Slides
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Page Mining that matters Operational and financial results for the year ended 30 June 2025
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Page Cautionary statement The presentation comprises the written materials made available together with the related verbal presentation (collectively or individually, as the context may require, the “Presentation”) concerning Northam Platinum Holdings Limited (“Northam Holdings”). By attending the Presentation and/or viewing the Presentation you agree to be bound by the following terms. The distribution of the Presentation in certain jurisdictions may be restricted by law and persons into whose possession the Presentation comes should inform themselves about, and observe, any such restrictions. Whilst the Presentation is being provided in good faith, no representation or warranty, express or implied, is made as to the accuracy, completeness or reliability of the information in the Presentation and no reliance may be placed thereon. None of Northam Holdings, its affiliates, employees, directors, representatives or advisors shall have any liability whatsoever for any loss howsoever arising from any use of, or reliance upon, the information in the Presentation or otherwise in connection with the Presentation. The Presentation is given for information purposes only and does not constitute an offer, invitation, solicitation or recommendation to subscribe for or purchase any securities in Northam Holdings, and should not be construed as legal, investment, business, tax, financial or any other advice. The Presentation may contain forward-looking statements relating to inter alia future strategy, events, expectations, prospects, developments, operations, economic performance and/or financial performance, including those concerning the economic outlook for the platinum industry, expectations regarding metal prices, production, costs and other operating results, growth prospects and the outlook for Northam Holdings, its subsidiaries and any of their operations and projects. Such forward-looking statements reflect current views with respect to future events and are, by their nature, subject to certain risks, uncertainties and assumptions including: changes in the domestic and global economic, political and business conditions; the success or otherwise of business and operating activities; changes in government policy and the regulatory and legislative environment; levels of actual production; fluctuations in metal prices and global demand; recovery rates and other operational capabilities and fluctuations in currency exchange rates and interest rates. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove to be incorrect, actual future events, and Northam Holdings’ performance and results may differ materially from the expectations set out in the Presentation. No assurance can therefore be given that the expectations reflected in forward-looking statements will prove to be correct and Northam Holdings does not guarantee future results, levels of production, performance or achievements. Northam Holdings disclaims any obligation to update or revise any forward-looking statements after the date of the Presentation to reflect any change in expectations or any change in circumstances, conditions or events on which any such statements are based. Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 2
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Page Page Agenda Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 3 Key features for the year Paul Dunne Our operations and projects Paul Dunne Financial review Alet Coetzee Operational guidance Paul Dunne
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Page Key features for F2025 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 4 Production 899 244 oz 4E Equivalent refined metal from own operations Increase of 0.7% (F2024: 892 876 oz 4E) Operating profit R3.6 bn Operating profit margin: 10.9% (F2024: R4.8 bn, with an operating profit margin of 15.7%) Capex R4.9 bn All projects on track Increase of 6.9% (F2024: R4.6 bn) Sales volumes 1 006 475 oz 4E 5.9% increase (F2024: 950 251oz 4E) Sales revenue R32.9 bn 6.9% increase (F2024: R30.8bn) Final dividend of 200.0 cents per share Total dividends for the year: 215.0 cents per share
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Page PageNortham Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 5 Our operations and projects
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Page Safety Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 6 0.0 0.5 1.0 1.5 2.0 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 Group LTIIR 0.61 F2024: 0.74 Zondereinde LTIIR 0.88 F2024: 0.92 Booysendal LTIIR 0.20 F2024: 0.45 Eland LTIIR 0.39 F2024: 0.59 Group LTIIR per 200 000 hours worked F2016 to present
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Page Group operational highlights Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 7 F2025 F2024 Total tonnage milled tonnes 11 268 039 11 269 490 0.0% Square metres mined m² 1 257 1641 335 122 6.2% Total metal sold oz 4E 1 006 475 950 251 5.9% Cash cost per equivalent refined 4E oz R/4E oz 25 728 23 811 8.1% Cash margin per equivalent refined 4E oz % 21.3 26.5 19.6% 899 244 892 876 0.7% Equivalent refined metal from own operations oz 4E Chrome concentrate produced tonnes 1 439 752 1 320 963 9.0%
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Page Zondereinde operations Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 8 F2025 F2024 Variance Unit % Merensky milled tonnes 995 753 998 122 (0.2) Merensky head grade g/t 4E 5.3 5.5 (2.9) UG2 milled tonnes 1 252 128 1 140 024 9.8 UG2 head grade g/t 4E 4.3 4.3 0.5 Total milled tonnes 2 247 881 2 138 146 5.1 Average combined head grade g/t 4E 4.7 4.8 (1.7) Equivalent refined metal from own operations oz 4E 330 769 328 513 0.7 Equivalent refined metal from third parties oz 4E 44 596 56 851 (21.6) Total revenue per equivalent refined 4E oz sold R/4E oz 30 514 29 972 1.8 Cash cost per equivalent refined 4E oz R/4E oz 26 758 24 830 (7.8) Cash profit per equivalent refined 4E oz R/4E oz 3 756 5 142 (27.0) Cash margin per equivalent refined 4E oz % 12.3 17.2 (28.5) Operating profit R000 569 921 540 230 5.5 Capex R000 2 118 848 2 296 553 (7.7) Chrome concentrate produced tonnes 497 438 443 806 12.1
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Page PageNortham Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 9 3 shaft equipping
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Page Booysendal operations Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 10 F2025 F2024 Variance Unit % Merensky North milled tonnes 899 254 499 879 79.9 Merensky North head grade g/t 4E 2.1 2.0 3.0 Merensky South milled tonnes ‒ 124 470 (100.0) Merensky South head grade g/t 4E ‒ 1.9 (100.0) UG2 North milled tonnes 2 833 148 2 993 645 (5.4) UG2 North head grade g/t 4E 2.7 2.6 1.9 UG2 South milled tonnes 2 860 818 2 956 325 (3.2) UG2 South head grade g/t 4E 2.7 2.8 (3.2) UG2 BS4 milled tonnes 429 517 260 669 64.8 UG2 BS4 head grade g/t 4E 2.8 2.5 12.7 Total milled tonnes 7 022 737 6 834 988 2.7 Average combined head grade g/t 4E 2.6 2.6 (0.8)
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Page Booysendal operations Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 11 F2025 F2024 Variance Unit % Metal in concentrate from own operations oz 4E 512 147 511 340 0.2 Metal in concentrate from third parties oz 4E 33 709 30 362 11.0 Total revenue per 4E oz in concentrate sold R/4E oz 29 726 29 827 (0.3) Cash cost per 4E oz in concentrate produced R/4E oz 18 502 17 520 (5.6) Cash profit per 4E oz in concentrate produced R/4E oz 11 224 12 307 (8.8) Cash margin per 4E oz in concentrate produced % 37.8 41.3 (8.5) Operating profit R000 3 911 641 4 571 917 (14.4) Capex R000 1 404 263 1 257 736 11.7 Chrome concentrate produced tonnes 735 706 743 072 (1.0)
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Page Eland operations Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 12 F2025 F2024 Variance Unit % UG2 total milled tonnes 1 997 421 2 296 356 (13.0) UG2 head grade g/t 4E 2.1 1.6 27.4 Metal in concentrate from own operations oz 4E 72 442 69 020 5.0 Metal in concentrate from third parties oz 4E 48 431 48 823 (0.8) Total revenue per 4E oz in concentrate sold R/4E oz 30 902 30 493 1.3 Cash cost per 4E oz in concentrate produced R/4E oz 40 562 34 607 (17.2) Cash loss per 4E oz in concentrate produced R/4E oz (9 660) (4 114) (134.8) Cash margin per 4E oz in concentrate produced % (31.3) (13.5) (131.9) Operating loss R000 (767 712) (584 830) (31.3) Capex R000 1 416 168 1 074 075 31.9 Chrome concentrate produced tonnes 206 608 134 085 54.1
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Page Eland production Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 13 RoM tonnage Kt pa 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 0 200 400 600 800 1 000 1 200 1 400 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026e RoM grade 4E g/t
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Page Page Zondereinde 80MW Solar Energy Facility Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 14
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Page Page Karreebosch wind farm Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 15
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Page PageNortham Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 16 Financial review
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Page Key financial features for F2025 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 17 Basic earnings per share 381.4 cents Headline earnings per share 380.8 cents Dividends per share 215.0 cents Revenue R32.9 bn Increase of 6.9% (F2024: R30.8 bn) Operating profit R3.6 bn Operating profit margin: 10.9% (F2024: R4.8 bn, with an operating profit margin of 15.7%) EBITDA R4.9 bn EBITDA margin: 14.9% (F2024: R6.3 bn with an EBITDA margin of 20.4%) Net Debt R5.1 bn Net Debt to EBITDA Ratio: 1.04 Banking facilities R12.3 bn Fully undrawn Cash flows from operating activities R4.7 bn R5.0 bn capital expenditure incurred in cash
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Page 30.8 2.3 0.8 (1.0) 32.9 29 30 30 31 31 32 32 33 33 34 34 35 Sales revenue F2024 Sales volumes Metal prices Exchange rate Sales revenue F2025 Revenue Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 18 R billion R2.1 bn 6.9% increase in revenue 5.9% increase in 4E volumes sold 5.9% increase in average 4E basket price to USD1 372 (F2024: USD1 295) 2.9% stronger average ZAR/USD exchange rate
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Page Cost of sales Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 19 F2025 F2024 Variance R000 R000 % Sales revenue 32 901 199 30 766 472 6.9 Cost of sales (29 307 682) (25 942 339) (13.0) Operating costs (24 019 398) (21 823 520) (10.1) Mining operations (17 653 478) (16 208 817) (8.9) Concentrator operations (2 939 865) (2 626 817) (11.9) Smelting and base metal removal plant costs (1 689 737) (1 509 766) (11.9) Chrome processing (160 492) (110 690) (45.0) Selling and administration overheads (495 475) (479 163) (3.4) Royalty charges (459 261) (457 321) (0.4) Carbon tax (510) (1 277) 60.1 Share-based payment expenses (708 726) (256 487) (176.3) Toro Employee Empowerment Trust contributions (33 095) (32 256) (2.6) Employee profit share schemes (47 899) (240 391) 80.1 Rehabilitation 169 140 99 465 70.0 Concentrates and recycling material purchased (3 635 483) (3 475 501) (4.6) Refining, including sampling and handling charges (466 819) (432 812) (7.9) Depreciation and write-offs (1 497 600) (1 411 140) (6.1) Change in metal inventory 311 618 1 200 634 (74.0) Gross profit 3 593 517 4 824 133 (25.5)
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Page Statement of profit or loss Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 20 F2025 F2024 Variance R000 R000 % Sales revenue 32 901 199 30 766 472 6.9 Cost of sales (29 307 682) (25 942 339) (13.0) Gross profit 3 593 517 4 824 133 (25.5) Loss on sale of Impala Platinum Holdings Limited shares ‒ (799 686) 100.0 Share of earnings from associates 41 408 (24 720) N/A Investment income 408 516 999 079 (59.1) Finance charges (1 349 577) (1 870 031) 27.8 Net foreign exchange transaction (losses)/gains (34 369) 29 686 N/A Sundry income 61 419 219 222 (72.0) Sundry expenditure (242 020) (188 994) (28.1) Profit before tax 2 478 894 3 188 689 (22.3) Tax (990 122) (1 390 926) 28.8 Profit for the year 1 488 772 1 797 763 (17.2)
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Page Working capital management Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 21 R9.0 bn Metal inventory balance R16.5 bn Sales value of 4E inventory on hand (using the year-end prices and exchange rate) R1.4 bn Classified as non-current inventory to be processed in future 495 350 oz 4E Metal volumes on hand at year-end 100 386 oz 4E Non-current inventory on hand at year-end
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Page 7 462 4 736 (4 968) (25) (331) (4 195) 5 700 (1 460) 6 919 2 000 4 000 6 000 8 000 10 000 12 000 14 000 Closing cash balance: 30 Jun 2024 Cash flow from operating activities Capital expenditure Other cash flow from investing activities Dividends paid DMTN settlements DMTN issues Other cash flow from financing activities Closing cash balance: 30 Jun 2025 Movement in cash and cash equivalents Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 22 Operating activities Investing activities Financing activities (543) R million
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Page Net Debt to EBITDA Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 23 F2025 F2024 R000 R000 Cash and cash equivalents 6 918 642 7 461 961 Domestic Medium-Term Notes (12 055 843) (10 584 064) Net Debt (5 137 201) (3 122 103) EBITDA 4 917 555 6 270 467 Net Debt to EBITDA Ratio 1.04 0.50 Net Debt to EBITDA Ratio 1.04 RCF R11.3 bn Fully undrawn GBF R1.0 bn Fully undrawn
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Page Capital allocation Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 24 R4.9 bn Invested in capex R336.8 m Return of value to shareholders through dividends paid R2.15 per share Dividends declared for F2025
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Page PageNortham Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 25 Operational guidance
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Page Operational guidance for F2026 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 26 Zondereinde Booysendal Eland Group Metal production from own operations (oz 4E) Equivalent refined metal 330 000 – 340 000 Metal in concentrate 500 000+ Metal in concentrate 85 000 – 95 000 Equivalent refined metal 910 000 – 930 000 Metal production from third parties (oz 4E) 100 000 + Unit cash cost per 4E ounce R27 500 – R28 500 Chrome sales (tonnes) 1 500 000 – 1 600 000 PGM Sales (oz 4E) 1 030 000 + Capital expenditure R5.2 bn
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Page H1 F15 H2 F15 H1 F16 H2 F16 H1 F17 H2 F17 H1 F18 H2 F18 H1 F19 H2 F19 H1 F20 H2 F20 H1 F21 H2 F21 H1 F22 H2 F22 H1 F23 H2 F23 H1 F24 H2 F24 H1 F25 H2 F25 Six monthly average basket price Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 27 0 10 000 20 000 30 000 40 000 50 000 60 000 R/4E oz SPOT PRICE
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Page Platinum supply and demand 2025 28 koz 3 800 1 500 1 500 6 800 3 500 2 800 1 500 (2 000) (1 000) - 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 SA mined Other mined Recycling Total Auto Industrial Jewellery 200 destocking Supply Demand Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025
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Page Rhodium supply and demand 2025 29 koz 550 100 300 950 900 100 ( 100) - 100 200 300 400 500 600 700 800 900 1 000 SA mined Other mined Recycling Total Auto Industrial Supply Demand Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025
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Page 1 000 3 000 5 000 7 000 2000 2010 2020 2030 2040 Global production PGM primary supply – Platinum Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 30 koz Outlook
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Page 1 000 3 000 5 000 7 000 9 000 2000 2010 2020 2030 2040 Global production PGM primary supply – Palladium Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 31 koz Outlook
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Page PGM primary supply – Rhodium Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 32 koz 0 200 400 600 800 1 000 2000 2010 2020 2030 2040 Global production Outlook
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Page Rh Ru Cr Pt Ir Pd AuCuNi Short-term outlook for revenue drivers Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 33 F2025 % revenue basis Very good Good Neutral Poor 18% 40% 40%
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Page Rh Ru Pt Ir Pd Au Short-term outlook for revenue drivers Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 34 Very good Good Neutral F2025 % 6E volume basis 74%
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Page Current state of the business Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 35 Group Safety People Booysendal Zondereinde Eland Mining Processing Mining Processing Mining Processing Metallurgical and refining Smelter BMR PMR Finance and Market Balance sheet Cash position Market Good Work needed Heavy lifting
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Page 2030 business targets Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 36 Zondereinde Booysendal Eland Group Metal production from own operations (oz 4E) Equivalent refined metal 350 000 Metal in concentrate 520 000 Metal in concentrate 150 000 Equivalent refined metal 1 020 000 Metal production from third parties (oz 4E) 200 000 Chrome sales (tonnes) >1 800 000 Aspirational turnover >R60 bn Decarbonisation of operations >60%
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Page Page Questions? Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 37
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Page Page Zondereinde 80MW Solar Energy Facility Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 38
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Page Shareholder information Name Northam Platinum Holdings Limited Share code NPH ISIN code ZAE000298253 JSE sector Platinum Shares in issue 400 102 916 Building 4, 1st Floor Maxwell Office Park Magwa Crescent West Waterfall City Jukskei View 2090 South Africa Tel: +27 11 759 6000 Fax: +27 11 325 4795 www.northam.co.za Northam Platinum Holdings Limited