African Rainbow Minerals Limited · JSE:ARI
African Rainbow Minerals — African Rainbow Mnrls — FY2026 Earnings Presentation
41 slides from African Rainbow Minerals's earnings presentation, Sep 4, 2026
Slide 1: Condensed results for the financial year ended 30 June 2026
2026 Condensed results for the financial year ended 30 June 2026
Slide 2: Headline earnings for F2026 increased by 19% to R3.2 billion
“Headline earnings for F2026 increased by 19% to R3.2 billion (F2025: R2.7 billion), mainly as a result of the higher US dollar platinum group metals (PGM) basket prices. We declared a final dividend of R7.00 per share. Net cash increased by 54% to R10.2 billion at 30 June 2026 (F2025: R6.6 billion)
Slide 3: Highlights
HIGHLIGHTS Final dividend declared Headline earnings R7.00 per Net cash share R3.2 billion (F2025: R6.00 per share) R10.2 billion (F2025: R2.7 billion) (F2025: R6.6 billion) Dividend received from Harmony R512 million (F2025: R240 million) Condensed results for the financial year ended 30 June 2026
Slide 4: Disclaimer forward looking statements
DISCLAIMER FORWARD LOOKING STATEMENTS Throughout this presentation a range of financial Certain statements in this document constitute forward-looking statements that are neither financial and non-financial measures are used to assess results nor historical information. They include but are not limi
Slide 5: Overview of results
OVERVIEW OF RESULTS Phillip Tobias Chief Executive Officer Black Rock, Nchwaning UG
Slide 6: Headline earnings
HEADLINE EARNINGS ARM Group (R million) 13 064 11 338 8 983 ▲ 19% 5 080 3 201 2 695 F2021 F2022 F2023 F2024 F2025 F2026 ARM Ferrous ARM Platinum ARM Coal R2.0 billion R1.3 billion R428 million loss 42% >200% >200% Condensed results for the financial year ended 30 June 2026 6
Slide 7: Headline earnings
HEADLINE EARNINGS Group headline earnings variance (R million) 2 633 ▲ 19% (1 444) ( 475) 3 201 ( 208) 2 695 F2025 headline earnings Platinum Ferrous Coal Corporate F2026 headline earnings Condensed results for the financial year ended 30 June 2026 7
Slide 8: Dividends
DIVIDENDS Dividends per share (cents) 3 000 3 200 2 600 1 500 1 050 1 200 1 000 2 000 1 200 2 000 1 400 1 200 600 900 450 600 500 700 F2021 F2022 F2023 F2024 F2025 F2026 Interim dividend per share Final dividend per share DIVIDENDS RECEIVED FROM* Assmang ARM Coal Investment in Harmony R3.4 billion R
Slide 9: Segmental EBITDA
SEGMENTAL EBITDA Segmental EBITDA split by commodity (%) 24 321 17 839 13 994 8 920 6 381 8 297 2% 2% 3% 3% 9% 7% 7% 9% 4% 1% 4% 12% 14% 8% 16% 40% 46% 39% 44% 80% 46% 42% 36% 5% 77% 53% (3%) (2%) (4%) F2021 F2022 F2023 F2024 F2025 F2026 PGMs Iron Ore Manganese Coal (GGV) Other* Significant segmenta
Slide 10: Safety and health
SAFETY AND HEALTH Fatalities Lost time injury Total recordable injury Zero frequency rate frequency rate (LTIFR)* (TRIFR)** We remain committed to creating 0.29 0.56 and maintaining a safe and healthy working environment * LTIFR per 200 000-man hours ** TRIFR includes the number of fatal injuries, n
Slide 11: Responsible environmental management
RESPONSIBLE ENVIRONMENTAL MANAGEMENT Carbon emissions (Scope 1 and 2) Water withdrawn Responsible environmental, 1.06 MtCO2e* 21.50 million m³ social and governance management are integral to * Million tonnes of carbon dioxide equivalents (MtCO2e) on a 100% basis ARM’s strategic priorities to operat
Slide 12: Strategy
STRATEGY Condensed results for the financial year ended 30 June 2026 12
Slide 13: Operational review
OPERATIONAL REVIEW Bokoni Mine
Slide 14: Production by commodity (100% basis)
PRODUCTION BY COMMODITY (100% BASIS) Unit F2026 F2025 % change ARM Ferrous Iron ore division 000t 13 245 14 567 (9) Manganese ore 000t 3 941 3 761 5 ARM Platinum Two Rivers Mine 6E PGM ounces 286 590 288 502 (1) Modikwa Mine 6E PGM ounces 273 671 281 638 (3) ARM Coal Goedgevonden (GGV) Mine Mt 6.86
Slide 15: Headline earnings/(loss) by division/operation
HEADLINE EARNINGS/(LOSS) BY DIVISION/OPERATION R million F2026 F2025 % change ARM Ferrous 2 028 3 472 (42) Iron ore division 1 880 3 160 (41) Manganese division 100 315 (68) Consolidation adjustment and other 48 (3) >200 ARM Platinum 1 345 (1 288) >200 Two Rivers Mine 1 202 202 >200 Modikwa Mine 683
Slide 16: EBITDA margins by commodity
EBITDA MARGINS BY COMMODITY EBITDA margins by commodity (%) 32% Iron ore 41% 9% Coal (GGV) 24% 35% PGMs* 12% 15% Manganese ore 20% (32%) Manganese alloys (30%) (40%) (30%) (20%) (10%) 0% 10% 20% 30% 40% 50% F2026 F2025 * Excluding Nkomati and Bokoni Mines. Condensed results for the financial year en
Slide 17: ARM Platinum
FaxtM African Rainbow Minerals Modikwa Mine
Slide 18: ARM Platinum
ARM PLATINUM Variance analysis – segment result* (R million) ARM Platinum revenue per commodity (%) 5 281 14% Platinum 260 4 241 2% 15% ( 850) ( 151) 35% Palladium ( 855) ( 60) 3% 33% Rhodium 616 26% Nickel 29% Other F2025 Prices ZAR:US$ Volumes Cash costs Non-cash Mark-to- F2026 23% costs market ad
Slide 19: PGMs (100% basis)
PGMs (100% BASIS) Operational performance* PGM production at Modikwa decreased by 3% Unit F2026 F2025 % change due to a reduction in plant recovery as a result Two Rivers production volumes 6E PGM ounces 286 590 288 502 (1) of the increased processing of open-pit ore. Modikwa production volumes 6E P
Slide 20: Bokoni Platinum Mine
BOKONI PLATINUM MINE Board approval The ARM Board approved the development of the Bokoni 180ktpm project following completion of the Definitive Feasibility Study (DFS) in June 2026. Bokoni is the second largest PGM Mineral Resource in South Africa and is a large, high-grade, long-life UG2-led asset.
Slide 21: Nkomati Nickel Mine
NKOMATI NICKEL MINE Board approval and restart In July 2026, the ARM Board approved the recommencement of open-pit mining and nickel concentrate production following completion of the DFS. This approval fulfils one of the conditions precedent to the nickel concentrate off-take agreement concluded wi
Slide 22: ARM Ferrous
FaxtM African Rainbow Minerals ARM FERROUS Khumani Mine — ——_ . 7 —
Slide 23: ARM Ferrous
ARM FERROUS Variance analysis – segment result* (R million) Changes in average US dollar index prices (%) 4 433 8% 1% (1 189) 1 041 2 518 ( 238) ( 9) (5%) (5%) (1 520) (10%) Medium-carbon High-carbon Export 43.5% Export iron ore** Export 36.5 % F2025 ZAR:US$ Prices Volume Cost of sales Other F2026 f
Slide 24: Iron ore (100% basis)
IRON ORE (100% BASIS) Operational performance The cessation of production at Beeshoek Mine Unit F2026 F2025 % change resulted in local sales volumes decreasing to Export sales volumes 000 tonnes 12 439 12 260 1 552 000 tonnes (F2025: 2 million tonnes). Local sales volumes 000 tonnes 552 2 030 (73) E
Slide 25: Manganese ore (100% basis)
MANGANESE ORE (100% BASIS) Operational performance Black Rock Mine increased production by 5%, Unit F2026 F2025 % change reflecting the success of targeted operational Export sales volumes 000 tonnes 3 662 3 705 (1) and technical improvement initiatives. Local sales volumes 000 tonnes 831 778 7 Chan
Slide 26: Manganese alloys (100% basis)
MANGANESE ALLOYS (100% BASIS) Operational performance Unit F2026 F2025 % change Sakura’s production until 31 October 2025 was 81 000 tonnes. Sales volumes South African operations 000 tonnes 57 82 (30) Sakura 000 tonnes 67 221 (70) Production volumes Cato Ridge Works production 000 tonnes 0 94 (100)
Slide 27: ARM Coal
FaxtM African Rainbow Minerals ARM COAL
Slide 28: ARM Coal
ARM COAL Variance analysis – segment result* (R million) Changes in on-mine unit production costs (%) 157 59 Coal: PCB 2% ( 99) ( 57) Coal: GGV 5% ( 153) ( 2) ( 95) F2025 ZAR:US$ US$ Prices Volume Costs Other F2026 Increase Decrease Decrease Increase Changes in sales volumes (%) Stockpile volumes (t
Slide 29: GGV and PCB (100% basis)
GGV AND PCB (100% BASIS) Operational performance The average realised thermal coal price (export Unit F2026 F2025 % change US dollar) for GGV and PCB decreased by 5% Export sales volumes Mt 11.87 11.57 3 and 3%, respectively. Domestic sales volumes Mt 4.17 4.25 (2) GGV on-mine saleable cost R/t 668
Slide 30: Strategic investments
STRATEGIC INVESTMENTS Two Rivers Mine
Slide 31: Investment in Harmony
INVESTMENT IN HARMONY ARM’s investment in Harmony was positively revalued by R388 million in F2026. The Harmony investment is therefore reflected on the ARM statement of financial position at R18 667 million based on its share price as at 30 June 2026. In F2025, ARM implemented a hedging collar tran
Slide 32: Investment in Surge Copper Corp
INVESTMENT IN SURGE COPPER CORP ARM shareholding in Surge Copper Following the top-up offering and private placement announced in February 2026, ARM’s investment in Surge Copper increased from 43.0 million shares (13.4%) to 68.7 million shares (19.9%) in the company on a non-diluted basis. Advanceme
Slide 33: ARM's key focus areas
ARM’S KEY FOCUS AREAS Disciplined capital allocation Operating globally • Prioritise capital allocation to opportunities delivering Decisive action on competitive, profitable and underperforming assets safe mines competitive margins and superior risk-adjusted • Bokoni Mine (Board • Fatality-free F20
Slide 34: ARM's key focus areas
ARM’S KEY FOCUS AREAS Pursue value-enhancing growth opportunities • Advance the phased Maintaining a robust balance development of Bokoni’s high- Collaborate with sheet by generating profits, grade UG2 mining operation key stakeholders to optimise reducing costs and deferring • Develop Nkomati’s ope
Slide 35: Capital allocation
CAPITAL ALLOCATION Tsundzukani Mhlanga Finance director Khumani Mine
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
CASH FLOW ANALYSIS* (R million) Investing in Interest & debt Shareholder Sources of funds repayment existing business returns 18,000 3 912 377 16,000 ( 445) 14,000 4 233 (2 679) 602 12,000 (1 899) 10 309 10,000 (2 121) 8 626 ( 129) ( 168) 8,000 6,000 4,000 Increase Decrease 2,000 0 Balance Cash Divi
Slide 38: Net cash and debt
NET (R million) CASH AND DEBT 30 June 30 June 2026 2025 Cash and cash equivalents per statement of financial position* 10 328 8 644 Cash and cash equivalents per statement of cash flows** 10 309 8 626 Overdrafts 19 18 Total borrowings (157) (2 035) Long-term borrowings (124) (1 399) Short-term borro
Slide 39: Segmental capital expenditure
SEGMENTAL CAPITAL EXPENDITURE* (R million) 4 020 4 900 7 223 8 730 9 326 10,000 9,000 247 239 8,000 7,000 329 6,000 2 856 3 431 5,000 2 273 299 4,000 275 3,000 1 842 1 767 2,000 1,000 1 978 2 759 4 621 5 635 5 648 0 F2025 F2026 F2027e F2028e F2029e ARM Platinum ARM Ferrous ARM Coal * Capital expendi
Slide 40: Reconciliation to headline earnings
RECONCILIATION TO HEADLINE EARNINGS (R million) F2026 F2025 Basic earnings attributable to equity holders of ARM 3 998 330 Gain on re-measurement to fair value of pre-existing interest in Nkomati (462) – Profit on disposal of the joint venture in Sakura - Assmang (241) – Attributable after-tax impai
Slide 41: Thank you
THANK YOU www.arm.co.za Condensed results for the financial year ended 30 June 2026