Wrap Text
Voluntary production update
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 share code: NPH ISIN: ZAE000298253 JSE debt issuer code: NHMI
("Northam Holdings" or, together with its subsidiaries, Bond code: NHM021 Bond ISIN: ZAG000181496
"Northam" or the "group") Bond code: NHM022 Bond ISIN: ZAG000190133
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")
VOLUNTARY PRODUCTION UPDATE
Northam is pleased to report solid performance from each of our operations for the financial year ended
30 June 2026 ("F2026"), while project development continues apace.
The following key production metrics exceeded guidance:
• Record total equivalent refined metal produced from own operations of 938 754 oz 4E
• Record equivalent refined metal purchased from third parties of 158 138 oz 4E
• Record total chrome concentrate produced and sold of 1 690 495 tonnes
• Record total 4E metal sold of 1 087 327 oz
All other production metrics were within guidance.
All operations have performed well. Zondereinde continues to benefit from focussed Merensky stoping in the
Western extension, together with logistical decongestion resulting from the shift of UG2 stoping to the higher-
yielding eastern portions of the mine. Booysendal's production exceeds steady state and is continuing to focus on
incremental sustainable productivity gains, while Eland continues to ramp-up on schedule.
Strong production growth was recorded at Eland, with marginal improvements at Zondereinde ahead of the
commissioning of 3 shaft, and at Booysendal on the back of further productivity gains. This once again
demonstrates the quality of these operations.
Mining tonnages and grades across the group are expected to improve further over the coming two years as our
growth and innovation projects reach completion and deliver on their planned objectives. This, together with an
expected increase in mineable reserves, will provide important additional operational flexibility.
Key Platinum Group Metals ("PGMs") production metrics for F2026 compared to the financial year ended
30 June 2025 ("F2025") are as follows:
Performance
relative to F2026 F2025 %
guidance variance
oz 4E oz 4E
Equivalent refined metal produced from own operations
at Zondereinde Within 333 050 330 769 0.7
Metal in concentrate produced from own operations at
Booysendal Exceeded 531 668 512 147 3.8
Metal in concentrate produced from own operations and
surface sources at Eland Within 91 205 72 442 25.9
Total equivalent refined metal produced from own
operations Exceeded 938 754 899 244 4.4
Equivalent refined metal purchased from third parties Exceeded 158 138 127 171 24.4
Total equivalent refined metal produced from own
operations including refined metal purchased from third Exceeded 1 096 892 1 026 415 6.9
parties
Total refined metal produced * 1 032 509 937 942 10.1
Refined metal sold * 1 026 346 933 210 10.0
Concentrate and recycled material sold disclosed as
equivalent ounces * 60 981 73 265 (16.8)
Total metal sold Exceeded 1 087 327 1 006 475 8.0
* Not guided
Group production of chrome concentrate increased by 17.4% to 1 690 495 tonnes (F2025: 1 439 752 tonnes), due
to improved UG2 tonnage throughput, feed grades and concentrator yields, particularly at Eland, where yields have
more than doubled during the past year.
Performance
relative to F2026 F2025 %
guidance variance
tonnes tonnes
Chrome concentrate produced at Zondereinde * 507 900 497 438 2.1
Chrome concentrate produced at Booysendal * 873 764 735 706 18.8
Chrome concentrate produced at Eland * 308 831 206 608 49.5
Total chrome concentrate produced Exceeded 1 690 495 1 439 752 17.4
Zondereinde
Solid production performance, together with the commissioning of 3 shaft, was marred by the tragic passing of
three of our employees in separate and unrelated incidents.
Mr. Aubrey Botswe, a locomotive guard, was struck by a locomotive. Mr. Luyanda Kunyalele, a rock drill operator,
was struck by a fall of ground. Mr. Ofentse Modiselle, an artisan assistant, fell from an overhead crane at the
metallurgical facility, the cause of which is still being investigated.
We remain acutely aware of the potential severity of injuries which may result from safety incidents and are
proactively working to minimise both potential incidents and consequential injuries.
Both Merensky and UG2 mined tonnages increased compared to the previous year as a result of the establishment
of new stoping areas for Merensky in the Western extension, and UG2 on the eastern side of the mine. Merensky
mill feed grades from the Western extension have been depressed for the past four years as a result of necessary
under-stoping of 3 shaft, accelerated development and excessive backfill dilution due to the distance from the main
shafts. These are matters that will be progressively resolved following the commissioning of 3 shaft. UG2 grades
present in the eastern side of the mine will continue to be above historical levels. We expect improvement in
combined concentrator feed grades, closer to historical levels, over the coming 18 months.
Higher feed tonnages achieved, although somewhat offset by marginally lower 4E concentrator feed grades,
resulted in equivalent refined metal from own operations improving to 333 050 oz 4E (F2025: 330 769 oz 4E).
Booysendal
Continued focus on safety, together with a strong production performance, were key features of the year.
The mine surpassed 12.7 million fatality free shifts during June 2026, and, more importantly, remains fatality free
since inception over 15 years ago.
Production of metal in concentrate from own operations increased by 3.8% to 531 668 oz 4E
(F2025: 512 147 oz 4E), exceeding planned steady state levels. All currently operating mining modules are
contributing.
The expansion of the South tailings storage facility ("TSF") which commenced at the end of the first half of the
financial year is expected to be completed in 12 months' time. This will enable further production growth.
Eland
Key production metrics relating to Eland for F2026 compared to F2025 are as follows:
F2026 F2025 % variance
Square metres mined 169 243 108 917 55.4
Development metres 13 388 12 519 6.9
Surface sources including TSF tonnes 114 455 922 481 (87.6)
Toll treated UG2 ore tonnes from Zondereinde 107 663 58 629 83.6
Tonnes mined 1 290 647 1 082 955 19.2
Tonnes hoisted 1 276 491 1 007 134 26.7
Run of Mine tonnes milled 1 388 310 1 074 940 29.2
Surface sources tonnes milled 114 455 922 481 (87.6)
Total tonnes milled 1 502 765 1 997 421 (24.8)
Head grade (4E g/t) 2.74 2.09 31.1
Head grade (6E g/t) 3.49 2.71 28.8
PGM concentrate recoveries (%) 73.0 60.2 21.3
Stockpile tonnes 62 524 258 680 (75.8)
4E metal in concentrate produced from own operations and surface
sources 91 205 72 442 25.9
Chrome concentrate produced tonnes 308 831 206 608 49.5
The ramp-up of Eland continues, as mineable reserves grow and stoping crew build-up continues, and the
reconfiguration of the mine's ventilation circuit enables multi-blast conditions. These conditions contribute to
accelerated decline development rates, whilst de-risking the mine build programme.
Batch treatment of Run of Mine ore is ongoing, together with treatment of third-party surface material. The ramp-
up of underground stoping is improving feed volumes and grades to the concentrator, and ongoing enhancements
to the concentrator circuits are improving recovery of both PGMs and chrome.
Underground ore production improved by 55.4% as a result of the number of operational stoping crews increasing
to 50. However, a temporary suspension of tailings retreatment reduced total milled tonnage by 24.8%. This was
offset by a 31.1% improvement in mill feed grade, and a 21.3% improvement in PGM concentrate recovery, which
led to a 25.9% increase in own production to 91 205 oz 4E (F2025: 72 442 oz 4E).
In addition, spare capacity in the PGM and chrome circuits allows for the treatment of UG2 ore from Zondereinde,
where mining production currently exceeds concentrator capacity. This benefits both operations and processing of
Zondereinde UG2 ore at Eland commenced during the second half of F2026.
Looking forward
Northam's growth strategy is rooted in our belief in the inherent and long-term, sustainable value of the metals we
produce, together with our long-held view of shrinking global primary supply.
This strategy has required significant capital investments, both in the acquisition of quality assets, together with
the development of those assets into world class mining and mineral processing operations.
Northam's view remains that primary supply will continue to decline unabated well into the next decade, due to the
extended lead times for developing new mines, exacerbated by periodic fluctuations in PGM basket pricing.
Northam's operations are high-yielding, quality assets with long operating lives, and our relative market share of
primary PGM and chrome production is expected to continue to increase over time.
This voluntary production update has not been reviewed and reported on by the group's external auditors.
Johannesburg
13 July 2026
Corporate Advisor and Sponsor to Northam Holdings
One Capital
Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital
Date: 13-07-2026 05:00:00
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