Valterra Platinum Limited (VAL) investor relations material

Executive summary

• Completed demerger from Anglo American, established a new brand and board, and smoothly transitioned most services in-house.

• Achieved IRMA certification at all mines, a first in the precious metals sector.

• Maintained resilient production and delivered ZAR2.1 billion in cost savings in H1, on track for ZAR4 billion in 2025.

• Declared a 16th consecutive dividend (ZAR2/share), maintaining a 40% payout policy.

• Safety remains a priority, with one fatality reported and a 12% improvement in TRIFR.

Financial highlights

• Revenue for H1 2025 was ZAR42.3 billion, down 19% year-over-year due to a 25% decline in PGM sales volumes.

• Adjusted EBITDA was ZAR6.6–7 billion (16–22% margin), impacted by ZAR4.6 billion flood losses and ZAR1.4 billion demerger costs.

• Net debt at period end was ZAR4.9–5 billion, with net debt to EBITDA at 0.3x and liquidity headroom of ZAR27 billion.

• Interim dividend of ZAR2/share (ZAR0.5 billion), a 40% payout of headline earnings.

• All-in sustaining cost (AISC) for H1, excluding flood impact, was $962 per 3E ounce.

Outlook and guidance

• H2 earnings expected to benefit from higher PGM prices, increased production, and insurance proceeds from flood claims.

• Full-year M&C production expected at the lower end of guidance due to flooding; refined production guidance unchanged at 3.0–3.4 million PGM ounces.

• Cash operating unit cost guidance revised to ZAR19,000–19,500 per PGM ounce; AISC guidance for 2025 at $970–1,000/3E oz.

• CapEx guidance for 2025 reduced by ZAR1 billion to ZAR17–17.5 billion.

• Insurance claim for Amandelbult flood ongoing; total claim expected at ZAR4–5 billion.