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NORTHAM PLATINUM HOLDINGS LIMITED NORTHAM PLATINUM LIMITED
Incorporated in the Republic of South Africa Incorporated in the Republic of South Africa
Registration number: 2020/905346/06 Registration number: 1977/003282/06
JSE equity share code: NPH JSE debt issuer code: NHMI
ISIN: ZAE000298253 Bond code: NHM021 Bond ISIN: ZAG000181496
("Northam Holdings" or, together with its subsidiaries, Bond code: NHM022 Bond ISIN: ZAG000190133
"Northam" or the "group") Bond code: NHM025 Bond ISIN: ZAG000195934
Bond code: NHM026 Bond ISIN: ZAG000195942
Bond code: NHM027 Bond ISIN: ZAG000216052
Bond code: NHM028 Bond ISIN: ZAG000216045
Bond code: NHM029 Bond ISIN: ZAG000216037
("Northam Platinum")
TRADING STATEMENT AND TRADING UPDATE FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2025
Key metrics
' Total equivalent refined platinum group metal ("PGM") produced from own operations increased by 3.7% to 467 818 oz 4E
(H1 F2025: 451 213 oz 4E).
' Production of chrome concentrate increased by 14.8% to 822 759 tonnes (H1 F2025: 716 622 tonnes), on the back of
improvements in UG2 tonnage throughput, feed grades and concentrator yields.
' Total metal sold increased by 13.7% to 519 192 oz 4E (H1 F2025: 456 544 oz 4E).
' Sales revenue rose by 60.0% to R23.3 billion (H1 F2025: R14.5 billion), attributable to a 53.1% appreciation in the Rand 4E
basket price, together with increased metal sold.
' Group unit cash cost per equivalent refined 4E ounce increased by 7.2% to R27 208/4E oz (H1 F2025: R25 381/4E oz), as cost
control and production growth tempered ongoing mining cost inflation.
' Operating profit grew by 439.2% to R5.8 billion (H1 F2025: R1.1 billion), as a result of higher sales volumes and improved metal
prices.
' Basic earnings per share is expected to increase to between 2 000.5 cents and 2 011.5 cents (H1 F2025: 61.5 cents).
' Headline earnings per share is expected to increase to between 1 518.5 cents and 1 529.5 cents (H1 F2025: 61.1 cents).
' Net debt of R2.6 billion measured against a 12-month rolling EBITDA of R10.6 billion results in a net debt to EBITDA ratio of 0.24.
' Available banking facilities of R12.3 billion remain fully undrawn at period end.
Introduction
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to publish a trading statement as
soon as they are satisfied, with a reasonable degree of certainty, that the financial results for the current reporting period will differ
by at least 20% from the financial results of the previous corresponding period.
Northam Holdings' financial results for the six-month period ended 31 December 2025 ("H1 F2026" or the "period") are underpinned
by a solid production performance. Northam Holdings expects to report an increase in basic and headline earnings per share for
H1 F2026 compared to the previous six-months ended 31 December 2024 ("H1 F2025").
The table below provides key earnings per share information for H1 F2026, compared to that of H1 F2025:
H1 F2026 H1 F2025 % variance
Basic earnings per share (cents) 2 000.5 ' 2 011.5 61.5 >1 000.0
Headline earnings per share (cents) 1 518.5 ' 1 529.5 61.1 >1 000.0
Number of shares in issue including treasury shares 400 102 916 396 238 229 1.0
Weighted average number of shares in issue# 393 724 561 389 859 874 1.0
#The weighted average number of shares in issue has been used to determine the basic earnings per share and headline earnings
per share.
Safety
All operations remained fatality free throughout the period, achieving notable safety milestones.
Booysendal surpassed 12 million fatality free shifts during December 2025, and remains fatality free since inception. Zondereinde
recorded 2 million fatality free shifts during October 2025 and Eland recorded 1 million fatality free shifts in December 2025.
The group's lost time injury incidence rate (LTIIR), expressed per 200 000 hours worked, equalled 0.55 (F2025: 0.61).
The safety of our employees remains of utmost importance and takes precedence over any production, operational or financial
objectives. Improving safety performance, as well as the health and wellness of our workforce, remain critical focus areas for the business.
Production
Key production metrics are as follows:
H1 F2026 H1 F2025
PGM production oz 4E oz 4E % variance
Equivalent refined metal production from own operations at Zondereinde 170 262 165 076 3.1
Concentrate production from own operations at Booysendal 261 148 256 759 1.7
Concentrate production from own operations at Eland 44 842 37 488 19.6
Total equivalent refined metal production from own operations 467 818 451 213 3.7
Equivalent refined PGMs purchased from third parties totalled 83 448 oz 4E (H1 F2025: 59 743 oz 4E), representing an increase of 39.7%.
All of our operations performed well and recorded improved metal production.
Zondereinde continues to benefit from logistics decongestion as a result of the ongoing shift of UG2 stoping from the western to the
higher-yielding eastern portions of the mine, as well as an increase in mining productivity arising from focussed Merensky stoping in
the Western extension.
Booysendal continues to focus on productivity and efficiency gains.
Eland is making steady progress in its ramp-up, with both square metres and tonnes mined in line with expectations.
At Zondereinde, the ramp-up of stoping continues within the Western extension section reflecting an improvement in Merensky tonnes
mined. Equipping of 3 shaft for personnel and material transport, as well as the provision of services, is nearing completion. Reaming
of 3a ventilation shaft also continues. Both shafts are scheduled for commissioning in April 2026. This will deliver sustainable
efficiency benefits to mining in the Western extension. Pilot drilling of 4 shaft, which will be a rock hoisting shaft, is complete, and
reaming has commenced.
At Booysendal, decline development is continuing in order to increase mineable reserves and enhance operational flexibility.
At Eland, the ramp-up of ore production from underground mining continues. In addition, the reconfiguration of the mine's ventilation
circuit has enabled multi-blast conditions, which is allowing accelerated decline development rates, further de-risking the mine build
programme. Focus remains on strike and raise development in order to grow mineable reserves. Stoping ramp-up is improving feed
volumes and grades to the concentrator, and further enhancements to the concentrator circuits are yielding additional benefits to
PGM and chrome production.
At the group's metallurgical facilities, upgrades to the Base Metal Removal ("BMR") plant are almost complete and the furnace slag
concentrator is processing slag inventory at a satisfactory pace.
Group production of chrome concentrate increased by 14.8% to 822 759 tonnes (H1 F2025: 716 622 tonnes), on the back of
improvements in UG2 tonnage throughput, feed grades and concentrator yields. Eland now contributes more than 20% of group chrome concentrate production.
H1 F2026 H1 F2025
Chrome concentrate production tonnes tonnes % variance
Production at Zondereinde 241 454 242 402 (0.4)
Production at Booysendal 414 289 358 833 15.5
Production at Eland 167 016 115 387 44.7
Total group production 822 759 716 622 14.8
Unit cash costs
The unit cash cost for the group amounted to R27 208/4E oz (H1 F2025: R25 381/4E oz), representing an increase of 7.2% for the
period. Unit cash costs increased at Zondereinde by 5.5% to R28 210/4E oz, at Booysendal by 2.8% to R18 897/4E oz, and at Eland
by 18.8% to R42 441/4E oz. Disciplined cost control and efficiency gains at Zondereinde and Booysendal moderated normal mining
inflation, while cost inflation at Eland is driven by the crew build-up and an overall increase in the number of employees.
Unit cash costs per 4E ounce for the group, and per operation, are as follows:
H1 F2026 H1 F2025
R/4E oz R/4E oz % variance
Zondereinde cash cost per equivalent refined 4E ounce 28 210 26 752 (5.5)
Booysendal cash cost per 4E ounce in concentrate produced 18 897 18 383 (2.8)
Eland cash cost per 4E ounce in concentrate produced 42 441 35 711 (18.8)
Group cash cost per equivalent refined 4E ounce 27 208 25 381 (7.2)
Sales revenue
Sales revenue rose by 60.0% to R23.3 billion (H1 F2025: R14.5 billion). The increase is primarily attributable to a 53.1% increase in
the Rand 4E basket price achieved, together with a 13.7% increase in metal sold.
As a result, total revenue per equivalent refined 4E ounce sold increased by 40.7% to R44 782/4E oz (H1 F2025: R31 835/4E oz).
The table below summarises metal volumes dispatched to the group's precious metal refiners, compared to metal volumes refined
and sold, together with the average USD sales prices achieved (expressed per metal and on a 4E basis) during the period:
Total
equivalent
refined metal
Total refined sold (including Average sales
metal the sale of prices
Dispatched produced concentrate) achieved
oz oz oz USD/oz
Platinum 310 117 294 764 311 385 1 546
Palladium 148 189 142 093 150 685 1 330
Rhodium 47 860 49 280 52 119 7 284
Gold 4 818 4 709 5 003 3 843
Total 4E 510 984 490 846 519 192 2 081
Included in total equivalent refined metal sold is concentrate sold to a third party to honour legacy offtake agreements relating to the
Everest and Maroelabult operations, which contained 32 237 oz 4E in concentrate (H1 F2025: 37 341 oz 4E).
Financial results
Sales revenue increased by 60.0%, compared to an increase in cost of sales of 29.4%. This resulted in an operating profit of
R5.8 billion (H1 F2025: R1.1 billion), and an operating profit margin of 25.1% (H1 F2025: 7.5%).
Earnings before interest, taxation, depreciation and amortisation ("EBITDA") amounted to R7.5 billion (H1 F2025: R1.8 billion).
An impairment assessment was performed during the period. At 30 June 2023, an impairment charge amounting to R2.7 billion was
recognised relating to the Eland mine. The estimation of recoverable value is most sensitive to commodity prices and the
US dollar/South African Rand exchange rate ("Exchange Rate"). Accordingly, as a result of a significant increase in forecast long-
term prices and the resultant impact on the recoverable amount for Eland, a reversal of the previously recognised impairment charge
was warranted. In terms of International Financial Reporting Standards ("IFRS") the amount of the reversal is limited to what the
depreciated carrying value of the assets would have been as at 31 December 2025, had the assets not been impaired. As a result,
an impairment reversal of R2.5 billion was recognised in the consolidated statement of profit or loss and other comprehensive income.
In accordance with IFRS the utilisation of a deferred tax asset is dependent on future taxable profits being in excess of the profits
arising from the reversal of existing taxable temporary differences. As a result of the latest forecast commodity prices, a reassessment
was performed regarding the utilisation of a deferred tax asset relating to Eland Platinum Proprietary Limited, and it is believed that
it is probable that a deferred tax asset will be utilised in the near term. Accordingly, a deferred tax asset amounting to R706.0 million
was recognised at the period end.
Metal inventory on hand increased to 527 395 4E oz, with a carrying value of R10.9 billion and a sales value of R25.4 billion when
applying the 4E basket price and the Exchange Rate as at 31 December 2025.
Our operations generated cash to the value of R6.6 billion, before cash capital expenditure of R2.7 billion.
As at 31 December 2025, the group's gross cash balance amounted to R9.3 billion, with net debt of R2.6 billion and a net debt to
EBITDA ratio of 0.24.
At period end, Northam's total available banking facilities amount to R12.3 billion, comprising a revolving credit facility (RCF)
of R11.3 billion and a general banking facility (GBF) of R1.0 billion. Both these facilities remain undrawn.
Capital expenditure
Capital expenditure is attributable to significant activity on the Western extension project at Zondereinde, the ongoing ramp-up at
Eland, and mining fleet purchases and concentrator upgrades at Booysendal South.
During the period, underground tunnel development within the Western extension progressed as planned, with over 2 000 metres of
additional access tunnels having been advanced. Strike development has reached the fifth mining line, raises are being developed
on the third mining line, and stoping is in progress on the first two mining lines.
Crew productivity is continuing to benefit from the combination of better mining conditions and focussed logistics over the ten mining
levels, as well as the logistics decongestion resulting from the ongoing shift in UG2 stoping from the western to the eastern portions
of the mine. Horizontal distance from the main shafts is, however, negatively impacting available face time for mining crews as well
as the provision of services. Commissioning of the 3 shaft complex is envisaged to resolve these issues.
Equipping of 3 shaft, which has been designed for the conveyance of personnel and materials, together with services (including
ventilation), process water, tailings slurry for backfill placement underground, as well as electricity, is progressing, and has reached
a depth of 1 056 metres, with the establishment of the intermediate pumping chamber level having been completed. Reaming of 3a
shaft, a dedicated, upcast ventilation way, to its final diameter of 4.8 metres, has reached 1 250 metres, with 111 metres remaining.
Both shafts, together with their supporting surface infrastructure, are scheduled to be operational by April 2026. Development of the
chairlift declines between levels 3 to 7 is complete, and equipping is scheduled in line with the shafts. Completion of the chairlift
declines down to 12 level will continue in sequence.
Pilot drilling of 4 shaft, designed for rock hoisting, is complete, and reaming has now commenced. Ultimately, 4 shaft is envisaged to
create optimal ore extraction conditions for the Western extension.
At Eland, the decline systems have been advanced 3 760 metres, which has accessed 11 strike drives. We require 11 strike drives
for steady state production, but need to replenish depletion of strikes over time, therefore decline development will continue at an
accelerated rate. The completion of a 4.5 metre diameter raise-bored ventilation shaft during the previous financial year significantly
improved environmental conditions, particularly in the deeper sections of the mine that are critical to the medium-term ramp-up. It
also allowed the mine's ventilation circuit to be reconfigured, which is enabling improved decline development rates, further enhancing
operational flexibility and de-risking the mine build programme.
Stoping of UG2 Reef is continuing, with 47 crews now deployed, averaging 9 600 square metres of stoping per month. Processing
of run of mine ore sources is ongoing, together with third-party surface material. Enhancements to the processing circuits, together
with improving feed grades, have led to improvements in both PGM and chrome recovery, with further upgrades and optimisation in
progress. In addition, surplus capacity in the PGM and chrome circuits is allowing the treatment of UG2 ore from Zondereinde, where
mining production currently exceeds concentrator capacity, delivering benefits to both operations.
Upgrades to the BMR plant at Northam's metallurgical operations located at Zondereinde, to align capacity to that of the smelter
circuit, are almost complete. Additional copper electrowinning cells were commissioned and upgrades to the second stage leaching
circuits have been completed, as well as the construction of a second nickel sulphate crystalliser. In addition, vacuum pan dryers
have been installed which reduce sulphur dioxide emissions in the BMR. We will continue to extract additional incremental
improvements over the coming years.
The development of an 80 MW solar power facility at Zondereinde is in progress. Development is in collaboration with an Independent
Power Producer (IPP) through a Power Purchase Agreement (PPA). Power will be supplied behind the Eskom meter and will thus
not be exposed to load curtailment events. Construction is almost complete, and commissioning is scheduled during the second half
of the current financial year. Once operational, the facility will improve security of power supply, whilst reducing energy costs and the
operation's carbon footprint.
In addition, we are developing self-build renewable energy projects at our mine sites, comprising solar plants supplemented with
utility scale battery storage. Construction of the first of these projects, at Eland mine, comprising 20 MW solar, with 40 MWh of battery
storage, will commence during the second half of the current financial year. Following this, a 250 MWh battery park will be installed
at Zondereinde, supplementing the soon to be commissioned solar facility.
Capital expenditure for the remainder of the current financial year is estimated at R3.8 billion, with the bulk thereof to be invested in
accelerated elective growth capital together with an aggressive renewable energy programme for the group.
Conclusion
Northam's belief in the inherent value of the metals we produce, together with our long-held view of shrinking global primary
production, have been the drivers behind our growth strategy. This strategy has required the investment of significant capital, both in
the acquisition of quality assets, together with the development of those assets into world class mining and mineral processing
operations. A significant pipeline of metal has also been funded and remains unencumbered.
Northam's view is that primary supply will continue to decline unabated deep into the next decade due to the extended lead times for
the development of new mines.
Northam's operations are high-yielding quality assets with long operating lives, and our market share of primary PGM and chrome
production is thus expected to grow over time.
We have funded our growth strategy through the very successful Zambezi empowerment transaction, internally generated cash flows
and through our access to the debt market. This has enabled Northam to expand production without shareholder dilution. Northam
will continue to allocate capital in this manner to ensure the sustainability of our operations well into the future, whilst returning value
to shareholders.
The financial information contained in this announcement is the responsibility of the board of directors of Northam Holdings and has
not been reviewed or reported on by Northam Holdings' auditors, PricewaterhouseCoopers Incorporated. The reviewed results of
Northam Holdings for H1 F2026 are expected to be published on or about Friday, 27 February 2026.
Johannesburg
9 February 2026
Corporate Advisor and Sponsor to Northam Holdings
One Capital
Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital
Date: 09-02-2026 07:05:00
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