Valterra Platinum Limited · JSE:VAL
Valterra Platinum — Corporate Update (August 2025)
39 slides from Valterra Platinum's corporate update, Aug 27, 2025
Slide 1: Mogalakwena Media Visit General Overview
Mogalakwena Media Visit General Overview 27 August 2025 External
Slide 2: Cautionary statement
Mogalakwena Media Visit Cautionary statement Disclaimer otherwise) for any loss howsoever arising from any use of this presentation or its Valterra Platinum expressly disclaims any obligation or undertaking (except as contents or otherwise arising in connection with this presentation, and any errors
Slide 3: Agenda for the site visit
Mogalakwena Media Visit Agenda for the site visit Wednesday 27 August Start time Agenda Topic Speaker/Host 07:15 – 07:30 Arrival at Mogalakwena – meet & greet 07:30 – 08:00 Main boardroom – PPE and breakfast (with a breakfast pack) 08:00 – 09:00 Media visit presentation Yvonne Mfolo, Kobus Van Den B
Slide 4: Welcome and Opening Remarks
Welcome and Opening Remarks Valterra Platinum 4
Slide 5: Mogalakwena Media Visit Presentation
Mogalakwena Media Visit Presentation Valterra Platinum 5
Slide 6: Agenda
Agenda 1. Who we are and our strategic priorities 2. Mogalakwena senior leadership team 3. Overview of Mogalakwena Mine 4. The industry’s most exciting endowment 5. Significant progress made towards zero harm 6. Mining operational excellence 7. Concentrator operational excellence 8. Growth 9. Sustai
Slide 7: Who we are and our strategic priorities
Who we are and our strategic priorities Valterra Platinum 7
Slide 8: A Southern African PGM producer – marketing metals globally
8 Regions 17 Sites 29k+ Employees A Southern African PGM producer – marketing metals globally 4 Operating Mines 5 Smelting Furnaces ~$6 bn Revenue 3 Marketing Hubs 2 Refineries ~$11 bn Market cap A NORTHERN LIMB Mogalakwena Polokwane Smelter B WESTERN LIMB Amandelbult Processing: • Waterval Smelter
Slide 9: A world-class integrated portfolio of assets – from mine to market
Who we are and our strategic priorities A world-class integrated portfolio of assets – from mine to market Mining Concentrating Smelting Refining Marketing & market development Conventional Open pit Concentrators Smelters Magnetic Concentrator Plant Amandelbult Mogalakwena Polokwane ~32 years (Disha
Slide 10: We have one of the largest mineral endowments and are a leading PGM producer
Who we are and our strategic priorities We have one of the largest mineral endowments and are a leading PGM producer As a standalone company, we remain a leading precious metals miner1 Attributable Mineral Resources inclusive of Mineral Reserves2 3-year average EBITDA 3-year average EBITDA margin Mo
Slide 11: Driving industry-leading returns through the delivery of our strategic priorities
Who we are and our strategic priorities Driving industry-leading returns through the delivery of our strategic priorities Our purpose: Unearthing value to better our world. Simplified & Investing in Driving demand to Advancing safety Achieving operational strengthened our portfolio for ensure long-t
Slide 12: The world needs our metals now and to enable a cleaner, greener and healthier tomorrow
Who we are and our strategic priorities The world needs our metals now and to enable a cleaner, greener and healthier tomorrow Diversified demand for our metals… Industrial Technology Automotive Jewellery Investment Semiconductors Glass fibre Platinum Base metals Group Metals Hydrogen Fuel-cell elec
Slide 13: Senior leadership team: guiding our future
Overview of Mogalakwena Senior leadership team: guiding our future Open Pit Mine Underground Mine Valterra Concentrators Kobus Van Den Berg Stephan Nothnagel Herman Kemp Senior General GM UG Exploration GM Concentrators Manager Project and Studies (Acting) Emanuel Sekgokong Jacques Breytenbach Jaco
Slide 14: Mogalakwena location
Overview of Mogalakwena Mogalakwena location • Part of Limpopo Province • A mine within communities • Governance of Mogalakwena Local Municipality, Mapela Traditional • Mining rights spread over Bushveld Complex Authority and Mokopane Traditional Authority • Approximately 364k people around the boun
Slide 15: Mogalakwena: The industry's most exciting endowment
Overview of Mogalakwena Mogalakwena: The industry’s most exciting endowment Mogalakwena Reserve life Resource life Cost position Role in portfolio IRMA status Prospecting right areas incorporated into the Mogalakwena mining right 86 years +150 years H1 Growth operation 50 Kwanda North Location North
Slide 16: Massive ore body amenable to bulk underground mining
Overview of Mogalakwena Massive ore body amenable to bulk underground mining Mogalakwena’s mineral reserves exceed Mogalakwena underground reef has higher 4E grades the total PGM reserves of our peers in RSA than other mechanised assets in South Africa Reserves Resources Grade 4E Moz1 4E Moz g/t 4E
Slide 17: A world-class asset with upside through the underground
Overview of Mogalakwena A world-class asset with upside through the underground Optimised open pit Blending open pit with higher- grade Mill Feed (Mt) 1 2 M&C produced, '000 oz operations underground ore 1,182 1,215 1,026 973 953 >1,000 +10–50% Concentrator capacity 10 0 2020 2021 2022 2023 2024 Opt
Slide 18: Significant progress made towards zero harm
Safety Significant progress made towards zero harm Reducing total injuries MTC LTI Safety milestones -77% 53 23 Million (>13 years) Fatal Free Shifts 45 25 20 19 16 14 1 14 13 12 12 9 8 6 3 3 8 9 11 11 18 11 6 2 3 10 11 1 9 3 5 1 Central Services 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 19: Open pit activity-based snapshot
Mining Operational Excellence Open pit activity-based snapshot Block prep Drill & blast Loading Hauling Crushing Concentrating Valterra Platinum 19
Slide 20: Our world class orebody
Mining Operational Excellence Our world class orebody Valterra Platinum 20
Slide 21: Improved drilling efficiency
Mining Operational Excellence Improved drilling efficiency Total drilled meters (km) Small rigs Big rigs Key highlights +5% 1,790 13% higher blasted tonnes Improved fragmentation 1,583 1,664 696 990 748 89 704 77 77 Improved quality over speed 916 281 887 800 • Quality of drilling Improved fleet ava
Slide 22: Load and haul efficiency
Mining Operational Excellence Load and haul efficiency Tonnes mined (Mt) H1' 2025 Key Highlights Contractors Valterra +5% CAT6060 Shovel Tonnes Improvement Payload Improvement • Flitch mining (quality over volume) - • Improved fragmentation 85 85 enabling improvement in EQA, • Truck assignment chang
Slide 23: Revised mine plan unlocking key benefits
Mining Operational Excellence Revised mine plan unlocking key benefits Legend What did we do ? Medium term New mining strategy Prev. strategy key benefits Pit optimisation Surface lease Mining right Communities Total tonnes ~ 90 – 120 Mtpa • Mining north, targeting lower strip ratio cuts • Improved
Slide 24: Enabling shorter hauls for efficiency
Mining Operational Excellence Enabling shorter hauls for efficiency North pit hauling distance to dump site (km) - 47% - 41% - 27% Northeast 7.5 Ext 6.8 Blinkwater 2 5.5 North Pit 4.0 Blinkwater Dump Northeast Ext Dump Mothlothlo Dump North Waste Mothlothlo Rock Dump Blinkwater 1 Central Pit North w
Slide 25: Industry-leading concentrator capacity
Concentrator Operational Excellence Industry-leading concentrator capacity 1 2 3 4 Crushing Milling Flotation Concentrate handling Mogalakwena North Concentrator Mogalakwena South Concentrator • Commissioned in 2008 • Commissioned in 1993 • World’s largest PGM concentrator • 4.5 Mtpa throughput • 9.
Slide 26: Mogalakwena North Concentrator
Concentrator Operational Excellence Mogalakwena North Concentrator Simplified flow diagram Primary Secondary Crushing HPGR Crushing Crushing circuit with primary gyratory crusher, secondary cone crushers and high-pressure grinding roll in tertiary crushing application Three stage grinding circuit co
Slide 27: Mogalakwena North Concentrator
Concentrator Operational Excellence Mogalakwena North Concentrator Milestones Commissioning of Jameson cleaner circuit to reduce concentrate tonnes produced while maintaining recovery Improved metallurgical Reduced downstream Improved energy efficiency impact efficiency •C3 commissioning Mar 2025 Re
Slide 28: Robust approach to managing tailings storage facilities
Concentrator Operational Excellence Robust approach to managing tailings storage facilities Overview Performance Monitoring Governance GISTM Conformance Two TSFs : Vaalkop (1&2) and Blinkwater No stability concerns identified Rigorous internal and external GISTM compliant (1&2) validation SANS 10286
Slide 29: Sandsloot Underground
Growth Sandsloot Underground Resource Exploration Large-scale Potential Future role in portfolio development plan decline mine H1 2025: 1.6km developed, 12.8km underground exploration Modular execution with scalability The Sandsloot resource was drilled. to deliver 4-6 g/t selected as the highest- v
Slide 30: Progressing Sandsloot UG – Exploration continues & bulk sampling commenced
Growth Progressing Sandsloot UG – Exploration continues & bulk sampling commenced Mill feed (kt) Significant exploration Indicative 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 years Key decision po
Slide 31: Value over volume – Sandsloot underground project progresses to feasibility study
Growth 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 LTI-free safety Capex guidance remains R1.5 – R2.5 bn p.a unt
Slide 32: Mogalakwena achieved IRMA certification
Sustainability Mogalakwena achieved IRMA 50 certification IRMA: Independent, comprehensive assurance standard for all mined materials (excluding energy fuels), providing: 1 A global third-party assurance system for responsible mining, credibly measuring environmental and social impacts The IRMA Visi
Slide 33: Building resilient communities
Sustainability Building resilient communities To be productive, safe, responsible and sustainable, Mogalakwena operation identified key factors and areas for development to create sustainable and resilient communities through Social Labour Plans 35 schools as beneficiaries 11 clinics as beneficiarie
Slide 34: Value creation for communities
Sustainability Value creation for communities Seven (7) Community Trusts supported and operating in Mapela, aimed to support the self-defined Vision. Valterra Platinum 34
Slide 35: Our people: driving operational excellence
People Our people: driving operational excellence Compelling employee value Strengthening technical Organisational profile proposition capabilities Skills development, and social responsibility makes us a Core Skills long-term strategic investment Employee wellness 21% Support Incentivise high perfo
Slide 36: Closing
Closing Valterra Platinum 36
Slide 37: A world class asset delivering resilient returns with multiple growth optionality
Closing A world class asset delivering resilient returns with multiple growth optionality Assets Capabilities Growth Resource endowment supporting growth Operational excellence Sandsloot underground potential 86 years reserve Mining more with less +10-50% PGMs >150 years resource Efficiency & produc
Slide 38: Where we will take you and what you will see
Closing Where we will take you and what you will see 2 Central pit east viewpoint View Point 2 3 Equipment appreciation 3 Visit Rope Shovel 126 loading area 2 1 1 Central pit south viewpoint 4 4 North concentrator View Point 1 View Point 4 Open pit mine plan Valterra Platinum 38
Slide 39: Thank you
Thank you Ni a av Valterra