Valterra Platinum Limited · JSE:VAL
Valterra Platinum — Q2 2026 Earnings Presentation
45 slides from Valterra Platinum's earnings presentation, Jul 29, 2026
Slide 1: 2026 Interim Results
2026 Interim Results 29 July 2026
Slide 2: Cautionary statement
Cautionary statement Disclaimer disclaim any and all liability (in negligence or otherwise) for any loss howsoever arising No investment advice from any use of this presentation or its contents or otherwise arising in connection with This presentation has been prepared by Valterra Platinum Limited (
Slide 3: Agenda
Underground at Amandelbult Agenda LSE1 listing launch 1. Overview 2. Operational performance 3. Market performance 4. Financial performance 5. Conclusion 6. Questions & answers Platinum, Palladium and Gold Valterra Platinum 3
Slide 4: Overview
Overview Valterra Platinum 4
Slide 5: Safety is our first priority – driving a step change towards zero harm
Overview Safety is our first priority – driving a step change towards zero harm Fatalities at own operations Number of fatalities Three fatal incidents at our Mototolo, Mogalakwena and Amandelbult operations 3 3 2 Company-wide stoppages to refocus teams on the importance of working safely 0 0 2022 2
Slide 6: Strategic execution – creating sustainable shareholder value
Overview Strategic execution – creating sustainable shareholder value Simplified & strengthened Achieving organisation operational excellence • Demerger TSAs3 with Anglo American exited through • Maintained full-year guidance – underpinned by a strong internal capabilities and outsourced service H2
Slide 7: Sustainability strategy – creating and protecting value
Overview Sustainability strategy – creating and protecting value Envusa renewable energy projects commissioned – significant contributor to targeted emission reductions Purchased ~181 GWh5 of renewable energy in H1 2026, reducing emissions by ~195 ktCO₂e6 and electricity costs by R36 million R46 bil
Slide 8: Strong operational performance coupled with higher PGM prices boost financial results
Overview Strong operational performance coupled with higher PGM prices boost financial results PGM10 basket price Refined production EBITDA US$2,801 1.7Moz R33bn H1 2025: US$1,517 Up 25% y-o-y11 Up 4-fold y-o-y11 2 AISC12 Net cash Interim dividend US$996 R24bn R15bn Guidance unchanged: <US$1,050 31
Slide 9: Operational performance
Operational performance Valterra Platinum 9
Slide 10: Compelling operational delivery
Operational performance Compelling operational delivery Concentrator recoveries Mass pull Chrome yields Up 1-2 ppt13 Improved 13% Up 2 ppt13 Mogalakwena, Amandelbult and Unki Driven by Mogalakwena North Concentrator Driven by Amandelbult Own-mined M&C14 production PGM10 refined PGM10 sales 1.0 Moz 1
Slide 11: Amandelbult – world class asset with leading AISC margins
Operational performance Amandelbult – world class asset with leading AISC margins ~88% of revenue from Highly competitive Attractive revenue structure and compelling cost metals with strong following reset of the cost base set up a high margin asset fundamentals base US$/3E ounce sold AISC12 margin
Slide 12: Amandelbult – restored to tier asset status
Operational performance Amandelbult – restored to tier 1 asset status M&C14 and chrome Replacement project Highest free cash flow production restored secures longevity per ounce Tonnes milled - kt US$ free cash flow / oz +76% 1,500 4,000 274 156 1,000 H1 2025 H1 2026 PGMs - koz 2,000 500 +94% 0 2027
Slide 13: Mogalakwena – building momentum into H2
Operational performance Mogalakwena – building momentum into H2 Head grade improvement Production uplift in H2: M&C14 ounces up 2% 920-980 koz guidance from mining sequence maintained 4E built up head grade – g/t PGM ounces - koz PGM10 ounces - koz +10% 15 0 +2% 2.42 2.65 Q1 2026 Q2 2026 432 441 85
Slide 14: Mogalakwena – driving outcomes through operational excellence
Operational performance Mogalakwena – driving outcomes through operational excellence Higher blasting efficiency Improved drilling AISC12 down despite efficiencies Middle East conflict Hauling optimisation US$/3E ounce sold +4% -7% -1% 703 1,932 2,010 985 652 21 -3% H1 2025 H1 2026 H1 2025 H1 2026 D
Slide 15: Sandsloot underground project – advancing towards key value milestones
Operational performance Sandsloot underground project – advancing towards key value milestones Key milestones H1 2026 Key targets Increased confidence in geo- Processed ore sample metallurgical properties of ore and H2 2026 – water use license approval plant response and vent shaft 2 commissioning T
Slide 16: Mototolo – improving operational flexibility
Operational performance Mototolo – improving operational flexibility Total development Tonnes milled Planned H2 increase up 64% up 2% in M&C14 production Progressing Der Brochen Tonnes milled - kt ‘000 PGM10 ounces +64% Total development - km +2% 1.8 1.1 H1 2025 H1 2026 +29% IMA15 65.4 H1 2025 H1 20
Slide 17: Processing – realising optimisation benefits
Operational performance Processing – realising optimisation benefits Improved concentrator Mass pull Chrome yield recoveries… 13% improvement… improvement up 2.0 ppt13 …at three of our four operations … led by Mogalakwena North Concentrator … led by Amandelbult Concentrator Concentrator recovery - %
Slide 18: Processing – strong downstream performance
Operational performance Processing – strong downstream performance Refined PGM10 production Base metal production Driving energy efficiency up 25% up 18% and emissions reduction ‘000 PGM10 ounces ‘000 Base metal tonnes -12% +25% +18% 5.1 4.5 H1 2025 H1 2026 12.3 10.6 Energy Intensity (GJ/Oz)16 1,742
Slide 19: Market performance
Market performance Valterra Platinum 19
Slide 20: High basket price driven by strong fundamentals across all metals
Market performance High basket price driven by strong fundamentals across all metals US$ PGM10 basket price Developments 3,234 Highest H1 basket price since 2021 due to synchronised rally in metal 2,788 prices Despite a sentiment-driven correction, prices remain 30% higher than 2025 average Compelli
Slide 21: PGM markets well supported into medium-term
Market performance PGM markets well supported into medium-term Outlook Platinum Palladium Rhodium Sustained market deficits continue to support fundamentals Smaller deficit Deficit markets as surplus delayed Continuing deficits Geopolitical conflict driving near- term volatility Strong vehicle sales
Slide 22: Confident in a compelling long-term PGM market demand outlook
Market performance Confident in a compelling long-term PGM market demand outlook Growth supported by market 10Moz upside potential to Supported by observable market trends consensus forecasts activity - Chinese national hydrogen Policy Alignment roadmap FCEV20 truck targets and Untapped potential hi
Slide 23: Financial performance
Financial performance Valterra Platinum 23
Slide 24: Exceptional performance driven by firmer prices and higher sales volumes
Financial performance Exceptional performance driven by firmer prices and higher sales volumes Revenue EBITDA Annualised ROCE22 R82bn R33bn 69% Up 93% y-o-y11 Mining margin of 50% Up 63pp y-o-y11 HEPS23 Free cash flow Interim dividend declared R82/share R26bn R15bn Third highest in our multi-decade
Slide 25: Higher earnings supported by Amandelbult recovery and pricing tailwinds
Financial performance Higher earnings supported by Amandelbult recovery and pricing tailwinds EBITDA Rand billion PGM basket price of Uncontrollable Controllable R45,993/PGM oz, up 66% 33.4 1.1 1.1 Input cost inflation of ~7.2% (3.6) 4.6 including a ~1% impact from 26.7 the Middle East conflict 23.7
Slide 26: Full-year guidance remains on track
Financial performance Full-year guidance remains on track Unit cost flat despite inflationary impacts 21% reduction in all-in sustaining cost R/PGM ounce US$/3E ounce sold M&C14 step up & operating Input cost inflation at ~7.2% offset by increased M&C14 efficiencies remains the production Volumes fo
Slide 27: Capex - proactive portfolio management maintains value delivery and full-year guidance
Financial performance Capex - proactive portfolio management maintains value delivery and full-year guidance Rand billion Sustaining capital preserves asset ~17.0 – 18.0 integrity and performance, enabling strategic growth investment ~4.5 – 5.0 Committed to advancing Sandsloot Underground, Der Broch
Slide 28: Significant cash generation supporting a strong balance sheet
Financial performance Significant cash generation supporting a strong balance sheet Net cash Rand billion Liquidity headroom of R55bn, made up of cash & undrawn committed bank (6.2) facilities (6.3) 23.7 Issuance of R2bn Floating Rate Notes 36.2 under the DMTN25 Programme 11.5 (11.5) Balance of Aman
Slide 29: Disciplined capital allocation underpins shareholder value delivery
Financial performance Disciplined capital allocation underpins shareholder value delivery R36.2bn Interim dividend declared of R15bn or Cash from operations R57 per share r te l ita t ca af 2. ase o sustain h flow Co divi p b R4.6bn mm dend ing 1. Cas itmen Balance Sustaining capital sheet t flexibi
Slide 30: Conclusion
Conclusion Valterra Platinum 30
Slide 31: Extensive mineral endowment poised to respond to PGM demand growth
Conclusion Extensive mineral endowment poised to respond to PGM demand growth Long-term forecasts Capital discipline Leading the industry Shareholder returns understate demand PGM10 demand forecasts with vast resources remain a top priority growth potential require more resource development Mineral
Slide 32: Leading the PGM industry
Conclusion Leading the PGM industry Safety remains our highest priority Consistent execution against strategic priorities Strong balance sheet and capital discipline underpinning superior shareholder returns Well positioned for a strong H2 operational delivery; full-year guidance maintained Creating
Slide 33: Thank you
Thank you y -Z~ Valterra PLATINUM ‘
Slide 34: Q&A
Q&A Valterra Platinum 34
Slide 35: Appendix
Appendix Valterra Platinum 35
Slide 36: 2026 guidance remains unchanged
Appendix 2026 guidance remains unchanged M&C14 production Own mine production Refined production 3.0-3.4 Moz 2.1-2.3 Moz 3.0-3.4 Moz Guidance maintained Guidance maintained Guidance maintained Unit cost Capex AISC 12 R19,000-20,000/PGM10 oz ~R17-18bn ~US$1,050/3E oz Monitoring the impact catch-up in
Slide 37: Guidance and outlook
Appendix Guidance and outlook 2025 2026 2027 2028 Unit Actual Guidance Estimate Estimate Refined PGM production 6E moz 3.4 3.0 - 3.4 3.0 - 3.4 3.0 - 3.4 PGM M&C production 6E moz 3.2 3.0 - 3.4 3.0 - 3.3 3.0 - 3.3 Purchase of concentrate (POC) 6E moz 1.1 0.9 - 1.1 0.9 - 1.0 0.8 - 0.9 Own mined 6E moz
Slide 38: Schematic view of Mogalakwena
Appendix Schematic view of Mogalakwena Valterra Platinum 38
Slide 39: EBITDA sensitivity
Appendix EBITDA sensitivity EBITDA impact of 10% 10 July Average realised change in average realised price spot metal price metal price and R1/US$ change in fx31 Commodity R’m Platinum (US$/oz) 1,634 2,093 2,190 Palladium (US$/oz) 1,279 1,563 1,099 Rhodium (US$/oz) 8,150 9,908 1,146 Gold (US$/oz) 4,
Slide 40: Net cashflow by mine
Appendix Net cashflow by mine Net cash Sustaining Effect of Assets 31 Net Cash Economic Tax and net Exchange (R’m) December generated / Sustaining free Discretionary interest rate changes Dividends Customer Net cash 2025 (Utilised) capital cash flow capital paid on cash paid prepayment Other 30 June
Slide 41: Cost breakdown
Appendix Cost breakdown Cost base People Contractors Power Consumable Maintenance Sundry 2026 H1 Volume PGMs (koz) (Rbn) costs costs costs costs costs expenses Opencast mining 4.9 44% 450 18.0% 3.4% 1.5% 30.9% 35.1% 10.9% Conventional mining 6.2 31% 312 51.0% 4.3% 11.2% 13.9% 8.8% 10.9% Mechanised m
Slide 42: Simplified EBITDA per PGM ounce
Appendix Simplified EBITDA per PGM ounce Mototolo incl Modikwa VP26 Exit mines & Valterra Mogalakwena Amandelbult Unki Mined POC & TOLL Other Der Brochen share C&M29 Platinum a = (b x Net revenue 21,993 16,121 6,682 5,474 3,219 53,489 28,027 295 81,811 c)/1000 + d b Basket price per PGM ounce R/PGM
Slide 43: Rand basket price
Appendix Rand basket price Modikwa VP26 Valterra Mogalakwena Amandelbult Mototolo Unki Mining POC share Platinum Net sales revenue (US$ million) from platinum 463 335 144 117 69 1,128 584 1,712 from palladium 350 109 63 67 39 628 198 807 from rhodium 131 260 110 48 48 596 349 937 from other PGMs 186
Slide 44: All-in sustaining cost
Appendix All-in sustaining cost US$ per 3E oz Mogalakwena Amandelbult Mototolo Unki Modikwa Mining Opencast Cost (US$ million) Total operating costs adjusted for ore stockpile movements 663 511 189 158 109 1,633 Allocated marketing and market development costs 7 5 2 2 1 16 Sustaining capital 167 26
Slide 45: Footnotes
Appendix Footnotes 1. TRIFR – Total recordable injury frequency rate - total recorded injuries excludes first aid cases 2. ICMM – International Council on Mining and Metals 3. TSAs – Transitional Service Arrangements 4. IT – Information technology 5. GWh – Gigawatt-hour 6. ktCO2e – kilotonnes of car