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2025 Annual Results 25 February 2026
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Valterra Platinum Valterra Platinum Cautionary statement Disclaimer This presentation has been prepared by Valterra Platinum Limited (“Valterra Platinum”) and comprises the written materials/slides for a presentat ion concerning Valterra 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 inte rested party or are not otherwise permitted by law to receive it, you must return it i mmediately to Valterra Platinum. You shall treat and safeguard as private and confid ential all information contained in this presentation and take all reasonable step s to preserve such confidentiality. This presentation is for information purposes only and doesnot constitute an offer to sell or the solicitation of an offer to buy shares in Valterra Plat inum. Further, it does not constitute a recommendation by Valterra Platinum or any other party to sell or buy shares in Valterra Platinum or any other securities. Further, it sh ould not be treated as giving investment, legal, accounting, regulatory, taxation or ot her 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 inve stment decision whatsoever. All written or oral forward-looking statement s attributable to Valterra Platinum or persons acting on their behalf are qualified in th eir 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 backgrou nd 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 opin ions contained in the presentation or on their completeness, accuracy or fairnes s. The contents of the presentation have not been approved by any competent regula tory or supervisory authority. The information contained in this presentation has not been independently verified by Valterra Platinum or any other person. No representation, w arranty or undertaking, express or implied, is made by Valterra 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. ValterraPlatinum 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 announcement includes forward-looking statements. T hese forward-looking statements involve known and unknown risks and uncertainti es, many of which are beyond the Company’s control and all of which are based on the Company’s directors’ (the “Directors”) current beliefs and appear in several pla ces throughout this announcement and include statements regarding the intenti ons, beliefs or current expectations of the Directors or the Company concerning, am ong other things, the Company’s financial position and strategy. These forward-looking statements and other statements contained in this announcement regarding matters that are not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual even ts or results may differ materially as a result of risks and uncertainties the Compan y faces. Such risks, uncertainties and other important factors include, but are not limited to, health and safety considerations, equipment degradation, regulator y framework, supply and demand forecasts, price forecasts, as well as other factors within and beyond the Company’s control that may affect its planned strategies an d operational initiatives, including actions taken by counterparties. By their nature, forward-looking statements are based upon several estimates and assumptions that, whilst considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncerta inties and contingencies. Known and unknown factors could cause actual results to diff er materially from those indicated, expressed or implied in such forward-looking statements. The forward-looking statements contained in this announcement speak only as at t he date they are made. Subject to the requirements of the UK Listing Rules, the Listin g Requirements of the Johannesburg Stock Exchange, UK Prospectus Regulation, the UK Disclosure Guidance and Transparency Rules, the Market Abuse Regulation or any other applicable UK, South African, or other laws (as appropriate), the Directors and the Company explicitly disclaim any intention or obligation or undertaking to publicly release the result of any revisions to any forward-looking statements made in this announcement that may occur due to any change in the Directors’ or the Company’s expectations or to reflect events or circumstances after the date on which this announcement is made No investment advice This presentation has been prepared without reference to your particular investment or other objectives, financial situation, taxation positionand 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 standard s (IFRS), which are termed ‘alternative performance measures’ (APMs). Management use s these measures to monitor Valterra Platinum’s financial performance alongsi de IFRS measures because they help illustrate the underlying financial performance and position of Valterra Platinum. These APMs should be considered in addition to, andnot as a substitute for, or as superior to, measures of financial performance, financi al position or cash flows reported in accordance with IFRS. APMs are not uniformly def ined by all companies, including those in Valterra Platinum’s industry. According ly, it may not be comparable with similarly titled measures and disclosures by other companies. 2
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Valterra Platinum Valterra Platinum Agenda 1. Overview 2. Operational performance 3. Market performance 4. Financial performance 5. Conclusion 6. Questions & answers 3 Underground at Amandelbult LSE 4 listing launch
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Valterra Platinum Valterra Platinum Overview 4
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Valterra Platinum Valterra Platinum 5 Fatalities at own operations Fatalities at own operations Reducing injuries Reducing injuries Two fatal incidents – Unki and Dishaba mine Mogalakwena – 24 million fatality-free shifts (13 years) Mototolo – 11 million fatality-free shifts (14 years) TRIFR 1 1.48 – leading quartile of ICMM 2 industry benchmark Tumela mine – 11 million fatality-free shifts (9 years) SAIMM 3 Minesafe industry awards 2025 – 7 awards 1 3 2 2021 2022 2023 2024 2025 0 0 Number of fatalities 193 187 135 132 105 2.60 2.34 1.61 1.67 1.48 2021 2022 2023 2024 2025 Total recorded injuries TRIFR 1 Safety is our core value, zero harm is our first priority Safety
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Valterra Platinum Valterra Platinum Investing in our portfolio for maximum value • Sandsloot underground continues, investment decision H1 2027 • Der Brochen shaft development progressing in line with the plan Driving demand to ensure long-term success Achieving operational excellence Simplified & strengthened organisation Overview • Successfully completed demerger, LSE 4 listing and new identity established • Streamlined our organisation, reconstituted leadership structures and bolstered key capabilities • Production guidance exceeded and Amandelbult ramped up ahead of plan • Delivered ~R18bn in cost and capital efficiencies in the past 24 months • Working with industry players to develop new sources of demand • Focus areas include mobility, industrial, jewellery and investment demand Delivering on our commitments Integrating sustainability in all that we do: Independent verification at all our mines 6
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Valterra Platinum Valterra Platinum 7 Overview 2 Cost out savings R5bn Exceeding R4bn target EBITDA R33bn 2024: R20bn PGM 5 basket price $1,852 2024: $1,468 Total 2025 dividend R12bn 71% of headline earnings Net cash R11.5bn Generated R20bn FCF 7 in 2025 AISC 6 $987 Guided <$1,000 Strong operational performance coupled with higher PGM prices boost financial results
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Valterra Platinum Valterra Platinum Significant contributor to the broader SA economy Material distributions to all stakeholders 8 85 Drill rig at Mogalakwena open pit 2023 2024 2025 85 72 83 Taxes and royalties Salaries and wages Local procurement inc doorstep Social investment Capital investment Dividend paid R billions Salaries and wages R17bn Tax and royalties R4bn Local procurement R27bn Capital investment R 17bn Social Investment R1bn Dividends paid R17bn Overview Creating shared value for our stakeholders Diatla Tshweu farming initiative
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Valterra Platinum Valterra Platinum Operational performance 9
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Valterra Platinum Valterra Platinum Outperformed expectations with strong operational delivery 10 Operational performance M&C PGM 5 production 3.2 Moz Delivering on our guidance PGM 5 sales 3.5 Moz Leveraging higher PGM prices Mogalakwena tonnes milled 14.7 Mt Record performance Amandelbult restored to… ... steady state Exceeded production guidance PGM 5 refined 3.4 Moz Exceeding guidance Mass pull Improved 9% from Mogalakwena & Amandelbult
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Valterra Platinum Valterra Platinum Head grade Strong improvement in Q4 Strip ratio Down 22% y-o-y8 Mogalakwena – Pit optimisation gains momentum 11 Operational performance 85 Million tonnes – Mt 4E built-up head grade – g/t M&C ounces Flat y-o-y8 Pit optimisation benefits – 8% reduction in tonnes mined 13.0 14.9 75.6 66.7 2024 2025 -8% Waste Ore 2.48 2.48 2.45 2.71 2.53 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 average 953 948 2024 2025 -1% In line with the ore blending strategy PGM ounces – koz Drill rig at Mogalakwena open pit 5.8 4.5 Strip ratio +15%
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Valterra Platinum Valterra Platinum Enhanced loading & hauling efficiency Mogalakwena – Delivering operational excellence 12 Operational performance 85 On-mine costs 9 per tonne down 2% y-o-y8 P&H 4800 Rope Shovel Optimised drilling and blasting Operational benefits Productivity improvements 53 58 2024 2025 +9% Drilling efficiency (tonnes/meter) 984 965 2024 2025 -2% R/tonne milled 907 835 2024 2025 -8% AISC 6 down 8% y-o-y8 2,524 3,131 2024 2025 +24% Loading efficiency (tonnes/shovel hour) 334 395 2024 2025 +18% Hauling efficiency (tonnes/truck hour) H1 2025 H2 2025 -15% Redrills (%) AISC - $/3E oz
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[OFFICIAL] Valterra Platinum Valterra Platinum 13 0 1,000 2,000 3,000 4,000 5,000 6,000 Mill feed (kt) Indicative Key decision point Ramp-up mining operation Scale to full potential Exploration drilling & early works Bulk sampling Trial mining Scale through conveyor investment ~ 4 years > 3 years Full Potential PFS-B Conveyer FS-B Trucking Sandsloot underground – Value accretive opportunity Operational performance 10-50% increase in Mogalakwena PGM 5 ounces Bottom of the pit access – short lead time and low capex requirements Reef height allows for bulk mechanised UG 10 mining Compelling opportunity Compelling opportunity Grade 4-6 g/t – significantly higher than other PGM 5 mechanised ore bodies 10-20% reduction in AISC 6
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Valterra Platinum Valterra Platinum Balancing AISC 6 reduction & volume growth starting with Phase 1 at ~2 mtpa Prefeasibility study completed in H1 2025, now progressing the feasibility study Significant progress at Sandsloot underground project 14 2025 capex R1.4 bn and medium-term guidance maintained at R1.5 – R2.5bn p.a. Results confirm geological parameters & outlook presented at our Capital Markets Day Targeted completion of feasibility study & investment decision – H1 2027 Underground development progressing well Operational performance Total underground development (9.2 km cumulative) Bulk ore sample produced Delivered in 2025 3.2 km 80 kt Total underground exploration drilling (52 km cumulative)30 km Completed ventilation shaft 1 Vent shaft Total Measured and Indicated Mineral Resources 13 Moz 4E Ventilation shaft 1 Twin boom drill rig
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Valterra Platinum Valterra Platinum 15 Sector-leading basket price M&C production beat guidance ‘000 PGM 5 ounces Strong y-o-y8 recovery expected in 2026 Operational performance Positive FCF 7 despite flooding impact Amandelbult – Ramped up ahead of plan & generating strong cash flow 2024 2025 2026E +18-28% Net insurance receipts – R2.5bn M&C production exceeded guidance Restored to normalised run rate post flooding 2025 highlights 2025 highlights 1.7 ppt 11 improvement in concentrator recovery 4.9 3.2 2.0 2.5 2023 2024 2025 Insurance proceeds Free cash flow H1 H2 0 1,000 2,000 3,000 AMB MOT UNKI MOG Revenue/3E oz ($/oz) $/oz R’bn
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Valterra Platinum Valterra Platinum Mototolo – Unlocking operational flexibility Operational performance Total development up 107% y-o-y8 Progressing Der Brochen development ‘000 PGM 5 ounces Productivity up 12 % Optimisation progress 1,095 1,225 2,294 2,218 2024 2025 +12% Ore tonnes mined/employee Employees 42 47 IMA 12 - months 2024 2025 +11% 1.4 2.9 Total development - km 2024 2025 +107% 277 271 2024 2025 -2% Der Brochen UG 10 Drilling M&C production down 2% Due to grade dilution from development 16
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Valterra Platinum Valterra Platinum Processing – Optimising concentrator performance Operational performance Improved concentrator recoveries… Concentrator recovery - % …at our three largest operations 17 Mogalakwena North Concentrator Tonnes milled – million tonnes Record milled tonnes at Mogalakwena Mass pull - % 3.3 3.0 2024 2025 -9% …at Amandelbult (+1.7 ppt) & Mototolo (+1.2 ppt) while Mogalakwena remained flat 9% improvement in mass pull… …led by Mogalakwena (13%) & Amandelbult (7%) 24.3 24.4 2024 2025 +1% 13.9 14.7 2024 2025 +5% Mogalakwena Amandelbult +1.7 ppt Mototolo +1.2 ppt 2024 2025 Mogalakwena flat Valterra Platinum
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Valterra Platinum Valterra Platinum Driving operational excellence – Jameson Cells deliver significant benefits Operational performance Concentrate tonnes down 14% y-o-y8 Benefits of mass pull reduction …while concentrate grade improves 16% y-o-y8 MNC 13 mass pull improved 21% 3.7 3.2 2024 2025 < 3.0 2026E -21% -(8-12%) 18 Jameson Cells 4% reduction in Smelter electricity consumption 21% reduction in trucks on the road 5% reduction in Smelter related CO 2 emissions R123m total cost savings in 2025 …while concentrator recoveries improve Mass pull Pre-JM 14 Post-JM 14 +0.8 ppt MNC Concentrator recoveries - % 514 469 56 61 2024 2025 -14% Concentrate tonnes Concentrate grades (4E) ...in 6 months
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Valterra Platinum Valterra Platinum Market performance 19
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Valterra Platinum Valterra Platinum 900 1,100 1,300 1,500 1,700 1,900 2,100 2,300 2,500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Basket price supported by strong fundamentals & bullish developments Market performance $ PGM 5 basket price $ PGM 5 basket price Weaker US$ Tariff Concerns & Subpar Mine Supply Strong Chinese Buying Strong US imports & Tariff led tightness Debasement Trade GFEX 15 launch & Geopolitics 20
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Valterra Platinum Valterra Platinum Synchronised rally in PGM prices & potential upside to current forecasts Market performance 86% basket price rally Downward revision of BEV 16 forecasts Price discount to gold presents opportunities 1,377 2,562 530 225 290 Start 2025 Pt Pd Rh 55 Ru 10 Ir 35 Au 40 Other End 2025 +86% 2020 2022 2024 2026 2028 2030 0 10 20 30 40 2 years ago 1 year ago Latest $/6E basket price BEV 16 penetration forecasts - % Platinum/gold ratio 2016 2018 2020 2022 2024 2026 0.2 0.3 0.4 0.5 0.6 0.7 0.8 21
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Valterra Platinum Valterra Platinum PGM markets remain tight in the medium term 22 Market performance Palladium Rhodium Platinum PGMs 5 are critical minerals with safe haven characteristics Car sales continue to grow with expanding global economy Ongoing deficit Deficit markets as surplus postponed Deficit slowly moving to balance Outlook Outlook Deficits Industrial demand supported by new technologies such as AI 17 Mine supply to decline over longer term, albeit at a slower rate Recycled supply may rise, but headwinds remain -460 -140 -590 2023 2024 2025E 2026F 2027F -880 -350 -320 2023 2024 2025E 2026F 2027F -70 -35 -70 2023 2024 2025E 2026F 2027F Source: 2023-2024 Johnson Matthey except for some supply adjustments by Valterra Platinum; 2025 supply Valterra Platinum, demand based on Johnson Matthey modified by Valterra Platinum; 2026 -2027 Valterra Platinum.
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Valterra Platinum Valterra Platinum Financial performance 23
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Valterra Platinum Valterra Platinum 24 Opex cost savings R5bn Target: R4bn EBITDA R33bn Up 68% on 2024 Revenue R116bn Up 7% on 2024 Final dividend declared R11.5bn R43 per share Net cash R11.5bn 2024: R17.6bn Sustaining free cash flow R20bn Up 22% on 2024 Financial performance Exceptional performance sustained through transition year
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Valterra Platinum Valterra Platinum 25 EBITDA EBITDA Uncontrollable One-offs Controllable Annual PGM 5 basket price of R32,611/PGM oz up 22% Rand billion 19.8 31.1 38.5 33.4 16.7 (3.9) (1.5) 5.0 2.4 (2.1) (3.0) FY2024 Price & Fx CPI & Royalties Costs Other 18 Demerger related costs Amandelbult flood FY2025 2024 WIP Drawdown Input cost inflation of ~5.4% Cost savings of R5bn exceeded target of R4bn R2.5bn in insurance proceeds received Earnings supported by pricing tailwinds and cost optimisation Financial performance
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Cost discipline delivering R12.3 billion savings over the past two years 26 Valterra Platinum Valterra Platinum Financial performance Y1 inflation Y2 inflation Rand billion 2026 unit cost guidance – R19,000 - R20,000/PGM oz 18% real reduction in our total cost 19 base Achieved unit cost of R19,488/ PGM oz 20 – within guidance Targeting a further R1.0 - R1.5bn in cost savings for 2027 (4.2) (1.5) (1.6) (2.2) (1.4) (1.4) 2023 in 2025 terms Consumables & sundries Labour & contractors Demerger & corporate 2025 68 (6.4) (2.9) (3.0) 56 -12.3 Y1 inflation Y2 inflation 2024 2025
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Capital discipline maintained while advancing key projects 27 Valterra Platinum Rand billion Valterra Platinum Financial performance 14.2 12.5 4.4 4.5 2024 2025 12.5 - 13.0 4.5 - 5.0 2026 Guidance 18.6 17.0 17.0 - 18.0 Sustaining Capex Discretionary Capex Prior guidance ~19.0 Der Brochen ~R1.0bn Sandsloot UG 10 R1.5 - R2.5bn Mortimer repurposing ~R1.5bn Through the cycle investment into asset integrity and reliability Advancing asset optimisation and margin improvement
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Valterra Platinum Valterra Platinum 28 Capital discipline, cost optimisation and efficiency improvements reduce AISC 1,136 987 1,039 2023 ex lifex 2025 ex lifex 2025 incl lifex 2026 guidance incl lifex 22 ~1,050 -13% 13% reduction in all-in sustaining cost since 2023 13% reduction in all-in sustaining cost since 2023 $ per 3E oz Valterra Platinum assets firmly in the lower half of the cost curve Valterra Platinum assets firmly in the lower half of the cost curve Financial performance $ per 3E oz Price required to incentivise new production at ~10% ROCE 21 0% 25% 50% 3,000 100% 2,000 1,000 0 75% 2,300 Source: Company records - Valterra Platinum and Sibanye Stillwater assets updated with actuals. The rest of the curve is a combination of 6 months’ actuals and 6 months’ forecast
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Valterra Platinum Valterra Platinum 29 Net cash Net cash Rand billion Liquidity headroom of R43bn, made up of cash & undrawn committed facilities Financial performance Strong outcome on credit rating – S&P Global Ratings investment-grade rating of BBB-/A-3 & zaAAA 11.5 (9.1) (1.7) (2.9) 2.5 Jun 2025 28.1 Cash from Ops (excl. one offs) 23 (0.5) Dividend Capital Tax, net interest & other Recharges & demerger costs Insurance proceeds received Dec 2025 (4.9) Domestic Medium Term Note Programme established in February 2026 Significant cash generation supporting strong a balance sheet Demerger related settlements have been concluded
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Valterra Platinum Valterra Platinum 30 71% pay-out ratio Total 2025 dividend declared of R12bn or R45 per share R32.1bn R12.5bn R6.7bn R4.5bn Cash from operations Sustaining capital Base dividend declared Special dividend declared Valterra Platinum Valterra Platinum Financial performance Disciplined capital allocation underscores delivery of shareholder returns 63.48 43.00 25.00 20.00 HEPS 24 2.00 DPS 25 DPS 25 63.48 45.00 45.00 H1 dividend H2 dividend Special dividend Base dividend R5.3bn Discretionary capital Balance sheet flexibility Future project options Additional shareholder returns
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Valterra Platinum Valterra Platinum Conclusion 31
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Valterra Platinum Valterra Platinum 32 High leverage to Free Cash Flow generation Strategic and disciplined capital allocation Conclusion Superior dividends track record Enhancing cash generation for maximised shareholder returns Investing through the cycle – securing long-term reliability Maintaining capital discipline in a bull cycle Capex optimisation delivering full scope at reduced spend 21 19 17 2023 2024 2025 2026E 2027E 2028E Total capex Previous guidance Reported Spot -20% Spot Spot +20% +240% 12 92 122 128 147 159 2020 2021 2022 2023 2024 2025 VAL Peer 1 Peer 2 Peer 3 2025 Free cash flow – R billon Cumulative dividends – R billion Targeting a further R1.0 - R1.5bn in cost savings in 2027 Capex – R billion
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Valterra Platinum Valterra Platinum 33 World class mining and processing assets Cost and capital discipline Clear strategic direction and strong execution track record Superior shareholder returns Strong balance sheet Conclusion Leading the PGM industry Platinum, Palladium and Gold
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Thank you Thank you
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Valterra Platinum Valterra Platinum Q&A 35
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Valterra Platinum Valterra Platinum Appendix 36
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Valterra Platinum Valterra Platinum 37 Refined production 3.0-3.4 Moz Guidance maintained Own mine production 2.1-2.3 Moz Amandelbult steady state (570-620koz) M&C production 3.0-3.4 Moz Guidance maintained AISC 22 ~$1,050/3E oz Capex ~R17-18bn Disciplined approach enables ~R1.5 bn savings Unit cost R19,000-20,000 /PGM 5 Oz Guidance for 2026 Appendix
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Valterra Platinum Valterra Platinum 2028 Estimate 2027 Estimate 2026 Guidance 2025 Actual Unit 3.0 - 3.4 3.0 - 3.4 3.0 - 3.4 3.4 6E moz Refined PGM production 3.0 - 3.3 3.0 - 3.3 3.0 - 3.4 3.2 6E moz PGM M&C production 0.8 - 0.9 0.9 - 1.0 0.9 - 1.1 1.1 6E moz Purchase of concentrate (POC) 2.2 - 2.4 2.1 - 2.3 2.1 - 2.3 2.1 6E moz Own mined 1,020 - 1,080 920 -980 920 - 980 948 6E koz Mogalakwena 570 - 620 570 -620 570 - 620 484 6E koz Amandelbult 270 - 300 270 - 300 270 - 300 271 6E koz Mototolo 210 - 240 210 - 240 210 - 240 220 6E koz Unki 130 - 160 130 - 160 130 - 160 138 6E koz Modikwa (JO) - VP share 17.0 - 18.0 17.0 - 18.0 17.0 - 18.0 17.3 ZAR bn Capital expenditure 19,000 - 20,000 19,488 R/ PGM (6E) oz Unit cost 1,050 1,039 $ / 3E oz sold AISC 17.00 17.84 ZAR / US$ Exchange rate 38 Appendix Guidance and outlook
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Valterra Platinum Valterra Platinum 39 Appendix Schematic view of Mogalakwena
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Valterra Platinum Valterra Platinum EBITDA sensitivity Appendix 40 EBITDA impact of 10% change in average realised price and fx Average realised metal price 06 February spot metal price Commodity 2,745 1,338 2,103 Platinum ($/oz) 1,755 1,157 1,705 Palladium ($/oz) 1,674 6,236 10,400 Rhodium ($/oz) 573 3,495 4,964 Gold ($/oz) 540 15,111 16,880 Nickel ($/ton) 232 10,049 12,923 Copper ($/ton) 371 255 298 Chrome ($/ton) 8,430 1,852 2,861 PGM Basket price ($/PGM oz) Currency 7,889 17.84 16.03 South African Rand
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Valterra Platinum Valterra Platinum Net cashflow by mine 41 Appendix Net cash 31 December 2025 Other Customer prepayment Dividends paid Effect of Exchange rate changes on cash Tax and interest paid Discretionary capital Economic free cash flow Sustaining capital Net Cash generated / (Utilised) Net cash 31 December 2024 Assets (2,154) 7,264 (7,813) 15,077 Mogalakwena (92) 4,577 (1,309) 5,886 Amandelbult (1,734) 2,926 (793) 3,719 Mototolo (119) 1,931 (797) 2,728 Unki (28) 745 (493) 1,238 Modikwa (299) 5,511 (1,014) 6,525 Purchase of concentrate, Tolling & Trading 243 862 (17,302) (1,557) (2,658) (23) (4,212) (317) (3,895) Other 11,491 243 862 (17,302) (1,557) (2,658) (4,449) 18,742 (12,536) 31,278 17,610
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Valterra Platinum Valterra Platinum Cost breakdown 42 Appendix Sundry expenses 26 Maintenance costs Consumable costs Power costs Contractors costs People costs PGMs (koz) Volume % Cost base (Rbn) 2025 11.2% 33.5% 31.0% 1.7% 4.3% 18.3% 979 47% 9.0 Opencast mining 11.8% 9.8% 13.1% 11.1% 4.1% 50.1% 555 27% 11.8 Conventional mining 11.8% 15.9% 18.6% 5.5% 14.2% 34.0% 526 26% 6.8 Mechanised mining 16.4% 22.2% 21.1% 27.3% 0.9% 12.1% 9.5 Concentrating 14.7% 17.2% 8.6% 46.7% 0.0% 12.9% 6.8 Smelting 17.0% 19.1% 24.2% 16.6% 0.0% 23.1% 4.0 Base metal refining 21.0% 16.6% 14.4% 9.6% 0.0% 38.5% 1.5 Precious metal refining 41.8% 11.5% 2.6% 11.7% 27.6% 4.8% 0.7 Chrome & toll refining 14.1% 19.2% 18.7% 17.0% 4.2% 26.9% 2,060 100% 50.1 Sundry expenses 26 Maintenance costs Consumable costs Power costs Contractors costs People costs PGMs (koz) Volume % Cost base (Rbn) 2024 7.0% 33.0% 36.0% 2.0% 4.0% 18.0% 964 44% 8.9 Opencast mining 11.0% 9.0% 14.0% 9.0% 4.0% 53.0% 642 29% 10.7 Conventional mining 11.0% 13.0% 20.0% 7.0% 10.0% 39.0% 585 27% 7.1 Mechanised mining 14.0% 23.0% 23.0% 25.0% 2.0% 13.0% 9.3 Concentrating 17.3% 17.8% 8.0% 42.8% 0.0% 14.1% 6.9 Smelting 13.4% 19.2% 28.2% 15.5% 0.0% 23.7% 4.0 Base metal refining 20.8% 15.3% 17.2% 8.6% 0.0% 38.1% 1.5 Precious metal refining 49.8% 11.3% 2.2% 9.4% 23.9% 3.4% 0.7 Chrome & toll refining 12.0% 19.0% 21.0% 16.0% 4.0% 28.0% 2,191 100% 49.1
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Valterra Platinum Valterra Platinum Simplified EBITDA per PGM ounce Data may not cast as they are rounded independently. 43 Appendix Valterra Platinum Other POC & TOLL Mined Exit mines & C&M 27 Modikwa VP share Unki Mototolo incl Der Brochen Amandelbult Mogalakwena 116,330 886 40,763 74,681 4,623 8,059 9,501 19,189 33,309 Net revenue a = (b x c)/1000 + d 30,456 34,045 31,643 34,004 32,762 37,522 33,009 Basket price per PGM ounce b 3,454.3 1,260.7 2,193.6 146.1 237.0 290.0 511.4 1,009.1 PGM ounces sold c 2,366 2,366 Other revenue d 76,356 95 34,217 42,044 3,109 4,350 4,936 12,730 16,919 Cash operating costs e = (f x g)/1000 + h 19,488 22,461 19,807 18,226 26,319 16,540 Cash operating cost / PGM oz f 3,200.6 1,140.3 2,060.3 138.4 219.7 270.8 483.6 947.8 PGM ounces produced g 36,108 95 34,217 1,891 1,240 POC, Toll and unit cost adjustments 28 h 6,605 4,652 (2,124) 4,077 251 250 1,026 867 253 1,430 Other costs i = (j + k + l + m + n) (3,607) - (3,031) (576) - (15) 85 159 (183) (622) - Metal inventory j 6,177 3,422 907 1,848 251 124 600 388 (897) 1,382 - Other costs k 1,772 - - 1,772 - 96 341 192 473 670 - Royalties l 1,033 - - 1,033 - 45 - 128 860 -- Chrome m 1,230 1,230 - Market and development costs n 82,961 4,747 32,093 46,121 251 3,359 5,376 5,803 12,983 18,349 Total costs o = (e + i) 33,369 (3,861) 8,670 28,560 (251) 1,264 2,683 3,698 6,206 14,960 EBITDA p = (a - o) 29% 0% 21% 38% 0% 27% 33% 39% 32% 45% EBITDA margin q = (p ÷ a)
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Valterra Platinum Valterra Platinum Rand basket price Valterra Platinum POC Mining Modikwa VP share Unki Mototolo Amandelbult Mogalakwena Net sales revenue (US$ million) 2,020 742 1,293 83 142 172 337 560 from platinum 1,186 313 903 59 101 92 132 519 from palladium 1,259 516 777 67 68 150 307 186 from rhodium 1,071 497 578 34 74 73 131 266 from other PGMs 522 85 437 9 68 10 14 336 from base metals 199 - 199 8 - 35 156 -from chrome 6,257 2,153 4,187 259 452 533 1,076 1,867 Total revenue a 3,454 1,261 2,194 146 237 290 511 1,009 PGM ounces sold b 1,852 1,707 1,908 1,774 1,906 1,836 2,103 1,850 US$ basket price per PGM ounce 29 c = a ÷ b x 1,000 17.84 17.84 17.84 17.84 17.84 17.84 17.84 17.84 Exchange Rate (Rand to US$) d 32,611 30,456 34,045 31,643 34,004 32,762 37,522 33,009 Rand basket price per PGM ounce e = c x d Data may not cast as they are rounded independently. 44 Appendix
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Valterra Platinum Valterra Platinum Appendix $ per 3E oz 45 Data may not cast as they are rounded independently. All-in sustaining cost Mining Modikwa Unki Mototolo Amandelbult Mogalakwena Cost ($ million) 2,508 188 303 332 720 951 Total operating costs adjusted for ore stockpile movements 44 3 5 6 11 20 Allocated marketing and market development costs 529 26 45 28 40 390 Sustaining capital 3,081 217 353 366 771 1,361 Total all-in sustaining costs ($m) a 1,213 51 141 118 301 602 Revenue credits (revenue other than Platinum, Palladium and Rhodium) b 1,868 166 212 248 470 759 All-in sustaining costs ($m)c = a - b 1,895.6 124.5 207.5 236.7 416.2 910.7 3E ounces soldd 987 1,335 1,022 1,046 1,130 835 US$ AISC / 3E oz sold 30 c x 1,000 ÷ d 1,568 1,669 1,495 1,751 1,862 1,389 Average 3E price achieved ($ / 3e oz) 3E revenue ÷ 3E oz sold 581 334 473 704 733 554 Realised $ cash margin / 3e ounce sold excluding lifex 37% 20% 32% 40% 39% 40% Margin %
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Valterra Platinum Valterra Platinum Appendix 46 Footnotes 1. TRIFR – Total recordable injury frequency rate - tot al recorded injuries excludes first aid cases 2. ICMM – International Council on Mining and Metals 3. SAIMM – The Southern African Institute of Mining a nd Metallurgy 4. LSE – London Stock Exchange 5. PGM – Platinum group metals 6. AISC – All-in sustaining cost 7. FCF – Free cash flow 8. Year on year (y-o-y) 9. On-mine costs includes capitalised waste strippin g capital 10. UG – Underground 11. ppt – Percentage points 12. IMA – immediately available ore reserves 13. MNC – Mogalakwena North Concentrator 14. JM – Jameson Cells 15. GFEX – Guangzhou Futures Exchange 16. BEV – Battery Electric Vehicle 17. AI – Artificial Intelligence 18. Includes the impact of lower restructuring costs and a lower loss from associates compared to the prior year. 19. Costs measured for the cost-out programme exclud es royalties, historical recharges paid to AA plc, share based payments, flood impact and restructuring costs, as well as movements in inventory and POC costs 20. Includes the impact of the Amandelbult flood. The unit cost excluding the flood impact is R18,434 / PGM oz 21. ROCE – Return on Capital Employed 22. AISC guidance for 2026 – assuming a R17/$ exchange rate 23. Cash from operations excludes one-off Anglo American settlement and demerger costs (R2.9bn) 24. HEPS – Headline earnings per share 25. DPS – Dividend per share 26. Sundry expenses costs includes capitalised waste stripping costs 27. Care and maintenance 28. Unit cost adjustments include low grade ore stockpile write downs of R715m, Vaalkop tailings dam impairment rehabilitation impact of R254m, Mogalakwena underground development costs of R271m, Der Brochen ramp-up costs net of volume impact of R308m and non-M&C related processing costs of R343m. 29. The Company basket price excludes revenue from tolling, trading and leasing deemed cost of sales 30. AISC calculation based on previous calculation m ethodology of excluding lifex capital