Northam Platinum (NPH) investor relations material

Executive summary

• Achieved record production and sales, surpassing 1,000,000 ounces for the first time, with strong operational performance across all mines; own operations produced 899,244 oz 4E, up 0.7% year-over-year.

• Sales revenue rose 6.9% to ZAR 32.9 billion, with sales volumes up 5.9% to 1,006,475 oz 4E.

• Advanced key projects, including Elan Mine ramp-up, Zondanda 3 Shaft, and metallurgical facility upgrades, despite a tight capital environment; all major projects remain on track.

• Safety improved overall, with Group LTIIR reduced to 0.61 from 0.74, but three fatalities occurred, prompting renewed focus on health and safety initiatives.

• Renewable energy projects underway, including Zondereinde 80MW Solar Facility and Karreebosch wind farm, targeting a 60% reduction in carbon intensity by 2027.

Financial highlights

• Operating profit reached ZAR 3.6 billion, EBITDA ZAR 4.9 billion with a margin of 14.9%, and basic EPS ZAR 3.81.

• Gross profit margin was 10.9%, with cost of sales up 13% due to mining inflation and power costs.

• Net debt at year-end was ZAR 5.1 billion, with a net debt/EBITDA ratio of 1.04.

• Year-end cash balance stood at ZAR 6.9 billion, with undrawn facilities of ZAR 12.3 billion.

• Final dividend of ZAR 2 per share, total ZAR 2.15 for the year, nearly 60% of headline earnings.

Outlook and guidance

• FY2026 PGM production guidance: 910,000–930,000 4E ounces from own operations; sales to exceed 1,000,000 ounces.

• Group unit cost guidance: ZAR 27,005–28,500 per 4E ounce; chrome sales forecast at 1.5–1.6 million tonnes.

• CapEx for FY2026 projected at ZAR 5.2 billion, focused on Eland, 3 Shaft, and renewables.

• Five-year targets: 1.8 million tonnes chrome, 200,000 ounces third-party business, >ZAR 60 billion turnover by 2030.