African Rainbow Minerals Limited · JSE:ARI
African Rainbow Minerals — FY2025 Earnings Presentation
42 slides from African Rainbow Minerals's earnings presentation, Sep 5, 2025
Slide 1: Condensed results for the financial year ended 30 June 2025
Condensed results for the financial year ended 30 June 2025 5 September 2025 We do it better
Slide 2: Chairman's statement on F2025 results
“ “Headline earnings for F2025 decreased by 47% to R2.7 billion (F2024: R5.1 billion), mainly due to a decrease in the average realised export US dollar iron ore prices and increased costs at Bokoni. We declared a final dividend of R6.00 per share. Our financial position remains robust with net cash
Slide 3: Disclaimer
Disclaimer Throughout this presentation a range of financial and non-financial measures are used to assess the company’s performance, including, but not limited to financial measures that are not defined under International Financial Reporting Standards (IFRS). These adjusted financial measures are
Slide 4: Overview of results
Overview of results Dr Patrice Motsepe Executive chairman Two Rivers Mine We do it better
Slide 5: Headline earnings
Headline earnings ARM Ferrous Group headline earnings (R million) 31% to R3.5 billion (F2024: R5.1 billion) ARM Platinum 42% to 47% 13 064 R1.3 billion loss 11 338 (F2024: R910 million loss) 8 983 5 534 5 080 ARM Coal 2 695 88% to R47 million F2020 F2021 F2022 F2023 F2024 F2025 For a reconciliation
Slide 6: Headline earnings variance analysis
Headline earnings variance analysis (R million) 7 000 47% 6 000 5 080 5 000 ( 378) 4 000 3 000 2 695 (1 586) ( 344) (77) 2 000 1 000 Increase Decrease 0 F2024 headline earnings Platinum Ferrous Coal Corporate F2025 headline earnings 6
Slide 7: Dividends per share (cents)
Dividends per share (cents) Total dividend 1 200 3 000 3 200 2 600 1 500 1 050 Interim dividend per share 2 000 2 000 Final dividend per share 1 400 1 200 1 200 1 000 900 700 600 600 500 450 F2020 F2021 F2022 F2023 F2024 F2025 We are committed to paying dividends whilst pursuing quality growth and m
Slide 8: Dividends received
Dividends received Dividends received from Assmang Dividends received from ARM Coal 10% to R4.5 billion 9% to R462 million (F2024: R5 billion) (F2024: R422 million) Dividends received from the investment in Harmony 45% to R240 million (F2024: R166 million) 8
Slide 9: Segmental EBITDA split by commodity
Segmental EBITDA split by commodity (%) R million 11 009 24 321 17 839 13 994 8 920 6 381 3% 3% 1% 2% 1% 9% 4% 7% 7% 19% 4% 14% 8% 12% 16% Other* 46% 39% Coal (GGV) 46% 44% 80% Manganese 77% Iron Ore 46% 42% 37% 36% PGMs 5% (4%) (3%) (2%) F2020 F2021 F2022 F2023 F2024 F2025 Significant segmental EBI
Slide 10: Safety and health
Safety and health Lost Time Injury Frequency Rate (LTIFR)* Total Recordable Injury Frequency Rate (TRIFR)** 41% to 0.31 2% to 0.51 (F2024: 0.22) (F2024: 0.50) * LTIFR per 200 000-man hours ** TRIFR includes the number of fatal injuries, number of lost time injuries and number of medical treatment ca
Slide 11: Responsible environmental management
Responsible environmental management Carbon emissions (Scope 1 and 2 emissions) Progress on decarbonisation 7% to 1.57 MtCO2e* The solar plant to supply power to ARM (F2024: 1.69 MtCO2e*) Platinum was completed at the end of June 2025, with first power expected by *Million tonnes of carbon dioxide e
Slide 12: Strategy
STRATEGY Owner-operator DELIVER COMPETITIVE RETURNS AND CREATE Entrepreneurial SUSTAINABLE VALUE management FOR ALL STAKEHOLDERS Operate Investing in Focus on our portfolio our employees value-enhancing of assets safely, and integrated responsibly and efficiently growth Partnering with Allocate capi
Slide 13: Operational review
Operational review Phillip Tobias Chief executive officer Khumani Two RiversMine Mine We do it better
Slide 14: Production by commodity (100% basis)
Production by commodity (100% basis) Unit F2025 F2024 % change ARM Ferrous Iron ore division 000t 14 500 14 100 3 Manganese ore 000t 3 700 3 600 4 Manganese alloys 000t 364 382 (5) ARM Platinum Two Rivers Mine 6E PGM ounces 288 502 291 408 (1) Modikwa Mine 6E PGM ounces 281 638 289 751 (3) Bokoni Mi
Slide 15: Headline earnings/(loss) by division / operation
Headline earnings/(loss) by division / operation (R million) F2025 F2024 % change ARM Ferrous 3 472 5 058 (31) Iron ore division 3 160 4 933 (36) Manganese division 315 143 120 Consolidation adjustment and other (3) (18) 83 ARM Platinum (1 288) (910) (42) Two Rivers Mine 202 168 20 Modikwa Mine (43)
Slide 16: EBITDA margins by commodity
EBITDA margins by commodity (%) (22%) Manganese alloys (30%) 16% Manganese ore 20% 13% PGMs* (1%) 29% Coal (GGV) 24% 50% Iron ore 41% F2024 F2025 * Includes Modikwa, Two Rivers and Bokoni mines only 16
Slide 17: ARM Ferrous
ARM Ferrous Khumani Mine We do it better
Slide 18: ARM Ferrous
ARM Ferrous Variance analysis – segment result* (R million) Changes in average US dollar index prices (%) 12% 6 496 5% 2% ( 619) 368 301 4 433 (1 500) ( 613) (2%) (15%) Export iron ore** Export 36.5 % Export 43.5% High-carbon Medium-carbon F2024 ZAR:US$ Prices Volume Cost of sales Other F2025 mangan
Slide 19: Iron ore (100% basis)
Iron ore (100% basis) Khumani Mine achieved 6 million fatality-free shifts over Operational performance approximately 9 years. % Beeshoek Mine achieved 6 million fatality-free shifts over unit F2025 F2024 change approximately 22 years. Export sales volumes 000 tonnes 12 260 12 241 - Local sales volu
Slide 20: Manganese ore (100% basis)
Manganese ore (100% basis) Operational performance Production volumes increased by 4%, as a result of addressing % the ore quality issues. Production was negatively impacted by unit F2025 F2024 change the stoppage following the fatal incident in April 2025. Export sales volumes 000 tonnes 3 705 3 68
Slide 21: Manganese alloys (100% basis)
Manganese alloys (100% basis) Operational performance Average US dollar index price for High Carbon Ferromanganese % and Medium Carbon Ferromanganese increased by 5% and unit F2025 F2024 change 12%, respectively. Sales Volumes: South African operations 000 tonnes 82 81 1 Sakura 000 tonnes 221 226 (2
Slide 22: ARM Platinum
ARM Platinum ModikwaMine Modikwa Mine We do it better
Slide 23: ARM Platinum
ARM Platinum Variance analysis - segment result* (R million) Changes in unit cash costs** (%) 1 000 257 500 288 17 320 3% PGMs: Modikwa ( 500) ( 270) 2 (1 000) (1 389) ( 775) (1 500) 5% PGMs: Two Rivers F2024 ZAR:US$ US$ Prices Mark-to- Volume Cash costs Non-cash F2025 market costs adjustments Incre
Slide 24: PGMs (100% basis)
PGMs (100% basis) The average platinum and rhodium prices increased by 6% and Operational performance 14% respectively, however the average Palladium price decreased by 8%. unit F2025 F2024 % change Two Rivers production volumes 6E PGM ounces 288 502 291 408 (1) Modikwa production volumes 6E PGM oun
Slide 25: Bokoni Platinum Mine update
Bokoni Platinum Mine update Superior Mineral Resource Bokoni’s UG2 Resource of 329 Mt at 6.18 g/t 4E provides the foundation to establish a mining operation with sufficient economies of scale to be positioned in the lower half of the industry cost curve. Early Ounces Project Approved in 2023 as a pr
Slide 26: Nkomati Mine update
Nkomati Mine update ARM and Norilsk Nickel Africa Proprietary Limited (“NNAf”) concluded a Sale Agreement which provides for the acquisition by ARM of NNAf’s 50% participation interest in the Nkomati Mine for a cash consideration of R1 million (the Transaction). All conditions precedent have been me
Slide 27: ARM Coal
ARM Coal Goedgevonden Mine We do it better
Slide 28: ARM Coal
ARM Coal Variance analysis – segment result (R million)* Changes in on-mine unit production costs (%) Coal: PCB 5% 420 134 ( 45) ( 94) Coal: GGV 14% 3 157 ( 261) 0% 2% 4% 6% 8% 10% 12% 14% 16% F2024 ZAR:US$ US$ Prices Costs Volume Other F2025 Increase Decrease Decrease Increase Changes in sales volu
Slide 29: GGV and PCB (100% basis)
GGV and PCB (100% basis) Operational performance The average realised thermal coal price (export US dollar) for % GGV and PCB decreased by 8% and 12%, respectively. unit F2025 F2024 change Export sales volumes Mt 11.57 12.73 (9) Domestic sales volumes Mt 4.25 4.77 (11) GGV on-mine saleable cost R/t
Slide 30: Investment in Surge Copper Corp
Investment in Surge Copper Corp ARM has entered into a subscription agreement to acquire 25.8 million common shares of Surge Copper Corp. through a non-brokered private placement for a total consideration of approximately C$4.5 million. This follows ARM’s earlier exercise of its rights under an inve
Slide 31: Investment in Harmony Gold
Investment in Harmony Gold ARM implemented a hedging collar transaction involving 18 million shares in Harmony Gold, representing 24% of its equity in Harmony. The collar and related arrangements provide ARM with access to funding in the future on efficient terms, while allowing ARM to retain furthe
Slide 32: Investing in growth and our existing business
Investing in growth and our existing business Share buyback and cancellation of ARM group treasury shares, resulting in a 7% reduction in issued shares and a increase in the percentage holding of existing shareholders. Closure of Cato Ridge Works and Alloys, disposal of assets of Assmang and Assmang
Slide 33: ARM's key focus areas
ARM’s key focus areas Operating globally competitive Decisive action on Disciplined capital allocation. and profitable mines. underperforming assets. • Allocate capital based on • Cost control • Bokoni (continued capital competitive margins and • Quality mining (mining to development) returns reserv
Slide 34: ARM's key focus areas (continued)
ARM’s key focus areas (continued) Collaborate with key Maintaining a robust balance Pursue value-enhancing stakeholders to optimise sheet by generating profits, growth opportunities. logistics and infrastructure reducing costs and deferring • Investment in Surge Copper constraints. non-essential cap
Slide 35: Capital allocation
Capital allocation Tsundzukani Mhlanga Finance director Bokoni Mine We do it better
Slide 36: Capital allocation guiding principles
Capital allocation guiding principles* Invest in growth of existing businesses Dividend payments Mergers and acquisitions Debt repayment Healthy gearing levels create a flexible platform for sustainable growth Share repurchases Underpinned by metrics that measure the sustainability of value creation
Slide 37: Cash flow analysis (R million)
Cash flow analysis* (R million) Investing in existing business Interest Shareholder Sources of funds and acquisitions and debt drawdowns returns Other 4 932 ( 408) 523 863 ( 500) 45 (2 658) 198 8 626 8 309 ( 34) (2 644) Increase Decrease Balance at Cash generated Dividends Taxation paid Capital Net
Slide 38: Net cash and debt
Net cash and debt (R million) 30 June 2025 30 June 2024 Cash and cash equivalents per statement of financial position* 8 644 8 326 Cash and cash equivalents per statement of cash flows** 8 626 8 309 Overdrafts 18 17 Total borrowings (2 035) (1 129) Long-term borrowings (1 399) (631) Short-term borro
Slide 39: Segmental capital expenditure
Segmental capital expenditure* (R million) 10 000 9 000 8 550 8 000 7 000 6 000 5 104 5 137 5 000 4 549 4 020 4 000 3 000 2 000 1 000 0 F2024 F2025 F2026e F2027e F2028e ARM Platinum ARM Ferrous ARM Coal * Capital expenditure includes; (i) deferred stripping, (ii) financed fleet replacement, and (iii
Slide 40: Thank you
Thank you www.arm.co.za We do it better
Slide 41: Additional slides
Additional slides Black Rock Mine We do it better
Slide 42: Reconciliation to headline earnings
Reconciliation to headline earnings (R million) F2025 F2024 Basic earnings attributable to equity holders of ARM 330 3 146 Attributable after-tax impairment on property, plant and equipment - Bokoni 2 209 - Attributable after-tax impairment on property, plant and equipment - Two Rivers - 1 097 Attri
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