Annual financial statement
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Condensed reviewed results for the financial year ended 30 June and cash dividend declaration2026 We do it better
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Condensed results commentary 1 Salient features 2 Operating safely and sustainably 5 Financial performance 8 Investing in growth and our existing business 10 Operational performance 22 Harmony Gold 23 Outlook 24 Dividend declaration 25 Changes to Mineral Resources and Mineral Reserves 26 Changes to the board of directors 26 Approval of the condensed results for the financial year ended 30 June 2026 27 Independent auditor’s report on the review of the condensed group financial statements 29 Condensed group financial statements 62 Contact details and forward-looking statements These results have been achieved in conjunction with ARM’s partners at the various operations: Valterra Platinum Limited, Assore South Africa Proprietary Limited, Impala Platinum Holdings Limited and Glencore Operations South Africa Proprietary Limited. Condensed results for the year ended 30 June 2026 have been prepared in accordance with IFRS® Accounting Standards and disclosures are in line with IAS 34 Interim Financial Reporting. Rounding may result in minor computational discrepancies in tables. SHAREHOLDER INFORMATION CONTENTS Issued share capital at 30 June 2026 208 710 769 shares Market capitalisation at 30 June 2026 R37.24 billion Market capitalisation at 30 June 2026 US$2.27 billion Closing share price at 30 June 2026 R178.43 12-month high (1 July 2025 – 30 June 2026) R276.68 12-month low (1 July 2025 – 30 June 2026) R163.10 Average daily volume traded for the 12 months 539 801 shares Primary listing JSE Limited JSE share code ARI
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FINANCIAL Headline earnings for the year ended 30 June 2026 (F2026) increased by 19% to R3 201 million or R16.60 per share (F2025: R2 695 million or R13.79 per share) Basic earnings for the year ended 30 June 2026 (F2026) improved to R3 998 million (F2025: R330 million) A final dividend of R7.00 per share is declared (F2025: R6.00 per share); this brings the total dividend for F2026 to R12.00 per share (F2025: R10.50 per share) Net cash improved by R3 562 million to R10 171 million at 30 June 2026 (30 June 2025: R6 609 million) Dividends received from Harmony increased by 113% to R512 million (F2025: R240 million). SALIENT FEATURES OPERATIONAL US dollar platinum group metals (PGM) basket prices at Two Rivers and Modikwa Mines increased by 68% and 65%, respectively Earnings at Khumani Mine were adversely affected by the stronger average realised rand versus the US dollar Iron ore production volumes were lower in F2026, mainly due to Beeshoek Mine being placed on care and maintenance in October 2025 Unit costs remained under pressure due to lower production volumes and above-inflation increases in costs at most of our operations. SAFETY AND HEALTH The group recorded zero fatalities in F2026 (F2025: three), a significant safety milestone with the last fatality-free year recorded in F2017 The group’s lost-time injury frequency rate (LTIFR) improved by 9% to 0.29 per 200 000 man-hours (F2025: 0.31) The group’s total recordable injury frequency rate (TRIFR) regressed by 11% to 0.56 (F2025: 0.50). GROWTH The board approved the development of Bokoni following the completion of the definitive feasibility study (DFS) in June 2026 The board approved the restart of open-pit mining operations and nickel concentrate production at Nkomati; this approval fulfils one of the conditions precedent to the nickel concentrate offtake agreement Continued collaboration with Transnet via the Ore Users Forum and Manganese Producers Consortium advanced rail and port reforms on the Saldanha and Ngqura corridors, delivering a 1% improvement in export rail performance and enhancing the long-term competitiveness of South African producers. ENVIRONMENTAL Water supply to Khumani Mine remained consistent during F2026, with no significant operational disruptions as a result of water shortages ARM’s PGM operations started receiving up to 50 megawatts (MW) of renewable power from December 2025, with the full 100MW export capacity expected once the grid upgrades are completed in Q1 F2027. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 1
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Safety and health The group recorded zero fatalities in F2026 (F2025: three). This is a significant milestone, with the last fatality-free year recorded in F2017. The group’s LTIFR improved by 9% to 0.29 per 200 000 man-hours (F2025: 0.31) and the TRIFR regressed by 11% to 0.56 (F2025: 0.50). Key safety achievements recorded in F2026 included: h Two Rivers Mine achieved 3 million fatality- free shifts during November 2025 over a period of three years; the last fatality was in November 2022 h Modikwa Mine achieved 2 million fatality-free shifts during March 2026 over a period of two years; the last fatality was in November 2024 h Black Rock Mine achieved 1 million fatality-free shifts during June 2026 over a period of one year; the last fatality was in April 2025 h Khumani Mine achieved 7 million fatality-free shifts during June 2026 over a period of 11 years; the last fatality was in April 2015. ARM remains committed to ensuring a safe and healthy work environment for all employees and to achieving our goal of zero harm. We continue to advance this commitment by embedding critical control management processes, focusing on leading and lagging indicators and implementing advanced safety technologies such as level 9 collision avoidance systems. An integrated wellness management programme is implemented at all our operations to prevent occupational health hazards from affecting employee health. The programme actively identifies and manages health risks and chronic conditions that may affect wellness and quality of life. In F2026, 20 cases (F2025: 25 cases) of noise-induced hearing loss 1 (NIHL) were submitted for compensation. The cases have been reported to the Department of Mineral and Petroleum Resources (DMPR) and submitted to Rand Mutual Assurance (RMA) for possible compensation. Hearing conservation continues to be a focus of occupational health surveillance and management programmes. Operations have several initiatives to reduce noise exposure, such as providing customised hearing protection devices (HPDs) to exposed employees and ensuring that all machines at our operations are below the milestone level of 104dBA. Environmental management Greenhouse gas (GHG) emissions performance1 Scope 1 and 2 emissions decreased by 33%, mainly due to reduced activities at Beeshoek Mine, Bokoni Mine, Cato Ridge Works and the adoption of renewable energy at the ARM Platinum operations (Bokoni, Modikwa and Two Rivers mines). 1 At the time of publication, the F2026 environmental, social and governance (ESG) assurance was ongoing. Comparison of F2026 and F2025 Scope 1 and 2 emissions Tonnes of carbon dioxide equivalents (tCO2e) F2026 F2025 % change Scope 1 221 152 347 617 (36) Scope 2 838 011 1 223 178 (31) Scope 1 and 2 1 059 163 1 570 795 (33) Scope 1: GHG emissions released directly by an organisation through its activities, eg diesel, petrol, etc. Scope 2: indirect GHG emissions associated with the purchase of electricity , steam, heat or cooling. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 2 OPERATING SAFELY AND SUSTAINABLY
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A long-term decision will be finalised once there is clarity on a firm tariff structure, as well as alignment on key terms and conditions that are consistent with the remaining operational life of ARM Ferrous’ assets in the Northern Cape. The final decision is expected to be concluded by the end of December 2026. Water management The water supply to Khumani Mine remained consistent during the second half of F2026, with no disruptions experienced from water shortages. This was supported by several factors, including consistent water supply from the Vaal Gamagara water supply scheme (VGGWSS), increased rainfall during the period and supplementary process water secured from neighbouring mines. However , continued pipe failures within the VGGWSS highlight the need for a refurbishment plan under the Phase 2 project. The engineering design phase and specialist studies for this project are progressing well, with completion expected by the end of June 2027. Additionally , Khumani Mine is exploring alternative water supply options to mitigate this risk and potentially achieve water independence. Tailings management ARM, as a member of the ICMM, remains committed to operating Tailings Storage Facilities (TSF) in line with global best practices as set out by the Global Industry Standard on Tailings Management (GISTM) and company policies. ARM submitted its GISTM conformance results with its public disclosure report for all its TSFs on 5 August 2025. For F2026 and beyond, the ARM GISTM conformance results and public disclosure will be published with the ARM annual reporting suite. Reviews by the Independent Tailings Review Board (ITRB) were conducted in May 2026. These reviews by the ITRB are conducted annually to assess the safety of the TSFs in terms of design, construction, operation, monitoring, management and governance, and performance against the design intent. Environmental management continued Decarbonisation journey to net zero and transition to climate resilience At the end of F2023, ARM published its short-term target (F2026) of reducing Scope 1 and 2 emissions by 15% and its medium-term target (F2030) of reducing emissions by 30%. Identified decarbonisation pathways included improving energy efficiency , implementing renewable energy and adopting new energy vehicles. In December 2023, the International Council on Mining and Metals (ICMM) published its Scope 3 emissions target-setting guidance, which has been developed to support mining and metals companies in setting targets to reduce Scope 3 (value chain) emissions. In F2024, ARM set qualitative Scope 3 targets with a commitment to set quantitative targets by F2027. Work is underway to develop the quantitative targets. Increasing access to and use of renewable energy ARM Platinum ARM made meaningful progress toward its renewable energy ambitions during the period, with construction of the 100MW solar plant now complete, achieving over 1.2 million LTI-free man-hours in the process. The long-term power purchase agreement (PPA) is expected to deliver substantial environmental and financial benefits, including an estimated 30% reduction in ARM Platinum’s carbon dioxide (CO 2) emissions and total savings of approximately 4.8 million tonnes of CO2 equivalents over the 20-year term. Despite temporary export constraints at the high voltage distribution substation, ARM’s PGM operations began receiving up to 50MW of renewable power in December 2025, with the full 100MW export capacity expected once the grid upgrades are completed in Q1 F2027. ARM Ferrous ARM Ferrous completed the adjudication process for a potential PPA with an independent power producer (IPP) as part of its medium to long-term energy strategy . Following the evaluation, a decision was taken to defer the conclusion of a short-term agreement, as the required power capacity was not immediately available for deployment in the market. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 3
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Bokoni Mine Measures to improve the stability of the Modikwa TSF are in progress. Extensive work was carried out from 2023 to date to ensure that the TSF complies with industry and internal standards and best practice guidelines. As part of this work, Modikwa commissioned an intensive geotechnical investigation to evaluate the characteristics of both the foundation and tailings material. The investigations were conducted to assess how best to improve the stability of the TSF under certain potential extreme conditions over the remaining life of the TSF to 2052. As part of the geotechnical investigation, the trial shear key was constructed in F2026 to understand the impact of the excavations on the TSF and the underlying foundation material. The outcome of the trial shear key construction and the geotechnical investigation will be used to inform the extent of the additional TSF stability measures required. Creating sustainable value for stakeholders ARM’s net cash improved by R3 562 million to R10 171 million at 30 June 2026 (30 June 2025: R6 609 million). This gives ARM the flexibility to pursue value-enhancing growth prospects. In F2026, total value created was R16 919 million (F2025: R12 156 million) on a segmental basis. This was distributed to stakeholders and reinvested in our business, as shown below. F2026 Rm F2025 Rm Salaries and fringe benefits to employees 6 007 6 188 Taxes to government 2 769 2 435 Income tax 2 325 1 798 Royalty tax 444 637 Finance costs, dividends and non-controlling interest to capital providers 3 716 3 328 Dividends 2 121 2 644 Non-controlling interest 1 167 179 Finance costs 428 505 Total value distributed 12 492 11 951 Reinvested in the group 4 427 205 Amortisation 2 550 2 519 Reserves retained 1 877 (2 314) Total value 16 919 12 156 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 4 OPERATING SAFELY AND SUSTAINABLY CONTINUED
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Headline earnings for F2026 increased by 19% to R3 201 million or R16.60 per share (F2025: R2 695 million or R13.79 per share). The increase in headline earnings was primarily driven by higher US dollar PGM basket prices, partially offset by lower average realised rand iron ore prices and lower local sales volumes at Beeshoek Mine. The average realised rand strengthened by 7% versus the US dollar to R16.88/US$ compared to R18.15/US$ in F2025. For reporting purposes, the closing exchange rate at 30 June 2026 was R16.39/US$ (30 June 2025: R17.77/US$). Headline earnings/(loss) by operation/division F2026 Rm F2025 Rm % change ARM Ferrous 2 028 3 472 (42) Iron ore division 1 880 3 160 (41) Manganese division 100 315 (68) Consolidation adjustment 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 Mine (GGV) (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 * PCB ref ers to Participative Coal Business. partially offset by 180 000 tonnes higher export sales volumes. Manganese headline earnings declined mainly due to the average realised rand strengthening by 7% versus the US dollar and lower manganese ore and alloy export prices. ARM Platinum headline earnings increased by more than 200% to R1 345 million (F2025: R1 288 million loss), mainly due to the strengthening of the US dollar PGM basket prices. Two Rivers Mine headline earnings increased by more than 200% to R1 202 million (F2025: R202 million), mainly due to a 56% improvement in the average PGM rand basket price. The mine’s production decreased marginally , while unit cash costs (rand per 6E PGM ounce) increased by 13%. ARM Ferrous headline earnings decreased by 42% to R2 028 million (F2025: R3 472 million), driven by lower contributions from both the iron ore and manganese divisions. The iron ore division’s headline earnings decreased by 41%, while the manganese division’s decreased by 68%. The cessation of production at Beeshoek Mine resulted in local sales volumes decreasing to 0.5 million tonnes (F2025: 2 million tonnes). The reduction in sales volumes, retrenchment costs of R124 million, an increase in the rehabilitation provision of R191 million and care and maintenance costs of R92 million collectively had a significant negative impact on headline earnings. Headline earnings at Khumani Mine decreased significantly , mainly due to the average realised rand strengthening by 7% versus the US dollar , African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 5 FINANCIAL PERFORMANCE
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Modikwa Mine Modikwa Mine headline earnings increased by more than 200% to R683 million (F2025: R43 million loss), mainly due to a 54% improvement in the average PGM rand basket price. The mine’s production decreased by 3%, while unit cash costs (rand per 6E PGM ounce) increased by 8%. Bokoni Mine reported a headline loss of R579 million (F2025: R1 392 million loss). The board approved the Bokoni 180 000 tonnes per month (ktpm) development project following the completion of the DFS in June 2026. For details and a table showing the mark-to-market adjustments at Two Rivers, Modikwa and Bokoni mines, refer to page 16. Nkomati Mine reported headline earnings of R39 million (F2025: R55 million loss). The mine sold 28 111 tonnes of chrome concentrate during the period. ARM Coal reported a headline loss of R428 million (F2025: R47 million earnings), mainly driven by a decrease in the realised coal price as well as the average realised rand strengthening by 7% versus the US dollar . The Goedgevonden Coal Mine (GGV) recorded a headline loss of R73 million (F2025: R134 million earnings). PCB recorded a headline loss of R355 million (F2025: R87 million loss). Refer to pages 20 and 21 for a detailed analysis of the GGV and PCB operational profit performance. ARM Corporate and other (including gold) reported headline earnings of R382 million (F2025: R558 million). Included in ARM Corporate and other are dividends received from Harmony of R512 million (F2025: R240 million) and management fees received from Assmang of R1 075 million (F2025: R1 366 million). Machadodorp Works reported a headline loss of R126 million (F2025: R94 million loss) related to research on developing energy-efficient smelting technology . Basic earnings and impairments Basic earnings of R3 998 million (F2025: R330 million) included attributable impairment reversals as follows: h An impairment reversal on property , plant and equipment at Assmang of R10 million before tax of R5 million h An impairment reversal of the investment in Sakura at Assmang of R29 million, with no tax effect h An impairment reversal on property , plant and equipment at Machadodorp of R3 million, with no tax effect. Basic earnings include a profit on disposal of the joint venture in Sakura of R241 million and a gain on remeasurement of ARM’s pre-existing 50% interest in Nkomati of R462 million. F2025 included an impairment loss on property , plant and equipment at Bokoni Mine of R2 209 million, with no tax effect. Refer to note 7 of the condensed group financial statements for further details on these capital items. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 6 FINANCIAL PERFORMANCE CONTINUED
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Cash generated from operations increased by R4 188 million to R4 233 million (F2025: R45 million) after an outflow in working capital of R803 million (F2025: R1 214 million). The working capital outflow was mainly due to an outflow in trade payables. In F2026, ARM paid R2 121 million in dividends to its shareholders, representing the final dividend of R6.00 per share declared for F2025 and the interim dividend of R5.00 per share for F2026 (F2025: R2 644 million representing the F2024 final dividend of R9.00 per share and interim dividend of R4.50 per share for F2025). Net cash outflow from investing activities was R2 554 million (F2025: R2 433 million) and included R2 679 million (F2025: R2 658 million) additions to property , plant and equipment. Borrowings of R1 899 million (F2025: R62 million) were repaid and no borrowings were raised during the period, resulting in gross debt of R157 million at 30 June 2026 (30 June 2025: R2 035 million). Financial position and cash flow At 30 June 2026, ARM had net cash of R10 171 million (30 June 2025: R6 609 million), an increase of R3 562 million compared to the end of F2025. This amount excludes attributable cash and cash equivalents held at ARM Ferrous (50% of Assmang) of R3 934 million (30 June 2025: R3 568 million). There was no debt at ARM Ferrous in either of the reporting periods. Dividends received by ARM Corporate* F2026 Rm F2025 Rm Assmang 3 400 4 500 ARM Coal – 462 Harmony Gold 512 240 Total dividends received 3 912 5 202 * Subsequent to y ear end, ARM received a dividend of R77 million from ARM Coal on 19 August 2026. ARM Platin um 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 di vidend for F2026. ■ Increase ■ Decrease Balance at 1 July 2025 Balance at 30 June 2026 Cash generated from operations Dividends received Net borrowing movements Net financing income Dividends paid to ARM shareholders Net investment in financial assets OtherTaxation paid Capital expenditure Net cash inflow on acquisition of Nkomati Mine Analysis of movements in cash and cash equivalents (R million) 20 000 18 000 16 000 14 000 12 000 10 000 8 000 6 000 8 626 4 233 3 912 (445) (2 679) (1 899) (2 121) (168)(129) 10 309 377 602 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 7
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Driving stability and strategic progress through logistics partnerships Iron ore exports Assmang, as a shareholder in the Ore Users Forum (OUF), which is an iron ore producers industry company comprising of four of South Africa’s main iron ore producers, is actively working with Transnet and other industry peers to reform, stabilise and improve the ore export corridor (OEC) rail and port network to Saldanha. The collaborative efforts between the OUF and Transnet have assisted in improving export ore rail and port services, with Assmang reporting a 1% period-on- period increase in export rail performance and shipping and sales volumes. Manganese ore exports The Manganese Producers Consortium (MPC) is a South African entity currently representing four major manganese ore producers that account for over 60% of South Africa’s exports. Although not shareholders yet, the majority of the remaining manganese ore producers support the efforts of the MPC. The MPC acts as a unified voice to drive logistics reforms in South Africa’s manganese rail and port sector , ensuring reliable transport and creating an operational and cost-competitive advantage for producers in South Africa. A primary objective is to optimise manganese ore exports over the long term by reducing overall logistics costs through enhanced capital and operational efficiency . Furthermore, the manganese ore producers, in collaboration with Transnet Rail Infrastructure Manager (TRIM), are working actively to increase the rail and port capacity to the Port of Saldanha. Simultaneously , Transnet will issue the request for qualification (RFQ) during Q1 F2027 for the design, build, construction and the operator of the new Ngqura Manganese Export Terminal, together with some Gqeberha manganese ore rail interventions. The MPC intends to respond to the RFQ to qualify for tendering for the request for proposal. ARM Ferrous’ manganese export rail performance remained relatively stable, improving by 1% period-on-period, while shipping and sales volumes decreased by 1%, mainly due to two delayed vessel loadings during June 2026. The initiatives undertaken through the OUF and MPC demonstrate that collaboration can take many different forms and can drive developments across the logistics landscapes over the medium to long term, as South Africa’s logistics reforms are accelerated to turn around performance and provide competitive, cost-effective and value- accretive logistics solutions for the long-term sustainability of South African mining producers. Importantly , considerable unutilised production capacity remains at the ARM Ferrous operations, positioning ARM to unlock meaningful upside as rail availability continues to improve. Closure of Cato Ridge Works and Alloys, disposal of certain land assets of Assmang and Assmang’s interest in Sakura As previously reported, following the completion of a structured consultation process in terms of section 189 of the Labour Relations Act, Assmang resolved to permanently close the Cato Ridge Works complex. Operations ceased at the end of May 2025, and all affected employees were retrenched effective 31 August 2025. Assmang executed the actions for the disposal of the Cato Ridge land, properties and houses to Assore SA PropCo, totalling R453 million (100%). On 27 June 2025, Assmang entered into binding agreements with Assore SA PropCo for the disposal of certain land parcels, properties and houses associated with the Cato Ridge complex. The aggregate purchase consideration is R453 million and will be implemented in two phases: Phase 1 for R253 million and Phase 2 for R200 million. The sale of Phase 1 properties was completed in March 2026, resulting in a profit of R225 million. The sale of Phase 2 properties is expected to be completed in F2027. Surge Copper ARM’s investment supports the continued advancement of the Berg project, which the completed pre-feasibility study (PFS) confirms as a large-scale copper-molybdenum development with a maiden mineral reserve supporting a 28-year mine life. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 8 INVESTING IN GROWTH AND OUR EXISTING BUSINESS
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Following completion of the PFS, the project is now 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 for approximately 2031. ARM will assess its continued participation through defined decision gates as the project is progressively de-risked. Bokoni Mine The ARM board approved the development of the Bokoni 180ktpm project following the completion of the DFS in June 2026. Bokoni is a large, high-grade, long-life UG2-led asset located on the north-eastern limb of the Bushveld Complex in Limpopo, underpinned by the second-largest PGM Mineral Resource base in South Africa. Nkomati Mine The ARM board approved the recommencement of open-pit mining operations and nickel concentrate production at Nkomati following the completion of the DFS, marking a low-risk, immediately actionable growth project that leverages existing mining and processing infrastructure, re-establishing South Africa’s only primary nickel producer . For further detail on both the Bokoni and Nkomati projects, please refer to the Stock Exchange News Service (SENS) announcement released on 23 July 2026 and the investor presentation conference call held on 31 July 2026, available on the ARM website https://www.arm.co.za. Existing operations We continued to invest in our existing operations, with segmental capital expenditure of R4 904 million for the period (F2025: R4 050 million). The increase in capital expenditure was primarily driven by expenditure at Bokoni, where R718 million was spent on mine development. Capital expenditure by operation/division (attributable basis) F2026 Rm F2025 Rm % change ARM Ferrous 1 842 1 767 4 Iron ore division 1 262 1 341 (6) Manganese division 588 506 16 Consolidation adjustment (8) (80) 90 ARM Platinum 2 759 1 978 39 Two Rivers Mine 1 017 1 193 (15) Modikwa Mine 622 222 180 Bokoni Mine 1 091 563 94 Nkomati Mine 29 – 100 ARM Coal (GGV Mine only) 299 275 9 ARM Corporate 4 30 (87) Total 4 904 4 050 21 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 9
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ARM Ferrous: iron ore operations Prices Average realised US dollar export iron ore prices were 1% higher on a free-on-board (FOB) equivalent basis at US$94 per tonne (F2025: US$93 per tonne). The lump-to-fines ratio decreased from 58:42 in F2025 to 55:45 in F2026. Movements in iron ore prices resulted in the following mark-to-market adjustments: F2026 Rm F2025 Rm Fair value adjustments during the year (realised) 220 (559) Revenue – fair value adjustments current period 104 (401) Revenue – fair value adjustments previous period 116 (158) Fair value adjustments at year end (unrealised) (277) (355) Based on confirmed prices (88) (142) Based on forward prices (189) (213) Total revenue – fair value adjustments (57) (914) Realised fair value adjustments for the period 220 (559) Unrealised fair value adjustments for the period (277) (355) Volumes Iron ore production volumes decreased by 9% to 13.2 million tonnes (F2025: 14.5 million tonnes), due to the cessation of production at Beeshoek Mine at the end of October 2025. Operational performance at Khumani Mine was affected by substantial rainfall, the annual average rainfall increased by 87%, and mainly impacted 2H F2026. These adverse weather conditions reduced fleet productivity , limited access to mining areas and negatively impacted overall mining efficiency across the operation. Despite these weather- related challenges, Khumani Mine increased production by 1% to 12.4 million tonnes, 92 000 tonnes higher than prior year (F2025: 12.3 million tonnes), reflecting the resilience of the operation and the effectiveness of management’s proactive and decisive response. As previously reported, following the completion of a structured consultation process in terms of section 189 of the Labour Relations Act, Beeshoek Mine was placed on care and maintenance. This was as a result of the cessation of iron ore offtake by its sole customer , ArcelorMittal South Africa (AMSA), whose final deliveries under the month-to-month arrangement ceased on 27 July 2025. With no sustainable offtake options available after the expiry of the supply agreement and a comprehensive review confirming that alternative commercial arrangements were not economically viable, mining operations ceased on 31 October 2025. At the time, Beeshoek Mine held finished goods of 1.5 million tonnes. Following the cessation of mining, Beeshoek Mine concluded a new 1.2 million tonne offtake agreement with AMSA to sell down this stockpile, with deliveries commencing on 19 February 2026 and 402 000 tonnes sold by 30 June 2026. Total iron ore sales volumes decreased by 9% to 12.9 million tonnes (F2025: 14.3 million tonnes). Export sales volumes increased by 1% to 12.4 million tonnes (F2025: 12.2 million tonnes), while local sales volumes decreased by 73% to 0.5 million tonnes (F2025: 2.0 million tonnes). African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 10 OPERATIONAL PERFORMANCE
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Unit costs Iron ore divisional on-mine unit cash costs increased by 3% to R536 per tonne (F2025: R522 per tonne). Khumani Mine’s unit cash cost increased by 10% to R539 per tonne (F2025: R491 per tonne), mainly due to inflation (6%) and above-inflation increases in diesel, explosives, power costs and employee costs associated with the filling of critical vacancies to enhance operational stability and safety performance (4%). The increase in diesel and explosives costs was a result of the Middle East conflict and the resulting energy market volatility , although the impact was partially mitigated through ongoing cost management and operational efficiencies. The increase in the unit cost of sales for iron ore is mainly attributable to Beeshoek, following the suspension of production at the end of October 2025, which resulted in additional non-cash inventory provisions for obsolete consumables stock and run-of-mine (RoM) stock. Khumani Mine’s unit cost of sales increased by 5% mainly due to higher on-mine unit cash costs and higher inland logistics costs resulting from 306 000 tonnes higher rail volumes. This was partially offset by lower freight costs due to the lower proportion of CIF sales volumes at 37% (F2025: 43%) and a stronger rand. Following the cessation of production at the end of October 2025, Beeshoek Mine’s on-mine unit cash cost decreased by 28%, driven by significantly lower waste stripping during the four-month production period. Capital expenditure Capital expenditure (100% basis) was R2 524 million (F2025: R2 681 million), which includes capitalised waste-stripping costs of R411 million (F2025: R848 million). Higher capital expenditure at Khumani Mine was offset by lower capital expenditure at Beeshoek. Khumani Mine’s capital expenditure (100% basis) increased by 7% to R2 463 million (F2025: R2 296 million) due to large fleet replacements, partially offset by lower waste-stripping expenditure. Beeshoek Mine’s capital expenditure (100% basis) decreased by 84% to R61 million (F2025: R385 million), due to no waste-stripping costs capitalised (F2025: R56 million) and the mine being placed on care and maintenance. Iron ore operational statistics (100% basis) Unit F2026 F2025 % change Prices Average realised export price* US$/t 94 93 1 Volumes Export sales 000t 12 439 12 260 1 Local sales 000t 552 2 030 (73) Total sales 000t 12 991 14 290 (9) Production 000t 13 245 14 567 (9) Export sales lump/fines split % 55:45 58:42 Export sales CIF/FOB** split % 37:63 43:57 Unit costs Change in unit cash costs % 3 3 Change in unit cost of sales % 10 6 Capital expenditure R million 2 524 2 681 (6) * A verage realised export iron ore prices on a free-on-board (FOB) equivalent basis. ** CIF – cost, insur ance and freight; FOB. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 11
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Black Rock Mine ARM Ferrous: manganese ore operations Manganese ore financial information (attributable basis) F2026 Rm F2025 Rm % change Sales 5 793 6 514 (11) Operating profit 287 753 (62) Contribution to headline earnings 219 543 (60) Capital expenditure 588 499 18 Depreciation 594 579 3 EBITDA 881 1 332 (34) Prices The average US dollar CIF index price for high-grade manganese ore (43.5%) decreased by 5% year-on-year . The average US dollar CIF index price for low-grade manganese ore (36.5%) increased by 8% year-on-year . Volumes Manganese ore sales volumes were unchanged at 4.5 million tonnes (F2025: 4.5 million tonnes). Export sales volumes decreased by 1% to 3.66 million tonnes (F2025: 3.71 million tonnes). Local sales volumes increased by 7% to 0.83 million tonnes (F2025: 0.78 million tonnes) due to increased offtake from a local customer . Production volumes at Black Rock Mine increased by 5% to 3.9 million tonnes (F2025: 3.7 million tonnes), driven by targeted operational and technical improvements, including enhanced battery electric vehicle (BEV) utilisation and drilling efficiencies, which supported a strong recovery during F2026. The improved results reflect management’s proactive response to operational challenges and their ability to drive continuous improvement, resulting in enhanced operational performance. Unit costs Unit cash costs increased by 7% to R1 018 per tonne (F2025: R954 per tonne), mainly driven by inflationary pressures, additional employee-related costs required to enhance safety performance and regulatory compliance, costs associated with maintaining BEV and ensuring equipment complies with stringent safety standards. Unit cost of sales, which includes marketing and distribution costs, decreased by 1%, driven by lower marketing and distribution expenses as a result of favourable foreign exchange movements during the period and the benefit of higher closing stock levels. These were partially offset by inflationary increases in operating costs. Capital expenditure and projects Capital expenditure for the manganese ore operations increased by 18% to R1 176 million on a 100% basis (F2025: R998 million). The increase is largely due to higher spending on development capital, together with a low base in the prior period when several projects were deferred and spending was curtailed to preserve cash. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 12 OPERATIONAL PERFORMANCE CONTINUED
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Manganese ore operational statistics (100% basis) Unit F2026 F2025 % change Volumes Export sales 000t 3 662 3 705 (1) Domestic sales* 000t 831 778 7 Total sales* 000t 4 493 4 483 – Production 000t 3 941 3 761 5 Unit costs Change in unit cash costs % 7 9 Change in unit cost of sales % (1) 4 Capital expenditure R million 1 176 998 18 * No intr a-group sales to Cato Ridge Works (F2025: 65 000 tonnes). ARM Ferrous: manganese alloy operations Manganese alloy financial information (attributable basis) F2026 Rm F2025 Rm % change Sales 203 897 (77) Operating loss (64) (266) 76 Contribution to headline losses (121) (228) 47 Capital expenditure – 7 (100) Depreciation – – – EBITDA (64) (266) 76 Prices Average high-carbon ferromanganese index prices decreased by 5% and medium-carbon ferromanganese prices decreased by 10% year-on-year . Volumes High-carbon ferromanganese production at Sakura up to 31 October 2025 was 81 000 tonnes (100% basis) (F2025: 222 000 tonnes). High-carbon ferromanganese sales up to 31 October 2025 were 67 000 tonnes at Sakura (100% basis) (F2025: 221 000 tonnes). High-carbon ferromanganese production at Cato Ridge Works ceased at the end of May 2025 due to the permanent closure of the operations (F2025: 94 000 tonnes). Medium-carbon ferromanganese production at Cato Ridge Alloys ceased at the end of May 2025 due to the permanent closure of the operations (F2025: 48 000 tonnes). High-carbon ferromanganese sales at Cato Ridge Works decreased by 21% to 27 000 tonnes (F2025: 34 000 tonnes). Medium-carbon ferromanganese sales at Cato Ridge Alloys (100% basis) decreased by 38% to 30 000 tonnes (F2025: 48 000 tonnes). Unit costs Unit cash costs were not reported for Sakura, as the investment was sold on 31 October 2025 and no production occurred thereafter . Production activities at Cato Ridge complex ceased at the end of May 2025. Only existing stock is being sold, as a result, no production costs were incurred in F2026. Capital expenditure No capital expenditure was incurred at Cato Ridge Works (F2025: R13 million).African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 13
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Two Rivers Mine Manganese alloy operational statistics (100% basis) Unit F2026 F2025 % change Volumes Cato Ridge Works sales* 000t 27 34 (21) Cato Ridge Alloys sales 000t 30 48 (38) Sakura sales** 000t 67 221 (70) Cato Ridge Works production 000t 0 94 (100) Cato Ridge Alloys production 000t 0 48 (100) Sakura production** 000t 81 222 (64) Unit costs – Cato Ridge Works Change in unit cash costs % N/A 8 Change in unit cost of sales % N/A 14 Unit costs – Cato Ridge Alloys Change in unit cash costs % N/A 1 Change in unit cost of sales % N/A 9 Unit costs – Sakura Change in unit cash costs % N/A 11 Change in unit cost of sales % N/A 6 * No intr a-group sales to Cato Ridge Alloys (F2025: 57 000 tonnes). ** Until 31 October 2025. The ARM Ferrous operations, held through its 50% investment in Assmang Proprietary Limited (Assmang), comprise the iron ore and manganese divisions. Assore South Africa Proprietary Limited (Assore), ARM’s partner in Assmang, owns the remaining 50%. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 14 OPERATIONAL PERFORMANCE CONTINUED
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ARM Platinum Prices US dollar PGM prices increased significantly during F2026 when compared to prices achieved in F2025. The average rand per 6E kilogram basket price improved as follows: h Two Rivers by 56% to R1 219 876 per kilogram (F2025: R780 569 per kilogram) h Modikwa by 54% to R1 194 926 per kilogram (F2025: R778 192 per kilogram). Average US dollar metal prices Unit F2026 F2025 % change Platinum US$/oz 1 796 993 81 Palladium US$/oz 1 442 983 47 Rhodium US$/oz 8 319 4 767 75 Nickel US$/t 16 347 15 746 4 Copper US$/t 11 767 9 311 26 Cobalt US$/lb 22 12 83 UG2 chrome concentrate (CIF*) US$/t 279 262 7 * CIF – cost, insur ance and freight. Average rand metal price Unit F2026 F2025 % change Average exchange rate ZAR/US$ 16.88 18.15 (7) Platinum ZAR/oz 30 289 18 026 68 Palladium ZAR/oz 24 309 17 851 36 Rhodium ZAR/oz 140 268 86 526 62 Nickel ZAR/t 275 642 285 827 (4) Copper ZAR/t 198 403 169 020 17 Cobalt ZAR/lb 376 213 77 UG2 chrome concentrate (CIF*) ZAR/t 4 704 4 747 (1) * CIF – cost, insur ance and freight. Consistent with prior periods, Two Rivers and Modikwa mines recognised revenue using provisional pricing. The sales price of the concentrate is determined on a provisional basis at the date of sale, with adjustments made to the sales price based on movements in commodity prices up to the date of final pricing. Any differences between provisional and final pricing after the reporting period result in the next reporting period’s earnings being impacted by mark-to-market adjustments. The mark-to-market adjustments at Two Rivers and Modikwa were all positively impacted by the increase in commodity prices towards the end of F2026. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 15
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Two Rivers Mine mark-to-market adjustments F2026 Rm F2025 Rm Assay adjustment 233 241 Fair value adjustment 341 126 Total mark-to-market adjustments 574 367 Modikwa Mine mark-to-market adjustments F2026 Rm F2025 Rm Assay adjustment (13) – Fair value adjustment 172 108 Total mark-to-market adjustments 159 108 Bokoni Mine mark-to-market adjustments F2026 Rm F2025 Rm Assay adjustment – (7) Fair value adjustment – 30 Total mark-to-market adjustments – 23 ARM Platinum: Two Rivers Mine Volumes Tonnes milled were 1% lower compared to F2025. The overall grade declined to 3.00g/t (F2025: 3.03g/t). PGM production volumes declined marginally by 1% to 286 590 6E PGM ounces (F2025: 288 502 6E PGM ounces), due to productivity being impacted by sympathetic geological structures affecting mining flexibility . Unit costs The unit cash cost per 6E PGM ounce increased by 13% to R18 487 (F2025: R16 431), mainly driven by inflation and above-inflation increases in diesel, explosives, consumables and labour costs. Labour cost increases were 2% above inflation, resulting from increased bonus payments arising from the higher profitability . The impact of the above-inflationary cost increases on unit costs was further exacerbated by a reduction in PGM ounces produced and increased mining development costs. Capital expenditure and projects Capital expenditure decreased by 15% to R1 017 million (F2025: R1 193 million). Of the total capital expenditure, R524 million related to the deepening of the declines at the Main and North shafts, along with electrical and mechanical installations. A further R184 million related to expenditure on fleet replacement and rebuilds. F2025 included R267 million of capital expenditure relating to the Merensky project prior to being placed on care and maintenance. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 16 OPERATIONAL PERFORMANCE CONTINUED
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Merensky project A decision was taken to place the Merensky project on care and maintenance in July 2024. Prior to this transition, key capital milestones were successfully completed, including the construction of the Merensky concentrator plant and the establishment of the first two mining levels. In October 2025, decline development selectively resumed on the Merensky on-reef decline shaft to establish additional dip levels. This targeted development enhances operational readiness, positioning the asset for an accelerated production ramp-up. The immediate focus at Two Rivers is to fill the capacity of the UG2 concentrator plant. As a result, two Merensky stoping crews have since been deployed. The Merensky ore produced will be processed in the UG2 concentrator plant. The development pathway for the Merensky project is expected to be submitted for board consideration in F2027. We will engage the market once an investment decision has been reached. This approach reflects our focus on disciplined capital allocation to mitigate execution risk and maximise project returns. The long-term fundamentals for the Merensky project remain robust and highly value accretive. Two Rivers Mine operational statistics (100% basis) Unit F2026 F2025 % change Cash operating profit R million 3 696 1 083 >200 – PGMs R million 3 475 766 >200 – Chrome R million 221 317 (30) Tonnes milled Mt 3.46 3.48 (1) Head grade g/t, 6E 3.00 3.03 (1) PGMs in concentrate Ounces, 6E 286 590 288 502 (1) Chrome in concentrate sold Tonnes 125 504 153 507 (18) Average basket price ZAR/kg, 6E 1 219 876 780 569 56 Average basket price US$/oz, 6E 2 250 1 337 68 Cash operating margin % 37 17 Cash cost ZAR/kg, 6E 594 383 528 264 13 Cash cost R/tonne 1 531 1 360 13 Cash cost ZAR/Pt oz 40 363 35 645 13 Cash cost ZAR/oz, 6E 18 487 16 431 13 Cash cost US$/oz, 6E 1 096 905 21 ARM Platinum: Modikwa Mine Volumes Tonnes milled improved by 1% to 2.45 million tonnes (F2025: 2.43 million tonnes). While underground UG2 development is currently being ramped up, face-length availability remained constrained during the year as a result of previous development delays. As a transitional measure to offset these historical shortfalls, open-pit mining was introduced in F2025 to maintain plant feed. PGM production decreased by 3% to 273 671 6E PGM ounces (F2025: 281 638 6E PGM ounces), reflecting temporary plant recovery impacts caused by blending open-pit ore into the feed mix. Unit costs Unit cash costs were up 8% to R20 909 per 6E PGM ounce (F2025: R19 399 per 6E PGM ounce), largely due to the above-inflationary increase in diesel costs and a 3% reduction in PGM ounce production. Capital expenditure and projects Capital expenditure at Modikwa Mine (100% basis) increased by 180% to R1 244 million (F2025: R444 million). Of the total capital expenditure incurred, R100 million related to capital development, R294 million related to fleet refurbishment and critical spares, R273 million related to infrastructure capital expenditure and R250 million related to waste stripping at the open-pit. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 17
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North shaft project The downcast ventilation project was initiated to provide additional ventilation for mining levels below level 10. Safe holing concluded on 6 June 2026 and the thin concrete layer (TCL) application process was concluded at the end of August 2026. South 2 shaft project The underground-to-surface conveyor belt that connects South 2 infrastructure to South 1 shaft (BA belt project) has been re-baselined due to operational complexities and site preparation delays. Construction is progressing and the forecast completion date is October 2026. This delay will not negatively impact production. Open-pit project Modikwa commenced open-pit mining in 2024, with initial trial pits developed in the South 1 area, while permitting and access were being finalised for the larger South 3 pit. Mining at the larger South 3 open-pit, located on the Winterveld farm, began in the second half of 2025. The project is currently producing 35 000 tonnes per month. Merensky project The Merensky mining project is progressing well, with volumes at 50 000 tonnes per month. Modikwa Mine operational statistics (100% basis) Unit F2026 F2025 % change Cash operating profit R million 2 581 211 >200 – PGMs R million 2 362 87 >200 – Chrome R million 219 124 77 Tonnes milled Mt 2.45 2.43 1 Head grade g/t 6E 4.41 4.48 (2) PGMs in concentrate 6E oz 273 671 281 638 (3) Chrome in concentrate sold Tonnes 93 112 98 818 (6) Average basket price ZAR/kg 6E 1 194 926 778 192 54 Average basket price US$/oz 6E 2 204 1 333 65 Cash operating margin % 31 4 Cash cost ZAR/kg 6E 672 232 623 679 8 Cash cost ZAR/tonne 2 332 2 246 4 Cash cost ZAR/Pt oz 48 053 45 428 6 Cash cost ZAR/oz 6E 20 909 19 399 8 Cash cost US$/oz 6E 1 240 1 069 16 ARM Platinum: Bokoni Mine The board approved the development of the Bokoni 180ktpm project following the completion of the DFS in June 2026. The project is expected to deliver an NPV of R5.9 billion, based on the future capital expenditure of R15.2 billion and a nominal post-tax discount rate of 18.47%. The expected IRR on the future cash flows is 28.0%, with a payback period of 6.3 years. First production from the refurbished 60ktpm concentrator is scheduled for 1H F2028, followed by commissioning of the new 120ktpm concentrator in 2H F2030, with steady-state production of approximately 350 000 to 400 000 6E PGM ounces per annum. The phased, brownfield-led approach materially de-risks execution and positions Bokoni below the 50th percentile of the global PGM cost curve, reinforcing ARM’s positioning as a globally competitive, low-cost PGM producer . For further details, refer to the SENS announcement released on 23 July 2026 and the investor presentation conference call held on 31 July 2026, available on the ARM website https://www.arm.co.za. Capital expenditure Of the R1 091 million spent at Bokoni, R718 million related to mine development and R193 million related to the tunnel-boring machine (TBM). African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 18 OPERATIONAL PERFORMANCE CONTINUED
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The strategic development focus for F2026 was to establish the critical infrastructure and mining access required to support sustainable production growth. Key activities included advancing the 02 Level East, 03 Level East and West Footwall drives. Development also progressed towards the planned ventilation shafts. In addition, the conveyor and material declines were extended to 04 Level. These initiatives were aimed at improving mine access, enhancing ventilation capacity and creating the platform necessary for future production expansion. A total of 2 684 metres of off-reef development was completed during the period, inclusive of the main decline systems. In addition, 377 metres of on-reef development was achieved, with 80% of this work executed within the final five months of the financial year , following the successful recruitment and deployment of dedicated on-reef development crews. This accelerated delivery reflects the effectiveness of the resourcing strategy and demonstrates a strong commitment to building mining flexibility and unlocking future ore reserves. The TBM infrastructure was successfully constructed, fully commissioned and handed over ahead of schedule during November 2025. Once the TBM turned onto strike, ground conditions improved and development reached 279 metres at the end of June 2026. Bokoni Mine operational statistics (100% basis) Unit F2026 F2025 % change Cash operating loss R million – (868) – Tonnes milled Mt – 0.52 – Head grade g/t 6E – 4.42 – PGMs in concentrate 6E oz – 45 579 – Average basket price ZAR/kg 6E – 778 541 – Average basket price US$/oz 6E – 1 334 – Cash operating margin % – (105) – Cash cost ZAR/kg 6E – 1 197 070 – Cash cost ZAR/tonne – 3 262 – Cash cost ZAR/Pt oz – 97 605 – Cash cost ZAR/oz 6E – 37 233 – Cash cost US$/oz 6E – 2 051 – ARM Platinum: Nkomati Mine Nkomati has been on care and maintenance since F2021. Following ARM’s acquisition of full ownership of Nkomati Nickel Mine (Nkomati) in July 2025, management has been able to streamline governance, accelerate decision-making and advance a clear restart pathway for the asset. Nkomati remained a key strategic focus for ARM during the year , as the group moved from preserving the asset under care and maintenance to positioning it for value creation. In July 2026, the ARM board approved the recommencement of open-pit mining operations and nickel concentrate production at Nkomati, following completion of the DFS and the conclusion of the nickel concentrate offtake agreement with Boliden Commercial AB (Boliden). The offtake agreement has not yet become unconditional and remains subject to the fulfilment or waiver , as applicable, of the remaining conditions precedent relating to the establishment of acceptable loading port access. The restart of Nkomati’s open-pit nickel mining operations represents a low-risk, immediately actionable development opportunity . The project leverages Nkomati’s existing mining and processing infrastructure and is underpinned by a large polymetallic resource with a secured nickel concentrate offtake arrangement, which re-establishes South Africa’s only primary nickel producer . African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 19
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Management’s near-term focus is on execution readiness, including finalising the remaining offtake agreement conditions precedent, preparing the open-pit and processing operations for restart, maintaining cost discipline and advancing the chrome recovery and optimisation opportunities that could further enhance the long-term economics of the asset. For further detail, refer to the SENS announcement released on 23 July 2026 and the investor presentation conference call held on 31 July 2026, available on the ARM website https://www.arm.co.za. At 30 June 2026, the estimated undiscounted rehabilitation costs were determined to be R2 191 million (30 June 2025: R2 301 million), excluding VAT . The discounted rehabilitation costs were determined to be R1 641 million at 30 June 2026 (30 June 2025: R2 123 million). At 30 June 2026, R381 million in cash and financial assets was available to fund rehabilitation obligations for Nkomati Mine. Nkomati Mine’s estimated rehabilitation costs continue to be reassessed as engineering designs evolve and new information becomes available. ARM Coal Prices GGV’s average export coal price received decreased by 5% to US$78/tonne (F2025: US$82/tonne). PCB’s average export coal price received decreased by 3% to US$73/tonne (F2025: US$75/tonne). API4 commodity prices recovered marginally in 2H F2026 from depressed market conditions in 1H F2026. The global coal market experienced resilient demand in 2H F2026 amidst geopolitical- related price increases. Prices increased due to Middle East tensions and weather-related restocking. In addition, China’s coal market experienced declining domestic production and weak wind output, resulting in thermal coal price support. Approximately 71% and 65% of export volumes at GGV Mine and PCB, respectively , comprised high-quality coal. Export revenue in F2026 was negatively impacted by the average realised rand strengthening by 7% versus the US dollar . ARM Coal: Goedgevonden Mine (GGV) GGV attributable headline earnings analysis F2026 Rm F2025 Rm % change Cash operating profit 148 453 (67) Amortisation and depreciation (241) (264) 9 Net finance (cost)/income (6) (31) 81 Loss on sale of assets (2) (1) (100) Loan remeasurement and fair value losses (19) (16) (19) (Loss)/profit before taxation (120) 141 (185) Add: profit on sale of assets 2 1 100 Less: taxation 45 (8) >200 Headline (loss)/earnings attributable to ARM (73) 134 (154) Volumes ARM attributable saleable production increased by 2% to 1.78 million tonnes (F2025: 1.74 million tonnes). Transnet Freight Rail (TFR) performance improved marginally during the reporting period, enabling increased production. Unit costs On-mine unit production costs per saleable tonne increased by 5% to R668 per tonne (F2025: R634 per tonne), as the impact of higher diesel prices was partially offset by the increased saleable production. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 20 OPERATIONAL PERFORMANCE CONTINUED
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Capital expenditure Capital expenditure (100% basis) increased by 9% to R1 150 million (F2025: R1 057 million), largely due to increased asset decommissioning expenditure for future rehabilitation. GGV operational statistics Unit F2026 F2025 % change Total production and sales (100% basis) Saleable production Mt 6.86 6.71 2 Export thermal coal sales Mt 3.64 3.61 1 Domestic thermal coal sales Mt 3.18 3.06 4 ARM attributable production and sales Saleable production Mt 1.78 1.74 2 Export thermal coal sales Mt 0.95 0.94 1 Domestic thermal coal sales Mt 0.83 0.80 4 Average received coal price Export (FOB)* US$/t 77.80 81.89 (5) Domestic (FOT)** ZAR/t 434 422 3 Unit costs On-mine saleable cost ZAR/t 668 634 5 Capital expenditure (100% basis) R million 1 150 1 057 9 * FOB – free-on-board. ** FO T – free-on-truck. ARM Coal: Participative Coal Business (PCB) PCB attributable headline earnings analysis F2026 Rm F2025 Rm % change Cash operating profit 91 407 (78) Amortisation and depreciation (577) (527) (10) Loss before taxation (486) (120) >(200) Less: taxation 131 33 >200 Headline loss attributable to ARM (355) (87) >(200) Volumes Export sales volumes at the PCB operation increased by 3% to 8.2 million tonnes (F2025: 8.0 million tonnes), mainly as a result of the improved performance from TFR. Domestic sales volumes declined by 17% to 0.99 million tonnes (F2025: 1.19 million tonnes) largely due to decreased coal sales to Eskom. ARM attributable saleable production increased by 2% to 1.92 million tonnes in F2026 (F2025: 1.89 million tonnes). Unit costs Unit production costs per saleable tonne increased by 2% to R867 per tonne (F2025: R849 per tonne). African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 21
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PCB operational statistics Unit F2026 F2025 % change Total production sales (100% basis) Saleable production Mt 9.49 9.36 1 Export thermal coal sales Mt 8.23 7.96 3 Domestic thermal coal sales Mt 0.99 1.19 (17) ARM attributable production and sales Saleable production Mt 1.92 1.89 2 Export thermal coal sales Mt 1.66 1.61 3 Domestic thermal coal sales Mt 0.20 0.24 (17) Average received coal price Export (FOB)* US$/t 73.34 75.49 (3) Domestic (FOT)** ZAR/t 823 762 8 Unit costs On-mine saleable cost ZAR/t 867 849 2 Capital expenditure (100% basis) R million 1 977 2 165 (9) * FOB – free-on-board. ** FO T – free-on-truck. ARM’s investment in Harmony was positively revalued by R388 million in F2026 (F2025: R5 731 million) as the Harmony share price increased by 2% from R244.81 at 30 June 2025 to R250.00 at 30 June 2026. The Harmony investment is, therefore, reflected on the ARM statement of financial position at R18 667 million (F2025: R18 279 million) based on its share price. Gains and losses are accounted for , net of deferred capital gains tax, through the statement of comprehensive income. Dividends received from Harmony are recognised in the ARM statement of profit or loss on the last day of registration following dividend declaration. In F2025, ARM designated an equity collar over 18 million Harmony shares to hedge the fair ARM’s economic interest in PCB is 20.2%. PCB consists of two large mining complexes in Mpumalanga. ARM has a 26% effective interest in the GGV Mine near Ogies in Mpumalanga. value risk associated with changes in the listed share price of those shares. These shares represent 24% of the 74 665 545 Harmony shares owned by ARM. Risks and rewards to the Harmony shares are retained by ARM. Refer to note 22 of the condensed group financial statements for more information. Harmony headline earnings per share increased by 87% to 4 363 cents per share (F2025: 2 337 cents per share). Net profit increased by 102% to R29 453 million (F2025: R14 548 million). Harmony’s results for the year ended 30 June 2026 can be found on its website www.harmony.co.za. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 22 OPERATIONAL PERFORMANCE CONTINUED HARMONY GOLD
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According to the International Monetary Fund, global economic growth is projected to slow to 3.1% for the remainder of 2026, before edging up to 3.2% in 2027. This is below the pace of about 3.4% recorded in 2024 to 2025. The outbreak of war in the Middle East and the closure of the Strait of Hormuz have lifted energy prices and pushed global headline inflation up to 4.4% in 2026. Advanced economies continue to grow slowly amid tighter financial conditions, while many commodity-importing emerging markets remain constrained by debt burdens and elevated fragility . Downside risks persist, including the potential for a prolonged or wider conflict, a renewed surge in energy prices and heightened geopolitical tensions, any of which could weigh on economic growth and disrupt global supply chains. South Africa’s economic outlook remains resilient, though the Middle East conflict has interrupted global disinflation and lifted the inflation outlook, with oil, gas and other commodity prices rising sharply . As major central banks pause rate cuts amid heightened uncertainty , South African assets have proven relatively resilient, underpinned by improved macro-economic fundamentals. These spillovers are expected to delay rather than derail the return to the 3% inflation target set by the South African Reserve Bank. Headline inflation is projected to rise for the remainder of 2026 before returning to target by late 2027. Domestic growth strengthened to 1.1% in 2025 and is expected to approach 2% by 2028, with resilience increasingly dependent on domestic factors and continued structural reform. Iron ore prices rallied and then fell in the first half of 2026, with the swing driven mainly by costs rather than market fundamentals. Surging bunker and freight costs caused by the US/Iran conflict pushed prices higher . However , the late-June US-Iran Memorandum of Understanding eased fears over the Strait of Hormuz, which deflated the risk premium and drove freight costs sharply lower; this pulled prices back to pre-war levels. With the cost support having faded, weak fundamentals now dominate, including ample supply , record year-to-date imports in May that kept Chinese port stocks elevated and a structural decline in demand that leaves global demand broadly flat. On the supply side, rising energy and freight costs pressured higher-cost producers, which included Brazilian juniors, Canadian and West African operations, while the majors held output steady . Simandou continued to ramp up quickly despite wet-season disruptions. The medium-term outlook remains bearish, with softer prices and compressed high-grade premiums weighing on South African exporters. This highlights the need for cost discipline and product quality , although a rising cost floor should support a more constructive medium-term outlook. Similar to the iron ore market, during 2026, the manganese market was driven by cost inflation rather than market fundamentals. The US/Iran conflict lifted manganese ore costs through higher oil and diesel prices; with trucking to South African ports particularly affected, prices eased by the end of July as the cost push faded. Supply has been strong year to date, with South African exports robust on recovering Transnet rail performance and improved trucking capacity . Chinese manganese ore imports surged, pushing port stocks higher as imports exceeded demand. Demand, however , is softening, led by China, where lower steel output is reducing ferroalloy production and, in turn, manganese ore requirements, leaving the market oversupplied in certain segments. The short-term outlook remains bearish, with softer Chinese smelter demand and elevated port stocks reinforcing the downside. Over the medium term, however , the outlook firms, as a higher cost floor and tighter supply are expected to lift prices modestly . PGM prices rallied in early 2026 before retreating below their opening levels, though they remain above 2025 averages. Amended European CO 2 legislation, requiring a 90% emissions cut rather than an outright 2035 ban on internal combustion engines, is expected to prolong the use of PGM-containing autocatalysts. The long-term demand outlook remains constructive despite the headwinds from BEV penetration. Industrial platinum demand is expected to grow, led by glass and hard disc drive demand, while palladium demand over the long term is supported by a widening gold-to-palladium ratio and data-centre-driven electrical substitution. Rhodium demand is forecast to grow at a robust compound annual growth rate of 2.5% by 2040, underpinned by new glass capacity and steady nitric acid production. On the supply side, primary PGM output is forecast to decline over the medium to long term, with South Africa remaining the dominant source of supply pressure given accelerating Merensky and UG2 shaft depletion and persistent underinvestment, while Zimbabwe and North America face further structural decline. Together , these dynamics point to a supportive PGM price outlook over the medium to long term. Nickel shifted to a higher trading range in 2026, with the market still reluctant to price a sustained deficit as inventories remain elevated. The defining development was Indonesia’s April 2026 policy revision, which lifted cost support and effectively African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 23 OUTLOOK
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set the marginal cost of supply . Demand is expected to improve, driven mainly by stainless steel production. In addition, demand will likely be supported by infrastructure, shipbuilding, autos, appliances and a recovery in battery demand. On the supply side, global output is anticipated to fall in the near term, as binding Indonesian policy curtails supply . The medium- term outlook is not yet a deficit story , as inventories remain elevated and supply growth should resume beyond 2026. The thermal coal market has undergone structural decline while exhibiting short-term resilience. Prices rose through the second quarter of 2026 as the Middle East conflict lifted the liquefied natural gas (LNG) prices and resulted in gas-to-coal switching being economical, before easing as the Strait of Hormuz began to reopen. ARM aims to pay ordinary dividends to shareholders in line with our dividend-guiding principles. Dividends are at the discretion of the board of directors, which considers the company’s capital allocation guiding principles and other relevant factors such as financial performance, commodities outlook, investment opportunities, gearing levels, as well as solvency and liquidity requirements of the Companies Act. For F2026, the board approved and declared a final dividend of 700 cents per share (gross) (F2025: 600 cents per share). The amount to be paid is approximately R1 461 million. The dividend declared will be subject to dividend withholding tax. In line with the JSE Listings Requirements, the following additional information is disclosed: h The dividend has been declared out of income reserves h The South African dividends tax rate is 20% h The gross local dividend is 700 cents per ordinary share for shareholders exempt from dividends tax h The net local dividend is 560.00000 cents per share for shareholders liable to pay dividends tax This substitution-driven strength lifted first-half prices and the annual average, rather than reflecting genuine demand growth, leaving a weaker second half. Thermal coal prices are expected to remain subdued over the medium term due to weaker demand, robust supply and higher renewable output. Despite the ongoing commodity market volatility , ARM remains optimistic about the medium to long-term outlook for the mining sector and the commodities we mine and beneficiate. With a portfolio of quality , long-life assets and world-class ore bodies, ARM is well-positioned to navigate the uncertain commodity and economic environment. We continue to strengthen resilience by driving productivity and improving cost efficiency and disciplined capital allocation. ARM is committed to creating sustainable value for our shareholders and all stakeholders. h At the date of this declaration, ARM has 208 710 769 ordinary shares in issue h ARM’s income tax reference number is 9030/018/60/1. A gross dividend of 700 cents per ordinary share, being the dividend for the year ended 30 June 2026, has been declared payable on Monday , 12 October 2026 to those shareholders recorded in the books of the company at the close of business on Friday , 9 October 2026. The dividend is declared in the South African currency . Any change in address or dividend instruction applying to this dividend must be received by the company’s transfer secretaries or registrar no later than Friday , 9 October 2026. The last day to trade ordinary shares cum dividend is Tuesday , 6 October 2026. Ordinary shares trade ex-dividend from Wednesday , 7 October 2026. The record date is Friday , 9 October 2026, while the payment date is Monday , 12 October 2026. No dematerialisation or rematerialisation of share certificates may occur between Wednesday , 7 October 2026 and Friday , 9 October 2026, both dates inclusive, nor may any transfers between registers take place during this period. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 24 OUTLOOK CONTINUED DIVIDEND DECLARATION
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Bokoni Mine There has been no material change to ARM’s Mineral Resources and Mineral Reserves as disclosed in the integrated annual report for the financial year ended 30 June 2025, apart from: Beeshoek Iron Ore Mine No Mineral Reserves are reported for Beeshoek. The operation is in the process of transitioning to care and maintenance due to the absence of a supply agreement under prevailing market constraints, which currently limits the ability to support sustained mining. Previously reported Mineral Reserves have been reclassified as Mineral Resources. Bokoni Platinum Mines No Mineral Reserves are reported for Bokoni. The DFS is being reviewed and refined based on insights gained from the recent initial mining outcomes. The operation is shifting its focus to strategically de-risking the project, while continuing key capital development in support of a phased approach. An updated Mineral Resources and Mineral Reserves statement will be issued in our 2026 integrated annual report. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 25 CHANGES TO MINERAL RESOURCES AND MINERAL RESERVES
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As announced on SENS, the following changes to the board have taken place during F2026: h Dr TG Ramuthaga and Mr PW Steenkamp were appointed as independent non-executive directors and were elected by shareholders at the 5 December 2025 annual general meeting h Dr RV Simelane and Mr JA Chissano stepped down from the board as independent non-executive directors after the 5 December 2025 annual general meeting h To ensure compliance with paragraph 5.7(d) of the JSE Listings Requirements, Dr Patrice Motsepe, as the founder of ARM and having performed the role of executive chairman for many years, retired as executive chairman and as an employee on 15 February 2026. Dr Motsepe remains a director of the company and has served as non-executive chairman of the board from 16 February 2026. Signed on behalf of the board VP TOBIAS TT A MHLANGA Chief executive officer Finance dir ector Johannesburg 4 September 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 26 CHANGES TO THE BOARD OF DIRECTORS APPROVAL OF THE CONDENSED RESULTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2026
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To the shareholders of African Rainbow Minerals Limited Introduction We have reviewed the accompanying condensed group statement of financial position of African Rainbow Minerals Limited (“the Group”) at 30 June 2026, the condensed group statements of profit or loss, comprehensive income, changes in equity and cash flows for the year then ended, and notes to the condensed group financial statements, as set out on pages 30 to 61 (“the condensed group financial statements”). The Directors are responsible for the preparation and presentation of the condensed group financial statements in accordance with IAS 34, Interim Financial Reporting and the requirements of the South African Companies Act. Our responsibility is to express a conclusion on these condensed group financial statements based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of condensed group financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed group financial statements at 30 June 2026 are not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting and the requirements of the South African Companies Act. KPMG Inc. Registered Auditor Per C Basson Chartered Accountant (SA) Registered Auditor Director 4 September 2026 85 Empire Road Parktown 2193 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 27 INDEPENDENT AUDITOR’S REPORT ON THE REVIEW OF THE CONDENSED GROUP FINANCIAL STATEMENTS
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30 Condensed group statement of financial position 31 Condensed group statement of profit or loss 32 Condensed group statement of comprehensive income 33 Condensed group statement of changes in equity 34 Condensed group statement of cash flows 35 Notes to the condensed group financial statements African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 28
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Condensed group financial statements Beeshoek Mine African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 29
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Notes Reviewed 30 June 2026 Rm Audited 30 June 2025 Rm ASSETS Non-current assets Property , plant and equipment 4 20 079 17 187 Investment properties 27 25 Goodwill and intangible assets 1 233 44 Deferred tax assets 923 921 Other financial assets 11 201 277 Reinsurance contract asset 15 23 118 Investment in associate 5 833 1 188 Investment in joint venture 6 18 974 20 206 Other investments 9 19 419 18 633 60 712 58 599 Current assets Inventories 806 892 Trade and other receivables 10 5 306 5 385 Reinsurance contract asset 15 29 62 Taxation 47 135 Financial assets 11 888 608 Cash and cash equivalents 12 10 328 8 644 17 404 15 726 Total assets 78 116 74 325 EQUITY AND LIABILITIES Capital and reserves Ordinary share capital 10 10 Share premium 4 117 4 117 Treasury shares (1 754) (1 754) Other reserves 14 136 14 155 Retained earnings 41 209 39 333 Equity attributable to equity holders of ARM 57 718 55 861 Non-controlling interest 5 427 4 260 Total equity 63 145 60 121 Non-current liabilities Long-term borrowings 13 124 1 399 Deferred tax liabilities 7 053 6 002 Insurance contract liabilities 15 23 119 Long-term provisions 21 3 079 2 163 Derivative financial liability 22 356 – 10 635 9 683 Current liabilities Trade and other payables 14 1 712 1 465 Short-term provisions 21 1 565 1 163 Insurance contract liabilities 15 35 65 Reinsurance contract liabilities 15 799 886 Taxation 192 306 Overdrafts and short-term borrowings – interest bearing 13 33 636 4 336 4 521 Total equity and liabilities 78 116 74 325 1 Increase in g oodwill and intangibles mainly relates to the goodwill recognised on acquisition of Nkomati Mine (refer note 23). The accompanying notes are an integral part of these condensed group financial statements. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 30 CONDENSED GROUP STATEMENT OF FINANCIAL POSITION at 30 June
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Notes Reviewed F2026 Rm Audited F2025 Rm Revenue 3 16 323 13 027 Sales 3 15 248 11 661 Cost of sales (10 851) (11 851) Gross profit/(loss) 4 397 (190) Other operating income 16 1 304 1 619 Other operating expenses 17 (2 545) (2 022) Net income/(expenses) from insurance service1 15 29 (120) Net (expenses)/income from reinsurance contracts held 15 (23) 146 Profit/(loss) from operations before capital items 3 162 (567) Income from investments 1 285 1 033 Finance costs (297) (357) Net finance expenses from insurance contracts issued 15 (11) (9) Net finance expenses from reinsurance contracts held 15 (35) (50) Share of loss from associate 5 (355) (87) Share of profit from joint venture 6 2 409 3 289 Profit before taxation and capital items 6 158 3 252 Capital items before tax 7 416 (2 182) Profit before taxation 6 574 1 070 Taxation 18 (1 409) (561) Profit for the year 5 165 509 Attributable to: Equity holders of ARM Profit for the year 3 998 330 Basic earnings for the year 3 998 330 Non-controlling interest Profit for the year 1 167 179 1 167 179 Profit for the year 5 165 509 Earnings per share Basic earnings per share (cents) 8 2 073 169 Diluted basic earnings per share (cents) 8 2 061 168 1 Change in presentation of F2025 figure. Insurance revenue of R48 million is netted off against the net income/(expenses) from insurance services line item. The accompanying notes are an integral part of these condensed group financial statements. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 31 CONDENSED GROUP STATEMENT OF PROFIT OR LOSS for the year ended 30 June
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Financial instruments at fair value through other compre- hensive income Rm Other Rm Retained earnings Rm Total share- holders of ARM Rm Non- controlling interest Rm Total Rm For the year ended 30 June 2025 (Audited) Profit for the year ended 30 June 2025 – – 330 330 179 509 Other comprehensive income that will not be reclassified to the statement of profit or loss in subsequent periods Fair value hedge – Harmony collar hedge – 53 – 53 – 53 Financial asset – 68 – 68 – 68 Deferred tax on above – (15) – (15) – (15) Net impact of revaluation of listed investment – Harmony 4 493 – – 4 493 – 4 493 Revaluation of listed investment 5 731 – – 5 731 – 5 731 Deferred tax on above (1 238) – – (1 238) – (1 238) Net impact of revaluation of listed investment – Surge Copper 9 – – 9 – 9 Revaluation of listed investment 12 – – 12 – 12 Deferred tax on above (3) – – (3) – (3) Other comprehensive income that may be reclassified to the statement of profit or loss in subsequent periods Foreign currency translation reserve movement – 73 – 73 – 73 Total other comprehensive income 4 502 126 – 4 628 – 4 628 Total comprehensive income for the year 4 502 126 330 4 958 179 5 137 For the year ended 30 June 2026 (Reviewed) Profit for the year ended 30 June 2026 – – 3 998 3 998 1 167 5 165 Other comprehensive income that will not be reclassified to the statement of profit or loss in subsequent periods Fair value hedge – Harmony collar hedge (333) (20) – (353) – (353) Derivative financial liability (424) (20) – (444) – (444) Deferred tax on above 91 – – 91 – 91 Net impact of revaluation of listed investment – Harmony 304 – – 304 – 304 Revaluation of listed investment 388 – – 388 – 388 Deferred tax on above (84) – – (84) – (84) Net impact of revaluation of listed investment – Surge Copper 227 – – 227 – 227 Revaluation of listed investment 290 – – 290 – 290 Deferred tax on above (63) – – (63) – (63) Other comprehensive income that may be reclassified to the statement of profit or loss in subsequent periods Foreign currency translation reserve movement – (246) – (246) – (246) Total other comprehensive income/(loss) 198 (266) – (68) – (68) Total comprehensive income/(loss) for the year 198 (266) 3 998 3 930 1 167 5 097 The accompanying notes are an integral part of these condensed group financial statements. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 32 CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME for the year ended 30 June
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Other reserves Share capital and premium Rm Treasury shares Rm Financial instruments at fair value through other compre- hensive income Rm Share- based payments Rm Other¹ Rm Retained earnings Rm Total share- holders of ARM Rm Non- controlling interest² Rm Total Rm Balance at 30 June 2024 (Audited) 5 278 (2 405) 9 002 323 160 41 648 54 006 4 081 58 087 Total comprehensive income for the year – – 4 502 – 126 330 4 958 179 5 137 Profit for the year ended 30 June 2025 – – – – – 330 330 179 509 Other comprehensive income – – 4 502 – 126 – 4 628 – 4 628 Conditional shares issued to employees – – – (95) – – (95) – (95) Dividend paid 3 – – – – – (2 644) (2 644) – (2 644) Repurchase of own shares4 – (500) – – – – (500) – (500) Cancellation of repurchased shares4 (500) 500 – – – – – – – Cancellation of treasury shares 5 (651) 651 – – – – – – – Share-based payment expense – – – 137 – – 137 – 137 Other – – – – – (1) (1) – (1) Balance at 30 June 2025 (Audited) 4 127 (1 754) 13 504 365 286 39 333 55 861 4 260 60 121 Total comprehensive income/(loss) for the year – – 198 – (266) 3 998 3 930 1 167 5 097 Profit for the year ended 30 June 2026 – – – – – 3 998 3 998 1 167 5 165 Other comprehensive income/(loss) – – 198 – (266) – (68) – (68) Conditional shares issued to employees – – – (64) – – (64) – (64) Transfer between reserves – – 33 – (33) – – – – Dividend paid 3 – – – – – (2 121) (2 121) – (2 121) Share-based payment expense – – – 113 – – 113 – 113 Other – – – – – (1) (1) – (1) Balance at 30 June 2026 (Reviewed) 4 127 (1 754) 13 735 414 (13) 41 209 57 718 5 427 63 145 1 Other reser ves consist of the following: F2026 Rm F2025 Rm F2024 Rm Dilution in Two Rivers (26) (26) (26) Foreign currency translation reserve – Assmang – 241 167 Foreign currency translation reserve – other entities 84 89 90 Capital redemption and prospecting loans written off 28 28 28 Harmony collar hedge financial instrument – 53 – Tamboti assets sale to Two Rivers (99) (99) (99) Total (13) 286 160 2 Non-controlling interest inc ludes R4 728 million (F2025: R3 704 million) for Two Rivers and R624 million (F2025: R480 million) for Modikwa. 3 Interim di vidend paid of 500 cents (F2025: 450 cents) per share and final dividend paid of 600 cents (F2025: 900 cents) per share. 4 ARM repurc hased and cancelled 3 239 681 ordinary shares at an average price of R154.27 per share. 5 Opilac Proprietar y Limited, a wholly owned subsidiary of ARM, effected a distribution in specie of its entire shareholding in ARM, being 12 717 328 ordinary shares. ARM cancelled these shares once the dividend in specie was received. The accompanying notes are an integral part of these condensed group financial statements. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 33 CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY for the year ended 30 June
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Notes Reviewed F2026 Rm Audited F2025 Rm CASH FLOW FROM OPERATING ACTIVITIES Cash receipts from customers 16 402 12 920 Cash paid to suppliers and employees (12 169) (12 875) Cash generated from operations 19 4 233 45 Interest received 759 783 Interest paid1 (157) (260) Taxation paid (445) (408) 4 390 160 Dividends received from joint venture 6 3 400 4 500 Dividends received from associate 5 – 192 Dividends received from investments – Harmony 512 240 Dividends paid to equity holders of ARM (2 121) (2 644) Net cash inflow from operating activities 6 181 2 448 CASH FLOW FROM INVESTING ACTIVITIES Additional investment in Surge Copper (105) (3) Additions to property , plant and equipment to maintain operations (1 493) (1 827) Additions to property , plant and equipment to expand operations (1 186) (831) Proceeds on disposal of property , plant and equipment 4 30 Net cash inflow on acquisition of Nkomati Mine 23 377 – Investments in financial assets (923) (619) Proceeds from financial assets matured 794 817 Payment of financial instrument (22) – Net cash outflow from investing activities (2 554) (2 433) CASH FLOW FROM FINANCING ACTIVITIES Repurchase of own shares – (500) Cash payments to owners to acquire the entity’s shares (43) (60) Long-term borrowings raised – 771 Long-term borrowings repaid (1 288) (43) Short-term borrowings raised – 154 Short-term borrowings repaid 2 (611) (19) Net cash (outflow)/inflow from financing activities (1 942) 303 Net increase in cash and cash equivalents 1 685 318 Cash and cash equivalents at beginning of year 8 626 8 309 Net foreign exchange difference (2) (1) Cash and cash equivalents at end of year 10 309 8 626 Made up as follows: – Available 12 9 464 7 591 – Cash set aside for specific use 12 845 1 035 10 309 8 626 Overdrafts 13 19 18 Cash and cash equivalents per statement of financial position 10 328 8 644 Cash generated from operations per share (cents) 2 195 23 1 Inc ludes group interest repayments of lease liabilities of R13 million (F2025: R11 million). 2 Inc ludes group capital repayments of lease liabilities of R22 million (F2025: R17 million). The accompanying notes are an integral part of these condensed group financial statements. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 34 CONDENSED GROUP STATEMENT OF CASH FLOWS for the year ended 30 June
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1 STATEMENT OF COMPLIANCE The condensed group financial statements for the year ended 30 June 2026 have been prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS ® Accounting Standards as issued by the International Accounting Standards Board, the Financial Pronouncements as issued by the Financial Reporting Standards Council and South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, the Johannesburg Stock Exchange (JSE) Listings Requirements, IAS 34 Interim Financial Reporting and the South African Companies Act. Basis of preparation The condensed group financial statements for the year have been prepared under the supervision of the finance director , Ms TTA Mhlanga CA(SA). The condensed group financial statements for the year have been prepared on the historical cost basis, except for certain financial instruments that are fairly valued. The accounting policies used are in terms of IFRS ® Accounting Standards and are consistent with those applied in the most recent annual financial statements, apart from the new standards adopted in the current year . Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the group’s financial position, performance and cash flow since the last annual financial statements. Adoption of new and revised accounting standards The group has adopted the following new and/or revised standards and interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC) of the IASB during the period under review. The date of initial application for the group being 1 July 2025. Standard Subject Effective date IAS 21 The effects of changes in foreign exchange rates – lack of exchangeability – amendments 1 January 2025 The adoption of the above standards did not have a significant effect on the condensed group financial statements. New standards issued but not yet effective The following amendments, standards or interpretations have been issued but are not yet effective for the group. The effective date refers to periods beginning on or after , unless otherwise indicated. Standard Subject Effective date IFRS 9 Classification and measurement of financial instruments – amendments 1 January 2026 IFRS 7 Financial instruments – annual improvements – amendments 1 January 2026 IFRS 9 Financial instruments – annual improvements – amendments 1 January 2026 IFRS 7 Classification and measurement of financial instruments – amendments 1 January 2026 IFRS 10 Consolidated financial statements – annual improvements – amendments 1 January 2026 IAS 7 Statement of cash flows – annual improvements – amendments 1 January 2026 IFRS 1 First-time adoption of International Financial Reporting Standards – annual improvements – amendments 1 January 2026 IFRS 7 Contracts referencing nature – dependent electricity – amendments 1 January 2026 IFRS 9 Contracts referencing nature – dependent electricity – amendments 1 January 2026 IFRS 18 Presentation and disclosure in financial statements 1 January 2027 IFRS 19 Subsidiaries without public accountability – disclosures 1 January 2027 IAS 21 The effects of changes in foreign exchange rates 1 January 2027 IAS 28 Investments in associates and joint ventures 1 January 2027 IFRS 20 Regulatory assets and regulatory liabilities 1 January 2029 The group does not intend early adopting any of the above amendments or standards. ARM continuously evaluates the impact of these standards and amendments, the adoption of which is not expected to have a significant effect on the condensed group financial statements, with the exception of IFRS 18 Presentation and disclosure in financial statements. ARM is assessing the impact of the change in IFRS 18 Presentation and disclosure in financial statements on the condensed group financial statements. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 35 NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS for the year ended 30 June 2026
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2 PRIMARY SEGMENTAL INFORMATION Business segments For management purposes, the group is organised into the following operating divisions: ARM Platinum (which includes platinum and nickel), ARM Ferrous, ARM Coal and ARM Corporate (which includes Machadodorp Works, Corporate, Gold and other) in the table below. Attributable ARM Platinum1 Rm ARM Ferrous2 Rm ARM Coal Rm ARM Corporate Rm Total Rm IFRS adjust- ment3 Rm Total per IFRS financial statements Rm 2.1 Year to 30 June 2026 (Reviewed) Sales 13 646 16 572 1 602 – 31 820 (16 572) 15 248 Cost of sales (9 212) (12 431) (1 643) 80 (23 206) 12 355 (10 851) Other operating income 174 173 12 1 109 1 468 (164) 1 304 Other operating expenses (925) (1 796) (66) (1 554) (4 341) 1 796 (2 545) Net income from insurance service – – – 29 29 – 29 Net expense from reinsurance contracts held – – – (23) (23) – (23) Segment result 3 683 2 518 (95) (359) 5 747 (2 585) 3 162 Income from investments 135 452 33 1 117 1 737 (452) 1 285 Finance costs (192) (85) (56) (49) (382) 85 (297) Net finance expenses from insurance contracts issued – – – (11) (11) – (11) Net finance expenses from reinsurance contracts held – – – (35) (35) – (35) Loss from associate – – (355) – (355) – (355) (Loss)/profit from joint venture – (24) – – (24) 2 433 2 409 Capital items before tax (refer note 7) (47) 397 (2) 465 813 (397) 416 Taxation (1 113) (897) 45 (360) (2 325) 916 (1 409) Profit/(loss) after tax 2 466 2 361 (430) 768 5 165 – 5 165 Non-controlling interest (1 167) – – – (1 167) – (1 167) Consolidation adjustments4 – 48 – (48) – – – Contribution to basic earnings/(losses) 1 299 2 409 (430) 720 3 998 – 3 998 Contribution to headline earnings/(losses) 1 345 2 028 (428) 256 3 201 – 3 201 Other information Segment assets, including investment in associate 25 495 25 972 3 762 29 885 85 114 (6 998) 78 116 Investment in associate 833 833 833 Investment in joint venture 18 974 18 974 Segment liabilities 4 906 3 458 596 2 224 11 184 (3 458) 7 726 Unallocated liabilities (tax and deferred tax) 10 785 (3 540) 7 245 Consolidated total liabilities 21 969 (6 998) 14 971 Cash generated/(utilised) from operations 4 124 4 573 274 (165) 8 806 (4 573) 4 233 Cash inflow from operating activities 4 045 4 373 289 1 847 10 554 (4 373) 6 181 Cash (outflow)/inflow from investing activities (2 364) (1 030) (205) 15 (3 584) 1 030 (2 554) Cash outflow from financing activities (1 852) (24) (12) (78) (1 966) 24 (1 942) Capital expenditure 2 759 1 842 299 4 4 904 (1 842) 3 062 Amortisation and depreciation 728 1 567 241 14 2 550 (1 567) 983 Raw materials, consumables used and change in inventories (cost of sales) 2 613 2 544 407 – 5 564 (2 544) 3 020 Salaries and wages (cost of sales) 2 417 2 075 224 – 4 716 (2 075) 2 641 Fees received (refer note 16) – – – 1 075 1 075 – 1 075 EBITDA* 4 411 4 085 146 (345) 8 297 (4 152) 4 145 There were no significant inter-company sales. Segment results take into account inter-company eliminations, with the exception of inter-company remeasurements. 1 R efer to note 2.3 for more detail on the ARM Platinum segment. 2 R efer to note 2.5 and note 6 for more detail on the ARM Ferrous segment. 3 Inc ludes IFRS 11 Joint arrangements adjustments related to ARM Ferrous and other consolidation adjustments. 4 R elates to fees capitalised in ARM Ferrous and reversed upon consolidation. * EBITD A is the sum of segment results plus amortisation and depreciation. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 36 NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026
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2 PRIMARY SEGMENTAL INFORMATION continued Business segments continued Attributable ARM Platinum1 Rm ARM Ferrous2 Rm ARM Coal Rm ARM Corporate Rm Total Rm IFRS adjust- ment3 Rm Total per IFRS financial statements Rm 2.2 Year to 30 June 2025 (Audited) Sales 9 927 19 520 1 734 – 31 181 (19 520) 11 661 Cost of sales (10 326) (13 472) (1 530) 80 (25 248) 13 397 (11 851) Other operating income 140 122 10 1 390 1 662 (43) 1 619 Other operating expenses (579) (1 737) (57) (1 386) (3 759) 1 737 (2 022) Net expenses from insurance service – – – (120) (120) – (120) Net income from reinsurance contracts held – – – 146 146 – 146 Segment result (838) 4 433 157 110 3 862 (4 429) (567) Income from investments 123 432 26 884 1 465 (432) 1 033 Finance costs (262) (89) (41) (54) (446) 89 (357) Net finance expenses from insurance contracts issued – – – (9) (9) – (9) Net finance expenses from reinsurance contracts held – – – (50) (50) – (50) Loss from associate – – (87) – (87) – (87) (Loss)/income from joint venture – (27) – – (27) 3 316 3 289 Capital items before tax (refer note 7) (2 182) (219) (1) 1 (2 401) 219 (2 182) Taxation (132) (1 238) (8) (420) (1 798) 1 237 (561) (Loss)/profit after tax (3 291) 3 292 46 462 509 – 509 Non-controlling interest (179) – – – (179) – (179) Consolidation adjustments4 – (3) – 3 – – – Contribution to basic (losses)/earnings (3 470) 3 289 46 465 330 – 330 Contribution to headline (losses)/earnings (1 288) 3 472 47 464 2 695 – 2 695 Other information Segment assets, including investment in associate 21 212 27 113 4 060 28 847 81 232 (6 907) 74 325 Investment in associate 1 188 1 188 1 188 Investment in joint venture 20 206 20 206 Segment liabilities 5 560 3 441 418 1 918 11 337 (3 441) 7 896 Unallocated liabilities (tax and deferred tax) 9 774 (3 466) 6 308 Consolidated total liabilities 21 111 (6 907) 14 204 Cash (utilised in)/generated from operations (353) 6 036 708 (310) 6 081 (6 036) 45 Cash (outflow)/inflow from operating activities (140) 5 182 390 (120) 5 312 (2 864) 2 448 Cash (outflow)/inflow from investing activities (2 392) (1 563) (276) 235 (3 996) 1 563 (2 433) Cash inflow/(outflow) from financing activities 903 (26) (2) (598) 277 26 303 Capital expenditure 1 978 1 767 275 30 4 050 (1 767) 2 283 Amortisation and depreciation 703 1 541 264 11 2 519 (1 541) 978 Raw materials, consumables used and change in inventories (cost of sales) 2 984 3 006 377 – 6 367 (2 611) 3 756 Salaries and wages (cost of sales) 2 804 2 248 225 – 5 277 (2 248) 3 029 Fees received (refer note 16) – – – 1 366 1 366 – 1 366 Impairment loss before tax (refer note 7) 2 209 227 – – 2 436 (227) 2 209 EBITDA* (135) 5 974 421 121 6 381 (5 970) 411 There were no significant inter-company sales. Segment results take into account inter-company eliminations, with the exception of inter-company remeasurements. 1 R efer to note 2.4 for more detail on the ARM Platinum segment. 2 R efer to note 2.6 and note 6 for more detail on the ARM Ferrous segment. 3 Inc ludes IFRS 11 Joint arrangements adjustments related to ARM Ferrous and other consolidation adjustments. 4 R elates to fees capitalised in ARM Ferrous and reversed upon consolidation. * EBITD A is the sum of segment results plus amortisation and depreciation. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 37
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2 PRIMARY SEGMENTAL INFORMATION continued Business segments continued The ARM Platinum segment is analysed further into Nkomati, Two Rivers Platinum Proprietary Limited (Two Rivers) and ARM Platinum Proprietary Limited, which includes 50% of the Modikwa Platinum Mine (Modikwa) and 100% of the Bokoni Platinum Mine (Bokoni). Attributable Two Rivers Rm Modikwa Rm Bokoni Rm Nkomati Rm ARM Platinum total Rm 2.3 Year to 30 June 2026 (Reviewed) Sales 9 354 4 186 37 69 13 646 Cost of sales (6 017) (3 090) (31) (74) (9 212) Other operating income 46 63 36 29 174 Other operating expenses (232) (69) (613) (11) (925) Segment result 3 151 1 090 (571) 13 3 683 Income from investments 23 87 8 17 135 Finance costs (123) (14) (16) (39) (192) Capital items before tax (refer note 7) – – (47) – (47) Taxation (825) (337) 1 48 (1 113) Profit/(loss) after tax 2 226 826 (625) 39 2 466 Non-controlling interest (1 024) (143) – – (1 167) Contribution to basic earnings/ (losses) 1 202 683 (625) 39 1 299 Contribution to headline earnings/ (losses) 1 202 683 (579) 39 1 345 Other information Segment and consolidated assets 14 813 5 428 4 204 1 050 25 495 Segment liabilities 1 791 849 382 1 884 4 906 Unallocated liabilities (tax and deferred tax) 3 154 Consolidated total liabilities 8 060 Cash inflow/(outflow) from operating activities 3 131 1 254 (202) (138) 4 045 Cash (outflow)/inflow from investing activities (796) (604) (1 023) 59 (2 364) Cash outflow from financing activities (1 725) – (127) – (1 852) Capital expenditure 1 017 622 1 091 29 2 759 Amortisation and depreciation 348 163 202 15 728 Raw materials, consumables used and change in inventories (cost of sales) 1 818 774 2 19 2 613 Salaries and wages (cost of sales) 1 526 891 – – 2 417 EBITDA* 3 499 1 253 (369) 28 4 411 * EBITD A is the sum of segment results plus amortisation and depreciation. NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 38
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2 PRIMARY SEGMENTAL INFORMATION continued Business segments continued Attributable Two Rivers Rm Modikwa Rm Bokoni Rm Nkomati Rm ARM Platinum total Rm 2.4 Year to 30 June 2025 (Audited) Sales 6 210 2 899 818 – 9 927 Cost of sales (5 364) (3 016) (1 946) – (10 326) Other operating income 68 48 1 23 140 Other operating expenses (188) (41) (264) (86) (579) Segment result 726 (110) (1 391) (63) (838) Income from investments 6 91 14 12 123 Finance costs (218) (15) (15) (14) (262) Capital items before tax (refer note 7) – – (2 182) – (2 182) Taxation (138) (4) – 10 (132) Profit/(loss) after tax 376 (38) (3 574) (55) (3 291) Non-controlling interest (174) (5) – – (179) Contribution to basic earnings/ (losses) 202 (43) (3 574) (55) (3 470) Contribution to headline earnings/ (losses) 202 (43) (1 392) (55) (1 288) Other information Segment and consolidated assets 13 097 4 284 3 660 171 21 212 Segment liabilities 3 136 754 523 1 147 5 560 Unallocated liabilities (tax and deferred tax) 2 134 Consolidated total liabilities 7 694 Cash inflow/(outflow) from operating activities 790 94 (906) (118) (140) Cash outflow from investing activities (1 599) (220) (568) (5) (2 392) Cash inflow from financing activities 777 – 126 – 903 Capital expenditure 1 193 222 563 – 1 978 Amortisation and depreciation 313 134 256 – 703 Raw materials, consumables used and change in inventories (cost of sales) 1 635 723 626 – 2 984 Salaries and wages (cost of sales) 1 331 883 590 – 2 804 Impairment loss before tax (refer note 7) – – 2 209 – 2 209 EBITDA* 1 039 24 (1 135) (63) (135) * EBITD A is the sum of segment results plus amortisation and depreciation. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 39
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2 PRIMARY SEGMENTAL INFORMATION continued Business segments continued Analysis of the ARM Ferrous segment on a 100% Assmang basis. Attributable Iron ore division Rm Manganese division Rm ARM Ferrous total Rm ARM share Rm IFRS adjustment1 Rm Total per IFRS financial state- ments Rm 2.5 Year to 30 June 2026 (Reviewed) Sales 21 153 11 991 33 144 16 572 (16 572) – Cost of sales (14 229) (10 633) (24 862) (12 431) 12 431 – Other operating income 166 180 346 173 (173) – Other operating expenses (2 499) (1 093) (3 592) (1 796) 1 796 – Segment result 4 591 445 5 036 2 518 (2 518) – Income from investments 840 63 903 452 (452) – Finance costs (93) (76) (169) (85) 85 – Loss from joint venture – (48) (48) (24) 24 – Capital items before tax (refer note 7) 20 774 794 397 (397) – Taxation (1 584) (211) (1 795) (897) 897 – Profit after tax 3 774 947 4 721 2 361 (2 361) – Consolidation adjustments 48 (48) – Contribution to basic earnings 3 774 947 4 721 2 409 – 2 409 Contribution to headline earnings 3 759 199 3 958 2 028 – 2 028 Other information Consolidated total assets 33 315 20 256 53 571 25 972 (6 998) 18 974 Consolidated total liabilities 8 803 5 651 14 454 3 458 (3 458) – Cash inflow from operating activities2 2 198 147 2 345 4 373 (4 373) – Cash (outflow)/inflow from investing activities (2 189) 631 (1 558) (1 030) 1 030 – Cash outflow from financing activities (15) (33) (48) (24) 24 – Capital expenditure 2 524 1 176 3 700 1 842 (1 842) – Amortisation and depreciation 2 096 1 187 3 283 1 567 (1 567) – Raw materials, consumables used and change in inventories 3 720 1 368 5 088 2 544 (2 544) – Salaries and wages 2 104 2 046 4 150 2 075 (2 075) – EBITDA* 6 687 1 632 8 319 4 085 (4 085) – Additional information for ARM Ferrous at 100% Assmang basis Non-current assets Property , plant and equipment 32 387 (32 387) – Investment in joint venture 137 (137) – Other non-current assets 3 561 (3 561) – Current assets Inventories 5 334 (5 334) – Trade and other receivables 4 049 (4 049) – Financial assets 235 (235) – Cash and cash equivalents 7 868 (7 868) – Assets held for sale 1 (1) – Non-current liabilities Other non-current liabilities 9 644 (9 644) – Current liabilities Trade and other payables 3 473 (3 473) – Short-term provisions 1 291 (1 291) – Other current liabilities 46 (46) – 1 Inc ludes consolidation and IFRS 11 Joint arrangements adjustments. 2 Di vidend paid amounting to R3.4 billion included in cash flows from operating activities. Refer to note 2.1 and note 6 for more detail on the ARM Ferrous segment. * EBITD A is the sum of segment results plus amortisation and depreciation. NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 40
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2 PRIMARY SEGMENTAL INFORMATION continued Business segments continued Analysis of the ARM Ferrous segment on a 100% Assmang basis. Attributable Iron ore division Rm Manganese division Rm ARM Ferrous total Rm ARM share Rm IFRS adjustment1 Rm Total per IFRS financial state- ments Rm 2.6 Year to 30 June 2025 (Audited) Sales 24 217 14 822 39 039 19 520 (19 520) – Cost of sales (14 281) (12 663) (26 944) (13 472) 13 472 – Other operating income 168 76 244 122 (122) – Other operating expenses (2 213) (1 261) (3 474) (1 737) 1 737 – Segment result 7 891 974 8 865 4 433 (4 433) – Income from investments 804 60 864 432 (432) – Finance costs (84) (94) (178) (89) 89 – Loss from joint venture – (54) (54) (27) 27 – Capital items before tax (refer note 7) (345) (93) (438) (219) 219 – Taxation (2 197) (280) (2 477) (1 238) 1 238 – Profit after tax 6 069 513 6 582 3 292 (3 292) – Consolidation adjustments – (3) 3 – Contribution to basic earnings 6 069 513 6 582 3 289 – 3 289 Contribution to headline earnings 6 321 629 6 950 3 472 – 3 472 Other information Consolidated total assets 33 479 22 513 55 992 27 113 (6 907) 20 206 Consolidated total liabilities 8 082 6 232 14 314 3 441 (3 441) – Cash (outflow)/inflow from operating activities2 (167) 1 481 1 314 5 182 (5 182) – Cash outflow from investing activities (2 209) (685) (2 894) (1 563) 1 563 – Cash outflow from financing activities (15) (37) (52) (26) 26 – Capital expenditure 2 681 1 011 3 692 1 767 (1 767) – Amortisation and depreciation 2 075 1 158 3 233 1 541 (1 541) – Raw materials, consumables used and change in inventories 3 835 2 177 6 012 3 006 (3 006) – Salaries and wages 2 208 2 288 4 496 2 248 (2 248) – Impairment loss before tax (refer note 7) 371 84 455 227 (227) – EBITDA* 9 966 2 132 12 098 5 974 (5 974) – Additional information for ARM Ferrous at 100% Assmang Non-current assets Property , plant and equipment 31 932 (31 932) – Investment in joint venture 628 (628) – Other non-current assets 3 041 (3 041) – Current assets Inventories 5 483 (5 483) – Trade and other receivables 5 666 (5 666) – Financial assets 270 (270) – Cash and cash equivalents 7 136 (7 136) – Assets held for sale 1 830 (1 830) – Non-current liabilities Other non-current liabilities 9 079 (9 079) – Current liabilities Trade and other payables 3 560 (3 560) – Short-term provisions 1 388 (1 388) – Other current liabilities 280 (280) – 1 Inc ludes consolidation and IFRS 11 Joint arrangements adjustments. 2 Di vidend paid amounting to R4.5 billion included in cash flows from operating activities. Refer to note 2.2 and note 6 for more detail on the ARM Ferrous segment. * EBITD A is the sum of segment results plus amortisation and depreciation. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 41
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2 PRIMARY SEGMENTAL INFORMATION continued Additional information ARM Corporate as presented in the table on pages 36 and 37 is analysed further into Machadodorp, Corporate and other , and Gold segments. Attributable Machadodorp Works Rm Corporate and other Rm Gold Rm Total ARM Corporate Rm 2.7 Year to 30 June 2026 (Reviewed) Cost of sales – 80 80 Other operating income 6 1 103 1 109 Other operating expenses (166) (1 388) (1 554) Net income from insurance service – 29 29 Net expenses from reinsurance contracts held – (23) (23) Segment result (160) (199) (359) Income from investments – 605 512 1 117 Finance costs (20) (29) (49) Net finance expenses from insurance contracts issued – (11) (11) Net finance expenses from reinsurance contracts held – (35) (35) Capital items before tax (refer note 7) 3 462 465 Taxation 54 (414) (360) (Loss)/profit after tax (123) 379 512 768 Consolidation adjustments1 – (48) (48) Contribution to basic (losses)/earnings (123) 331 512 720 Contribution to headline (losses)/earnings (126) (130) 512 256 Other information Segment and consolidated assets 49 11 169 18 667 29 885 Segment liabilities 221 2 003 2 224 Cash (outflow)/inflow from operating activities (168) 1 503 512 1 847 Cash inflow from investing activities – 15 15 Cash outflow from financing activities – (78) (78) Capital expenditure 1 3 4 Amortisation and depreciation 1 13 14 Fees received (refer note 16) – 1 075 1 075 EBITDA* (159) (186) (345) 1 R elates to fees capitalised in ARM Ferrous and reversed upon consolidation. * EBITD A is the sum of segment results plus amortisation and depreciation. NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 42
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2 PRIMARY SEGMENTAL INFORMATION continued Additional information continued Attributable Machadodorp Works Rm Corporate and other Rm Gold Rm Total ARM Corporate Rm 2.8 Year to 30 June 2025 (Audited) Cost of sales – 80 80 Other operating income 5 1 385 1 390 Other operating expenses (123) (1 263) (1 386) Net expenses from insurance service – (120) (120) Net income from reinsurance contracts held – 146 146 Segment result (118) 228 110 Income from investments – 644 240 884 Finance costs (21) (33) (54) Net finance expenses from insurance contracts issued – (9) (9) Net finance expenses from reinsurance contracts held – (50) (50) Capital items before tax (refer note 7) 1 – 1 Taxation 45 (465) (420) (Loss)/profit after tax (93) 315 240 462 Consolidation adjustment1 – 3 3 Contribution to basic (losses)/earnings (93) 318 240 465 Contribution to headline (losses)/earnings (94) 318 240 464 Other information Segment and consolidated assets 46 10 522 18 279 28 847 Segment liabilities 211 1 707 1 918 Cash (outflow)/inflow from operating activities (156) (204) 240 (120) Cash inflow from investing activities – 235 235 Cash outflow from financing activities – (598) (598) Capital expenditure 1 29 30 Amortisation and depreciation – 11 11 Fees received (refer note 16) – 1 366 1 366 EBITDA* (118) 239 121 1 R elates to fees capitalised in ARM Ferrous and reversed upon consolidation. * EBITD A is the sum of segment results plus amortisation and depreciation. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 43
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Reviewed F2026 Rm Audited F2025 Rm 3 REVENUE AND SALES Sales 15 248 11 661 Local sales 14 005 10 264 Export sales 1 243 1 397 Revenue 16 323 13 027 Fair value adjustments to revenue 532 257 Revenue from contracts with customers 15 791 12 770 Sales – mining and related products 15 322 11 852 Penalty and treatment charges (606) (448) Modikwa (23) (3) Bokoni (8) (150) Two Rivers (575) (295) Fees received 1 075 1 366 Sales by geographical area1: – South Africa 14 005 10 264 – Europe 1 243 1 397 15 248 11 661 1 Sales b y geographical area has been included to provide additional information. 4 PROPERTY, PLANT AND EQUIPMENT The movements in F2026 property , plant and equipment (including mineral rights) include capital expenditure at Bokoni of R1 091 million, Two Rivers of R1 017 million and Modikwa of R622 million, as well as the acquisition of Nkomati Mine of R813 million (refer note 23). Reviewed F2026 Rm Audited F2025 Rm 5 INVESTMENT IN ASSOCIATE Through ARM’s 51% investment in ARM Coal and ARM’s 10% direct investment, the group holds a 20.2% investment in the Participative Coal Business (PCB) of Glencore Operations South Africa Proprietary Limited (GOSA). Opening balance 1 188 1 467 Share of loss from associate (355) (87) Dividend received (refer statement of cash flows) – (192) Closing balance 833 1 188 NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 44
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Reviewed F2026 Rm Audited F2025 Rm 6 INVESTMENT IN JOINT VENTURE The investment relates to ARM Ferrous and consists of Assmang as a joint venture, which includes iron ore and manganese operations based in South Africa. Opening balance 20 206 21 341 Share of profit from joint venture 2 409 3 289 Income for the period1 2 361 3 292 Consolidation adjustment 48 (3) Foreign currency translation reserve (241) 76 Less: cash dividend received for the period (3 400) (4 500) Closing balance 18 974 20 206 1 Inc ludes expected credit gain of R71 million less tax of R29 million (F2025: credit losses of R33 million less tax of R6 million). Refer notes 2.1, 2.5 and 2.6 for more detail on the ARM Ferrous segment. Reviewed F2026 Rm Audited F2025 Rm 7 CAPITAL ITEMS Gain on remeasurement to fair value of pre-existing interest in Nkomati – Corporate (refer note 23) 462 – Impairment loss on property , plant and equipment – Bokoni (refer note 7.2) – (2 209) Impairment loss reversal on property , plant and equipment – Machadodorp 3 – Loss on sale of property , plant and equipment – ARM Coal (2) (1) Profit on sale of property , plant and equipment – Machadodorp – 1 (Loss)/profit on sale of property , plant and equipment – Bokoni (47) 27 Capital items per statement of profit or loss before taxation effect 416 (2 182) Capital items included in share of profit from joint venture – Assmang Impairment loss on joint venture in Sakura (refer note 7.1) – (36) Impairment reversal/(loss) on property , plant and equipment (refer note 7.1) 10 (191) Impairment reversal on investment in Cato Ridge Alloys (refer note 7.1) 29 – Profit on disposal of joint venture (Sakura) 241 – Profit on sale of property , plant and equipment 117 9 Capital items before taxation effect 813 (2 400) Tax on capital items included in share of profit from joint venture – Assmang Impairment (reversal)/loss on property , plant and equipment (5) 52 Profit on disposal of property , plant and equipment (11) (17) Total amount adjusted for headline earnings 797 (2 365) African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 45
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7 CAPITAL ITEMS continued 7.1 ARM Ferrous Property, plant and equipment Impairment Beeshoek Mine During the year , Beeshoek implemented a phased shutdown after the operation was unable to secure a long-term sales agreement, with production ceasing at the end of October 2025. As a result, management reassessed the use and recoverable amount of property , plant and equipment. The reassessment resulted in an impairment loss of R59 million before tax of R10 million being recognised at 30 June 2026 (ARM’s attributable share of impairment loss amounted to R30 million before tax of R5 million). The impairment, together with a reversal of previously recognised impairment of R79 million before tax of R21 million (ARM’s attributable share of reversal of previously recognised impairment amounted to R40 million before tax of R10 million), resulted in a net impairment reversal of R20 million before tax of R11 million on being recognised for the year ended 30 June 2026 (ARM’s attributable share of the net impairment reversal of R10 million before tax of R5 million). At 30 June 2025, an impairment loss of R371 million before taxation of R100 million was recognised on the property , plant and equipment at Beeshoek Mine. ARM’s attributable share of the impairment loss amounted to R186 million before tax of R50 million. Details of the impairments were included in the financial results for the year ended 30 June 2025, which can be found on www.arm.co.za. Cato Ridge Works There was no impairment at 30 June 2026. At 30 June 2025, an impairment loss of R11 million before taxation of R3 million was recognised on the property , plant and equipment at the Cato Ridge Works operation. ARM’s attributable share of the impairment loss amounted to R5 million before tax of R2 million. Details of the impairments were included in the financial results for the year ended 30 June 2025, which can be found on www.arm.co.za. Investments Impairment Cato Ridge Alloys During the period, management reassessed the expected manner of recovery of the investment from recovery through the joint venture continuing as a going concern to recovery through the distribution of dividends to shareholders. As a result of this change in the expected manner of recovery , the recoverable amount increased and exceeded the impaired carrying amount of the investment. Accordingly , the previously recognised impairment was reversed to the extent of R57 million before taxation of Rnil and recognised in profit or loss for the year (ARM’s attributable share of the impairment reversal amounted to R29 million before tax of Rnil). Sakura There was no impairment at 30 June 2026. At 31 December 2024, an impairment loss of R72 million with no tax effect was recognised on Assmang’s equity-accounted investment in Sakura. ARM’s attributable share of the impairment loss amounted to R36 million with no tax effect. Details of the impairments were included in the financial results for the period ended 31 December 2024 and 30 June 2025, which can be found on www.arm.co.za. NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 46
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7 CAPITAL ITEMS continued 7.2 ARM Platinum Property, plant and equipment Impairment Bokoni Mine There was no impairment at 30 June 2026. At 30 June 2025, an impairment loss of R2 209 million was recognised on the property , plant and equipment at Bokoni Platinum Mine. Details of the impairments were included in the financial results for the year ended 30 June 2025, which can be found on www.arm.co.za. Reviewed F2026 Rm Audited F2025 Rm 8 EARNINGS PER SHARE Headline earnings (R million) 3 201 2 695 Headline earnings per share (cents) 1 660 1 379 Basic earnings per share (cents) 2 073 169 Diluted headline earnings per share (cents) 1 650 1 374 Diluted basic earnings per share (cents) 2 061 168 Number of shares in issue at end of year (thousands) 208 711 208 711 Weighted average number of shares (thousands) 192 813 195 481 Potential ordinary shares due to long-term share incentives granted (thousands) 1 168 698 Weighted average number of shares used in calculating diluted earnings per share (thousands) 193 981 196 179 EBITDA (R million) 4 145 411 Interim dividend declared (cents per share) 500 450 Dividend declared after year end (cents per share) 700 600 Reconciliation to headline earnings (R million) Basic earnings attributable to equity holders of ARM 3 998 330 Capital items after tax (note 7) (797) 2 365 Headline earnings 3 201 2 695 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 47
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Reviewed F2026 Rm Audited F2025 Rm 9 OTHER INVESTMENTS Harmony1, 2, 3 18 667 18 279 Opening balance 18 279 12 548 Fair value gain in other comprehensive income 388 5 731 Guardrisk4 114 93 Preference shares1 1 1 Richards Bay Coal Terminal5 150 168 Surge Copper1, 6, 7 487 92 Closing balance 19 419 18 633 1 T his is a level 1 valuation in terms of IFRS 13. 2 Har mony 74 665 545 shares at R250.00 per share (30 June 2025: 74 665 545 shares at R244.81 per share). ARM’s shareholding in Harmony was 11.73% at 30 June 2026 and 11.76% at 30 June 2025. 3 During F2025, ARM entered into a hedge collar tr ansaction over 18 million of ordinary shares of ARM’s equity in Harmony (refer note 22). Risks and rewards are retained by ARM. 4 T his is a level 2 valuation in terms of IFRS 13. Fair value is based on the net asset value of the cell captive. 5 T his is a level 3 valuation in terms of IFRS 13. 6 T he share price of Surge Copper increased from C$0.17 per share translated at R13.02 as at 30 June 2025 to C$0.55 per share translated at R11.55 as at 30 June 2026. 7 Additional Surge Copper shares acquired in F2026 of R105 million, increasing the number of shares from 42 955 767 (14.8% shareholding) to 76 697 482 (19.8% shareholding). Richards Bay Coal Terminal (RBCT) The fair value of the investment in RBCT was determined by calculating the present value of the future wharfage cost savings by being a shareholder in RBCT as opposed to the wharfage payable by non-shareholders. The fair value is most sensitive to wharfage cost. The current RBCT valuation is based on a wharfage cost differential ranging between R41/tonne and R44/tonne (F2025: between R39/tonne and R47/tonne). If increased by 10%, this would result in a R29 million (F2025: R28 million) increase in the valuation on the RBCT investment. If decreased by 10%, this would result in a R29 million (F2025: R28 million) decrease in the valuation on the RBCT investment. The valuation is calculated based on the duration of the RBCT lease agreement with Transnet SOC Limited to 31 December 2038, using a pre-tax discount rate of 13.5% (F2025: 11%). Opening balance 168 185 Fair value loss (18) (17) Closing balance 150 168 Level 2 and level 3 fair value losses or gains are included in other operating expenses or other operating income, respectively , in the statement of profit or loss. NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 48
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10 TRADE AND OTHER RECEIVABLES Trade and other receivables contain provisional pricing features linked to commodity prices and exchange rates, which have been designated to be measured at fair value through profit or loss because of the embedded derivative. The fair value of trade and other receivables that contain provisional pricing is R4 024 million (F2025: R3 614 million). This is a level 2 valuation in terms of IFRS® Accounting Standards. Trade and other receivables include a contract asset from Assmang of R467 million (F2025: R700 million). The contract asset results from revised fee arrangements, whereby fees received from Assmang only become payable following receipt by Assmang from the relevant customer . The carrying value of trade and other receivables approximate their fair value. Reviewed F2026 Rm Audited F2025 Rm 11 FINANCIAL ASSETS Investments in fixed deposits Current financial assets1 – Two Rivers 38 35 – Bokoni – 32 – Nkomati 165 127 – Artex Axcell (Guernsey) PCC Limited (Artex) Captive Cell (Cell AVL 18) 667 406 – Other2 18 8 888 608 Non-current financial assets1 – ARM Coal 150 135 – ARM Corporate – 80 – Artex Captive Cell (Cell AVL 18) 50 61 – Venture Building Trust 1 1 201 277 Total 1 089 885 1 Cash and cash equi valents were invested in fixed deposits with maturities longer than three months to achieve better returns. When these investments mature, to the extent that amounts are not re-invested in new investments with maturities of longer than three months, they will again form part of cash and cash equivalents. The carrying amounts of the financial assets shown above approximate their fair value. T he following guarantees issued are included in financial assets: � Two Rivers to DMPR amounting to R38 million (F2025: R35 million) � Nkomati to DMPR and Eskom amounting to Rnil (F2025: R106 million) � Bokoni to DMPR amounting to Rnil (F2025: R32 million) � ARM Coal to DMPR amounting to R150 million (F2025: R135 million) � ARM Corporate to DMPR on behalf of Nkomati amounting to R12 million (F2025: R12 million). 2 Other financial assets inc lude trust funds of R18 million (F2025: R8 million). African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 49
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Reviewed F2026 Rm Audited F2025 Rm 12 CASH AND CASH EQUIVALENTS Total cash at bank and on deposit 9 483 7 609 – African Rainbow Minerals Limited 7 398 6 731 – ARM BBEE Trust 16 19 – ARM Coal 234 163 – ARM Finance Company SA 34 36 – Modikwa 1 049 526 – Bokoni 19 19 – ARM Treasury Investments Proprietary Limited 53 50 – Machadodorp 3 2 – Nkomati 18 15 – Two Rivers 618 9 – Other cash at bank and on deposit 41 39 Total cash set aside for specific use 845 1 035 – Artex Captive Cell (Cell AVL 18)1 337 639 – Rehabilitation trust funds1 70 65 – Other cash set aside for specific use1 438 331 Total as per statement of financial position 10 328 8 644 Less: Overdrafts (refer note 13) (19) (18) Total as per statement of cash flows 10 309 8 626 1 Cash set aside f or specific use includes: � Artex Captive Cell is used as part of the group self-insurance programme. The cash held in the cell is invested in highly liquid investments and is used to settle claims as and when they arise as part of the risk finance retention strategy � African Rainbow Minerals Limited of R37 million (F2025: R37 million) � Guarantees issued by Modikwa to DMPR and Eskom amounting to R377 million (F2025: R255 million) � Guarantees issued by Bokoni to DMPR and Eskom amounting to R82 million (F2025: R77 million) � Guarantees issued by Two Rivers to Eskom amounting to R4 million (F2025: R4 million) � Guarantees issued by Nkomati to DMPR and Eskom amounting to Rnil (F2025: R16 million) � Nkomati has an assurance fund with Guardrisk amounting to R8 million (F2025: R8 million). Cash at bank and on deposit earns interest at floating rates based on daily bank deposit rates. NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 50
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Reviewed F2026 Rm Audited F2025 Rm 13 BORROWINGS Long-term borrowings are held as follows: African Rainbow Minerals Limited (lease liability) 2 6 ARM Coal (lease liability) – 1 ARM BBEE Trust (loan from Harmony Gold)1 28 46 Modikwa (lease liability) 8 8 Two Rivers (lease liability) 86 88 Two Rivers (long-term borrowing)2 – 1 250 124 1 399 Short-term borrowings are held as follows: African Rainbow Minerals Limited (lease liability) 2 3 ARM Coal (lease liability) 1 14 Bokoni (lease liability) 6 – Bokoni (short-term borrowing) 3 – 126 Two Rivers (short-term borrowing)2 – 470 Two Rivers (lease liability) 5 5 14 618 Overdrafts (refer note 12) ARM treasury operations 19 18 19 18 Overdrafts and short-term borrowings – interest bearing 33 636 Total borrowings 157 2 035 1 Inc ludes repayments of R23 million (F2025: R28 million), remeasurements of Rnil (F2025: R1 million) and interest of R4 million (F2025: R7 million). 2 T wo Rivers has a syndicated revolving credit facility of R1.75 billion (F2025: R1.75 billion). During F2026, Two Rivers fully repaid and settled its term loan (F2025: R1.25 billion). 3 Bok oni has an invoice discounting facility of R300 million (F2025: R300 million) with RMB. The carrying amounts of the financial liabilities shown above approximate their fair value. 14 TRADE AND OTHER PAYABLES Trade and other payables movements primarily relate to Two Rivers payables arising from the delayed acquisition of the UG2 and Merensky fleet. The purchases were anticipated to be phased between March 2026 and June 2026. However , the acquisition of the fleet was only finalised in June 2026, resulting in a significant payable balance at 30 June 2026. The carrying value of trade and other payables approximate their fair value. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 51
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Reviewed F2026 Rm Audited F2025 Rm 15 IFRS 17 INSURANCE CONTRACTS 15.1 Disclosure of reconciliation of changes in insurance contracts Net opening balance (184) (28) Insurance revenue 29 48 Insurance service expenses – (168) Net finance expenses from insurance contracts (11) (9) Total cash flows 108 (27) Net closing balance (58) (184) Non-current liabilities: insurance contract liabilities (per statement of financial position) (23) (119) Current liabilities: insurance contract liabilities (per statement of financial position) (35) (65) Net closing balance (58) (184) 15.2 Disclosure of reconciliation of changes in reinsurance contracts Net opening balance (706) (826) Net (expenses)/income from reinsurance contracts held (23) 146 Net finance expenses from reinsurance contracts held (35) (50) Total cash flows 17 24 Net closing balance (747) (706) Non-current asset: reinsurance contract asset (per statement of financial position) 23 118 Current asset: reinsurance contract asset (per statement of financial position) 29 62 Current liabilities: reinsurance contract liabilities (per statement of financial position) (799) (886) Net closing balance (747) (706) 16 OTHER OPERATING INCOME Management fees 1 075 1 366 Cost recoveries 14 48 Royalties received 54 43 Loan remeasurement gains – 1 Other 161 161 Total 1 304 1 619 NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 52
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Reviewed F2026 Rm Audited F2025 Rm 17 OTHER OPERATING EXPENSES Provisions 328 184 Mineral royalty tax 86 88 Staff costs 744 416 Consulting fees 636 184 Share-based payment expense 113 137 Research and development 94 67 Audit fees 30 40 Insurance 66 77 Directors’ emoluments 22 23 Other 426 806 Total 2 545 2 022 18 TAXATION South African normal taxation – cur rent year 404 465 – mining 42 62 – non-mining 362 403 – prior y ear 12 (15) Deferred taxation 993 111 Total tax 1 409 561 The effective tax rate is primarily impacted by the tax losses not raised as deferred tax assets in Bokoni, exempt dividend income, the share of associate and joint-venture income after tax and the gain on re-measurement to fair value of pre-existing interest in Nkomati Mine. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 53
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Reviewed F2026 Rm Audited F2025 Rm 19 RECONCILIATION OF PROFIT FROM OPERATIONS TO CASH GENERATED FROM OPERATIONS1 Profit/(loss) from operations before capital items 3 162 (567) Loss from associate (355) (87) Share of profit from joint venture 2 409 3 289 Capital items (refer note 7) 416 (2 182) Profit from operations after capital items 5 632 453 Adjusted for: (596) 806 – Amor tisation and depreciation of property , plant and equipment and intangible assets 983 979 – Share of profit from joint venture (2 409) (3 289) – Loss/(profit) on sale on property , plant and equipment 49 (27) – Impair ment and reversal of impairment loss on property , plant and equipment – 2 209 – Reversal of impairment loss on property , plant and equipment (3) – – Gain on remeasurement – Nkomati acquisition (462) – – Loss from associate 355 87 – Movement in long and short-term provisions 806 766 – Share-based payments expense 113 137 – Revaluation of investments (3) (31) – Fair value remeasurements (30) – – Other non-cash flow items 5 (25) Cash generated from operations before working capital changes 5 036 1 259 Working capital movement (803) (1 214) Decrease in inventories 83 225 Decrease/(increase) in receivables 79 (532) Decrease in payables and provisions (886) (1 361) Decrease in insurance contract assets and reinsurance contract assets 155 197 (Decrease)/increase in insurance contract liabilities and reinsurance contract liabilities (234) 257 Cash generated from operations 4 233 45 1 Presentation of this note has changed from prior year . Reviewed F2026 Rm Audited F2025 Rm 20 COMMITMENTS Commitments in respect of future capital expenditure, which will be funded from operating cash flows and by utilising available cash and/or borrowing resources, are summarised below: Approved by directors – contracted for 434 519 – not contracted for 1 4 811 966 Total commitments 5 245 1 485 1 Inc ludes projects for Bokoni Mine and Nkomati Nickel Mine (refer note 26). NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 54
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Reviewed F2026 Rm Audited F2025 Rm 21 PROVISIONS1 21.1 Long-term provisions Opening balances Environmental rehabilitation 1 792 1 454 Post-retirement healthcare benefits 82 78 Silicosis and tuberculosis class action 57 64 Other long-term provisions 232 216 Total long-term provisions opening balance 2 163 1 812 Movements in the year 916 351 Provisions for the year 143 228 Work completed (19) (5) Unwinding of discount rate 142 115 Transfers during the year (232) (23) Acquisition of Nkomati Mine (see note 23) 876 – Actuarial gain 10 7 Benefits paid (11) (11) Change in assumptions/estimates 7 40 Closing balances Environmental rehabilitation 2 776 1 792 Post-retirement healthcare benefits 89 82 Silicosis and tuberculosis class action 35 57 Other long-term provisions 179 232 Total long-term provisions closing balance 3 079 2 163 21.2 Short-term provisions Opening balances Bonus provision 382 394 Leave pay provision 194 175 Other provisions 587 662 Total short-term provisions opening balance 1 163 1 231 Movements in the year 402 (68) Provision for the year 906 496 Acquisition of Nkomati Mine (see note 23) 140 Payments during the year (876) (592) Interest – 5 Transfers during the year 232 23 Closing balances Bonus provision 658 382 Leave pay provision 202 194 Other provisions 705 587 Total short-term provisions closing balance 1 565 1 163 1 Presentation of this note has changed from prior year as the total balance now reconciles to the statement of financial position. Prior year only included information on selected provisions. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 55
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Reviewed F2026 Rm Audited F2025 Rm 22 DERIVATIVE FINANCIAL LIABILITY During F2025, ARM designated an equity collar over 18 million shares in Harmony as a hedge of the fair value risk associated with changes in the listed share price of those shares. Risks and rewards to the Harmony shares are retained by ARM. During the period, the major assumption was the implied volatility with the changes in the discount rate and spot price of Harmony were major contributors. Harmony collar hedge Opening financial hedge asset1 68 – Opening financial hedge liability – – Net opening hedge 68 – Movement in the period through other comprehensive income (424) 68 Closing financial hedge asset2 – 68 Closing financial hedge liability (356) – Net closing hedge (356) 68 1 T his is a level 2 valuation in terms of IFRS 13. 2 Inc luded in non-current financial assets in F2025. The Harmony share price was R250.00 as at 30 June 2026, which falls between the floor and cap of the collar (the share price range that is not hedged). Consequently , the change in the fair value of the 18 million Harmony shares attributable to the hedged risk is Rnil. As the hedged item and the hedging instrument generated no offsetting fair value movements, the collar’s total fair value loss of R424 million, including time value, is therefore recognised as hedge ineffectiveness directly in other comprehensive income. 23 ACQUISITION OF NKOMATI MINE On 24 November 2023, ARM and Norilsk Nickel Africa Proprietary Limited (NNAf) signed a sale and purchase agreement, which provides for the acquisition by ARM of NNAf’s 50% participation interest in its partnership with ARM that operates the Nkomati Mine for a cash consideration of R1 million. ARM assumed the environmental liabilities of Nkomati Mine, together with NNAf’s proportionate share of the obligations and liabilities relating to the Nkomati Mine assets, with a R325 million cash contribution from NNAf. In F2025, the Competition Tribunal and DMPR (section 11) unconditionally approved the transaction between ARM and NNAf in terms of acquiring NNAf’s participation interest in Nkomati Mine. The final condition precedent in the sale and purchase agreement had been fulfilled on 4 July 2025. ARM transferred the consideration of R1 million in cash on 31 July 2025. The partnership agreement between ARM and NNAf in relation to the Nkomati Mine terminated immediately following the successful closing of the transaction. NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 56
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23 ACQUISITION OF NKOMATI MINE continued There were several positive considerations that informed ARM’s decision to acquire NNAf’s 50% participation interest in its partnership with ARM that operates the Nkomati Mine. These include but are not limited to: � Nkomati Mine is a known and predictable nickel sulphide orebody , with established infrastructure, relatively lower carbon emission footprint, low capital intensity and short lead times to resuming steady state production of class one compatible nickel sulphide concentrate, the preferred feed to nickel sulphate production sought after by battery manufacturers � It has attractive bi-metal product credits including copper , cobalt, platinum, palladium and chrome � ARM is committed to the short, medium and long-term success of the South African mining industry . In terms of IFRS 3 Business combinations, ARM has concluded that the acquisition of Nkomati Mine is considered to be a ‘business combination’ as defined in IFRS 3, with an acquisition date of 4 July 2025, in line with transfer of control, being the effective date as per the sale and purchase agreement. ARM measured the identifiable assets and liabilities of Nkomati Mine at acquisition date fair values. The valuation of the identifiable assets and liabilities at acquisition date fair value requires significant assumptions, judgement and estimates. ARM previously proportionately consolidated 50% of the assets and liabilities of Nkomati Mine as a joint operation and, post the transaction, ARM will consolidate 100%. ARM has recognised a fair value gain (included in capital items in profit or loss – note 7) of R462 million relating to the remeasurement to fair value of its pre-existing 50% interest held in Nkomati Mine. Rm Fair value of 50% pre-existing share of identifiable net liabilities 518 Less: Carrying value of 50% pre-existing share of net liabilities 980 Gain on remeasurement 462 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 57
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23 ACQUISITION OF NKOMATI MINE continued Fair values1 of the assets acquired and liabilities assumed Fair value of 100% Rm ASSETS 1 156 Non-current assets 813 Property , plant and equipment 217 Mineral rights 596 Current assets 343 Inventories 6 Trade and other receivables 30 Financial assets 254 Cash and cash equivalents 53 LIABILITIES 2 192 Non-current liabilities 1 865 Environmental rehabilitation provision 1 865 Current liabilities 327 Trade and other payables 47 Environmental rehabilitation provision 146 Other provisions 134 Total identifiable net liabilities at fair value (1 036) Goodwill 194 Purchase consideration (842) – Cash paid by ARM 1 – Cash received from NNAf relating to the water rehabilitation (325) – Fair value1 of ARM’s 50% pre-existing share of the identifiable net liabilities (518) Cash and cash equivalents acquired 53 Cash inflow on acquisition net of cash acquired 377 – Cash paid by ARM (1) – Cash received from NNAf relating to the water rehabilitation 325 – Cash and cash equivalents acquired 53 377 1 T here has been no change from the provisional purchase price allocation to the final purchase price allocation. Trade and other receivables at acquisition are current and receivable within 30 days. The carrying amount of trade and other receivables approximates their fair value due to the short-term nature of the receivables. Refer to note 2.3 for the financial results of Nkomati Mine. NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 58
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24 RELATED PARTIES The group in the ordinary course of business enters into various sale, purchase, service and lease transactions with subsidiaries, associated companies, joint ventures and joint operations. Transactions between the company , its subsidiaries and joint operations related to fees, insurances, dividends, rentals and interest are regarded as intra-group transactions and eliminated on consolidation. Reviewed F2026 Rm Audited F2025 Rm AMOUNTS ACCOUNTED IN THE STATEMENT OF PROFIT OR LOSS RELATING TO TRANSACTIONS WITH RELATED PARTIES Subsidiaries Impala Platinum – sales1 9 354 6 210 Joint operations Rustenburg Platinum Mines – sales2 4 223 3 717 Glencore International AG – sales 1 243 1 397 Glencore Operations SA – management fees 127 116 Joint venture Assmang – Management fees 1 075 1 366 – Dividends received 3 400 4 500 Associate PCB – dividend received – 192 Amounts outstanding at year end receivable by ARM on current account Joint venture Assmang – trade and other receivables 234 350 Joint operations Rustenburg Platinum Mines – trade and other receivables 2 1 190 1 343 Glencore Operations SA – trade and other receivables 282 319 Glencore International AG – trade and other receivables 77 94 Subsidiary Impala Platinum – trade and other receivables 1 2 834 2 271 1 T wo Rivers Platinum is a subsidiary of ARM. Impala Platinum owns 46% of Two Rivers Platinum. The transactions between Impala Platinum and Two Rivers Platinum are considered related-party transactions. 2 T hese transactions and balances for joint operations do not meet the definition of a related party as per IAS 24 but have been included to provide additional information. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 59
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25 CONTINGENT LIABILITIES AND DISPUTES Contingent liabilities Modikwa ARM, as a member of the ICMM, remains committed to operating Tailings Storage Facilities (TSF) in line with global best practices as set out by the Global Industry Standard on Tailings Management (GISTM) and company policies. ARM submitted its GISTM conformance results with its public disclosure report for all its TSFs on 5 August 2025. For F2026 and beyond, the ARM GISTM conformance results and public disclosure will be published with the ARM annual reporting suite. Reviews by the Independent Tailings Review Boards (ITRB) were conducted in May 2026. These reviews by the ITRB are conducted annually to assess the safety of the TSFs in terms of design, construction, operation, monitoring, management and governance, and performance against the design intent. At the Modikwa TSF , measures to improve the stability of the TSF are in progress. Extensive work was carried out from 2023 to date, to ensure that the TSF complies with industry and internal standards, and best practice guidelines. As part of this work, Modikwa commissioned an intensive geotechnical investigation to evaluate the characteristics of both the foundation and tailings material. The investigations were conducted to assess how best to improve the stability of the TSF under certain potential extreme conditions over the remaining life of the TSF to 2052. As part of the geotechnical investigation to improve the stability of the TSF , the trial shear key was constructed in F2026 to understand the impact of the excavations on the TSF and the underlying foundation material. The outcome of the trial shear key construction and the geotechnical investigation will be used to inform the extent of the additional TSF stability measures required. As at 30 June 2026, a reliable estimate of the financial effect of the extent of the additional TSF stability measures cannot be determined. Accordingly , no provision has been recognised. Disputes ARM Following the court’s dismissal of the plaintiff’s action on 9 May 2023, Pula Group LLC and Pula Graphite Partners Tanzania Limited (Pula Group) served ARM and other defendants with summons on 4 December 2023. Pula Group is claiming damages of US$195 000 000 from the defendants, including ARM, arising from an alleged breach of a confidentiality agreement. ARM has taken the necessary legal steps to protect its rights, and the matter remains before the Tanzanian High Court. Based on the current status of the proceedings and legal advice obtained, management is unable to determine the outcome of the matter or reliably estimate any potential financial effect. Accordingly , no provision has been recognised. ARM and ARM Coal ARM and ARM Coal have been served with applications seeking court certification of a class action relating to employees of certain coal mines. The proposed class action is intended to pursue damages against the coal mines in respect of diseases allegedly contracted by employees while working at the coal mines. The class action has not yet been certified. Four separate certification applications have been launched, each with its own list of respondents. These applications are referred to as the Glencore, Anglo American, Exxaro and BHP Billiton applications. ARM and ARM Coal have filed notices to oppose the applications and have submitted their answering affidavits. Additional applicants have also applied to court to intervene in the proceedings. Based on the current status of the proceedings, including the fact that the class action has not yet been certified, management is unable to determine the outcome of these matters or reliably estimate any potential financial effect. Accordingly , no provision has been recognised. NOTES TO THE CONDENSED GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 2026 African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 60
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Nkomati Mine 26 EVENTS AFTER REPORTING DATE ARM received a dividend of R77 million from ARM Coal. The dividend was received on 19 August 2026. ARM Platinum received a dividend of R208 million from Modikwa, from which an amount of R200 million was distributed to ARM on 25 August 2026. Harmony declared a final dividend of 750 cents per share. At 30 June 2026 and at the date of this report, ARM owned 74 665 545 Harmony shares. Board approval of the Bokoni development project The board of directors of ARM (the board) has approved the development of the Bokoni 180 000 tonnes per month (ktpm) project (the project). The approval of the project follows the completion of the definitive feasibility study in June 2026. The estimated nominal project capital expenditure is R15.2 billion of which R2 838 million was committed (refer note 20) at 30 June 2026. Details of this SENS announcement can be found on www.arm.co.za. Board approval of the Nkomati operational restart The board has approved the recommencement of open-pit mining operations and nickel concentrate production at Nkomati Nickel Mine. This approval fulfils one of the conditions precedent to the nickel concentrate offtake agreement concluded with Boliden ‘Commercial AB’ (the offtake agreement). The offtake agreement has not yet become unconditional and remains subject to the fulfilment or waiver , as applicable, of the remaining conditions precedent. The estimated nominal project capital for this project amounts to R753 million, all of which had been committed as at 30 June 2026 (refer note 20). Details of this SENS announcement can be found on www.arm.co.za. No other significant events have occurred subsequent to the reporting date that could materially affect the reported results. African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 61
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African Rainbow Minerals Limited Incorporated in the Republic of South Africa Registration number: 1933/004580/06 ISIN code: ZAE000054045 Registered and corporate office ARM House 29 Impala Road Chislehurston, Sandton, 2196 South Africa PO Box 786136, Sandton, 2146 South Africa Telephone: +27 11 779 1300 Email: ir .admin@arm.co.za Website: www.arm.co.za FORWARD-LOOKING STATEMENTS 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 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. 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. DIRECTORS Dr PT Motsepe (chairman*), VP Tobias (chief executive officer), F Abbott**, TA Boardman**, AD Botha**, B Kennedy**, TTA Mhlanga (finance director), PJ Mnisi**, DC Noko**, B Nqwababa**, Dr TG Ramuthaga**, JC Steenkamp**, PW Steenkamp** * Non-e xecutive. ** Independent non-e xecutive. Transfer secretaries Computershare Investor Services Proprietary Limited Rosebank Towers, 15 Biermann Avenue Rosebank, Johannesburg, 2196 Private Bag X9000 Saxonwold 2132 Telephone: +27 11 370 5000 Email: web.queries@computershare.co.za Website: www.computershare.co.za Sponsor Investec Bank Limited Group company secretary and governance officer Alyson D’Oyley Telephone: +27 11 779 1300 Email: cosec@arm.co.za Investor relations Thabang Thlaku Executive: Investor relations and new business development Telephone: +27 11 779 1300 Email: ir.admin@arm.co.za African Rainbow Minerals Condensed reviewed results for the financial year ended 30 June and cash dividend declaration 2026 62 CONTACT DETAILS AND ADMINISTRATION
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