Announcements 2026

Trading statement for the year ended 30 June 2026 and an increase in the dividend paying policy of the Group

11 Aug 2026

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