Valterra Platinum Limited · JSE:VAL
Valterra Platinum — H1 2025 Earnings Presentation
44 slides from Valterra Platinum's earnings presentation, Jul 28, 2025
Slide 1: 2025 Interim Results Presentation
2025 Interim Results Presentation 28 July 2025
Slide 2: Cautionary statement
Cautionary statement Disclaimer representatives and their respective affiliates, officers, employees and agents expressly disclaim any and all liability (in negligence or otherwise) for any loss howsoever arising No investment advice This presentation has been prepared by Valterra Platinum Limited (
Slide 3: Agenda
Agenda 1. H1 2025 overview 2. Operational performance 3. Market performance 4. Financial performance 5. Outlook & conclusion 6. Questions & answers Underground at Amandelbult Valterra Platinum 3
Slide 4: H1 2025 overview
H1 2025 overview Valterra Platinum 4
Slide 5: Safety: Zero harm is our first priority
Safety Zero harm is our first priority Fatalities at own operations Number of fatalities 3 One fatal incident at Unki 1 1 Mogalakwena – 13 years fatality-free 0 0 2021 2022 2023 2024 H1 2025 Mototolo – 13 years fatality-free Reducing injuries 1 TRIFR H1 injuries H2 injuries 2.60 2.34 Tumela – 9 year
Slide 6: Key highlights for H1 2025 – Successfully demerged and delivering on our strategy
Business Overview Key highlights for H1 2025 – Successfully demerged and delivering on our strategy Simplified & strengthened Achieving organisation operational excellence • Resilient underlying production despite inclement • Completed the demerger, new brand identity & weather reconstituted Board o
Slide 7: Solid performance despite flooding event – recovery in H2 2025 to achieve guidance
Introduction Solid performance despite flooding event – recovery in H2 2025 to achieve guidance PGM basket price EBITDA Sandsloot UG prefeasibility $1,517 R7bn Completed H1 2024: $1,442 H1 2024: R12bn Compelling growth opportunity 2 AISC6 Net debt H1 2025 dividend $962 R5bn R0.5bn H1 2024: $ 957 Lev
Slide 8: Operational performance
Operational performance Valterra Platinum 8
Slide 9: Performance enabled by ongoing operational excellence, despite severe weather impacts
Operational performance Performance enabled by ongoing operational excellence, despite severe weather impacts M&C PGM production PGM refined Sales 1.47 Moz 1.39 Moz 1.48 Moz H1 2024:1.78 Moz Includes marginal destocking H1 2024: 1.76 Moz Concentrator recoveries Mass pull Chrome yields Up 3-4 ppt Imp
Slide 10: Mogalakwena - Pit optimisation gains momentum, mined volumes lower but ounces up
Operational performance Mogalakwena - Pit optimisation gains momentum, mined volumes lower but ounces up Ore tonnes mined Head grade M&C ounces Flat y-o-y7 Recovery in H2 2025… Up 2% Pit optimisation benefits – … to meet 2.7-2.9 g/t guidance Mining sequence provides further 15% reduction in tonnes m
Slide 11: Progressing Sandsloot UG – Exploration continues & bulk sampling commenced
Operational performance Progressing Sandsloot UG – Exploration continues & bulk sampling commenced Mill feed (kt) Indicative Significant exploration 6,000 progress since 2022 5,000 Mineral Resource layout - 2022 4,000 3,000 2,000 1,000 0 FS-B Trucking PFS-B Conveyer Full Potential ~ 4 years > 3 year
Slide 12: Value over volume – Sandsloot underground project progresses to feasibility study
Operational performance Value over volume – Sandsloot underground project progresses to feasibility study Prefeasibility study completed in H1 2025, now progressing the feasibility study Reef intersection Key milestones for H1 2025 Exemplary over 250 days lost time Outcome confirms geological parame
Slide 13: Amandelbult – Timeline of flooding and recovery
Operational performance Amandelbult – Timeline of flooding and recovery Feb 25 Flash floods on the 19th, parts of Amandelbult inundated with water Tumela pump station Safely evacuated all staff & suspended all operations recommissioned Mar 25 Recommissioned Dishaba & Tumela Upper Continued focus on
Slide 14: Amandelbult – Dishaba up despite flooding & Tumela poised for full ramp-up in H2
Operational performance Amandelbult – Dishaba up despite flooding & Tumela poised for full ramp-up in H2 Planned recovery in H22025 2025priorities focus areas M&C production Second half recovery tonnes milled… Down 45% will boost volumes Safe ramp up at Tumela Lower ….& chrome volumes Dishaba recove
Slide 15: Mototolo – Improved in line with operational excellence initiatives
Operational performance Mototolo – Improved in line with operational excellence initiatives M&C production Productivity Immediately available ore reserves Up 4% Up 19% Up 32% Underpinned by higher tonnes milled Optimisation progress Increased mining flexibility ‘000 PGM ounces +32% +4% +19% +56% IMA
Slide 16: Processing – Significant step up in volumes, on target to meet production guidance
Operational performance Processing – Significant step up in volumes, on target to meet production guidance Mogalakwena mass pull Refined production Base metal production Improved 9% Up 118 % q-o-q8 Up 37 % q-o-q8 Benefits of Jameson cells starting to Volumes normalise in Q2 2025 Significant increase
Slide 17: Market performance
Market performance Valterra Platinum 17
Slide 18: Automotive trends positive. Jewellery regaining lustre
Market performance Automotive trends positive. Jewellery regaining lustre China exchange turnover well Catalysed vehicle sales China emissions reforms ahead of previous years as resilient H1 proceeding jewellery demand looks up - Clamp down on third-party 10 Nov 24 SGE turnover, Platinum Moz emissio
Slide 19: Significant upside potential before reaching incentive prices
Market performance Significant upside potential before reaching incentive prices Despite the rally in PGM basket price… …current prices are well below investment incentive prices Realised back price, $/oz Pro forma basket price, $/oz FY 2024 AISC cost curve – US$/3E 2,000 2,500 +18% Incentive price
Slide 20: PGM metal deficits continue in the medium term
Market performance PGM metal deficits continue in the medium term Outlook Platinum Palladium Rhodium Vehicle sales & production growing but tariffs are a risk Prolonged deficits Surplus coming but Deficit to continue in next delayed few years Continued downward revisions in the BEV adoption outlook
Slide 21: Financial performance
Financial performance Valterra Platinum 21
Slide 22: Solid performance during a year of transition
Financial performance Solid performance during a year of transition Revenue EBITDA Opex cost savings R42bn R7bn R2bn H1 2024: R52bn H1 2024: R12bn Full-year target : R4bn Unit cost / PGM oz Net debt H1 Dividend Declared R5bn R0.5bn 11 R17,952 H1 2024: R18,280 Leverage ratio: 0.3 x ND:EBITDA R2.00 pe
Slide 23: Earnings impacted by Amandelbult flooding & one-off demerger costs
Financial performance Earnings impacted by Amandelbult flooding & one-off demerger costs EBITDA Rand billion PGM basket price of Uncontrollable Controllable One-offs R27,631/PGM ounce up 3% 12.3 1.2 (0.7) 12.8 12.6 One-off demerger costs (2.3) (1.4) & Amandelbult flooding 2.1 (4.6) Sales volumes in
Slide 24: Continued cost savings & on track to deliver target of R4bn
Financial performance Continued cost savings & on track to deliver target of R4bn R2bn of operational cost-out savings delivered in H1 202512 Rand billion (Operational costs in scope for targeted cost savings) -R2.1 bn Cost savings more than offsetting 29.1 inflation (1.0) 1.5 Operational restructur
Slide 25: Controllable unit cost down 2%
Financial performance Controllable unit cost down 2% H1 2025 unit cost vs H1 2024 H2 Focus Rand / PGM oz 20,580 M&C production step up ~19,000 – 2,628 19,500 Operational 18,280 615 (655) 17,952 excellence delivery (288) Full year guidance revised due to Amandelbult flooding H1 2024 CPI Costs Own min
Slide 26: Strong cost discipline maintained: AISC of $962 (excluding Amandelbult impact)
Financial performance Strong cost discipline maintained: AISC of $962 (excluding Amandelbult impact) All-in sustaining cost per asset $ per 3E oz Mogalakwena Amandelbult Mototolo Unki 922 938 2,057 994 1,020 923 937 1,020 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 3E Basket pric
Slide 27: Demerger costs & benefits remain within previously guided ranges
Financial performance Demerger costs & benefits remain within previously guided ranges One-off demerger related total cash flows Post demerger run rate benefit Rand billion On track to achieve further optimisation of R1.0 – R1.5bn p.a with ~R1bn to be delivered in 2026 ~0.4 ~6.0 ~2.7 ~5.5 TSA phase
Slide 28: Disciplined capital expenditure resulting in lowered capital guidance
Financial performance Disciplined capital expenditure resulting in lowered capital guidance Rand billion ~17.0-17.5 ~ 1.0 Reduced capex guidance by ~R1.0 bn to ~ 1.5 R17.0 - R17.5 bn ~4.0 SIB primarily focused on asset integrity 8.5 7.9 ~4.0-4.1 1.0 0.6 Lifex focused on Der Brochen 0.5 0.6 2.5 2.4 1
Slide 29: Strong balance sheet despite operational headwinds
Financial performance Strong balance sheet despite operational headwinds Net debt including customer prepayment Rand billion 17.6 Net debt of R5bn (including the customer prepayment) despite one-off impacts (16.5) (7.9) 11.6 Gearing at 0.3x well below 1x Net Debt: EBITDA (2.6) 2.2 1.1 (2.5) (4.6) Li
Slide 30: Disciplined capital allocation supports ongoing shareholder returns
Financial performance Disciplined capital allocation supports ongoing shareholder returns H1 2025 dividend declared R0.5bn / R2.00 per share R11.6bn Cash from operations14 4.73 R6.7bn H1 2025 Sustaining 40% pay-out ratio capital R0.5bn 2.00 H1 2025 Dividend declared R1.2bn H1 2025 Discretionary capi
Slide 31: Outlook & conclusion
Outlook & conclusion Valterra Platinum 31
Slide 32: Outlook – Strong recovery in H2 production into buoyant markets
Outlook & conclusion Outlook – Strong recovery in H2 production into buoyant markets Our purpose: Restore Amandelbult to full production – revised guidance of 450-480 koz for 2025 Unearthing value to better our world Continue operational excellence Further improvements in concentrator recoveries, ma
Slide 33: Guidance for 2025
Outlook & conclusion Guidance for 2025 M&C production Own mine production Refined production 3.0-3.2 Moz ~2.0 Moz 3.0-3.4 Moz Guidance maintained – narrower range Factoring in the Amandelbult flooding impact Guidance maintained Unit cost 15 Capex AISC R19,000-19,500 ~R17.0-17.5bn $970-1,000/3Eoz Gui
Slide 34: Our commitment to realising value for all stakeholders
Outlook & conclusion Our commitment to realising value for all stakeholders Committed to zero harm & integrating sustainability in all that we do We are confident in our outlook for the market Assets Capabilities Returns Leading PGM portfolio Resilient performance Value-aligned capital allocation >6
Slide 35: Thank you
Thank you y -Z_ \Vlaiterra PLATINUM .
Slide 36: Appendix
Appendix Valterra Platinum 36
Slide 37: Production and cost guidance
Appendix Production and cost guidance 2025 2026 2027 Unit Guidance Estimate Estimate Total PGMs Metal-in-concentrate (M&C) (Moz) 3.0 - 3.2 3.0 - 3.4 3.0-3.5 • Owned-mined17 (Moz) ~2.0 2.1–2.3 2.3– 2.5 • Purchase of concentrate (POC)18 (Moz) 1.0–1.2 0.9–1.1 0.7–1.0 Refined PGM production (Moz) 3.0–3.
Slide 38: EBITDA Sensitivity
Appendix EBITDA Sensitivity EBITDA impact of 10% 18 July Average realised change in average realised spot metal price metal price price and fx Commodity Platinum ($/oz) 1,429 1,015 789 Palladium ($/oz) 1,244 986 615 Rhodium ($/oz) 5,800 5,106 532 Gold ($/oz) 3,350 3,014 212 Nickel ($/ton) 15,024 15,
Slide 39: Net cashflow by mine
Appendix Net cashflow by mine Lifex, Effect of Net cash Net Cash SIB and Economic breakthrough Tax and Exchange Dividends Customer Net cash Assets 31 December generated / Waste free Other & project interest paid rate changes paid prepayment 30 June 2025 2024 (Utilised) Capital cash flow capital on c
Slide 40: Cost Breakdown
Appendix Cost Breakdown H1 2025 Cost base (Rbn) Volume % PGMs (koz) Labour Contractors Utilities Consumables Maintenance Sundry expenses20 Opencast mining 4.4 50% 464 18% 3% 2% 33% 34% 10% Conventional mining 5.4 21% 192 49% 5% 10% 13% 11% 12% Mechanised mining 3.5 29% 270 37% 12% 6% 19% 14% 12% Con
Slide 41: Simplified EBITDA per PGM ounce
Appendix Simplified EBITDA per PGM ounce Amandelbult Mototolo incl Modikwa AAP Exit mines & Company - Mogalakwena Unki Mined POC & TOLL Trading Other Company incl 15E DD Der Brochen share C&M Excl Trading a = (b x Net revenue 12,412 6,493 3,437 3,018 1,607 - 26,967 15,119 251 - 42,337 42,086 c)/1000
Slide 42: Rand basket price
Appendix Rand basket price Modikwa AAP Company Mogalakwena Amandelbult Mototolo Unki Mining POC share (ex-trading) Net sales revenue (US$ million) from platinum 181 98 56 46 26 408 232 629 from palladium 190 46 35 37 21 328 114 428 from rhodium 64 101 51 23 22 260 178 423 from other PGMs 103 46 34 3
Slide 43: All-in sustaining cost
Appendix All-in sustaining cost $ per 3E oz Mogalakwena Amandelbult Mototolo Unki Modikwa Mining Cost ($ million) Cash operating costs 402 329 128 120 81 1,061 Other costs and marketing (6) 94 7 9 (8) 104 SIB and waste stripping capital 199 15 7 16 6 244 a Total costs 596 438 143 146 80 1,409 Revenu
Slide 44: Footnotes
Appendix Footnotes 1. TRIFR -Total recordable injury frequency rate 2. TSA - Transitional service agreements 3. LSE - London Stock exchange 4. UG - Underground 5. IRMA - Initiative for Responsible Mining Assurance 6. Adjusted for Amandelbult flood. The All-in sustaining cost (AISC) including the flo