managed for long-term value creation. Attractive reinvestment opportunities such as Bokoni are essential to sustain future production, earnings and cash generation.
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9 Competitive advantage begins with grade, resource scale and a shallower brownfield footprint 0.00.51.01.52.02.53.03.54.04.55.05.56.06.57.0Hoisted ore gradesaverage/year (g/t 6E) Modikwa Platinum Two Rivers Platinum Bokoni Average1 F2026F2027F2028F2029F2030F2031F2032 F2040F2041F2042F2043F2044 F2033 F2035F2034 F2036F2037F2038F2039 F2045 +104%+39% High-grade, long-life resource•31Moz measured resource averaging ~7.4g/t 6E provides a strong foundation for long-term, high-margin productionBrownfield development advantage•Existing infrastructure and shallow mining reduce capital requirements, execution risk and development timelinesMaterial grade advantage over ARM Platinum operations•Planned average hoisted grade exceeds 6.1g/t 6E – approximately 39% higher than Modikwa and 104% higher than Two Rivers Bokoni’s average hoisted grade of 6.1g/t 6E is materially higher than Modikwa and Two RiversKey insights 1.Middelpunt Hill and Wintersveldt2.The 19-year LoM case is aligned with the remaining term of the Valterra Platinum concentrate off-take agreement
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10 The approved plan is structurally different to early ouncesEarly ouncesApproved 180ktpm development plan Sub-scale 60ktpm operationLimited scale and higher unit costs Reliance on low-profile on-reef developmentSignificant production volumes from lower grade on-reef development A de-risked, integrated development strategy built for scale, efficiency and long-term success Early revenue emphasisProduction focused on early ounces and revenue targets Multiple execution interfacesHigher coordination complexity and risk Integrated 180ktpm operationImproved economics of scale and fixed-cost absorption Conventional stoping with mechanised off-reef developmentProven production method and higher delivered grades Reserve-led, phased production ramp-upFocus is on developing an enabling infrastructure to ensure sustained production levelsIntegrated mine plan and executionFewer interfaces, stronger coordination and improved execution certainty
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11 Agenda1. Investment proposition2. Why this plan is different3. Technical design and execution pathway 5. Delivery risks, controls and accountability4. Financial returns and sensitivities 6. Why Bokoni will succeed ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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Hybrid conventional mining provides a better economic fit for Bokoni’s orebodyInsights gained from the mechanised mine plan•Proven approach: low-profile trackless equipment similar to Two Rivers bord-and-pillar operations.•Strong execution: the Early Ounces plan demonstrated that mechanised mining could be implemented at Bokoni.•Production mix: approximately 50% of tonnes came from lower grade on-reef development. The orebody changes the economics•Steeper dip: up to approximately 25 degrees increases footwall dilution in mechanised on-reef development.•Grade impact: development ore grades reduce to approximately 2.5 grams per tonne, lowering the overall milled grade to just over 4 grams per tonne.•Volume consequence: approximately 50% more tonnes would be required to produce the same ounces. Approved hybrid design is optimal•Higher grade: approximately 6 grams per tonne supports more ounces per tonne processed.•Practical production method: conventional stoping is combined with mechanised off-reef development.•Lower tonnes and infrastructure requirements: fewer tonnes reduce ore-reserve, underground infrastructure, surface infrastructure and concentrator capacity requirements.•Balanced outcome: management selected the optimum trade-off between grade, dip, capital intensity and operating cost. Mechanised milled gradeAdditional tonnes required to produce equivalent ounces to conventional mineHybrid conventional milled grade>4g/t+50%~6g/tHigher grade → fewer tonnes → smaller infrastructure requirement → lower capital intensity12
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13 Agenda1. Investment proposition2. Why this plan is different3. Technical design and execution pathway 5. Delivery risks, controls and accountability4. Financial returns and sensitivities 6. Why Bokoni will succeed ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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14 Middelpunt Hill (MPH) West120ktpmMechanised off-reef development;Conventional stoping Wintersveldt60ktpmMechanised development;Conventional stoping Existing concentrator60ktpm Refurbish and restart;First production in 1H F2028 New concentrator120ktpmConstruct and commission;Commissioning in 2H F2030 A B C D Existing tailings dam60ktpm 5yrs lifeConcentrate processed through 3rd party agreements with refurbished tailings dam New tailings facility180ktpm > 2032Utilise existing and build new tailings facility Concentrate and tailings E MiningProcessing Project design – two mining areas, two plants, one staged 180ktpm production system F
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A phased schedule links capacity additions to development readinessF2027F2028F2029F2030F2031F2032F2033Underground development 60ktpm plant Improvements 60ktpm production 120ktpm plant construction120ktpm commissioning and ramp-up180ktpm steady-state transitionFirst production1H F2028New 120ktpm commissioning2H F2030Steady-state targetF2032 Upgrade existing Sustained mining development to support production growth Operate and optimise 60ktpm plant Design, procure and construct Commission and ramp up to 120ktpm Transition to 180ktpm steady state 15
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16 Bokoni overhead layout The approved plan is built around a focused physical footprint that links MPH West, Wintersveldt, the existing 60ktpm plant and the new 120ktpm plant Klipgat Decline Shaft Middelpunt Hill Mine – UG2 Existing Tailings Storage Facilities Brakfontein Mine –Merensky New 120ktpm plant Wintersveldt 60ktpm – UG2 Middelpunt Hill 120ktpm – UG2
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17 The hybrid mining model prioritises conventional mining Conventional stopingPrimary ore-production method; selected for compatibility with dip conditions and improved grade delivery. Mechanised developmentThe layout combines high-profile mechanised development to establish access and ore-reserve flexibility.Newly completed decline development to 4 Level provides access to three of the six levels required to achieve steady-state production.Sequenced footprintMiddelpunt Hill anchors 120ktpm before the Wintersveldt increment lifts the system to 180ktpm. Middelpunt Hill underground capital footprint, OPEX and stay-in-business capitalCapital mSIB Capital mWorking Cost Steady-state production is based on proven conventional stoping and mechanised development New Completed development
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18 MPH’s focused stope design reduces upfront development and supports a controlled ramp-up Middelpunt Hill stope design Prioritises the critical on-reef development required to establish safe access and unlock production.Supports efficient ore flow and panel access while minimising unnecessary underground development.Reduces upfront development effort, improving capital efficiency and enabling a phased, lower-risk ramp-up. Technical details
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19 050100150 100200300400Total stoping (kt) Stoping rate (m2/month/crew) Actual rate Stoping tonnesBenchmarkStoping rate averageStoping tonnes and rates across MPH Key takeaways•Production schedule is underpinned by conservative productivity assumptions, supporting a credible and executable life-of-mine plan •Planned stoping rates remain below benchmark performance, providing confidence that production targets are achievable.•The plan retains approximately 17% productivity headroom relative to the benchmark.81318171515151311111010119111825314458606060636363646465656565 72533446275757575767474747476747672 020406080100Stoping Crews 437 7 Ledging m2 Crews 267321 Conservative stoping rates and production per half-level are used in the production scheduleF2027F2028F2029F2030F2031F2032 F2040F2041F2042F2043F2044 F2033 F2035F2034 F2036F2037F2038F2039 F2045 F2027 F2028 F2029 F2030 F2031 F2032 F2040 F2041 F2042 F2043 F2044 F2033 F2035 F2034 F2036 F2037 F2038 F2039 F2045
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20 Klipgat triple decline portalKey takeaways•One of the three decline barrels has been completed and connected to the existing underground workings.•The completed decline materially improves access to Middelpunt Hill, removes a key production constraint and supports a faster, more controlled production ramp-up.•A high-capacity conveyor system is planned for one of the decline barrels, providing the ore-handling capacity required to support the mine’s production build-up. Klipgat decline portal substantially enhances ramp-up at underground access at Middelpunt Hill (MPH)
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21 Existing infrastructure will be reused at Wintersveldt to support the additional 60ktpm per monthWintersveldt infrastructurePrinciples applied•Surface infrastructure is standardised, with only critical utilities added where required.•New build is limited to essential production-enabling infrastructure, with broader support facilities leveraged from existing areas.•The remaining infrastructure will be refurbished at Brakfontein, reducing duplication and upfront capital.
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22 Life of mine production schedule: The mining layout combined with mechanised development enables a ramp-up to 60ktpm within four years.Life of mine summary•Mining method – Hybrid mining: mechanised development and conventional stoping•Average grade hoisted – 5.61g/t 6E Key insights Wintersveldt ramps to a steady-state 60ktpm profile by approximately F2030, with an average hoisted grade of 5.6g/t 6E. 2246777776666666666688888887777777777 051015 2 812141515151515Total crews 1313131313 1313131313Total Dev CrewsTotal stoping CrewsTotal Crews Wintersveldt 60ktpm UG2 mining profile WasteStopingReef developmentOre Grade F2027F2028F2029F2030F2031F2032 F2040F2041F2042F2043F2044 F2033 F2035F2034 F2036F2037F2038F2039 F2045
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23Phased expansion reduces execution risk and avoids adding processing capacity ahead of mine readiness. A phased processing expansion aligns capacity with mine readiness Existing 60ktpm plantAdd fit-for-purpose capacityRamp up progressively•Selectively upgrade and recommission the existing concentrator.•Validate feed characteristics, recovery and operating systems. Integrate plants and services•Construct the new 120ktpm concentrator.•Align additional capacity with mine development and ore availability. •Connect both plants through common crushing, conveying and support services.•Operate as one coordinated 180ktpm processing system. •Increase throughput in line with available ore and operational readiness.•Protect recovery, equipment reliability and operating stability.
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24 First PGM and chrome concentrate production is planned for financial year 2028 •The existing 60ktpm concentrator will be selectively upgraded and recommissioned.•Recommissioning of the chrome recovery plant (CRP) will enhance revenue.•By establishing early processing capacity, the upgraded plant will deliver the first PGM and chrome concentrate in F2028.•This phased approach will minimise upfront capital, establish early cash flow, and reduce execution risk ahead of the total 180ktpm processing configuration. Key takeawaysThe existing 60ktpm UG2 plant will be used to support early productionUpgraded existing 60ktpm plant (UG2 Plant 1) site Tailings thickener ROM stockpile and excess stockpile Process water tank Flotation circuit – Primary rougher, secondaryrougher & 3x stage cleaningPrimary and secondary milling circuit (2x Mills) WorkshopsLarox filterCrushing plant Existing CRP (60ktpm)New DMS New silo
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25 60ktpm chrome recovery plantKey takeaways•The newly completed chrome recovery plant unlocks additional revenue from the existing 60ktpm concentrator.•High-grade platinum group metal feed and increased chromitite content from conventional stoping support stronger revenue generation.•This provides an additional revenue stream from 1H F2028 while mining ramps up and the new concentrator is constructed. The newly completed chrome recovery plant enhances revenue from the 60ktpm per month concentrator
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26 The new 120ktpm concentrator expands total capacity to 180ktpm •Processing capacity will be expanded to 180ktpm with a new 120ktpm PGM concentrator and chrome plant in the existing footprint.•The design incorporates selected proven processing technologies, including Derrick screens and Jameson cells.•Conservative 12 months production ramp-up in line with mine ramp-up. Key takeawaysThe new plant is aligned with mine ramp-up and uses a Mill Float 2 UG2 circuitKlipgat Box cutConveyor to plantPrimary and secondary millingCRP Concentrate thickenerFlotationCRP stockpile Crushing and screening
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27 The existing tailings facility alongside the 60ktpm concentrator will be utilised for the first 5 years Rationale for using existing infrastructure during ramp-up period Using the existing facility removes new tailings construction from the initial production critical path. Reduced capital intensity by delaying capex for new tailings dam, supporting project value through capital deferral.
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28 Plant ramp-up moves from existing 60ktpm UG2 plant to the combined 180ktpm plant by F203060ktpm UG2 + 120ktpm Plant – milled tonnes production profile120ktpm (new plant) + 60ktpm upgraded plant60ktpm UG2 Plant 1 0 180 000 20 00040 00060 00080 000100 000120 000140 000160 000 27 3738394041424344362027 34333231302928 35 60ktpm tonnes milled120ktpm tonnes milledTotal tonnes milled 6E ounce production starts (60ktpm)60ktpm plant start Ramp up to 120ktpm complete120ktpm plant start6E ounce production starts (120ktpm)NOTE: 60ktpm is incremental to 120ktpm Plant production, (tonnes per month) Sept’27 Jan’29 Jun’31
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29 Agenda1. Investment proposition2. Why this plan is different3. Technical design and execution pathway 5. Delivery risks, controls and accountability4. Financial returns and sensitivities 6. Why Bokoni will succeed ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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30 Base-case assumptionsNominal post-tax discount rate18.47%Project contingency15%Long-term 6E milled grade6.1g/tLife-of-mine recovery87%Curtailed valuation period19 years TakeawaysProject is evaluated using a discount rate which incorporates appropriate project risk.A high-grade, lower-half cost curve position supports resilience through the cycle.Financial value beyond the initial concentrate agreement period is not included. Attractive returns notwithstanding conservative pricing and a high project discount rate R15.2bnNominal project capital R5.9bnPost-tax net present value at 18.47% discount rate 28.0%Internal rate of return6.3 yearsPayback periodR10.4bnPeak funding by Sep 2029 (nominal)
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31 Base case delivers annual free cash flows of ~R4bn before financing activities Post-tax free cash flow and Capex spend, Rm (real) (5 000) 6 000 0 (20000) 0 50 000Rm (real cumulative cash flow before financing activities)Rm (real operating cash flow, expansion capital and SIB) Cum. cash flow before financing activitiesOperating cash flowExpansion capitalSIB F2027F2028F2029F2030F2031F2032 F2040F2041F2042F2043F2044 F2033 F2035F2034 F2036F2037F2038F2039 F2045F2046
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32 6.7 7.8 2.9 3.0 5.1 3.9 8.7 8.7 Approval case Basket priceR31 161/oz 6E Grade6.1g/t 6E Operating unit costR2 061/t (Real) Project capital expenditureR15.2bn The business case is robust under various scenarios -10%+10% 5.9 Approval case NPV sensitivity in various scenarios (R bn)
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33 Sensitivity frameworkBase case uses a lower long-term basket price than external scenarios presented to the Committees.Price downside is managed through phased capital, cost positioning and funding controls.Execution sensitivity is addressed through a 15% project contingency and schedule governance. NOTE: Scenario values are not forecasts; they demonstrate the range of outcomes under different price assumptions. 31 161 NPV sensitivity in different price scenarios (R bn) Commodity prices remain the principal financial sensitivity — the approval case has been stress-testedLT basket price, R/6E oz2.5 3.3 5.9 9.2 Approval case Average of lower half of analyst consensus Average of upper half of analyst consensus 25 822 34 537 50th cost percentile 27 408
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34 Total nominal capex is R15.2bn, including 15% contingency 4.92.71.93.713.22.015.2 180ktpm Capital estimate, (Rbn, nominal)… MiningUnderground infrastructureSurface infrastructurePlant & infrastructureSubtotal, ex-contingencyContingency (15%)Total …funded through 3 potential sources 33% – 50% 33% – 50% 0% – 33%Debt funding Bokoni operating cashgeneration during ramp-up ARM cash reserves
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35 (682)(863) (743)(623)(578)(259) (377)(477) (654) (410)(344)(319) (143) (257)(326) (447) (280)(236)(219) (514) (649) (891) (559)(470)(435) (194) (274) (347) (477) (299)(251)(231) F2027F2028 (1 185) F2029F2030F2031F2032 (98)(104) F2033 (2 104) (2 662) (3 654) (2 291)(1 924)(1 782) (798) Capital spend, Rm (nominal) MiningUG InfrastructureSurface InfrastructurePlant & InfrastructureContingency R15.2bn capex summary: spend peaks in F2029 as mining, UG infrastructure and plant build overlap, then declines thereafter
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36 Agenda1. Investment proposition2. Why this plan is different3. Technical design and execution pathway 5. Delivery risks, controls and accountability4. Financial returns and sensitivities 6. Why Bokoni will succeed ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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37 The principal delivery risks are understood, supported by clear accountability and defined controls RISK PRELIMINARY CONTROL & CONTINGENCYSchedule certainty and delivering the mine and plant on time Middelpunt Hill mine decline development already completed three out of six levels required to reach steady state production, and one of the three Klipgat declines completed. Detail design of the 180tpm infrastructure and 120ktpm plant in progress. Setup detail schedule and performance review processMeeting the production ramp-up if ore reserve, crew or equipment build-up is below planPlant has been planned to have a phased ramp with development buffers with tracking of leading indicators and corrective action triggersCapital overrun due to scope growth, inflation or contractor underperformance15% contingency allowance in capital estimate with continuous performance tracking, change control and package-level forecasts developedMining rates and grade not met due to Lower advance, stoping output or grade dilutionConservative ramp-up profile build into the plan with grade control, face flexibility and detailed monthly reconciliationPlant recovery below plan of 87% life-of-mine assumption Extensive metallurgical testwork is underway with staged commissioning and recovery optimization, including insights gained from early ounces plant trialsPower, water, logistics or underground services lagging planInterface register, readiness reviews, temporary and redundant arrangements have been already defined
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38 ARM has a track record of project delivery as the managing partner across multiple Joint VenturesKhumaniMine development and Khumani Expansion Project Nkomati250ktpm PCMZ and 375ktpm MMZ concentrators Two RiversMine and concentrator, subsequent expansions and 200ktpm Merensky plant Black RockModernisation projects ARM has a long track record of delivering projects as managing partner, with responsibility for project execution Bokoni will leverage ARMs demonstrated capabilities and capacity to deliver long term value Experienced owner’s teamProven EPCM delivery modelDeep operating capabilityFit for purpose project team set-upProject and operations team with multiple successful mine and plant projects and practical experienceExperience delivering with the EPCM model and are well advanced to appoint the Bokoni EPCM More than 20 years of underground platinum mining experience through Two Rivers and ModikwaSet-up to have single point of accountability across a lean governance structure with sufficient oversight
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39 A diversified procurement strategy balances delivery certainty, local value and specialist capability Incumbent suppliers: delivery continuity and known performanceLocal community suppliers: local value creation and social licenseInternational suppliers: specialist technology, capacity and competitive sourcingExisting contracted suppliers with established commercial terms, proven delivery capability, and familiarity with ARM’s procurement and operational requirements Suppliers located within surrounding communities. ARM will support the development of these businesses, strengthen their capability to meet project requirements, and allocate a fair share of suitable procurement opportunities to local vendors Global suppliers used for specialised equipment, technology, or materials that are not readily available locally, or where international sourcing provides the required quality, technical expertise, capacity, or commercial value OWNER CONTROLS: Pre-qualification | Detailed technical specifications | Quality control and assurance | Management of long-lead items
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40 Agenda1. Investment proposition2. Why this plan is different3. Technical design and execution pathway 5. Delivery risks, controls and accountability4. Financial returns and sensitivities 6. Why Bokoni will succeed ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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41 1We understand the orebodyLarge, high-grade UG2 resource with strong measured inventory. 2We selected a practical operating modelConventional stoping, selective mechanisation and staged scale. 3We have a disciplined execution planPhased construction and ramp-up aligned to mine readiness. 4We understand and control the principal risksExplicit controls for cost, schedule, technology, recovery and infrastructure. 5We have clear delivery accountabilityClear owners, independent assurance and leading-indicator governance. Why Bokoni will succeed Together, these factors provide ARM with a credible pathway to deliver Bokoni safely, within an acceptable cost and schedule range, and ramp up to sustainable production
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Wedoitbetter Investor presentation | Board-approved development plan Recommencement of Nkomati Open Pit Mine31 July 2026
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43 Agenda1. Project overview2. Nkomati restart timelines3. Operational overview 5. Financial returns4. Capital expenditure 6. Summary and conclusion Nkomati represents a value-accretive investment at low capital intensity, generating compelling returns and sustainable cash flows.
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44NOTE: C&M = Care and Maintenance, OP = Open Pit, UG = Underground Pre-1990 Mine HistoryNkomati Expansion Exploration and planning UG Mining – MSB OP Mining 375ktpm MMZ Plant commissionedPCMZ 100ktpmMSB Concentrator commissionedPCMZ upgrade to 250ktpm UG placed on C&M due to rising mining costsAll mining and processing operations placed on C&M due to Nickel price decline UG Mining – MMZ 1997 200420062009 202520102015 2021MiningProcessing Nkomati Restart Care and Maintenance (C&M)Mine continued on C&M while options were assessed April 2021 Nickel concentrate productionCommence with nickel concentrate and chrome concentrate production 2H FY2027 Nickel Mine RestartNkomati restart including nickel and coarse chromite production July 2026Today Maximising the value of Nkomati as a multi-metal producer by leveraging existing infrastructure through efficient and safe operations
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45 Agenda1. Project overview2. Nkomati restart timelines3. Operational overview 5. Financial returns4. Capital expenditure 6. Summary and conclusion ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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46 Q4 2026Q1 2027Q2 2027Q3 2027Q4 2027Q1 2028Q2 2028Q3 2028Nickel and coarse chromite Open-pit mining PCMZ plant refurbishment PCMZ plant commissioning & ramp-up Open-pit ore processing Mine restart and plant refurbishment are expected to be completed within 1 year with first production in 2H 2027
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47 Agenda1. Project overview2. Nkomati restart timelines3. Operational overview 5. Financial returns4. Capital expenditure 6. Summary and conclusion ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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48 The open-pit resource has five distinctive geological zones which have been categorised based on their chromite grade, in PCMZ and MMZ FieldPeridotitic Chromitite Mineralised Zone (PCMZ)Main Mineralised Zone (MMZ)CharacteristicHigh Chromite, Moderate NickelVery Low Chromite, High NickelTonnes Mined 18 508 779 t14 126 655 tNickel Grade0.20% 0.35%Chromite Grade13.16% 0.82% Key notesFieldPeridotitic Chromitite Mineralised Zone (PCMZ)Massive Chromite (MCHR)Chromititic Peridotite(PCR)Main Mineralised Zone (MMZ)Pyroxenite Unit(PXT) CharacteristicHigh Chromite, Moderate NickelHigh Chromite, Low NickelHigh Chromite, Low NickelVery Low Chromite, High NickelVery Low Chromite, Moderate NickelTonnes Mined 4 242 843 t2 496 196 t11 769 740 t6 392 753 t7 733 902 tNickel Grade0.23%0.19%0.18%0.46%0.26%Chromite Grade13.04%23.47%11.02%0.68%0.94% Resource •Five ore categories mined – separated into PCMZ and MMZ Plant Feeds based on Chromite Grade •MMZ ore does not contain recoverable Chromite •PCMZ and MMZ ore stockpiled separately
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49 MiningNickel FlotationCoarse ChromiteChromite FlotationTailings Deposition Nickel and coarse chromite Onverwacht TSF Co-disposal TSFRemining CHROMITE FLOTATION PLANT(MMZ PLANT) NICKEL FLOTATION PLANT (NFP)(PCMZ PLANT) COARSE CHROMITE RECOVERY PLANT (PCMZ PLANT) Open Pit Mining Co-disposal TSF TSF: Tailings Storage Facility •OP mining, prioritising High Chromite PCMZ, then supplements with MMZ until PCMZ is depleted in 2035.•11-year OP LOM•Average MMZ Ni Feed Grade: 0.35%•Average PCMZ Ni Feed Grade: 0.20% •The PCMZ Plant will be refurbished and upgraded to process both PCMZ and MMZ ore, from open pit mining.•13-year processing life, ending in 2039•Potential to extend life to 19yrs•MMZ Feed Rate: 200ktpm•MMZ Ni Recoveries: 71.42%•PCMZ Feed Rate: 250ktpm•PCMZ Ni Recoveries: 69.31%•Coarse Chromite Mass Yield: 6.58% Fine Chromite Addition – Dec 2026 DFS The PCMZ plant shall be refurbished and upgraded to process both PCMZ and MMZ ore from open-pit mining TSF: Tailings Storage Facility
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50 500 1 000 1 500 2 000 2 500 3 000 3 500 F2027 F2028 F2029 F2030 F2031 F2032 F2033 F2034 F2035 F2036 F2037 F2038 Tonnes Mined (kt) PCMZMMZAverage The mine plan aims to access high chromite PCMZ ore first, before moving into MMZ ore based on orebody formation and mine planning sequenceAnnual mining profile – PCMZ vs MMZ, tonnes milled (kt) PCMZ ore onlyPCMZ & MMZore MMZore only •Open pit mining could commence Sep-2026, subject to contractor onboarding •The proposed mine plan would:•provide a life of mine of 13 years•operate at an average of 250ktpm•focus initially on PCMZ ore, with MMZ being accessed in 2030•PCMZ ore would be depleted by June 2036 (F2036)•All mining ceases by October 2037 (F2038) •Potential exists to bring MMZ forward in the plan. Key notes
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51 The PCMZ plant shall be refurbished and upgraded to process both PCMZ and MMZ ore from open-pit mining Processing ProductsProductF2027F2028F2029F2030F2031F2032F2033F2034F2035F2036F2037F2038F2039TotalNickel Concentrate 670,488 tCoarse Chromite MMZ ore PCMZ ore depleted by F20371,093,061 t Nickel Conc.Coarse Chromite Conc. PCMZ Concentrate (4ktpm)MMZ Concentrate (6ktpm)PCMZ Concentrate (19ktpm)MMZ Concentrate (0ktpm)PCMZ Tailings (227ktpm)MMZ Tailings (244ktpm) NICKEL FLOTATION PLANT(PCMZ PLANT)COARSE CHROMITE RECOVERY PLANT (PCMZ PLANT) Co-disposal Tailings •PCMZ Plant Refurbishment (Original Design – 250ktpm) •Nickel & Coarse Chromite processing Start date – 2H F2027 (processing life of 13 years) •Tailings deposition at Co-disposal TSF (due lower throughput & lower cost than Onverwacht TSF) •The proposed processing plan would:•operate between 200ktpm and 250ktpm•would commence with PCMZ ore, with MMZ ore being introduced from Oct 2031•PCMZ ore would be depleted by Aug 2036 (F2037)•All processing would cease by Jan 2039 Key notes 51
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52 PCMZ ore is processed early and MMZ ore processing begins in 2032 Key notes•The processing of PCMZ and MMZ ores shall follow the sequence in which they will be mined •MMZ ore does not contain recoverable Chromite •Opportunities:•Optimise grinding by use of Derrick screen for Secondary Mill•Recoveries improvement by use of new flotation technology e.g. Jameson and Concorde cells.0102030405060708090 05001,0001,5002,0002,5003,0003,500 F2027F2028F2029F2030F2031F2032F2033F2034F2035F2036F2037F2038F2039 Nickel Concentrate Produced (Kt) Plant Feed (Kt) PCMZ FeedMMZ FeedNickel Concentrate Produced Production profile per fiscal year, ktpa
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53 Agenda1. Project overview2. Nkomati restart timelines3. Operational overview 5. Financial returns4. Capital expenditure 6. Summary and conclusion ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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54 Extensive existing infrastructure reduces the capital requirement 124 656 75351022 97 Fixed capital cost to restart operationsPCMZ plant refurbishmentTailings storage facilty (TSF) refurbishmentTotal capital expenditureContingency (15%)Total capital expenditure (incl. contingency) Capital expenditure breakdown, Rm
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55 Agenda1. Project overview2. Nkomati restart timelines3. Operational overview 5. Financial returns4. Capital expenditure 6. Summary and conclusion ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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56 The Nkomati restart unlocks positive value from existing infrastructure, supported by the Boliden offtake agreement and further optimisation potentialKey financial metricsMetal revenue contribution Project capital incl. 15% ContingencyR753m Post tax NPVR764m Nickel ConcSS* annual production56 065 t IncrementalPost tax NPVR2 508m Peak funding30 Jun 27R1 541m SS* annual FCF**R616m Chromite SS* annual production159 711 t Nominal post tax WACC17.8% Payback period5.3 years IRR28.4% Life of Mine13 years Incremental SS annual FCF***R876m3%3%CobaltGoldRhodiumChromePlatinumCopperPalladium Nickel 4%6%8%12%14% 49% Metal revenue contribution,% SS* = Steady-State; FCF** = Free Cash Flow; Incremental SS FCF*** = incremental steady state free cash flow relative to cost of care and maintenance
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57 Base case returns annual cash flows up to ~R1bn (7 000) (5 000) (3 000) (1 000) 1 000 3 000 5 000 7 000 (2 000) (1 500) (1 000) ( 500) 0 500 1 000 1 500 2 000 F2027F2028F2029F2030F2031F2032F2033F2034F2035F2036F2037F2038F2039 Cumulative Cashflows(Rm) Annual Cash Flows(Rm) Net CashflowCumulative Cashflow Cash flow profile, Rm
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58 Agenda1. Project overview2. Nkomati restart timelines3. Operational overview 5. Financial returns4. Capital expenditure 6. Summary and conclusion ARM is currently in a closed period; accordingly, questions should be limited to the approval of the Bokoni and Nkomati projects and the related Definitive Feasibility Studies.
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59 6. Summary & conclusion The business case delivers robust economic outcome across key investment metrics Peak funding31 Mar 2027R1.6 bn IRR28.4% Project capital incl. 15% contingencyR753m Payback period5.3 yearsPost tax NPVR764m Steady state post tax free cash flowR616m
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we do it betterwww.arm.co.za Questions and discussion
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61 AbbreviationsAbbreviationDescriptionARMCapexC&MCRPDFSDMSEPCMFCFg/tIRRkozktpmktpaLoMMERMMZMPHMCHRMSBMoz African Rainbow MineralsCapital expenditureCare and MaintenanceChrome Recovery PlantDefinitive Feasibility StudyDense Media SeparationEngineering, Procurement and Construction ManagementFree Cash FlowGrams per tonneInternal Rate of ReturnThousand ouncesThousand tonnes per monthThousand tonnes per annumLife of MineMerensky Main Mineralised ZoneMiddelpunt HillMassive ChromiteMain Sulphide BodyMillion Ounces AbbreviationDescriptionNFPNiNPVOPOPEXozPCMZPCRPGMPGM 4E / 4EPGM 6E / 6EPXTRmRbnROMSIBTSFUG2WACC1H2H Nickel Floatation PlantNickelNet Present ValueOpen PitOperating expenditureOuncePeridotitic Chromitite Mineralised ZoneChromititic PeridotitePlatinum Group MetalsPlatinum, palladium, rhodium, and goldPGM (4E), plus iridium and rutheniumPyroxenite UnitRand millionRand billionRun of MineStay In BusinessTailings Storage FacilityUpper Group 2Weighted Average Cost of CapitalFirst 6 month period of the financial yearSecond 6 month period of the financial year