Announcements 2026

• Northam initiates a strategic, competitive process following an unsolicited approach from a major producer in the South African PGM industry
• In terms of the process, Northam will consider proposals from pre-selected third parties and other credible interested parties regarding potential transaction(s)
• The main objective of the process is to ensure that Northam’s long-term value and strong industry position are appropriately recognised and crystallised for the benefit of the company, its shareholders and other stakeholders

The decision follows an unsolicited, exploratory, non-binding approach from a major producer in the South African platinum group metals (PGM) industry regarding a potential transaction with Northam involving what was broadly presented as an “asset-level transaction” or a “corporate transaction”.

Northam recently announced Vision 2031, setting out its updated medium-term growth target, driven by growth from the company’s existing orebodies, underpinned by its proven track record of responsible capital allocation and efficient project execution. Crucially, the company’s growth profile coincides with a shrinking primary PGM supply, as the long lead times associated with developing new mines means that the decline in primary supply cannot be halted or slowed until well into the next decade.

In the context of Northam’s exceptional growth prospects (including under Vision 2031) and management’s proven track record of delivering on strategic, operational and financial objectives, the board believes that the process will crystallise the company’s long-term value and strong industry position, for the benefit of the company, its shareholders and other stakeholders. In addition, the process will provide the company with increased optionality, thereby optimising shareholders’ investment value in the company, either through value-accretive transaction(s) which may emerge from the Process or, alternatively, through continued investment in the company as it continues to execute on its growth objectives and deliver meaningful returns to shareholders.

Interested parties that have not been invited are referred to the SENS announcement for further information regarding the process and the manner in which they may express an interest to participate.

One Capital Advisory Proprietary Limited has been appointed as the company’s exclusive corporate advisor in relation to the process and any transaction(s) arising therefrom.

Mcebisi Jonas, independent non-executive chairman of the board, said “The unsolicited approach clearly demonstrates Northam’s strategic importance in the PGM industry and provided the board with an opportunity to assess Northam’s broader value-creation alternatives. We believe that proactively initiating this process is the most appropriate way to test credible opportunities for the benefit of the company and its stakeholders.”

Frequently asked questions

• Which “major PGM producer” approached the company?

Reference to the approach by the major PGM producer was provided solely as background to the initiation of the process, and disclosure of the party's identity is not warranted at this stage. The party itself is at liberty to disclose its identity, should it wish to do so. As the process progresses, should a credible proposal ultimately be made and accepted, the identity of the relevant parties will be disclosed, subject to applicable legal and regulatory requirements.

• What is meant by an “asset-level transaction” and a “corporate transaction”?

These terms were presented in the unsolicited approach, and the PGM producer did not fully elaborate on the meanings thereof.

• Why has Northam undertaken this process given that the “PGM producer” has not yet proposed a binding transaction?

Considering the potential far-reaching impact on shareholders and other stakeholders of any transaction involving Northam’s asset base and/or its shareholders directly, the board is of the view that it is in the best interests of the company, its shareholders and other stakeholders to take a proactive, rather than a reactive, stance, regardless of whether the PGM producer ultimately decides to formally approach the company with a binding transaction. The process provides the company with optionality regarding possible transactions and the ability to identify the most favourable, value accretive transaction(s) from all interested parties, including the PGM producer.

• Which parties has Northam identified to be involved in the process?

In consultation with executive management, the board has identified a range of parties it considers to be credible potential participants in the process and who may wish to pursue a potential transaction with the company. These parties were identified based on, inter alia, their participation in, or proximity to, the PGM industry, strategic fit and capability to execute a transaction at scale. Notwithstanding the foregoing, the company has also invited other credible interested parties to submit an expression of interest to participate in the process.  

Northam will treat the identity of all parties who express an interest to participate in the process as confidential, save where a party elects to disclose its interest or participation in the process (e.g. to its shareholders or in the media).

• Is the “PGM producer” the preferred participant?

The PGM producer is one of the parties that has been invited to participate in the process. The process is intended to allow Northam to consider proposals from a range of interested parties and the board has not identified a preferred participant.

• Is Northam seeking to be taken private and delisted from the JSE?

Northam is not pursuing a particular transaction outcome, and will not prescribe the nature or structure of potential transaction(s). The company will consider credible proposals in respect of transaction(s) which will create and enhance shareholder value, and will assess these having regard to, inter alia, the strategic rationale, financial terms and the interests of the company, shareholders and other stakeholders.

• Does the initiation of the process mean that Northam has decided to sell the company or any of its assets?

No. The board has not made any decision to pursue or implement a particular transaction or transaction structure. Credible proposals received through the process will be assessed against Northam’s standalone prospects, including Vision 2031, and will need to demonstrate compelling value creation.

• What does this mean for Northam employees and other stakeholders?

The process does not change Northam’s operational priorities or commitment to its stakeholders, whose interests will remain an important consideration throughout the process. It is too early to assess the implications of any potential transaction, and no assumptions should be made regarding any specific outcome.

• How will the company’s management team be impacted by the process?

Northam's favourable position in the PGM sector means that it is likely to continue to attract interest from credible parties going forward. By embarking on a structured and managed process, the impact on management will be minimised, enabling the management team to remain focussed without undue pressure and uncertainty arising from continued approaches.

• Given the importance of PGM mining to the local economy, will Northam consider proposals from parties outside of South Africa?

The board has initiated the process to solicit proposals from all credible interested parties, irrespective of their domicile. In evaluating proposals, the board will take into account the effect of any potential transaction(s) on the company’s stakeholders, including its employees and the communities in which it operates.

• Given recent market volatility and the outlook for the PGM industry, is the board confident in market appetite for the process?

Northam owns high-quality, well-capitalised and long-life assets and maintains its key imperative of growing production safely down the sector cost curve, while diversifying its operations and thereby significantly reducing its operating risk profile. This has enabled the company to deliver record metal production, record sales and record earnings for the financial year ended 30 June 2026.

Recent geopolitical turmoil has increased market volatility in the short-term, however, Northam’s long-term view remains unchanged. There is a persistent and growing market deficit for the metals Northam produces, metals that are critical and essential to the modern world, including the developing hydrogen economy. Northam’s strengthening performance and growth in market share means that it is well positioned to continue to deliver superior returns well into the future.

Additionally, Northam’s Vision 2031 objectives aim to grow its PGM sales to 1.5 million ounces 4E and over 2 million tonnes of chrome concentrate.

The board therefore believes that Northam and its asset base represent a compelling investment case.

• Is this the first approach Northam has received?

No. Over the years, Northam has received a number of unsolicited approaches from credible parties seeking to transact with Northam. On these occasions, Northam engaged in bilateral negotiations, and it became evident that Northam was significantly undervalued, and no transaction materialised. The company wishes to adapt its response to previous approaches to ensure that it has the opportunity to consider proposals that adequately reflect Northam’s intrinsic and long-term value and, if a transaction were to crystallise, to fairly compensate Northam’s shareholders.

• Is it possible that no transaction may be proposed or entered into?

Yes. The board will only conclude a transaction, or propose a transaction to shareholders (as appropriate), that meaningfully enhances shareholder value, significantly over and above what can be achieved on a standalone basis and in pursuit of Vision 2031. Even if a transaction is proposed to Northam’s shareholders, it remains their prerogative to approve or reject it.

• Considering that Northam is currently trading almost 40% below its recent highs, does the board consider the unsolicited approach to be opportunistic?

The board cannot comment on the timing of the approach, as it was unsolicited. However, the board will consider the upside value that has recently been achieved on market when considering proposals.

Paul Dunne, CEO of Northam, said “Northam’s significant strategic value in any potential PGM consolidation process is becoming increasingly evident. Northam has also become a major chrome producer and the attractiveness of the company goes beyond the PGM industry. As a company and management team, we are excited to embark on this process to consider a range of opportunities which may accelerate the company's growth prospects, and to further enhance shareholder value.”

Disclaimer
This document does not constitute an offer or invitation to buy, sell or solicit any security or asset in any jurisdiction, nor an offer, invitation, commitment or obligation by Northam to enter into any negotiations or transaction with any party. No party will, by reason of its reliance on this document, acquire any right, expectation or claim against Northam, One Capital Advisory Proprietary Limited, or any of their respective shareholders, subsidiaries, affiliates, directors, officers, employees, agents or advisors (together, the “Relevant Parties”). This document may contain forward-looking statements relating to, inter alia, future strategy, events, expectations, prospects, developments and financial performance. These statements reflect current views with respect to future events and are subject to certain risks, uncertainties and assumptions. The Relevant Parties do not guarantee future results, levels of activity, performance or achievements, nor are they under any duty to update any forward-looking statements.

Northam bondholders are advised of the following interest payments due on Tuesday, 25 August 2026 and Wednesday, 26 August 2026:

Johannesburg
20 August 2026

Debt Sponsor
One Capital

Key metrics

• Record total equivalent refined platinum group metal (“PGM”) produced from own operations increased by 4.4% to 938 754 oz 4E (F2025: 899 244 oz 4E)
• Record production of chrome concentrate increasing by 17.4% to 1 690 495 tonnes (F2025: 1 439 752 tonnes), on the back of improvements in UG2 tonnage throughput, feed grades and concentrator yields
• Record total metal sold, increasing by 8.0% to 1 087 327 oz 4E (F2025: 1 006 475 oz 4E)
• Record sales revenue, increasing by 64.1% to R54.0 billion (F2025: R32.9 billion), attributable to a 57.4% appreciation in the Rand 4E basket price, together with increased metal sold
• Group unit cash cost per equivalent refined 4E ounce (“oz”) increased by 6.4% to R27 376/4E oz (F2025: R25 728/4E oz), as cost control and production growth tempered ongoing mining cost inflation
• Operating profit increased by 293.8% to R14.2 billion (F2025: R3.6 billion), as a result of higher sales volumes and improved metal prices, with Eland generating its first operating profit at 60% of its steady state production
• Record earnings for the year, with basic earnings per share of between 3 488.0 cents and 3 564.2 cents (F2025: 381.4 cents)
• Record headline earnings per share of between 3 006.1 cents and 3 082.3 cents (F2025: 380.8 cents)
• This record performance, allied to an increase in metal prices, together with disciplined and deliberate liquidity and cash management has enabled the group to attain a net cash position at year-end
• Increased available banking facilities of R16.0 billion, which remain fully undrawn
• Major milestones achieved towards our strategic goals, including the commissioning of 3 shaft at Zondereinde mine

Introduction

In terms of paragraph 6.26 of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are reasonably certain 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 year ended 30 June 2026 (“F2026”, “2026 financial year” or the “year”) are underpinned by record production, record sales and record earnings.

Northam Holdings expects to report record basic and headline earnings per share for F2026.

The table below provides key earnings per share information for F2026, compared to that of the previous year ended 30 June 2025 (“F2025”):

#The weighted average number of shares in issue has been used to calculate the basic earnings per share and headline earnings per share.

Safety

The 2026 financial year was marked by the tragic passing of three of our employees in separate and unrelated incidents at Zondereinde during the second half of the year.

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; and Mr. Ofentse Modiselle, an artisan assistant, fell from an overhead crane at the metallurgical facility, the cause of which is still being investigated.

By year-end, Booysendal surpassed 12.7 million fatality free shifts and remains fatality free since inception, whilst Eland recorded 1.6 million fatality free shifts.

The group’s lost time injury incidence rate (LTIIR), expressed per 200 000 hours worked, was relatively unchanged at 0.63 (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. 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.

Production

Key production metrics are as follows:

In 2015, the group embarked on a strategy of safely growing own production to 1 million oz 4E down the sector cost curve. We are rapidly approaching the conclusion of this journey, with equivalent refined metal production from own operations for F2026 of 938 754 oz 4E.

However, significant metal price volatility during the second half of the 2026 financial year confirms that we cannot be complacent in regard to matters that are within our control.
All of our operations have performed well during the year. 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 and sustainable productivity gains, while Eland, at 60% of steady state, has delivered a maiden operating profit.

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.

Group production of chrome concentrate increased by 17.4% to a record 1 690 495 tonnes (F2025: 1 439 752 tonnes), as a result of improved UG2 tonnage throughput, feed grades and concentrator yields, particularly at Eland, where yields have more than doubled during the past year.

Unit cash costs

Unit cash costs averaged R27 376/4E oz (F2025: R25 728/4E oz). This is an increase of 6.4% and takes into consideration labour increases, double digit utility cost increases and the recent escalation in the cost of diesel and chemicals. It also includes the ongoing ramp-up of Eland mine and was ahead of the commissioning of 3 shaft at Zondereinde. Unit cash costs increased at Zondereinde by 6.0% to R28 365/4E oz, Booysendal by 4.3% to R19 302/4E oz, and at Eland by 5.8% to R42 899/4E oz.

Unit cash costs per 4E oz for the group, and per operation, were as follows:

Sales revenue

Sales revenue rose by 64.1% to a record R54.0 billion (F2025: R32.9 billion). This increase is largely attributable to a 57.4% increase in the Rand 4E basket price achieved, together with an 8.0% increase in metal sold.
Total revenue per equivalent refined 4E ounce sold consequently increased by 51.9% to R49 662/4E oz (F2025: R32 690/4E oz).

The table below summarises metal volumes dispatched to the group’s precious metal refiners during F2026, compared with metal volumes produced, refined and sold, together with the average USD sales prices achieved (expressed per metal and on a 4E basis):

The average exchange rate achieved for the year amounted to R16.75/USD (F2025: R18.13/USD).
Included in total equivalent refined metal sold is 62 709 oz 4E in concentrate (F2025: 75 342 oz 4E) sold to a third party from Booysendal in order to honour legacy offtake agreements relating to the Everest and Maroelabult operations.

Financial results

Sales revenue increased by 64.1%, compared to an increase in cost of sales of 36.0% resulting in an operating profit of R14.2 billion (F2025: R3.6 billion), and an operating profit margin of 26.2% (F2025: 10.9%).

Earnings before interest, taxation, depreciation and amortisation (EBITDA) amounted to R16.7 billion (F2025: R4.9 billion).
The reversal of a historical impairment assessment of R2.5 billion relating to Eland mine, as detailed in the condensed reviewed interim results for the six months ended 31 December 2025, was recognised in the consolidated statement of profit or loss and other comprehensive income for the year. In addition, 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, which resulted in a deferred tax asset amounting to R633.1 million being recognised at year-end.
Metal inventory on hand amounted to 504 915 oz 4E, with a carrying value of R7.4 billion and a sales value of R18.7 billion, when applying the USD 4E basket price and the USD/ZAR exchange rate as at 30 June 2026.

Our operations generated cash to the value of R18.5 billion, before cash capital expenditure of R5.9 billion.
At year-end, the group’s gross cash balance amounted to R13.7 billion, resulting in a net cash position of R2.7 billion.
Northam’s total available banking facilities amount to R16.0 billion, comprising a revolving credit facility of R15.0 billion and a general banking facility of R1.0 billion. Both these facilities remain undrawn.

Capital expenditure

Our capital growth programmes remain firmly on track, and we have made significant progress at both Eland mine and within the Western extension at Zondereinde. The impact of our ongoing production growth and diversification on operational resilience continues to demonstrate the benefit of the counter-cyclical investments we have made over the past decade. These have established a highly competitive and sustainable production base which is proving its worth in the current volatile commodities market.

Capital expenditure of R6.1 billion related to substantial activity in the Western extension at Zondereinde, the ongoing ramp-up at Eland, and mining fleet purchases, concentrator upgrades and the much-needed commencement of an expansion to the South tailings storage facility (“TSF”) at Booysendal.

At Zondereinde mine, both 3 shaft, designed for the conveyance of personnel, materials and services, and 3a ventilation shaft have now been commissioned. This is a major milestone, with these shafts servicing the Western extension section, and will accrue significant productivity benefits to the mine. 3 shaft links to a completed chairlift decline system between levels 3 to 7. Equipping of the chairlift system beyond 7 level is ongoing. Reaming of 4 shaft, designed for rock hoisting, has recently commenced, with 105 metres completed thus far.

At the group’s metallurgical facilities, all furnaces are operating well, and upgrades to the base metal removal plant required to service our current strategic target, processing 1 million ounces from our own production together with third party concentrate feeds, are complete. The expanded and upgraded furnace slag concentrator continues to perform well and is working through excess slag inventory.

At Booysendal, all currently operating mining modules are running at, or above, planned steady state levels. In addition, decline development is continuing in order to increase mineable reserves and operational flexibility. The expansion of the TSF at the South concentrator is progressing well and will allow higher deposition rates from the financial year ending 30 June 2028 onwards. This will permit higher processing throughput and provide a tailings storage solution for the life of the mine.

At Eland, ore production from underground mining continues to ramp up, with an increase in stoping crews still running ahead of production and consequently impacting unit cash costs, a situation that will normalise over the coming two years. Development of the decline system is benefitting from a reconfiguration of the mine’s ventilation circuit, enabling multi-blast conditions, allowing accelerated advance rates, and thereby de-risking the mine build programme. Focus remains on strike and raise development in order to increase mineable reserves. Underground stoping ramp-up continues on track. This is yielding meaningful increases in own metal production.

Ongoing enhancements to the PGM and chrome concentrator circuits at each of the mines continue to generate low-risk and profitable improvements in metal recoveries, and further work is ongoing.
The 80 MW solar energy facility at Zondereinde has been commissioned. Power from the facility is supplied behind the meter with connection points to the shaft infrastructure and the metallurgical complex. The facility is now improving security of power supply, whilst reducing energy costs and the operation’s carbon footprint.

The construction of two off-site renewable energy facilities, the Kareebosch wind farm and the Thakadu solar plant, is progressing on schedule. These are being developed by independent power producers with whom we have power purchase agreements. Commissioning of both is expected towards the end of the coming financial year. These facilities will provide a combined 240 MW of over-the-grid power, which can be allocated to any of our operations.

In addition, we are developing self-build renewable energy projects at each of 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 batteries, has just commenced. Concurrent to this, 70 MWh of batteries will be installed at Booysendal, and a further 250 MWh at Zondereinde, complementing the recently commissioned 80 MW solar facility.

Increase to our dividend payment policy

Returning value to shareholders has always been a key element of our strategy. In August 2023, the board approved an earnings-based dividend policy, providing for a minimum annual payment of 25% of headline earnings.

Over the past three years, total annual dividends have averaged 42% of headline earnings, and therefore, in order to more closely align our policy with actual payouts, the board has approved an increase to the minimum dividend payment to 40% of headline earnings.
Northam will continue to allocate capital in a manner which ensures the sustainability of our operations well into the future, while returning meaningful value to shareholders.

Vision 2031

We are approaching the conclusion of our current strategic journey and, given the quality of our resource base and operating assets, together with our view of an ongoing and increasing PGM supply deficit, it is now our responsibility to look to the future and set new goals for the company.

Having assessed all available alternatives we have concluded that a combination of incremental brownfield enhancements to our own operations, together with the expansion of our third-party business over the coming five years, will enable growth in sales to over 1.5 million ounces of PGMs and over 2 million tonnes of chrome concentrate, whilst bullet-proofing our business against future potential market volatility.

With this new strategic goal, which we term Vision 2031, growth in equivalent refined metal from own production will come from each of the operations and will require capital investment.
At Zondereinde mine, the reaming of 4 shaft has commenced, and the UG2 primary concentrator expanded in order to grow production volumes. At Booysendal, along with the commissioning of the South TSF, we plan to construct a dedicated Merensky concentrator allowing the recommencement of mining operations at the South Merensky module (“BSM”). We are further planning a fifth UG2 mining module (“BS3”) together with a third Merensky module (“BNM2”). At Eland, where we currently focus our mining efforts on the Kukama and Maroelabult shafts, we plan to expand production into the Nyala shaft.

In addition, metal purchases from third parties, currently in excess of 150 000 ounces per annum, are expected to double over the next five years.

In order to realise this targeted increase in production, we also require upgrades to our downstream processing facilities. These include the upgrade of smelter furnace 1 from 20 MW to 30 MW, the addition of a third iron reduction converter and enhancements to the base metal refinery, including expanded nickel and copper recovery circuits.

Recent geopolitical turmoil has increased market volatility in the short-term, however our longer-term view remains unchanged. There is a persistent and growing market deficit for the metals we produce, metals that are critical and essential to the modern world. Our strengthening performance and growth in market share means that we are well positioned to continue to deliver superior returns well into the future.

The financial information contained in this announcement does not constitute an earnings forecast, 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 audited results of Northam Holdings for F2026 are expected to be published on or about Friday, 28 August 2026.

Johannesburg
11 August 2026

Corporate Advisor and Sponsor to Northam Holdings: One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum: One Capital

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended (“Companies Act”), and paragraph 6.54 of the JSE Limited Listings Requirements (“JSE Listings Requirements”), Northam Holdings shareholders are advised that the company has received notification, in the prescribed form, from the Public Investment Corporation SOC Limited (“PIC”), advising that it has acquired a beneficial interest in the securities of Northam Holdings, such that the PIC now holds a beneficial interest of 20.469% in the company’s total issued share capital.

The company will file the relevant notification with the Takeover Regulation Panel and the Companies and Intellectual Property Commission, as required in terms of sections 122(3)(a) and 122(3A) of the Companies Act.

The board of directors of Northam Holdings (“Board”) accepts responsibility for the information contained in this announcement and certifies that, to the best of the Board’s knowledge and belief, the information contained in this announcement is true and that there are no facts that have been omitted which would make any statement in this announcement false or misleading and that this announcement contains all information required by law and the JSE Listings Requirements.

Johannesburg
22 July 2026

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended (“Companies Act”), and paragraph 6.54 of the JSE Listings Requirements, Northam Holdings shareholders are advised that the company has received notification, in the prescribed form, from BlackRock, Inc. (“BlackRock”), advising that it has acquired a beneficial interest in the securities of Northam Holdings, such that BlackRock now holds a beneficial interest of 5.02% in the company’s total issued share capital.

The company will file the relevant notification with the Takeover Regulation Panel and the Companies and Intellectual Property Commission, as required in terms of sections 122(3)(a) and 122(3A) of the Companies Act.

The board of directors of Northam Holdings (“Board”) accepts responsibility for the information contained in this announcement and certifies that, to the best of the Board’s knowledge and belief, the information contained in this announcement is true and that there are no facts that have been omitted which would make any statement in this announcement false or misleading and that this announcement contains all information required by law and the JSE Listings Requirements.

Johannesburg
7 July 2026

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

Northam bondholders are advised of the following interest payments due on Monday, 15 June 2026:

Johannesburg
10 June 2026

Debt Sponsor
One Capital

Northam bondholders are advised of the following interest payment due on Monday, 23 March 2026:

Johannesburg
18 March 2026

Debt Sponsor
One Capital

Northam bondholders are advised of the following interest payments due on Friday, 13 March 2026:

Johannesburg
10 March 2026

Debt Sponsor
One Capital

Northam bondholders are advised of the following interest payments due on Wednesday, 25 February 2026 and Thursday, 26 February 2026::

Johannesburg
20 February 2026

Debt Sponsor
One Capital

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:

^#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:

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.

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:

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:

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

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended (“Companies Act”), and paragraph 3.83(b) of the JSE Limited Listings Requirements (“JSE Listings Requirements”), Northam Holdings shareholders are advised that the company has received notification, in the prescribed form, from Fairtree Asset Management Proprietary Limited, on behalf of its clients (“Fairtree”), advising that it has acquired a beneficial interest in the securities of Northam Holdings, such that Fairtree now holds a beneficial interest of 5.03% in the company’s total issued share capital.

The company will file the relevant notification with the Takeover Regulation Panel and the Companies and Intellectual Property Commission, as required in terms of sections 122(3)(a) and 122(3A) of the Companies Act.

The board of directors of Northam Holdings (“Board”) accepts responsibility for the information contained in this announcement and certifies that, to the best of the Board’s knowledge and belief, the information contained in this announcement is true and that there are no facts that have been omitted which would make any statement in this announcement false or misleading and that this announcement contains all information required by law and the JSE Listings Requirements.

Johannesburg
20 January 2026

Corporate Advisor and Sponsor to Northam Holdings
One Capital

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital