Slides
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2026 Condensed results for the financial year ended 30 June 2026
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Condensed results for the financial year ended 30 June 2026 2Condensed results for the financial year ended 30 June 2026 “Headline earnings for F2026 increased by 19% to R3.2 billion (F2025: R2.7 billion), mainly as a result of the higher US dollar platinum group metals (PGM) basket prices. We declared a final dividend of R7.00 per share. Net cash increased by 54% to R10.2 billion at 30 June 2026 (F2025: R6.6 billion).”
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 Headline earnings R3.2 billion (F2025: R2.7 billion) Final dividend declared R7.00 per share (F2025: R6.00 per share) Dividend received from Harmony R512 million (F2025: R240 million) Net cash R10.2 billion (F2025: R6.6 billion) 3 HIGHLIGHTS
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 Throughout this presentation a range of financial and non-financial measures are used to assess the company’s performance, including, but not limited to financial measures that are not defined under International Financial Reporting Standards (IFRS). These adjusted financial measures are included for illustrative purposes and are the responsibility of the Board of Directors. They should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cashflows reported in accordance with IFRS. Rounding of figures may result in minor computational discrepancies. DISCLAIMER Certain 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 themarket price of commodities; hazards associated with underground and surface mining; labour disruptions; changes ingovernment regulations, including environmental regulations; changes in exchange rates; currency devaluations; inflation and other macro-economic factors; and the impact of the health-related epidemics andpandemics. These forward-looking statements speak only as of the date of publication of these pages. The company undertakes noobligation 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. 4 FORWARD LOOKING STATEMENTS Modikwa Mine
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OVERVIEW OF RESULTS Phillip Tobias Chief Executive Officer Black Rock, Nchwaning UG
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 13 064 11 338 8 983 5 080 2 695 3 201 F2021 F2022 F2023 F2024 F2025 F2026 6 ARM Group (R million) HEADLINE EARNINGS 42% >200% >200% ARM Ferrous R2.0 billion ARM Platinum R1.3 billion ARM Coal R428 million loss ▲ 19%
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Condensed results for the financial year ended 30 June 2026 2 695 2 633 (1 444) ( 475) ( 208) 3 201 F2025 headline earnings Platinum Ferrous Coal Corporate F2026 headline earnings Group headline earnings variance (R million) HEADLINE EARNINGS 7 ▲ 19%
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 1 000 1 200 1 400 600 450 500 2 000 2 000 1 200 900 600 700 F2021 F2022 F2023 F2024 F2025 F2026 Interim dividend per share Final dividend per share 8 Dividends per share (cents) DIVIDENDS DIVIDENDS RECEIVED FROM* Assmang R3.4 billion ARM Coal Rnil Investment in Harmony R512 million 3 000 3 200 2 600 1 500 1 050 1 200 113% 100% 24% * Subsequent to year end, ARM received a dividend of R77 million from ARM Coal on 19 August 2026. ARM Platinum received a dividend of R208 million from Modikwa, R200 million of this dividend was distributed to ARM on 25 August 2026. Assmang is finalising its final dividend for F2026.
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Condensed results for the financial year ended 30 June 2026 46% 42% 36% 5% (2%) 53% 46% 39% 44% 80% 77% 40% 4% 12% 14% 8% 16% 9%1% 4% 9% 7% 7% 2% 3% 3% (3%) 2% (4%) F2021 F2022 F2023 F2024 F2025 F2026 PGMs Iron Ore Manganese Coal (GGV) Other* 24 321 17 839 13 994 8 920 6 381 8 297 Segmental EBITDA split by commodity (%) SEGMENTAL EBITDA 9 Significant segmental EBITDA contribution from PGMs * Other is made up of ARM Corporate
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 We remain committed to creating and maintaining a safe and healthy working environment SAFETY HIGHLIGHTS 10 * LTIFR per 200 000-man hours ** TRIFR includes the number of fatal injuries, number of lost time injuries and number of medical treatment cases SAFETY AND HEALTH Lost time injury frequency rate (LTIFR)* 0.29 Total recordable injury frequency rate (TRIFR)** 0.56 Fatalities Zero Khumani Mine achieved 7 million Two Rivers Mine achieved 3 million Khumani Mine
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 Responsible environmental, social and governance management are integral to ARM’s strategic priorities to operate safely, responsibly and efficiently PROGRESS ON DECARBONISATION 11 RESPONSIBLE ENVIRONMENTAL MANAGEMENT Carbon emissions (Scope 1 and 2) 1.06 MtCO2e* Water withdrawn 21.50 million m³ PGM operations receiving 50 MW renewable power with the full 100 MW capacity expected by Q1 F2027 At ARM Ferrous, a long-term decision on the use of renewable power will be finalised by the end of December 2026. Machadodorp Works * Million tonnes of carbon dioxide equivalents (MtCO2e) on a 100% basis
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Condensed results for the financial year ended 30 June 2026 12 STRATEGY
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OPERATIONAL REVIEW Bokoni Mine
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Condensed results for the financial year ended 30 June 2026 T able 2.92, 5.84, 8.76 x 0.7 (20.44) Unit F2026 F2025 % change ARM Ferrous Iron ore division 000t 13 245 14 567 (9) Manganese ore 000t 3 941 3 761 5 ARM Platinum Two Rivers Mine 6E PGM ounces 286 590 288 502 (1) Modikwa Mine 6E PGM ounces 273 671 281 638 (3) ARM Coal Goedgevonden (GGV) Mine Mt 6.86 6.71 2 14 PRODUCTION BY COMMODITY (100% BASIS)
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Condensed results for the financial year ended 30 June 2026 T able 2.92, 5.84, 8.76 x 0.7 (20.44) R million F2026 F2025 % change ARM Ferrous 2 028 3 472 (42) Iron ore division 1 880 3 160 (41) Manganese division 100 315 (68) Consolidation adjustment and other 48 (3) >200 ARM Platinum 1 345 (1 288) >200 Two Rivers Mine 1 202 202 >200 Modikwa Mine 683 (43) >200 Bokoni Mine (579) (1 392) 58 Nkomati Mine 39 (55) 171 ARM Coal (428) 47 >(200) Goedgevonden (GGV) Mine (73) 134 (154) PCB Operations (355) (87) >(200) ARM Corporate and other 256 464 (45) Corporate and other (including Gold) 382 558 (32) Machadodorp Works (126) (94) (34) Headline earnings 3 201 2 695 19 15 HEADLINE EARNINGS/(LOSS) BY DIVISION/OPERATION
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Condensed results for the financial year ended 30 June 2026 (30%) 20% 12% 24% 41% (32%) 15% 35% 9% 32% (40%) (30%) (20%) (10%) 0% 10% 20% 30% 40% 50% Manganese alloys Manganese ore PGMs* Coal (GGV) Iron ore F2026 F2025 EBITDA margins by commodity (%) EBITDA MARGINS BY COMMODITY 16* Excluding Nkomati and Bokoni Mines.
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ARM PLATINUM Modikwa Mine
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Condensed results for the financial year ended 30 June 2026 616 5 281 ( 850) ( 151) ( 855) ( 60) 260 4 241 F2025 Prices ZAR:US$ Volumes Cash costs Non-cash costs Mark-to- market adjustments F2026 Variance analysis – segment result* (R million) 81% 75% 47% 7% Platinum Rhodium Palladium Chrome concentrate Increase Decrease Changes in average realised US dollar prices (%) ARM Platinum revenue per commodity (%) 13% 8% Two Rivers Modikwa Decrease Increase Changes in unit cash costs** (%) ARM PLATINUM * Refer to note 2 of the condensed group financial statements for the segment result. Excludes Nkomati and Bokoni Mines. ** PGMs on a rand per 6E ounce basis. Increase Decrease 18 33% 23% 26% 3% 15% 35% 20% 29% 2% 14% Platinum Palladium Rhodium Nickel Other F2025 in the inner circle
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Condensed results for the financial year ended 30 June 2026Condensed results for the financial year ended 30 June 2026 Unit F2026 F2025 % change Two Rivers production volumes 6E PGM ounces 286 590 288 502 (1) Modikwa production volumes 6E PGM ounces 273 671 281 638 (3) Total production volumes 6E PGM ounces 560 261 570 140 (2) Two Rivers unit cash costs R/oz 6E 18 487 16 431 13 Modikwa unit cash costs R/oz 6E 20 909 19 399 8 Capital expenditure R million 2 261 1 637 38 282 274 284 290 298 289 287 296 298 307 46 70 161 F2025 F2026 F2027e F2028e F2029e Modikwa Two Rivers Bokoni PGM volumes (thousand ounces 6E) Operational performance* 19 PGMs (100% BASIS) PGM production at Modikwa decreased by 3% due to a reduction in plant recovery as a result of the increased processing of open-pit ore. Unit cash costs at Modikwa were up 8%, largely due to the above-inflationary increase in diesel costs and a 3% reduction in PGM ounce production. Unit cash costs at Two Rivers increased by 13%, driven by above-inflationary cost increases in, diesel, explosives and labour costs. The impact was further amplified by a 1% decrease in PGM production volumes and increased mining development costs. Capital expenditure at Modikwa increased 180% to R1 244 million, primarily driven by fleet refurbishment and critical spares and open-pit waste stripping. * Excludes Nkomati and Bokoni Mines.
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 Board approval The ARM Board approved the development of the Bokoni 180ktpm project following completion of the Definitive Feasibility Study (DFS) in June 2026. Bokoni is the second largest PGM Mineral Resource in South Africa and is a large, high -grade, long-life UG2-led asset. Phased development strategy The project will be developed through a phased approach, with the refurbished 60ktpm concentrator scheduled for first production in 1H F2028, followed by the commissioning of a new 120ktpm concentrator in 2H F2030, increasing total processing capacity to 180ktpm. Robust economics and scale The Project is expected to deliver an NPV of R5.9 billion, based on capital expenditure of R15.2 billion and a nominal post -tax discount rate of 18.47%. The expected IRR is 28.0%, with a payback period of 6.3 years. At steady state, Bokoni is expected to produce 350 000 to 400 000 6E PGM ounces annually, strengthening ARM's PGM production profile. Value accretive growth Bokoni is a key growth project within ARM's Platinum portfolio and leverages existing infrastructure, reduces execution risk, enhances ARM's competitiveness as a low -cost producer and provides a long -term platform for future growth and value accretive growth. 20 BOKONI PLATINUM MINE Bokoni Mine * Based on a gross Measured-and-Indicated contained-ounce basis
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 Board approval and restart In July 2026, the ARM Board approved the recommencement of open -pit mining and nickel concentrate production following completion of the DFS. This approval fulfils one of the conditions precedent to the nickel concentrate off -take agreement concluded with Boliden Commercial AB. Strategic repositioning Following the acquisition of full ownership of Nkomati in July 2025, establishing a clear pathway to unlock value and advance the asset towards restart. Low-risk, near-term opportunity The restart represents a low -risk, immediately executable opportunity that leverages Nkomati's existing mining and processing infrastructure. Supported by a large polymetallic resource and a secured off -take agreement, the project will re -establish South Africa's only primary nickel producer. Focus on value realisation Management's near -term focus is on execution readiness, including finalising the remaining off-take conditions precedent, preparing mining and processing operations for restart, ensuring disciplined capital allocation and advancing chrome recovery to further enhance the long-term value of the asset. Good progress has been made in appointing an engineering contractor to complete the PCMZ plant refurbishment and a mining contractor to commence open-pit mining. 21 NKOMATI NICKEL MINE Nkomati Mine
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ARM FERROUS Khumani Mine
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Condensed results for the financial year ended 30 June 2026 Variance analysis – segment result* (R million) (9%) 0% (59%) (9%) 5% (78%) Iron ore Manganese ore Manganese alloys Sales volumes Production volumes Changes in sales and production volumes*** (%) Changes in average US dollar index prices (%) 3% 7% Iron ore Manganese ore Changes in unit cash costs (%) ARM FERROUS * Refer to note 2 of the condensed group financial statements for the segment result. ** Average realised iron ore price on an FOB equivalent basis. *** External sales only Decrease Increase 23 4 433 (1 189) ( 238) (1 520) 1 041 ( 9) 2 518 F2025 ZAR:US$ Prices Volume Cost of sales Other F2026 (10%) (5%) (5%) 1% 8% Medium-carbon ferromanganese High-carbon ferromanganese Export 43.5% manganese ore Export iron ore** Export 36.5 % manganese ore Increase Decrease Increase Decrease
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Condensed results for the financial year ended 30 June 2026Condensed results for the financial year ended 30 June 2026 Unit F2026 F2025 % change Export sales volumes 000 tonnes 12 439 12 260 1 Local sales volumes 000 tonnes 552 2 030 (73) Export sales lump:fines ratio 55:45 58:42 Export sales CIF/FOB* split 37:63 43:57 Change in unit cash costs % 3 3 Change in unit cost of sales % 10 6 Capital expenditure R million 2 524 2 681 (6) 12.3 12.4 12.3 12.3 12.5 2 0.6 0.8 F2025 F2026 F2027e F2028e F2029e Export sales Local sales Sales volumes (million tonnes) Operational performance 24 IRON ORE (100% BASIS) The cessation of production at Beeshoek Mine resulted in local sales volumes decreasing to 552 000 tonnes (F2025: 2 million tonnes). Unit cash costs at Khumani Mine increased by 10%, driven by inflation and above-inflation increases in diesel, blasting, power and labour costs. Capital expenditure at Khumani Mine increased by 7% due to large fleet replacements as part of the current fleet replacement cycle, partially offset by lower waste stripping expenditure. Despite adverse weather conditions, Khumani increased production by 92 000 tonnes, demonstrating operational resilience and management's proactive response. * Cost, insurance and freight (CIF)/Free on board (FOB).
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Condensed results for the financial year ended 30 June 2026Condensed results for the financial year ended 30 June 2026 Unit F2026 F2025 % change Export sales volumes 000 tonnes 3 662 3 705 (1) Local sales volumes 000 tonnes 831 778 7 Change in unit cash costs % 7 9 Change in unit cost of sales % (1) 4 Capital expenditure R million 1 176 998 18 3.7 3.7 3.9 3.9 4.1 F2025 F2026 F2027e F2028e F2029e Export sales volumes (million tonnes) Operational performance 25 MANGANESE ORE (100% BASIS) Black Rock Mine increased production by 5%, reflecting the success of targeted operational and technical improvement initiatives. Unit cash costs increased by 7%, driven by inflationary pressures, higher safety and compliance-related labour costs and increased maintenance costs associated with battery electric vehicles and mining equipment. Unit cost of sales decreased by 1%, mainly due to lower marketing and distribution costs. Capital expenditure increased by 18%, driven by higher development capital expenditure and a lower prior-year base when project spending was deferred to preserve cash.
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Condensed results for the financial year ended 30 June 2026Condensed results for the financial year ended 30 June 2026 Unit F2026 F2025 % change Sales volumes South African operations 000 tonnes 57 82 (30) Sakura 000 tonnes 67 221 (70) Production volumes Cato Ridge Works production 000 tonnes 0 94 (100) Cato Ridge Alloys production 000 tonnes 0 48 (100) Sakura production 000 tonnes 81 222 (64) Changes in unit cash costs Cato Ridge Works % n/a 8 Sakura % n/a 11 Operational performance 26 MANGANESE ALLOYS (100% BASIS) Sakura’s production until 31 October 2025 was 81 000 tonnes. High-carbon ferromanganese sales at Sakura until 31 October 2025 was 67 000 tonnes. High-carbon ferromanganese sales at Cato Ridge Works decreased by 21% to 27 000 tonnes, due to the permanent closure of the operations. No capital expenditure was incurred at Cato Ridge Works, as operations ceased at the end of May 2025.
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ARM COAL Goedgevonden Mine
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Condensed results for the financial year ended 30 June 2026 Variance analysis – segment result* (R million) (2%) 3% Domestic coal Export coal Changes in sales volumes (%) 5% 2% Coal: GGV Coal: PCB Changes in on-mine unit production costs (%) 561 370 611 338 1 167 1 045 1 067 773 ROM Stockpile F2026 Product Stockpile F2026 ROM Stockpile F2025 Product Stockpile F2025 GGV PCB Stockpile volumes (thousand tonnes) (100% basis) ARM COAL * Only GGV is included in the segment result analysis. 28 157 ( 99) ( 57) 59 ( 153) ( 2) ( 95) F2025 ZAR:US$ US$ Prices Volume Costs Other F2026 Increase Decrease Increase Decrease Decrease Increase
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Condensed results for the financial year ended 30 June 2026Condensed results for the financial year ended 30 June 2026 Unit F2026 F2025 % change Export sales volumes Mt 11.87 11.57 3 Domestic sales volumes Mt 4.17 4.25 (2) GGV on-mine saleable cost R/t 668 634 5 PCB on-mine saleable cost R/t 867 849 2 Capital expenditure (GGV) R million 1 150 1 057 9 Capital expenditure (PCB) R million 1 977 2 165 (9) 2.55 2.61 2.72 2.86 2.96 1.04 1.03 1.22 1.22 1.22 F2025 F2026 F2027e F2028e F2029e Export sales Local sales Sales volumes (million tonnes) (attributable) Operational performance 29 GGV AND PCB (100% BASIS) The average realised thermal coal price (export US dollar) for GGV and PCB decreased by 5% and 3%, respectively. Saleable production at GGV increased by 2%, supported by a modest improvement in Transnet Freight Rail performance, enabling higher production and sales volumes. On-mine unit production costs at GGV increased by 5%, as the impact of higher diesel prices was partially offset by the increased saleable production. Capital expenditure at GGV increased by 9%, largely due to increased asset decommissioning expenditure for future rehabilitation.
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STRATEGIC INVESTMENTS Two Rivers Mine
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 ARM’s investment in Harmony was positively revalued by R388 million in F2026. The Harmony investment is therefore reflected on the ARM statement of financial position at R18 667 million based on its share price as at 30 June 2026. In F2025, ARM implemented a hedging collar transaction involving 18 million shares in Harmony, representing 24% of the 74 665 545 Harmony shares owned by ARM. The collar and related arrangements provide ARM with access to funding in the future on efficient terms, while allowing ARM to retain further upside exposure to the Harmony share price. ARM received R512 million (F2025: R240 million) in dividends from Harmony in F2026. Dividends received are recognised in the ARM statement of profit or loss on the last day of registration following dividend declaration. Copper is an important commodity and ARM is seeking to grow and to acquire copper assets. ARM’s strategic investment in Harmony aligns with ARM’s copper aspirations. ARM remains fully committed to Harmony as a strategic investment and remains confident in Harmony and its management's ability to drive growth and value for its shareholders. 31 INVESTMENT IN HARMONY Harmony
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 ARM shareholding in Surge Copper Following the top -up offering and private placement announced in February 2026, ARM’s investment in Surge Copper increased from 43.0 million shares (13.4%) to 68.7 million shares (19.9%) in the company on a non -diluted basis. Advancement of Berg Project ARM’s investment supports the continued advancement of the Berg Project through feasibility, environmental assessment, permitting and engagement with First Nations. The completed pre -feasibility study (PFS) confirms Berg as a large -scale copper- molybdenum development project supporting a 28 -year mine life. Pre-feasibility study The completed PFS outlines average annual life -of-mine production of approximately 140 000 tonnes of copper -equivalent metal, increasing to approximately 189 000 tonnes per year during the first five years. Based on the study’s base case assumptions, the project delivers an after-tax net present value of C$4.6 billion, an after -tax internal rate of return of 24% and a payback period of 2.9 years. Pathway to feasibility Following completion of the PFS, the project is progressing into feasibility -level technical and environmental studies, alongside the environmental assessment and permitting process and continued engagement with First Nations. The feasibility study report is planned for 2028, with the environmental assessment decision targeted for 2029 to 2030 and a final investment decision targeted for approximately 2031. ARM will assess its continued participation through defined decision gates as the project is progressively de -risked. 32 INVESTMENT IN SURGE COPPER CORP Surge Copper
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 Operating globally competitive, profitable and safe mines •Fatality-free F2026 •Continued commitment to a safe, healthy workplace and achieving zero harm •Cost control •Quality mining (mining to reserve grade) •Quality production volume increases Disciplined capital allocation •Prioritise capital allocation to opportunities delivering competitive margins and superior risk-adjusted returns •Defer or rephase capital expenditure where appropriate to preserve balance sheet flexibility Decisive action on underperforming assets •Bokoni Mine (Board approved development plan) •Nkomati Mine (Board approved restart) •Cato Ridge and Sakura (divestment) 33 ARM’S KEY FOCUS AREAS
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Condensed results for the financial year ended 30 June 2026 Condensed results for the financial year ended 30 June 2026 Maintaining a robust balance sheet by generating profits, reducing costs and deferring non-essential capital expenditure •Run our current portfolio of assets profitably •Cost optimisation initiatives across our operations Pursue value-enhancing growth opportunities •Advance the phased development of Bokoni’s high- grade UG2 mining operation •Develop Nkomati’s open-pit mining operations •Pursue value-accretive corporate actions that support sustainable stakeholder returns •Support ARM’s copper exposure through its strategic investment in Surge Copper •Evaluate the restart of the Two Rivers Merensky Project Collaborate with key stakeholders to optimise logistics and infrastructure constraints •Industry collaboration (rail, port and water infrastructure recovery and/or expansion) •Private sector participation (Gqeberha and Saldanha export logistics corridors) 34 ARM’S KEY FOCUS AREAS
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CAPITAL ALLOCATION Tsundzukani Mhlanga Finance director Khumani Mine
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Condensed results for the financial year ended 30 June 2026 36Condensed results for the financial year ended 30 June 2026 CAPITAL ALLOCATION GUIDING PRINCIPLES* * Capital allocation guiding principles are in no particular order of importance. Underpinned by metrics that measure the sustainability of value creation for stakeholders (minimum internal rate of return; other hurdle rates; payback period; return on assets, return on capital employed; dividend pay-out, etc.) Healthy gearing levels create a flexible platform for sustainable growth Invest in growth of existing businesses Dividend payments Debt repayment Mergers and acquisitions Share repurchases Khumani Mine
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Condensed results for the financial year ended 30 June 2026 CASH FLOW ANALYSIS* 8 626 10 309 ( 445) (2 679) (1 899) (2 121) ( 129) ( 168) 4 233 3 912 377 602 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Balance 1 July 2025 Cash generated by operations Dividends received Taxation paid Net cash inflow on acquisition of Nkomati Mine Capital expenditure Net borrowing movements Net financing income Dividends paid to ARM share- holders Net investment in financial assets Other Balance at 30 June 2026 (R million) 37* Excludes ARM attributable cash and cash equivalents at Assmang. Increase Decrease Sources of funds Investing in existing business Interest & debt repayment Shareholder returns
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Condensed results for the financial year ended 30 June 2026 T able 2.92, 5.84, 8.76 x 0.7 (20.44) 30 June 2026 30 June 2025 Cash and cash equivalents per statement of financial position* 10 328 8 644 Cash and cash equivalents per statement of cash flows** 10 309 8 626 Overdrafts 19 18 Total borrowings (157) (2 035) Long-term borrowings (124) (1 399) Short-term borrowings (33) (636) Net cash* 10 171 6 609 Total equity 63 145 60 121 Net cash to equity ratio 16.1% 11.0% Attributable cash and cash equivalents at Assmang 3 934 3 568 38 * Excludes ARM attributable cash and cash equivalents at Assmang of R3 934 million as at 30 June 2026 (30 June 2025: R3 568 million). ** Cash and cash equivalents per statement of cash flows takes into consideration the cash and cash equivalents per statement of financial position less overdrafts. NET CASH AND DEBT (R million)
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Condensed results for the financial year ended 30 June 2026 1 978 2 759 4 621 5 635 5 648 1 767 1 842 2 273 2 856 3 431 275 299 329 239 247 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 F2025 F2026 F2027e F2028e F2029e ARM Platinum ARM Ferrous ARM Coal * Capital expenditure includes: (i) deferred stripping, (ii) financed fleet replacement, and (iii) stay in business capital expenditure. Capital expenditure excludes ARM Corporate and other. SEGMENTAL CAPITAL EXPENDITURE* 39 4 020 4 900 7 223 8 730 9 326 (R million)
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Condensed results for the financial year ended 30 June 2026 T able 2.92, 5.84, 8.76 x 0.7 (20.44) (R million) F2026 F2025 Basic earnings attributable to equity holders of ARM 3 998 330 Gain on re-measurement to fair value of pre -existing interest in Nkomati (462) – Profit on disposal of the joint venture in Sakura - Assmang (241) – Attributable after-tax impairment on property, plant and equipment – Bokoni – 2 209 Attributable after-tax impairment on property, plant and equipment – Assmang – 139 Attributable impairment on the investment in Sakura – 36 Profit on sale of property, plant & equipment and impairment reversals (94) (19) Headline earnings 3 201 2 695 40 RECONCILIATION TO HEADLINE EARNINGS
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Condensed results for the financial year ended 30 June 2026 THANK YOU www.arm.co.za