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Mining that matters Operational and financial results for the year ended 30 June 2026
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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 2026 2
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PageNortham Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 3 Agenda 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 F2026 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 4 Record final dividend of R10 per share Total dividends for the year of R17 per share Record sales volumes 1 087 327 oz 4E 8.0% increase (F2025: 1 006 475oz 4E) Record production 938 754 oz 4E Equivalent refined metal from own operations Increase of 4.4% (F2025: 899 244 oz 4E) Operating profit R14.2 bn Operating profit margin: 26.2% (F2025: R3.6 bn, with an operating profit margin of 10.9%) Capex R6.1 bn All projects on track Increase of 23.9% (F2025: R4.9 bn) Record sales revenue R54.0 bn 64.1% increase (F2025: R32.9bn)
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Page Our operations and projects Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 5
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Page Eland LTIIR 0.60 F2025: 0.39 Group LTIIR 0.63 F2025: 0.61 Zondereinde LTIIR 0.83 F2025: 0.88 Booysendal LTIIR 0.22 F2025: 0.20 Safety Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 6 Group LTIIR per 200 000 hours worked F2016 to present 0.0 0.5 1.0 1.5 2.0 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026
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Page Group operational highlights Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 7 F2026 F2025 Tonnes mined tonnes 11 240 105 10 877 360 3.3% Square metres mined m² 1 335 1221 421 670 6.5% Total metal sold oz 4E 1 087 327 1 006 475 8.0% Cash cost per equivalent refined 4E oz R/4E oz 27 376 25 728 6.4% Cash margin per equivalent refined 4E oz % 44.9 21.3 110.8% 938 754 899 244 4.4% Equivalent refined metal from own operations oz 4E Chrome concentrate produced tonnes 1 690 495 1 439 752 17.4%
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Page Zondereinde operations Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 8 F2026 F2025 Variance Unit % Merensky mined tonnes 1 295 908 1 252 677 3.5 Merensky head grade g/t 4E 5.2 5.3 (1.7) UG2 mined tonnes 1 358 920 1 373 965 (1.1) UG2 head grade g/t 4E 4.3 4.3 ‒ Total mined tonnes 2 654 828 2 626 642 1.1 Average combined head grade g/t 4E 4.7 4.7 ‒ Equivalent refined metal from own operations oz 4E 333 050 330 769 0.7 Equivalent refined metal from third parties oz 4E 64 281 44 596 44.1 Total revenue per equivalent refined 4E oz sold R/4E oz 47 156 30 514 54.5 Cash cost per equivalent refined 4E oz R/4E oz 28 365 26 758 (6.0) Cash profit per equivalent refined 4E oz R/4E oz 18 791 3 756 400.3 Cash margin per equivalent refined 4E oz % 39.8 12.3 223.6 Operating profit R000 3 531 679 569 921 519.7 Capex R000 2 694 569 2 118 848 27.2 Chrome concentrate produced tonnes 507 900 497 438 2.1
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Page 3 shaft refrigeration Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 9
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Page 3 shaft backfill Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 10
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Page 3 shaft changehouse Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 11
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Page 3a ventilation shaft Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 12
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Page 4 shaft reaming Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 13
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Page Booysendal operations Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 14 F2026 F2025 Variance Unit % Merensky mined tonnes 670 447 690 237 (2.9) Merensky head grade g/t 4E 2.1 2.1 ‒ UG2 mined tonnes 6 624 183 6 477 526 2.3 UG2 head grade g/t 4E 2.7 2.7 ‒ Total mined tonnes 7 294 630 7 167 763 1.8 Average combined head grade g/t 4E 2.7 2.6 1.5 Metal in concentrate from own operations oz 4E 531 668 512 147 3.8 Metal in concentrate from third parties oz 4E 40 315 33 709 19.6 Total revenue per 4E oz in concentrate sold R/4E oz 45 595 29 726 53.4 Cash cost per 4E oz in concentrate produced R/4E oz 19 302 18 502 (4.3) Cash profit per 4E oz in concentrate produced R/4E oz 26 293 11 224 134.3 Cash margin per 4E oz in concentrate produced % 57.7 37.8 52.6 Operating profit R000 10 359 905 3 911 641 164.8 Capex R000 1 836 407 1 404 263 30.8 Chrome concentrate produced tonnes 873 764 735 706 18.8
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Page Eland operations Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 15 F2026 F2025 Variance Unit % UG2 mined tonnes 1 290 647 1 082 955 19.2 UG2 head grade g/t 4E 2.7 2.1 31.1 Metal in concentrate from own operations oz 4E 91 205 72 442 25.9 Metal in concentrate from third parties oz 4E 53 865 48 431 11.2 Total revenue per 4E oz in concentrate sold R/4E oz 48 786 30 902 57.9 Cash cost per 4E oz in concentrate produced R/4E oz 42 899 40 562 (5.8) Cash profit/(loss) per 4E oz in concentrate produced R/4E oz 5 887 (9 660) N/A Cash margin per 4E oz in concentrate produced % 12.1 (31.3) N/A Operating profit/(loss) R000 256 588 (767 712) N/A Capex R000 1 591 967 1 416 168 12.4 Chrome concentrate produced tonnes 308 831 206 608 49.5
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Page Eland production Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 16 RoM tonnage Kt pa RoM grade 4E g/t 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 F2026
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Page Eland chrome Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 17
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Page Zondereinde solar facility Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 18 160 Ha 150 000 panels 80 MW generation capacity 220 000 MWh pa 25% of Zondereinde electricity 240 000 t CO2e reduction pa Photo courtesy of: Letsatsi PV (RF) Proprietary Limited
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Page Zondereinde battery facilities Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 19 160 MWh 60 MWh 30 MWh
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Page Karreebosch wind farm Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 20 25 towers 140 MW generation capacity 460 000 MWh pa 25% of group electricity 500 000 t CO2e reduction pa Photo courtesy of: Letsatsi PV (RF) Proprietary Limited
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Page Thakadu solar facility Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 21 100 MW offtake allocation 275 000 MWh pa 15% of group electricity 300 000 t CO2e reduction pa Photo courtesy of: Lyra Energy Trading Proprietary Limited
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Page Eland solar facility Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 22 20 MW generation capacity 40 MWh battery capacity 55 000 MWh pa 25% of Eland electricity 60 000 t CO2e reduction pa
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Page Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 23 Financial review
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Page Key financial features for F2026 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 24 Record basic earnings per share 3 526.1 cents Record headline earnings per share 3 044.2 cents Record dividends per share 1 700.0 cents Record revenue R54.0 bn Increase of 64.1% (F2025: R32.9 bn) Operating profit R14.2 bn Operating profit margin: 26.2% (F2025: R3.6 bn, with an operating profit margin of 10.9%) Record EBITDA R16.7 bn EBITDA margin: 30.9% (F2025: R4.9 bn with an EBITDA margin of 14.9%) Net Cash R2.7 bn (F2025: Net Debt of R5.1 bn) Banking facilities R16.0 bn Fully undrawn Cash flows from operating activities R18.5 bn R5.9 bn capital expenditure incurred in cash
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Page 10.3% stronger average ZAR/USD exchange rate 64.1% increase in revenue 8.0% increase in 4E volumes sold 70.4% increase in average 4E basket price to USD2 338 (F2025: USD1 372) Record revenue Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 25 R billion 32.9 3.6 23.5 (6.0) 54.0 0 10 20 30 40 50 60 70 Sales revenue F2025 Sales volumes Metal prices Exchange rate Sales revenue F2026 R21.1 bn
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Page Cost of sales Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 26 F2026 F2025 Variance R000 R000 % Sales revenue 53 998 628 32 901 199 64.1 Cost of sales (39 845 615) (29 307 682) (36.0) Operating costs (29 042 457) (24 019 398) (20.9) Mining operations (19 621 735) (17 653 478) (11.1) Concentrator operations (3 282 233) (2 939 865) (11.6) Smelting and base metal removal plant (1 937 558) (1 689 737) (14.7) Chrome processing (191 821) (160 492) (19.5) Selling and administration overheads (590 122) (495 475) (19.1) Royalty charges (1 473 760) (459 261) (220.9) Carbon tax (4 378) (510) (758.4) Rehabilitation (41 433) 169 140 N/A Share-based payment expenses (1 620 585) (708 726) (128.7) Toro Employee Empowerment Trust contributions (145 876) (33 095) (340.8) Employee profit share schemes (132 956) (47 899) (177.6) Concentrate and recycling material purchased (6 933 343) (3 635 483) (90.7) Refining, including sampling and handling charges (547 287) (466 819) (17.2) Depreciation and write-offs (1 703 206) (1 497 600) (13.7) Change in metal inventory (1 619 322) 311 618 N/A Gross profit 14 153 013 3 593 517 293.8
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Page Statement of profit or loss Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 27 F2026 F2025 Variance R000 R000 % Sales revenue 53 998 628 32 901 199 64.1 Cost of sales (39 845 615) (29 307 682) (36.0) Gross profit 14 153 013 3 593 517 293.8 Reversal of impairment of property, plant and equipment relating to Eland Platinum Proprietary Limited 2 526 922 ‒ 100.0 Share of earnings from associates ‒ 41 408 (100.0) Investment income 1 091 801 408 516 167.3 Finance charges (1 343 944) (1 349 577) 0.4 Net foreign exchange transaction gains/(losses) 5 336 (34 369) N/A Sundry income 1 034 442 61 419 >1 000.0 Sundry expenditure (222 018) (242 020) 8.3 Profit before tax 17 245 552 2 478 894 595.7 Tax (3 362 482) (990 122) (239.6) Profit for the year 13 883 070 1 488 772 832.5
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Page 504 915oz 4E Metal volumes on hand at year-end 90 221oz 4E Non-current inventory on hand at year-end R7.4 bn Metal inventory balance R18.7bn Sales value of 4E inventory on hand (using the year-end prices and exchange rate) R1.0 bn Classified as non-current inventory to be processed in future Working capital management Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 28
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Page Movement in cash and cash equivalents Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 29 Operating activities Investing activities Financing activities R million 6 919 13 669 18 490 (5 851) 184 (3 543) (1 143) - (1 387) 2 000 7 000 12 000 17 000 22 000 27 000 Closing cash balance: 30 June 2025 Cash flows from operating activities Capital expenditure Other cash flows from investing activities Dividends paid DMTN settlements DMTN issues Other cash flows from financing activities Closing cash balance: 30 June 2026 6 750 -
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Page Net Cash Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 30 F2026 F2025 R000 R000 Cash and cash equivalents 13 669 427 6 918 642 Domestic Medium-Term Notes (10 966 564) (12 055 843) Net Cash/(Debt) 2 702 863 (5 137 201) EBITDA 16 673 979 4 917 555 Net Debt to EBITDA Ratio N/A 1.04 Net Cash R2.7bn RCF R15.0 bn Fully undrawn GBF R1.0 bn Fully undrawn
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Page Increase in minimum dividend payment from 25% to 40% of headline earnings Capital allocation Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 31 R6.1 bn Invested in capex R3.5 bn Return of value to shareholders through dividends paid R17.00 per share dividends declared for F2026
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PageNortham Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 32 Operational guidance 150 cm seam width 31g/m2 PGM 75% Pt+Rh+Ru+Ir 1.6t/m2 Cr2O3 300m2/crew/month 92% extraction
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Page Operational guidance for F2027 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 33 Metal production from third parties (oz 4E) 180 000 + Unit cash cost per 4E ounce R29 500 – R30 500 Chrome sales (tonnes) 1 800 000 – 1 900 00 PGM Sales (oz 4E) 1 100 000 – 1 150 000 Capital expenditure R7.0 bn – R7.5bn Zondereinde Booysendal Eland Group Metal production from own operations (oz 4E) Equivalent refined metal 340 000 – 350 000 Metal in concentrate 525 000 – 535 000 Metal in concentrate 100 000 – 110 000 Equivalent refined metal 960 000 – 970 000
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Page Six monthly average basket price Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 34 R/4E oz 0 10 000 20 000 30 000 40 000 50 000 60 000 SPOT PRICE 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 H1 F26 H2 F26
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Page Market summary Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 35 Auto demand remains steady Softer car market offset by forward purchasing from OEMs PGM markets in deficit Despite robust primary and secondary supply during the first 6 months Industrial demand is strong Global instability negatively impacting demand, offset by new applications for PGMs Declining primary PGM production to continue Particularly from SA Market sentiment dominated by USD Bond yields Direction of interest rates Robust demand growth for stainless steel Positive for chrome demand
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Page Revenue (Rm) The “not so minor” metals 36Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 0 10 000 20 000 30 000 40 000 50 000 60 000 2021 2026 Minor metals 4E metals
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Page Vision 2031 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 37 Zondereinde Booysendal Eland Group Metal production from own operations (oz 4E) Equivalent refined metal 430 000 Metal in concentrate 600 000 + Metal in concentrate 180 000 Equivalent refined metal 1 200 000 + Metal production from third parties (oz 4E) 300 000 Total metal sales (oz 4E) >1 500 000 Chrome sales (tonnes) >2 000 000 Aspirational turnover >R90 bn Decarbonisation of operations >70%
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Page Main elements of Vision 2031 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 38 Zondereinde Booysendal Eland Metallurgical Energy Develop & equip 4 shaft Upgrade UG2 concentrator Add dedicated mud concentrator Complete South TSF expansion Develop BS3 & BNM2 modules Add 200ktpm Merensky concentrator Complete current ramp-up to 150 000 4E oz Commission Nyala shaft Upgrade furnace 1 Add 3 rd convertor Add 2nd autoclave & upgrade copper circuit in BMR Further chrome circuit upgrades Roll out committed renewable energy projects Reduce carbon footprint by 70% Reduce energy cost by a third
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Page Our strategic value Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 39 Location, infrastructure and operating model Powerful capability to unlock further value for shareholders Track record of innovation and growth And a path to future growth Well capitalised mining assets Essentially new mining and metallurgical facilities operating on the lower end of the cost curve World class Mineral Resource base In both scale and quality Strong market positioning Pt, Rh, Ru, Ir and Cr
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Page Questions? Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 40
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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 www.northam.co.za Northam Platinum Holdings Limited