Announcements 2019

Northam’s long term credit rating re-affirmed, short term credit rating revised and outlook upgraded

Northam is pleased to advise shareholders that the credit rating agency, Global Credit Rating Co. (“GCR”), has re-affirmed Northam’s national scale long term credit rating of A-(ZA) and revised its short term credit rating to A2(ZA) (in accordance with the changes in GCR’s Rating Scales, Symbols and Definitions, May 2019), with the outlook upgraded to positive.

The upgrade to a positive outlook acknowledges Northam’s improving trends in its earnings and production profile, as well as its conservative debt metrics. Moreover, the positive outlook reflects the likelihood of a future upgrade to Northam’s credit rating, should Northam continue to expand its production profile and operating cash flows in line with expectations, whilst maintaining financial discipline regarding expansionary capital expenditure and shareholder distributions.
GCR’s announcement in regard to Northam’s credit rating is available from GCR’s website at http://globalratings.net.

Johannesburg
28 October 2019

Corporate Advisor, Sponsor and Debt Sponsor
One Capital