Announcements 2026

Voluntary production update

13 Jul 2026

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:

* 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.

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:

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