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March 2025 Anglo American Platinum A world-class opportunity An independent leader in the dynamic global PGM industry
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1 Capital Markets Day Cautionary statement Disclaimer This presentation has been prepared by Anglo American Platinum Limited (“Anglo American Platinum”) and comprises the written materials/slides for a presentation concerning Anglo American Platinum. By attending this presentation and/or receiving the written materials/slides you agree to be bound by the following conditions. If you have received this presentation and you are not an interested party or are not otherwise permitted by law to receive it, you must return it immediately to Anglo American Platinum. You shall treat and safeguard as private and confidential all information contained in this presentation and take all reasonable steps to preserve such confidentiality. This presentation is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy shares in Anglo American Platinum. Further, it does not constitute a recommendation by Anglo American Platinum or any other party to sell or buy shares in Anglo American Platinum or any other securities. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice. No part of this presentation should form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment or investment decision whatsoever. All written or oral forward-looking statements attributable to Anglo American Platinum or persons acting on their behalf are qualified in their entirety by these cautionary statements. The information and opinions contained in this presentation are provided as at the date of this presentation solely for your information and background and are subject to completion, revision and amendment without notice. No person is under any obligation to update or keep current the information contained in this presentation. No reliance may be placed for any purpose whatsoever on the information or opinions contained in the presentation or on their completeness, accuracy or fairness. The contents of the presentation have not been approved by any competent regulatory or supervisory authority. The information contained in this presentation has not been independently verified by Anglo American Platinum or any other person. No representation, warranty or undertaking, express or implied, is made by Anglo American Platinum or any of its advisers or representatives or their respective affiliates, officers, employees or agents as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reasonableness of the information or the opinions contained herein. Anglo American Platinum and its advisers and representatives and their respective affiliates, officers, employees and agents expressly disclaim any and all liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation, and any errors or inaccuracies therein or omissions therefrom, to the fullest extent permitted by law. Forward-looking statements This presentation includes forward-looking statements. All statements, other than statements of historical facts included in this presentation, including, without limitation, those regarding Anglo American Platinum’s results of operations, financial position, business, acquisition and divestment strategy, plans and objectives of management for future operations (including development plans and objectives relating to Anglo American Platinum’s products, production forecasts and, reserve and resource positions), are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American Platinum, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Anglo American Platinum’s present and future business strategies and the environment in which Anglo American Platinum expects to operate in the future. Important factors that could cause Anglo American Platinum’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates and other operational capabilities, the availability of mining and processing equipment, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or safety, health, environmental or other types of regulations in the countries where Anglo American Platinum operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American Platinum’s most recent Integrated Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward- looking statements. These forward-looking statements speak only as of the date of this presentation. Anglo American Platinum expressly disclaims any obligation or undertaking (except as required by applicable law, the listings requirements of the securities exchange of the JSE Limited in South Africa and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American Platinum’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation should be interpreted to mean that future earnings per share of Anglo American Platinum will necessarily match or exceed historical published earnings per share. Certain statistical and other information about Anglo American Platinum included in this presentation is sourced from publicly available third party sources. As such it presents the views of those third parties, but may not necessarily correspond with the views held by Anglo American Platinum. No investment advice This presentation has been prepared without reference to your particular investment or other objectives, financial situation, taxation position and any other particular needs. It is important that you view this presentation in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002). Alternative performance measures Throughout this presentation a range of financial and non-financial measures are used to assess our performance, including a number of the financial measures that are not defined under international financial reporting standards (IFRS), which are termed ‘alternative performance measures’ (APMs). Management uses these measures to monitor Anglo American Platinum’s financial performance alongside IFRS measures because they help illustrate the underlying financial performance and position of Anglo American Platinum. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in Anglo American Platinum’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.
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2 Start time SAST Agenda topic Speaker 12:00 Registration and refreshments 12:30 Welcome and opening remarks Norman Mbazima Who we are and our strategic priorities Craig Miller Market dynamics Hilton Ingram & Martin Poggiolini Break Our integrated value chain Willie Theron & Agit Singh Sustainability in our business Yvonne Mfolo Marketing Hilton Ingram Break Financial overview Sayurie Naidoo Closing and Q&A Craig Miller Media Q&A Craig Miller & Sayurie Naidoo Canapes Closing Capital Markets Day Agenda for the day
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© Welcome and opening remarks Mogalakwena pit rope shovel and haul truck
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4 Welcome and opening remarks Experienced and diverse board of directors Norman Mbazima Chairman Suresh Kana Non-executive director Sayurie Naidoo Chief Financial Officer Craig Miller Chief Executive Officer Lwazi Bam Non-executive director Roger Dixon Non-executive director Thevendrie Brewer Non-executive director Steve Phiri Non-executive director Fagmeedah Petersen-Cook Non-executive director Hennie Faul Non-executive director Dorian Emmett Non-executive director
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5 1.As of 2024; 2. Reinvested into the business; 3. As of 2024, Mining and non -mining including capital SIB contractors ; 4. Value delivered to our stakeholders over the last five years, 2020 -2024; Source: Anglo American Platinum Welcome and opening remarks A leading PGM company, responsibly mining a world-class resource for the benefit of all stakeholders Shareholders Dividends4 R141bn Government Taxes and royalties paid4 R73bn Local communities Social investment4 R4bn Local procurement4 R132bn Reinvestment Capital reinvestment2 R80bn Employees Employees (excl. contractors)1 19,637 Contractors3 9,385
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6 Welcome and opening remarks We are delivering our strategy and are well positioned for the demerger 1. Subject to shareholder approval; Demerger timeline March - 24: Capital Markets Day May - 8: AAP AGM - 28: JSE trading as Valterra April - Early April: AAP Prospectus, AA plc circular - 30: AA plc AGM June - Demerger - Start trading on LSE 2025 Continued focus on strategic delivery Fit-for-purpose organisational structure Responsible separation Primary listing on the JSE: VAL Secondary listing on the LSE: VALT1 New brand identity: Valterra Platinum1
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77 Who we are and our strategic priorities PLATINUM Sandsloot exploration declines
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8 Who we are and our strategic priorities What you are going to hear from us today Safety remains our first priority, we are committed to zero harm We have an experienced executive team to lead a simplified and strengthened organisation Our industry-leading mineral resource endowment offers us pathways to grow value We are confident in the outlook for PGMs, and well positioned to generate EBITDA margin regardless of the point in the cycle We will remain disciplined in allocating capital for a sustainable balance sheet We are committed to creating enduring value for our stakeholders
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9 Who we are and our strategic priorities A Southern African producer, marketing our metals globally London Singapore Marketing Km Northern Limb Mogalakwena Polokwane Smelter Western Limb Amandelbult Processing • Waterval Smelter • Converter plant (ACP) • Base Metals Refinery (BMR) • Precious Metals Refinery (PMR) • Mortimer Smelter (on C&M) Zimbabwean operations Eastern Limb Mototolo Modikwa (50% JV with ARM) Twickenham (on C&M) Zambia Botswana South Africa Km Great Dyke Unki Unki Smelter Limpop o Nort h West Gauteng Fre e State KwaZul u-Natal Mpumalanga Bushveld Complex South African operations Shanghai
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10 As a standalone company, AAP remains a leading precious metals miner1 Who we are and our strategic priorities We have one of the largest mineral endowments and are a leading PGM producer 1. Benchmarked against a selection of the largest South African and international gold and PGM focused peers; 2. As of latest publicly available data; Notes: The figures in the tables and charts have been rounded, and if used to derive totals and averages, minor differences from the source reports may result; Estimates (tonnes and content) for individu al companies' summaries are quoted on an attributable interest basis Source: Company reports; Capital IQ 0 200 400 600 800 Attributable Mineral Resources inclusive of Mineral Reserves2 Moz AAP Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 AAP PGM peers Gold Peers 0 10 20 30 40 0 10 20 30 40 50 5 15 25 35 45 3-year average EBITDA ZAR bn, ‘22–‘24 3-year average EBITDA margin %, ‘22–‘24 AAP Peer 4 Peer 1 Peer 5 40 28 19 13 EBITDA margin
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11 Who we are and our strategic priorities PGM market fundamentals remain robust Existing demand Remains stronger than forecast New demand High-potential new use cases Supply Primary supply continues to decline and recycling has under delivered Market deficits Deficits likely to continue through the medium term Demand and supply fundamentals suggest PGM price upside
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12 Who we are and our strategic priorities A leading integrated PGM producer delivering resilient returns Dividend policy 40% payout Through-the-cycle returns Leverage through the cycle <1x ND/EBITDA Value-aligned capital allocation Returns H1 target for all managed assets <$950/3E oz Resilient performance Well above our peers >25% EBITDA margin Operational excellence Capabilities Resource endowment supporting growth optionality >600 Moz Leading PGM portfolio PGM refined and sold >3.0 Moz Integrated value chain Assets Committed to zero harm and integrating sustainability in all that we do
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13 An outstanding PGM portfolio, demonstrating excellence across the integrated value chain Who we are and our strategic priorities Resource endowment supporting growth optionality >600 Moz Leading PGM portfolio PGM refined and sold >3.0 Moz Integrated value chain Assets World-class endowment and well-established, low-cost, long-life mines • Largest PGM mineral endowment • 150 Moz 4E Reserves, 471 Moz 4E Resources • Up to 80 year reserve life, >150 year resource life Proven and capitalised processing assets • Operational flexibility and direct access to markets • Improved margin stability through the cycle Global marketing capabilities • Optimising revenue opportunity through the value chain • Growing PGM demand
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14 Clear strategy with operational excellence at its core Who we are and our strategic priorities H1 target for all managed assets <$950/3E oz Resilient performance Well above our peers >25% EBITDA margin Operational excellence Capabilities Advancing safety and health, committed to zero harm Achieving operational excellence, expanding cash flowmargins • Each asset playing a well defined role • Maintain all managed assets in H1 of the cost curve, AISC <$950/3E oz • Action plan with R4bn cost reductions in 2025 • Optimising sustaining investment profile Investing in our portfolio for maximum value contribution • Value over volume focus—the right plan at the right time • Multiple pathways to value growth, particularly at Mogalakwena Simplified and strengthened organisation with a proven team Sustainability integrated across the business
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15 Capital allocation framework focused on sustainable value creation Who we are and our strategic priorities Dividend policy 40% payout Through-the-cycle returns Leverage through the cycle <1x ND/EBITDA Value-aligned capital allocation Returns Disciplined capital allocation framework • Sustainable value focus to generating and using cash • Consistent approach to capital deployment Capital structure to support strategy delivery • <1x net debt/EBITDA through the cycle • Strong liquidity profile to be maintained Attractive shareholder returns • Committed to earnings-based policy • Strong track record of delivering shareholder returns
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16 Who we are and our strategic priorities Driving industry-leading returns through the delivery of our strategic priorities Integrating sustainability in all that we do Playing a leadership role to protect and create value, focused on Climate & Energy, Local Communities, and Ethical Value Chains We play our part to support and develop emerging demand opportunities Growing PGM demand Clarity on each asset’s role, backed by disciplined capital allocation Sustaining profitability & revenue growth We are driving our operational excellence programme to sustain our H1 cost position Expanding cash flow margins We continue to streamline our organisation and strengthen key capabilities Delivering competitive advantage Safety underpins our value delivery, defines who we are, and shapes our behaviour Driving demand to ensure long-term success Investing in our portfolio for maximum value Achieving operational excellence Simplified & strengthened organisation Advancing safety & health Zero Harm
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17 Who we are and our strategic priorities Zero harm is always our top priority Note: Total recordable injury frequency rate (TRIFR) is a measure of all injuries requiring treatment above first aid per 1,0 00,000 hours worked; In 2024, TRIFR increased due to fewer hours worked as we embarked on safety stoppages and lower employee numbers Source: Anglo American Platinum 6 1 3 4.52 2.34 1.61 0 10 0.0 2.5 5.0 7.5 Total number of fatalities TRIFR 2017 2021 2022 2023 2024 1.67 2.60 Total Recordable Injury Frequency Rate No. of fatalities Embedding lessons learned to prevent repeats1 Continuing to strengthen our safety maturity and culture2 Advancing health and occupational disease improvements 3 Improving contractor performance management4 Emphasis on high-risk work and associated controls5 Continued focus on safety and health Progress toward zero harm
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18 Who we are and our strategic priorities We have implemented a new operating model and built up capabilities to deliver our strategy Fit-for-purpose Operating Model Leadership Compelling Employee Value Proposition Strengthened Standalone Technical Capabilities Strong & Stable Labour Relations Prioritising Employee Wellbeing
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19 Who we are and our strategic priorities Operational excellence focused on improving productivity, reducing cost and sustaining competitiveness Source: Anglo American Platinum Target: R10bn (Opex and capital) R12bn Cost savings Target: below $1,050 $986 All-in-sustaining cost in cost reductions ~R4bn Deliver an additional 20242025 1 Safe and stable production • Uphold safety as the highest priority • Optimised mine plans • Improve productivity, driving better recoveries and utilisations 2 Driving cost efficiencies • Strengthening cost governance • Negotiating contract terms • Prioritising high value work Resetting sustaining capital • Rationalising spend at a sustainable level • Ensure asset integrity and reliability remain priority 3
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20 Each asset has a role in the portfolio supporting continued cash flow generation and targeted growth Who we are and our strategic priorities Note: Twickenham is on care and maintenance Growth focus Optionality for future growth Asset growth and long-term value creation Long-term volume and stable value generation Free cash flow contribution to the portfolio Managed for cash flow margin World class processing assetsInvestments in our mining assets aligned with their strategic role in the portfolio Mogalakwena Mototolo Amandelbult Unki Modikwa (JV) Capital intensive to replace or create new capacity Optimising asset utilisation • Prioritising our own mined production to enhance efficiency • Allowing for third-party processing optionality Integrated processing Direct access to markets
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21 Driving PGM demand for long- term success We are a meaningful producer and make use of leveraged investments and partnerships Disciplined investment allocating spend through a balanced portfolio We have a track record of growing PGM demand through market development Our leading resource endowment affords us longevity and strong growth opportunities Who we are and our strategic priorities
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22 Who we are and our strategic priorities Sustainability is integrated in how we do business, with three focus areas to create value Note: IRMA—Initiative for Responsible Mining Assurance; LPPM—London Platinum and Palladium Mark Focus area Key levers Local Communities Climate & Energy Ethical Value Chains Energy security Decarbonisation Facilitator in creating resilient communities IRMA certification LPPM certification
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23 Who we are and our strategic priorities Leadership team with extensive experience and a track record of delivery Craig Miller Chief Executive Officer Hilton Ingram Marketing Yvonne Mfolo Corporate Affairs and Sustainability Martin Poggiolini Corporate Development Virginia Tyobeka People and Organisation Agit Singh Processing Operations Willie Theron Mining Operations Sayurie Naidoo Chief Financial Officer
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24 [OFFICIAL] 24 Unearthing value for a better world Mogalakwena pit drilling
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©Market dynamics PLATINUM Waterval slag tapping
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26 Market dynamics We mine, refine and sell a diverse basket of metals Source: Anglo American Platinum A basket of 13 different products with varying demand drivers The 5 PGMs have made up ~85%–95% of the revenue Co-products include • Gold—record high in an uncertain world • Nickel—subdued prices, indications of price sensitivity • Chrome—solid outlook given rising stainless steel output • Copper—healthy demand on increased electrification • three sulphates and one rare earth 29% 18% 30% 40% 27% 22% 18% 44% 20% 2% 8% 3% 1%2%1% 2019 2%3% 2021 4% 2024 Copper Chrome Nickel Gold Ruthenium Iridium Rhodium Palladium Platinum Contribution to gross revenue by metal
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27 Market dynamics PGMs are a $24bn market with a wide variety of uses in a modern world Source: Global demand numbers 2024 Johnson Matthey, valuations using average benchmark prices in 2024 ElectricalCatalyst/ chemical Store of value Bio- compatibleLustre Metal- lurgical Ru 44 Ruthenium 101.1 Rh 45 Rhodium 102.9 Pd 46 Palladium 106.4 Ir 77 Iridium 192.2 Pt 78 Platinum 195.1 Total yearly PGM demand of 20 Moz in 2024 … but relatively high prices means sizeable value of $24bn, of which we capture ~20-25% 8 20 10 Platinum Palladium 1 Rhodium 0 Iridium 1 Ruthenium 5E PGM 8 24 10 5 Platinum Palladium Rhodium 1 Iridium 1 Ruthenium 5E PGM Five related but distinct metals Small in volume And prized for various properties
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28 Market dynamics PGMs have a differentiated mix of uses and demand drivers Source: Share by value Johnson Matthey provisional data, valuations using average benchmark prices in 2024 Numerous applications that protect the environment and create a better world Multiple industrial uses Jewellery retains a key role Strong potential from the green transition Automotive 66% by value Industrial 26% Jewellery 5% Investment 3% Platinum Palladium Rhodium Ruthenium Iridium
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29 [OFFICIAL] 29 Market dynamics Recent trends give reason for greater optimism in automotive demand 2 9 PGM automotive demand Number of vehicles produced Share that is catalysed1 Loading of PGM per vehicle Our outlook Mobility trends support higher vehicle sales than current forecasts Catalysed vehicles to have a greater market share for longer Stricter emission standards and improved testing likely to lead to increased loadings 1. Internal combustion engine (ICE) vehicles and hybrids, not battery electric vehicles (BEVs) Automotive demand equation
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30 Market dynamics Global vehicle production likely to beat consensus forecast Source: Transportation Energy Data Book, US Department of Energy, World Bank, Global Data/S&P Global Global light vehicle production vs. GDP 10 Million VehiclesTrend (1975–2024) Consensus (2025–2030) 0 25 50 75 100 125 0 25 50 75 100 125 Global GDP, US$ tn Annual automotive production, millions Actual Recession Forecast Light vehicle demand remains robust An additional 10 million vehicles produced results in nearly a million ounces of additional PGM demand
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31 Note: BEV—Battery Electric Vehicle; EREV—Extended-Range Electric Vehicle; PHEV—Plug-in Hybrid Electric Vehicle Source: Global Data, “HEVF Q4 2024”, CAAM; Anglo American Platinum calculations Even in China there is range anxiety Market demand outside China still overwhelmingly favours ICEs Market dynamics Market demand still overwhelmingly favours catalysed vehicles 0 10 20 30 40 50 Established Markets Emerging markets China 2014 2016 2018 2020 2022 2024 0 5 10 15 20 25 30 China BEV China EREV and PHEV China light vehicle sales share, % BEVs Catalysed China is different Little history of car ownership & less competitive ICE industry State capacity to roll out large fast-charging grid Rising urbanisation Comprehensive & affordable high-speed rail 75%97%90% Vehicles sold in 2024 Millions ICE share
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32 The 7% reduction over past year to 2030 BEV forecasts has added an additional ~1 Moz/year to PGM forecast demand Source: Global Data Light Vehicle Engine Forecast, Q3 2024 and Q4 2024, S&P Global Light Vehicle Powertrain forecast, Decembe r 2024 and December 2025, simple average Market dynamics Previous BEV penetration rate forecasts were too optimistic 2018 2020 2022 2024 2026 2028 2030 0 5 10 15 20 25 30 35 40 45 End 2023 End 2024 Actual Linear trend line • Slow rollout of charging infrastructure and high cost of fast charging • High purchase and insurance costs • Range limitations and anxiety • Falling second-hand values • EU and US BEV import tariffs • Falling subsidies and less supportive governments • Automakers offering customers a multiple drive train solutions perform better BEV realities impacting forecastsGlobal BEV penetration forecasts revised lower
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33 Every additional 0.5g of PGM loading in China results in ~300,000 ounces of demand Market dynamics Stricter standards and improved testing will lead to higher PGM loadings 2015 2017 2019 2021 2023 China USA Europe Source: Anglo American Platinum calculations derived from Johnson Matthey public data; Ministry of Ecology and Environment of the People’s Republic of China … but loopholes are being addressed Amendment in China outlining revised pollutant emission limits and measurement methods for light-duty vehicles (China Stage 6) Ministry of Ecology and Environment, People’s Republic of China US and Europe up, China down in recent years Implied PGM loadings per vehicle
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34 With the prospect of above GDP growth owing to new or enhanced applications 1.9 1.1 0.6 0.5 0.4 0.3 0.10.8 5.7 Market dynamics Industry is a large user of PGMs, wide variety and growing uses Note: MLCC - Multilayer ceramic capacitors Source: Johnson Matthey provisional data 2024 Chemical: Process catalysts to make caprolactam, nitric acid, silicones, pharmaceuticals, acetic acid Electrical & electronics: Hard disks, MLCCs, semiconductors Glass: Fiberglass, speciality glass, LCD glass Medical: Biomedical devices, anti-cancer drugs, dental Pollution control: Non-road and portable machinery emissions control Electrochemical: Electrolysers, fuel cells, ballast water treatment, copper foil Oil reforming Sustainable aviation Hydrogen economy Efuels Carbon- neutral feedstocks Price-led PGM innovation AI & cloud computing Future potential growth areasIndustrial PGM demand Moz Existing application demand expected to grow in line with GDP
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35Source: Metals Focus Market dynamics Established markets and India drive increasing jewellery demand 0.0 0.5 1.0 1.5 2.0 2.5 2019 2020 2021 2022 2023 2024 • Growth in India, USA, Europe and Japan • China’s investment-led market and rising gold prices have impacted market share • Price disparities create opportunities for platinum as a white gold alternative China Rest of World +5% ROW CAGR 10% white gold substitution would equate to 1.5 Moz demand Platinum jewellery demand, millions of ounces Moz
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36 Market dynamics ~78% of PGM reserves are concentrated in Southern Africa Source: USGS; Expert interviews; AAP integrated report • ~1% of world reserve • Palladium (~78%) rich reserves United States • ~20% of world reserve • Palladium rich reserves Russia • ~0.5% of world reserve • Palladium (~70%) rich reserves Canada • ~1.5% of world reserve • Platinum-rich reserves Zimbabwe • ~77% of world reserve • Platinum-rich reserves – Platreef Merensky, UG2 Reefs South Africa AAP share of world PGM resources ~30%
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37 Market dynamics Contrary to historical forecasts, primary supply will continue to decline Source: Metals Focus, Company reports 5 10 15 0 2010 2012 2014 2016 2018 2020 2022 2024 20302000 +39% -16% South Africa Russia Zimbabwe Canada United States Other Projection 3E Moz 2014 2016 2018 2020 2022 2024 2026 0 12 13 14 15 2014 2015 2016 2017 2018 2019 Actual 2020 2021 2022 2023 Actual Historical forecast PGM primary mine supply 2010-2030 Primary PGM supply forecasts 3E Moz
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38 Market dynamics New mines developed in early 2000s unlikely to compensate for natural reserve depletion Source: Metals Focus, Company reports, SFA Significant expansion into growing demand expectations Limited investment in new supply 2000, Bafokeng Rasimone 20242000 2001, Crocodile River 2002, Limpopo, Marikana, Zimplats 2004, Marula 2005, Everest 2006, Pandora, Mototolo 2007, Two Rivers Eland 2009, Blue Ridge, Pilansberg Smokey Hills 2011, Unki 2015, Styldrift 2016, Maseve 2013, Booysendal 15 new mines Only 9 still producing 3 new mines And 2 still producing 2011 Mines in red now on C&M Mines developed
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39 Market dynamics Project execution has fallen short of announcements, supply further compounded by mine depletion and closures Sources: Anglo American Platinum, SFA 0.6 2012 announced of 2022 2017 forecast of 2022 Actual 2024 Styldrift Booysendal 2.2 0.6 -71% 13.6 2010 supply 0.6 Depletion & closures 13.0 2024 supply 2.1 Depletion & closures 10.9 Forecast 2030 -20 % 3E Moz3E Moz Projects fall short in delivery Reserve depletion, closures and under-investment reducing supply
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40 Market dynamics Recycling remains below historical highs, delivery consistently short of forecasts Source: Metals Focus, Company reports 0 1 2 3 4 5 6 2010 2012 2014 2016 2018 2020 2022 2024 Autocatalyst Jewellery Electronics 2014 2016 2018 2020 2022 2024 2026 0 5 6 7 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Actual Historical forecast 3E PGM recycling supply Global auto-catalyst recycling volumes forecasts vs actual 3E Moz3E Moz
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41 PGM metal deficits continue, before upside demand opportunities and lower supply through the medium-term Surplus coming but delayed Deficit to continue in next few years -1,500 -1,000 -500 0 500 2022 2023 2024e 2025f 2026f -1,500 -1,000 -500 0 500 2022 2023 2024e 2025f 2026f -150 -100 -50 0 50 2022 2023 2024e 2025f 2026f Deficits Surpluses Prolonged deficits Market dynamics Source: Anglo American Platinum 3E Moz Platinum Palladium Rhodium
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42 Market dynamics The shape of the cost curve is important, as is the mix of PGMs produced Note: AISC unit costs are presented as AISC net of by-product revenue from all metals other than 3E, divided by 3E ounces sold i n 2024 Source: Metals Focus, Company reports; 1,000 0 200 400 600 800 1,200 1,400 1,600 1,800 US$/3E oz Amandelbult Mototolo Unki Modikwa JVMogalakwena 1,121 Revenue/3E ounceOperating cost SIB capital H1 H2 3E cash cost curve
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43 2020 2022 2024 2026 2028 2030 2032 2034 2036 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 4 8 12 16 20 - 20% - 10% 0 10% 20% 30% 40% 50% 60% Market dynamics Historical increase in cost and capex intensity, consensus price forecasts will not incentivise supply Frequency ROCE Frequency-monthly (%) Long term price forecast below historical ROCE Source: Morgan Stanley Compendium, Company annual reports 1998 and 2023,LBMA, SFA ,Johnson Matthey Broker Max Broker Min Broker Median Historical Real Prices implied by historical ROCE Averages Upper range of consensus implied ROCE ROCE(%) Best Fit Observed Historical ROCE concentrated between 10–20% Consensus price forecast at current costs Upper range of consensus implied ROCE Opex, EBITDA Basis, real 2024$, $/oz Capital Intensity, real 2024$, $/oz 0 1,000 2,000 500 1,500 2015 2020 +6% CAGR 0 1,000 2,000 3,000 4,000 2015 2020 +8% CAGR The industry has seen real inflation … … and long-term price forecast below historical ROCE
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44 Market dynamics In summary, we are positioned for the current prices and leveraged to outperform when prices recover Demand Supply Price and industry positioning Auto demand drivers uncertain, upside from growing vehicles sales, and slower BEV adoption and increased loading Industry has scaled back investment and unprofitable production has been cut Supply and demand outlook creates upside potential 1 4 7 Limited new supply expected in medium to long-term Positioning on the cost curve is important 2 5 8Industrial continues to grow and jewellery demand has stabilised Longer-term upside through new uses 3 Recycling volume growth has under-delivered 6 Industry fundamentals give confidence to positive pricing dynamics 9
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45 Break
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© Our integrated value chain PLATINUM Mogalakwena pit rope shovel and haul truck
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47 Our integrated value chain Our integrated value chain provides opportunities to optimise for value Mining Concentrating Smelting Refining Marketing Mogalakwena Mogalakwena North and South Polokwane Magnetic Concentration Plant (MCP) South Africa Amandelbult Amandelbult U1 and U2 Waterval Base Metals Refinery (BMR) London Mototolo Mototolo Unki Unki Unki Converter Process (ACP) Precious Metals Refinery (PMR) Singapore Modikwa (JV) Modikwa (JV) Mortimer (C&M) Shanghai Large base metal processing capacity enables processing of Platreef and Great Dyke ore Flexible processing of Platreef, Merensky, UG2 and Great Dyke ore Proprietary continuous converter process; Flexibility to modulate smelter capacities Diversified mining footprint and prill splits Integrated solutions and trading marketing capabilities
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48 Our integrated value chain A diversified portfolio of mining assets presents an opportunity to create value 1. Anglo American platinum sum of the parts calculation, Modikwa is valued based on JV share and POC Source: Anglo American Platinum 41% 76% 43% 46% 21% 9% 27% 23% 16% 9% 13% 12% 6% 11% 8% 17% 3% 7% 7% Resource 3% Reserves Mine Production Value1 4% Mogalakwena Amandelbult Mototolo Unki Modikwa JV POC & Toll 42% 51% 46% 40% 45% 46% 23% 29% 37% 39% 9% 8% 8% 4% 1% 3% 3% 3% 2% 3% 13% 13% 11% 4%1% 0 50 100 Metal Mix (%) 3% 5% Mog 0% Amb 1% Mot Mod 5% Unki Platinum Palladium Rhodium Iridium Ruthenium Gold 86 years 14 + 32 years 50 years 18 years 24 years Reserve life An industry-leading endowment of substantial value Our diversified product mix enhances portfolio resilience
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49 Mogalakwena: The industry’s most exciting endowment Source: Ore Reserves and Mineral Resources Report 2024 of current operations; Anglo American Platinum Mogalakwena North Pit Mogalakwena Central Pit Sandsloot Mogalakwena South Pit Swartfontein South Pit Prospecting right areas incorporated into the Mogalakwena mining right Current open pit operations Kwanda North Central Block Mogalakwena Location Northern Limb, 30km north-west of Mokopane Mining right Covers 372km2 Infrastructure 4 open pits (Zwartfontein, Mogalakwena south, central and north) Concentrators (North and South) Twin exploration decline shafts at Sandsloot under development Mining method Conventional drill, blast, load and haul surface -mining methods Long hole open stoping for underground Ore mined Polymetallic Platreef Reef, operating pit depths vary from surface to ~ 280m Our integrated value chain 86 years Reserve life +150 years H1 Growth operation Resource life Cost position Role in portfolio IRMA status 50
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50 Our integrated value chain Massive ore body amenable to bulk underground mining 0 50 100 150 0 100 200 300 400 Reserves 4E Moz1 Resources 4E Moz Mogalakwena Peer 1 Peer 2 Peer 3 1. Mineral resources are exclusive of mineral reserves; 2. Mogalakwena Sandsloot underground grades guided at 4 -6 g/t 4E Note: Figures are based on the latest reported Mineral Reserves and resources reports; with select peers reporting at 6E; NL = Northern limb; EL = Eastern Limb; WL = Western Limb Source: Company reports 0 7 Grade g/t 4E Sandsloot UG2 NL Peer WL Peer Mototolo EL Peer EL Peer Resources 4E Moz Reserves 4E Moz 4-6g/t Mogalakwena’s mineral reserves exceed the total PGM reserves of our peers in RSA Mogalakwena underground reef has higher 4E grades than other mechanised assets in South Africa
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51 0 10 Mill Feed (Mt) 2020 2021 2022 2023 2024 Optimised open pit Sandsloot Underground full potential Concentrator capacity We are able to maintain our H1 position by optimising the open pit with upside potential through underground Note: Figures rounded off Source: 2024 Ore Reserves and Mineral Resources Report, Annual Report, Anglo American Platinum 969 831 953 1,087 907 • Long-life open pits: No immediate need for underground development to sustain throughput and H1 cost curve position, optimised open pit operations delivering >1 Moz p.a. • Sufficient concentrator capacity: We do not need investment for additional capacity • Improved grade: Near-term open pit grade expected at 2.7–2.9 g/t, rising to 3.0 g/t in the mid-term; underground ore expected to be 4–6 g/t before blending • Growth: Combining open pit and underground ore to enhance long -term value, with further improvement in AISC and growth Blending open pit with higher- grade underground ore >1,000 900–950 Optimised open pit operations 1,182 1,026 973 9531,215 +10–50% 10–20% AISC $/3E M&C produced, '000 oz Underground Open pit Our integrated value chain 1 2
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0 1,000 2,000 3,000 4,000 5,000 6,000 Mill feed (kt) Multiple decision points scale the Sandsloot underground development pathway Indicative Key decision point Ramp-up mining operation Scale to full potential Exploration drilling & early works Bulk sampling Trial mining Scale through conveyer investment ~ 4 years > 3 years A B C A Ramp-up mining operation B Investment in conveyer Scale to full potentialC Our integrated value chain Full PotentialPFS-B ConveyerPFS-B Trucking 2024 +10–50% Increase in PGM Ounces -10–20% Decrease in AISC Source: Anglo American Platinum
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53 Our integrated value chain Amandelbult: Long-life cash flow contributor to the portfolio Source: Ore Reserves and Mineral Resources Report 2024 of current operations; Anglo American Platinum Location North-western Limb between Northam and Thabazimbi Mining right Covers 141km2 Infrastructure 2 mines (Tumela and Dishaba) 5 vertical and 7 decline shaft systems 2 concentrators Chrome recovery plant Mining method Combination of conventional scattered -breast mining with strike pillars, modernised conventional mining Ore mined Merensky Reef and UG2 Reef, operating depth from surface to 1.3km below surface +32/+14 years +75 years H1 Managed for margin 50 Dishaba Tumela Tumela Upper Dishaba Tumela Lower Lifex optionality Amandelbult Tumela Dishaba Central Lifex optionality Reserve life Resource life Cost position Role in portfolio IRMA status
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54 Our integrated value chain Amandelbult is a high-quality orebody 1.0 0.8 0.8 0.7 0.0 1.2 PGM 6E oz / m2 Amandelbult Eastern Limb North Eastern Limb South Rustenburg 500 1,000 1,500 Revenue/3E oz $ Unki Mogalakwena 1. 2020-2024, underground mines Source: Company Reports Amandelbult’s ounce per square meter significantly surpassed other major PGM mining regions…1 … and has the highest USD/3E oz revenue in the sector Mototolo Amandelbult
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55 Our integrated value chain A mix of metal that supports its strong cash flow generation 0 10 20 30 Reserve life, years AAP Tumela shaft AAP Dishaba mine 51% 44% 23% 40% 9% 4% 13% 0 50 100 Metal split (%) 3% Amandelbult 1% 5%4% Rest of AAP Platinum Palladium Rhodium Iridium Ruthenium GoldAAP Peer 1 Peer 2 Peer 3 Source: Company reports Longest life on the western limb, with life extension possible Key asset in our portfolio with a unique prill split AAP/Peer shafts
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56 Our integrated value chain Amandelbult life extension can continue to drive cash generation for multiple decades Source: Anglo American Platinum 2,000 4,000 6,000 Mill feed (kt) 2025 2030 2035 Potential LifeX Tumela Dishaba Pre-feasibility Tumela 1 sub-shaft Pre-feasibilityConcept Central Indicative Feasibility Feasibility Key decision point Replacement
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57 Mototolo: Focused on transitioning to Der Brochen Der Brochen South Shaft Development of new decline into Der Brochen South Der Brochen North Shaft Lebowa shaft mining at boundary and coming to end of life Lebowa shaft Borwa shaft Extensive mineral endowment beyond the St Georges Fault Location Eastern Limb, 50km south-west of Burgersfort Mining right Covers ~ 96km2 Infrastructure 2 decline shafts (Lebowa and Borwa) Der Brochen under construction Concentrator Chrome recovery plant Mining method Fully mechanised bord-and-pillar of conventional scattered -breast mining Ore mined UG2 Reef, operating to 450m below surface +50 years Reserve life +95 years H1 Growth Operation Resource life Cost position Role in portfolio IRMA status 75 Our integrated value chain Mototolo Source: Ore Reserves and Mineral Resources Report 2024 of current operations, Anglo American Platinum
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58 AISC 2024 Inflation AISC (2025 terms) Chrome benefit Der Brochen ramp up Operating efficiency AISC potential (real terms) ~875 992 Mototolo operations to gradually shift to Der Brochen … …with real cost benefits anticipated Our integrated value chain Operational excellence, improved chrome revenues and Der Brochen ramp-up reshape Mototolo’s AISC 1,000 2,000 3,000 4,000 Mill Feed (Mt) 2025 2030 2035 Der Brochen Borwa Lebowa $/3E oz Source: Anglo American Platinum
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59 Confidential draft for discussion 7 x Concentrators Our processing assets are key to our value chain Base Metal Refinery Magnetic Concentrator Plant 5 x Primary Furnaces 3 x Chrome Plants Converter Plant Slag Cleaning Furnace Precious Metal Refinery Note: 1x concentrator and 1x chrome plant are part of the Modikwa JV
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Integrated processing is an advantage and provides flexibility Our integrated value chain • Optimising the balance between own production and third-party material and to maximise value creation • Convert Mortimer to slag cleaning duty or ramp up/down primary smelting capacity Flexibility • Flexible processing of all Southern African reefs1 • Effective handling of heavy base metal ores • Efficient chrome recovery Concentrating • Broad footprint serving multiple regions • Proprietary converter process capable of treating third-party solid matte feeds • Benchmark metal recoveries Smelting • Industry leading high- purity PGMs • Capacity to refine base metal-heavy Platreef ore • Parallel processing of base and precious metals Refining We have a well capitalised processing value chain 1. Platreef, Merensky, UG2, and Great Dyke ore
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61 Our integrated value chain We have the leading processing footprint in Southern Africa Source: Company reports; JOM World Nonferrous Smelter Survey Smelting: • Largest fleet of smelting operations • Leading furnace operating and maintenance practices • Efficiency improvements from mass pull optimisation • Reconfiguring smelting for efficiencies and recovery improvements Refining: • Highly capable refining operations delivering benchmark recoveries • High-quality final metal products achieving premium prices We have a leading smelter footprint in Southern Africa… Southern African smelter capacity by power input MW … and significant base metal refinery capacity Nickel produced kt, 4-year average, 2021-2024 23 AAP Peer 1 Peer 3 Peer 2 183 AAP Peer 1 Peer 2 Peer 3
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62 Our integrated value chain Processing is a strategic advantage, unlocking own mine margins and further value through operational excellence 1. 4-year weighted average, 2021-2024 Source: Company reports; Anglo American Platinum Our operational excellence programme is deliveringProcessing unlocks our mining margin EBITDA margin1 % 2024 Target 2-5 ppt Recoveries % 2024 Target 0.5-2 ppt Mass pull % Share of EBITDA Own mine POC & Toll ~-17 ppt Chrome yields % 2024 Target 6-8 ppt
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63 Mass pull reduction has tangible benefits Illustrative Mass pull reduction—Mogalakwena example Same ounces, less material smelted Input Recover Output Feed at 14 Mtpa and 2.7g/t Jameson Cells 2.7% Mass pull Concentrate at 0.38mtpa and 78g/t 950 koz PGM Feed at 14 Mtpa and 2.7g/t Conventional Floatation Cells 3.5% Mass pull Concentrate at 0.49mtpa and 60g/t 950 koz PGM Overall Mogalakwena mass pull benefits ~30% ~20% 10–15% ~10% Improved concentrate grade Reduced material handling and logistics Reduced electricity & water consumption Reduced Scope 2 CO2 emissions Our integrated value chain Source: Company reports; Anglo American Platinum
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64 Our integrated value chain Repurposing Mortimer for working capital release Reduced costs Reducing costs by • Increasing smelter utilisation • Placing Mortimer on care and maintenance Mass pull strategy enables • Mortimer’s conversion to treat slag Increased optionality Optimised capital allocation Reduced ongoing investment in • Furnace maintenance • SO₂ environmental controls Improved stability Improved smelter stability through • Consistent feed and higher utilisation Reduced concentrator volumes have freed up our smelter capacity Delivering increased flexibility and tangible opportunities for value creation
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65 [OFFICIAL] 65 Our integrated asset portfolio is firmly positioned in the first half of the cost curve, ensuring resilience and value generation CG 20.Mar.25: replace with high-quality image Amandelbult Concentrators
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© Sustainability in our business Mogalakwena solar plant
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67 Sustainability in our business Sustainability is integrated in everything we do Ethical Value Chains Facilitating the creation of resilient communities Decarbonisation Energy security • Security & predictability of our electricity supply • Decarbonisation pathways for GHG emissions • 30% reduction by 2030 (scope 1 & 2) • Carbon-neutral by 2040 (scope 1 & 2) • Mitigation of the physical impact of climate change • Ensuring zero harm to employees, contractors and communities • Focusing on delivery excellence of social upliftment projects • Improving community livelihoods by supporting the creationof jobs • Leveraging impact by catalysing partnerships • Committed to ethical and transparent value chains, ensuring compliance with industry standards • Actively upholding responsible mining practices and maintaining IRMA certification Climate & Energy Local Communities LPPM certification IRMA certification Focus area Lever Overview Note: IRMA—Initiative for Responsible Mining Assurance; LPPM—London Platinum and Palladium Market
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68 Mogalakwena’s development pathway supports our sustainability commitments Sustainability in our business Note: Images not to scale Sandsloot underground Reduced impact on communities Minimises noise, dust, and vibration Improved energy efficiency Increased concentrator yield Increased orebody selectivity, blending open-pit and underground ore Existing open-pit operations remain unaffected by Sandsloot underground Advancing capabilities in specialised underground skills Reduced tailings volumes Inactive open pitOpen pit Back fill Mogalakwena open pit Waste rock Tailings Neighbouring village Reduced non-ore rock removal Sustainability benefits
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©Marketing PLATINUM Hydrogen vehicle
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70 Marketing Our capabilities connect products to end customers • Liquid OTC physical market & exchange traded futures market • Exchange traded physical and futures market • Physical market Platinum Palladium Gold Rhodium Iridium + Ruthenium Nickel Copper Chrome Other 33 24 4 21 12 8 3 4 1. Other includes Osmium and co -products: cobalt sulphate, sodium sulphate & sulphuric acid Source: Anglo American Platinum Warehouse CustomersBMR Container ship Vault CustomersPMR OR Tambo CustomersChrome plant Bulk ship Contribution to gross revenue by metal • Thinly traded physical market 1 2 3 ZAR bn
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71 Marketing Tailored solutions: Creates value for AAP and our customers Source: Anglo American Platinum Mine SolutionsFind Process Deliver Customer expectations Added equity value • Price risk management • Supply risk management • Contract optionality • Market insight Trading value Within defined risk and working capital limits, realise value from • Flow—bid offer spreads • Time—positioning • Space—logistics & trading • Quality—production & trading • Proprietary—market insight Customer solutions Actively compete with intermediaries for a share of the value pool by meeting and exceeding our customers’ needs through providing solutions Equity value Premium above market price achieved from • Intermediary removal • Negotiation margin • Value-in-use optimisation • Services, logistics Added >$600mn to cumulative revenue since 2019 Inherent value
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72 Trusted partner: All our materials are responsibly mined or sourced Volkswagen Group Supplier Awards, 2023 Responsibly mined by AAP We are assured against rigorous independent standards that attest to our role in shaping a more sustainable and transparent industry Responsibly sourced by AAP Our Responsible Sourcing Standard is aligned to industry-leading practices 1 2 Marketing
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73 Shaping our world: Addressing climate challenges and shaping demand for PGMs Advocacy and communication • Advocating for a supportive regulatory environment • Shaping demand narratives and amplifying key voices • Collaborating with partners across the value chain to drive PGM demand Commercial collaboration • Investing where we see potential for PGM demand in emerging sectors & technologies VenturingNurturing • Creating new products & businesses through: • Research and development • Venture-building • Early adoption Marketing
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74 Advocacy in action: IHFCA We are a founding member of the International Hydrogen Fuel Cell Association (IHFCA) in China in 2022, together with Toyota, Hyundai and China Society of Automotive Engineers (SAE) Targeted advocacy can achieve overweight outcomes IHFCA today • Has more than 100 members • Has driven FCEV debate in China and mobilised demonstration fleets • Informed the SAE H2 Road Map, which calls for 1mn FCEVs and 5,000 H2 refuelling stations by 2035 • Remains instrumental in organising the Fuel Cell Vehicle Congress (FCVC), the world’s largest FCEV conference Marketing
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75 Shaping our world grows the inherent value of our products into the future 1. Assumes 10% of new light duty vehicles are FCEVs; 2. Assumes 10% of BEVs use Lion Battery Technologies’ LiS technology; 3. Assorted assumptions across computing, food tech, carbon neutral feedstocks, and medical and waste tech markets; 4. Assumes 10% of estimated white gold jewellery demand is converted to platinum jewellery Source: Anglo American Platinum calculations, AP Ventures & portfolio companies, PGI, S&P H2 mobility Battery mobility Industrial Jewellery ~6.01 ~0.92 ~2.33 ~1.54 Computing Food tech Carbon neutral feed stocks Waste & med Tech Marketing Moz Annual incremental PGM demand
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76 Break
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© Financial overview Converter Plant
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78 AAP’s revenues benefit from a diversified metal exposure, reducing realised basket price volatility Delivery on commitment mitigating the impact of lower prices and resetting the cost base Stable total sustaining capital expenditure profile to deliver safe and stable production, with discretionary project optionality Optimal independent capital structure, less than 1.0x leverage1 through the cycle, and a 40% earnings-based dividend Financial overview A strong track record of delivering robust financial results, well positioned for sustained success into the future ~ R100bn Revenue ~ R7bn Cost savings ~ R5bn Stay-in-business capital reduction Strong balance sheet 1. ND/EBITDA; Note: FY24 key financial metrics Source: Anglo American Platinum
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79 Operational excellence savings Cost evolution requires decisive action to remain competitive Financial overview Resetting our cost base through operational excellence 62 57 2023 2024 2025E & beyond ~55–56 -6% 7.3 11.3 2.8 1.2 Cost savings realised in 2024 2024 run rate savings achieved Further savings initiatives for 2025 Total cost savings Post 2025 savings potential ~1.0-2.0 Opportunities beyond 2025 • Continue to minimise inflation through efficiencies • Mogalakwena pit and dumping optimisation ~R0.7bn • Electricity savings through renewables ~R0.5bn • Run rate benefit of processing efficiencies ~R0.6bn ZAR bn ZAR bn Source: Anglo American Platinum
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80 Once-off demerger-related costs Intercompany settlement Financial overview Corporate cost efficiencies post-demerger support a lower cost base going forward ~0.5 Advisory & listing ~0.6 ~ 0.4 Separation1 ~0.1 – 0.3 Corporate identity Total ~ 1.0 ~1.6 – 1.9 2025 2026 ZAR bn ~R1.0–1.5bn p.a. Optimisation Dis-synergies ~ R0.5bn p.a. Intercompany settlement ~4.2 ZAR bn 1. Partially capitalised; Source: Anglo American Platinum Post-demerger run rate benefit
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81 Financial overview Stable total capital expenditure profile with attractive project optionality Planned future projects Mogalakwena Sandsloot underground Tumela 1 sub-shaft Mortimer slag cleaning furnace conversion Source: Anglo American Platinum 2023 2024 2025 E 2026 E 2027 E 20.5 18.5 ~17.8 - 18.5 ~19.0 - 19.8 ~19.0 - 20.1 SIB Capitalised waste stripping Approved Lifex Sandsloot Breakthrough Future projects ~17.3 - 18.0 16.8 – 17.6 16.3 – 17.4 ZAR bn
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82 Focus of stay-in-business expenditure continues to be on asset integrity Financial overview Asset integrity remains a priority in our sustaining capital expenditure 2021 2022 2023 2024 2025 E 2026 E 2027 E 7.3 9.6 11.3 6.4 ~6.5 – 6.9 ~7.0 – 7.5 ~7.0 – 7.5 Asset integrity Smelters Compliance HME / UME Other Prior years' spend focused on getting back to stable and capable operations, addressing high-risk areas The structural integrity programme at the Waterval complex has enabled long- term stability Cost-out initiatives targeted sustainable reduction in SIB through re-prioritisation of projects and leveraging efficiencies HME spend ensures steady production and dumping availability ZAR bn SIB – Stay in business capital; HME- Heavy mining equipment; Source: Anglo American Platinum
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83 Financial overview Cash-generative asset portfolio underpinned by attractive AISC position at each asset 1. Basket prices estimated using spot prices as at 25 February 2025; Source: Anglo American Platinum Unki 907 2023 2024 2025 E 1,087 2023 2024 2025 E 1,203 1,070 992 2023 2024 2025 E 1,038 976 2023 2024 2025 E 1,061 986 2023 2024 2025 E 1,136 ~970 – 1,000 All-in sustaining cost $/3E oz sold $ basket price /3E oz1 ~ $1, 110 ~ $1,427 ~ $1,374 ~ $1,199~ $1,251 Mogalakwena Amandelbult Mototolo UnkiAAP
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84 Financial overview Capturing the majority of the industry profit pool 400 200 0 -200 -400 -600 -800 1000 Modikwa JV Cumulative 3E production (%) Amandelbult Unki Mototolo Mogalakwena Margin/3E ounce $ 3E all-in sustaining cost margin, 2024 Note: AISC unit costs are presented as AISC net of by-product revenue from all metals other than 3E, divided by 3E ounces sold Source: Metals Focus
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85 [OFFICIAL] 85 Disciplined capital allocation supporting attractive shareholder returns Investment to enhance asset integrity and reliability Continued commitment to base dividend payout of 40% of headline earnings Scope for additional shareholder returns and project options Measured leveraging approach Disciplined capital allocation framework Future project options Additional shareholder returns 3. Discretionary capital options 1.Cashflowafter sustainingcapital Balance sheet flexibility 2.Commitm ent tobasedividend Financial overview Mototolo Chrome plant
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At current prices we remain within guided leverage Source: Anglo American Platinum Financial overview 17.6 (10.8) Dec 24 Net cash (0.8) Base dividend (15.7) Additional cash dividend 1.1 Pro-forma 2024 Dividend to be paid out in April 2025 • Base dividend of R3 per share • Additional cash dividend of R59 per share A B A B Pro-forma debt of ~R10.8bn (excluding customer prepayment) Debt facilities ZAR bnZAR bn Pro-forma net cash/(debt) Pre- demerger Post- demerger ~34 ~28-30
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87 [OFFICIAL] 87 Financial overview History of sector-leading shareholder returns 0 25 50 75 100 125 150 175 200 225 Dividend pay-out ratio % FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 AAP Precious metals peers 2024 additional cash dividend We have a consistent history of above-average dividend payouts Source: Company reports Mogalakwena north concentrator
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©Closing PLATINUM Mototolo chrome plant
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89 Committed to zero harm and integrating sustainability in all that we do Closing A leading integrated PGM producer delivering resilient returns Dividend policy 40% payout Through-the-cycle returns Leverage through the cycle <1x ND/EBITDA Value-aligned capital allocation Returns H1 target for all managed assets <$950/3E oz Resilient performance Well above our peers >25% EBITDA margin Operational excellence Capabilities Resource endowment supporting growth optionality >600 Moz Leading PGM portfolio PGM refined and sold >3.0 Moz Integrated value chain Assets Robust PGM market fundamentals
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©Q&A PLATINUM Mogalakwena north concentrator
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© Appendix Amandelbult Tumela shaft
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92 Appendix Production and cost guidance Unit 2025 Guidance 2026 Estimate 2027 Estimate Metal-in-concentrate (M&C) Total PGMs (Moz) 3.0–3.4 3.0–3.4 3.0–3.5 • Own-mined (Moz) 2.1–2.3 2.1–2.3 2.3–2.5 • Purchase of concentrate (POC) (Moz) 0.9–1.1 0.9–1.1 0.7–1.0 RefinedPGM production (Moz) 3.0–3.4 3.0–3.4 3.0–3.5 Unit cost (ZAR/PGM oz) 17,500–18,500 All-in sustaining cost (AISC) US$/3E oz ~ 970–1,000 Capex (ZAR bn) 17.8–18.5 19.0–19.8 19.0–20.1 The average M&C split by metal is Platinum: c.44%, Palladium: c.32% and Other: c.24%. In 2025, POC volumes will be lower than 2024 reflecting the impact of the Siyanda POC agreement transitioning to a 4E metals tolling arrangement early in the year, as well as Kroondal having transitioned to a 4E metals tolling arrangement in September 2024 In 2027, own-mined production benefits from higher grades at Mogalakwena, Dishaba projects coming online at Amandelbult and the steady ramp-up of Der Brochen, while POC is impacted by anticipated lower third-party receipts. Refined production excludes toll refined material. Production remains subject to the impact of Eskom load-curtailment. Refined production is usually lower in the first quarter than the rest of the year due to the annual stock count and planned processing maintenance