Northam Platinum Holdings Limited · JSE:NPH
Northam Platinum — FY2025 Earnings Presentation
39 slides from Northam Platinum's earnings presentation, Jun 30, 2025
Slide 1: Mining that matters
Mining that matters Operational and financial results for the year ended 30 June 2025 Page
Slide 2: Cautionary statement
Cautionary statement The presentation comprises the written materials made available together with the related verbal presentation (collectively or individually, as the context may require, the “Presentation”) concerning Northam Platinum Holdings Limited (“Northam Holdings”). By attending the Presen
Slide 3: Agenda
Agenda Key features for the year Paul Dunne Our operations and projects Paul Dunne Financial review Alet Coetzee Operational guidance Paul Dunne Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 3
Slide 4: Key features for F2025
Key features for F2025 Production Operating profit Capex 899 244 oz 4E R3.6bn R4.9 bn Equivalent refined metal Operating profit margin: 10.9% All projects on track from own operations (F2024: R4.8 bn, with an operating Increase of 6.9% Increase of 0.7% profit margin of 15.7%) (F2024: R4.6 bn) (F2024
Slide 5: Our operations and projects
Our operations and projects Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 5
Slide 6: Safety
Safety Group LTIIR per 200 000 hours worked F2016 to present Group LTIIR 0.61 2.0 F2024: 0.74 Zondereinde LTIIR 1.5 0.88 F2024: 0.92 1.0 Booysendal LTIIR 0.20 F2024: 0.45 0.5 Eland LTIIR 0.39 F2024: 0.59 0.0 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 Northam Platinum Holdings Limite
Slide 7: Group operational highlights
Group operational highlights F2025 F2024 Total tonnage milled tonnes 11 268 039 11 269 490 0.0% 6.2% Square metres mined m² 1 335 122 1 257 164 Equivalent refined metal from own operations oz 4E 899 244 892 876 0.7% Total metal sold oz 4E 1 006 475 950 251 5.9% Cash cost per equivalent refined 4E oz
Slide 8: Zondereinde operations
Zondereinde operations F2025 F2024 Variance Unit % Merensky milled tonnes 995 753 998 122 (0.2) Merensky head grade g/t 4E 5.3 5.5 (2.9) UG2 milled tonnes 1 252 128 1 140 024 9.8 UG2 head grade g/t 4E 4.3 4.3 0.5 Total milled tonnes 2 247 881 2 138 146 5.1 Average combined head grade g/t 4E 4.7 4.8
Slide 9: 3 shaft equipping
3 shaft equipping Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 9
Slide 10: Booysendal operations
Booysendal operations F2025 F2024 Variance Unit % Merensky North milled tonnes 899 254 499 879 79.9 Merensky North head grade g/t 4E 2.1 2.0 3.0 Merensky South milled tonnes ‒ 124 470 (100.0) Merensky South head grade g/t 4E ‒ 1.9 (100.0) UG2 North milled tonnes 2 833 148 2 993 645 (5.4) UG2 North h
Slide 11: Booysendal operations
Booysendal operations F2025 F2024 Variance Unit % Metal in concentrate from own operations oz 4E 512 147 511 340 0.2 Metal in concentrate from third parties oz 4E 33 709 30 362 11.0 Total revenue per 4E oz in concentrate sold R/4E oz 29 726 29 827 (0.3) Cash cost per 4E oz in concentrate produced R/
Slide 12: Eland operations
Eland operations F2025 F2024 Variance Unit % UG2 total milled tonnes 1 997 421 2 296 356 (13.0) UG2 head grade g/t 4E 2.1 1.6 27.4 Metal in concentrate from own operations oz 4E 72 442 69 020 5.0 Metal in concentrate from third parties oz 4E 48 431 48 823 (0.8) Total revenue per 4E oz in concentrate
Slide 13: Eland production
Eland production RoM tonnage RoM grade Kt pa 4E g/t 1 400 3.5 1 200 3.0 1 000 2.5 800 2.0 600 1.5 400 1.0 200 0.5 0 0.0 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026e Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 13
Slide 14: Zondereinde 80MW Solar Energy Facility
Zondereinde 80MW Solar Energy Facility Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 14
Slide 15: Karreebosch wind farm
Karreebosch wind farm Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 15
Slide 16: Financial review
Financial review Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 16
Slide 17: Key financial features for F2025
Key financial features for F2025 Revenue Operating profit EBITDA R32.9 bn R3.6 bn R4.9 bn Increase of 6.9% Operating profit margin: 10.9% EBITDA margin: 14.9% (F2024: R30.8 bn) (F2024: R4.8 bn, with an (F2024: R6.3 bn with an operating profit margin of 15.7%) EBITDA margin of 20.4%) Net Debt Banking
Slide 18: Revenue
Revenue R billion 35 6.9% increase in revenue 34 0.8 5.9% 34 2.3 33 32.9 (1.0) increase in 33 4E volumes sold 32 32 R2.1 bn 5.9% increase in average 31 30.8 4E basket price to USD1 372 (F2024: USD1 295) 31 30 2.9% stronger average 30 ZAR/USD exchange rate 29 Sales revenue Sales Metal Exchange Sales
Slide 19: Cost of sales
Cost of sales F2025 F2024 Variance R000 R000 % Sales revenue 32 901 199 30 766 472 6.9 Cost of sales (29 307 682) (25 942 339) (13.0) Operating costs (24 019 398) (21 823 520) (10.1) Mining operations (17 653 478) (16 208 817) (8.9) Concentrator operations (2 939 865) (2 626 817) (11.9) Smelting and
Slide 20: Statement of profit or loss
Statement of profit or loss F2025 F2024 Variance R000 R000 % Sales revenue 32 901 199 30 766 472 6.9 Cost of sales (29 307 682) (25 942 339) (13.0) Gross profit 3 593 517 4 824 133 (25.5) Loss on sale of Impala Platinum Holdings Limited shares ‒ (799 686) 100.0 Share of earnings from associates 41 4
Slide 21: Working capital management
Working capital management R9.0 bn R16.5 bn R1.4 bn Metal inventory balance Sales value of 4E inventory on hand Classified as non-current inventory (using the year-end prices and to be processed in future exchange rate) 495 350 oz 4E 100 386 oz 4E Metal volumes on hand Non-current inventory on hand
Slide 22: Movement in cash and cash equivalents
Movement in cash and cash equivalents R million 14 000 Operating Investing Financing activities activities activities 4 736 12 000 10 000 5 700 8 000 7 462 6 919 (543) (4 968) (25) (331) (1 460) 6 000 4 000 (4 195) 2 000 Closing cash Cash flow Capital Other cash flow Dividends DMTN DMTN Other cash f
Slide 23: Net Debt to EBITDA
Net Debt to EBITDA F2025 F2024 R000 R000 Net Debt to EBITDA Ratio Cash and cash equivalents 6 918 642 7 461 961 Domestic Medium-Term Notes (12 055 843) (10 584 064) 1.04 Net Debt (5 137 201) (3 122 103) EBITDA 4 917 555 6 270 467 RCF R11.3 bn Net Debt to EBITDA Ratio 1.04 0.50 Fully undrawn GBF R1.0
Slide 24: Capital allocation
Capital allocation R4.9 bn R336.8 m R2.15 Invested in capex Return of value per share to shareholders Dividends declared through dividends paid for F2025 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 24
Slide 25: Operational guidance
Operational guidance Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 25
Slide 26: Operational guidance for F2026
Operational guidance for F2026 Zondereinde Booysendal Eland Group Metal production Equivalent refined metal Metal in concentrate Metal in concentrate Equivalent refined metal from own operations (oz 4E) 330 000 – 340 000 500 000+ 85 000 – 95 000 910 000 – 930 000 100 000 + Metal production from thir
Slide 27: Six monthly average basket price
Six monthly average basket price R/4E oz 60 000 50 000 SPOT PRICE 40 000 30 000 20 000 10 000 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 F15 F15 F16 F16 F17 F17 F18 F18 F19 F19 F20 F20 F21 F21 F22 F22 F23 F23 F24 F24 F25 F25 Northam Platinum Holdings Limited operational and
Slide 28: Platinum supply and demand 2025
Platinum supply and demand 2025 koz Supply Demand 8 000 6 800 1 500 3 500 7 000 6 000 1 500 5 000 4 000 3 800 200 destocking 2 800 3 000 2 000 1 000 1 500 - (1 000) (2 000) SA mined Other mined Recycling Total Auto Industrial Jewellery Northam Platinum Holdings Limited operational and financial resu
Slide 29: Rhodium supply and demand 2025
Rhodium supply and demand 2025 koz Supply Demand 1 000 300 950 900 900 800 700 100 600 550 500 400 300 200 100 100 - ( 100) SA mined Other mined Recycling Total Auto Industrial Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 29
Slide 30: PGM primary supply – Platinum
PGM primary supply – Platinum koz Global production 7 000 Outlook 5 000 3 000 1 000 2000 2010 2020 2030 2040 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 30
Slide 31: PGM primary supply – Palladium
PGM primary supply – Palladium koz Global production 9 000 Outlook 7 000 5 000 3 000 1 000 2000 2010 2020 2030 2040 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 31
Slide 32: PGM primary supply – Rhodium
PGM primary supply – Rhodium koz Global production 1 000 Outlook 800 600 400 200 0 2000 2010 2020 2030 2040 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 32
Slide 33: Short-term outlook for revenue drivers
Short-term outlook for revenue drivers F2025 % revenue basis 18% AuCuNi Pd Rh Ir 40% Ru Cr 40% Very good Pt Good Neutral Poor Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 33
Slide 34: Short-term outlook for revenue drivers
Short-term outlook for revenue drivers F2025 % 6E volume basis Au Rh Pd Ru Ir 74% Very good Pt Good Neutral Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 34
Slide 35: Current state of the business
Current state of the business Group Safety People Booysendal Zondereinde Eland Mining Processing Mining Processing Mining Processing Metallurgical and refining Smelter BMR PMR Finance and Market Balance sheet Cash position Market Good Work needed Heavy lifting Northam Platinum Holdings Limited opera
Slide 36: 2030 business targets
2030 business targets Zondereinde Booysendal Eland Group Metal production Equivalent refined metal Metal in concentrate Metal in concentrate Equivalent refined metal from own operations (oz 4E) 350 000 520 000 150 000 1 020 000 Metal production from third parties 200 000 (oz 4E) Chrome sales (tonnes
Slide 37: Questions?
Questions? Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 37
Slide 38: Zondereinde 80MW Solar Energy Facility
Zondereinde 80MW Solar Energy Facility Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2025 Page 38
Slide 39: Northam Platinum Holdings Limited Shareholder information
Northam Platinum Holdings Limited Shareholder information Building 4, 1st Floor Name Northam Platinum Holdings Limited Maxwell Office Park Magwa Crescent West Share code NPH Waterfall City ISIN code ZAE000298253 Jukskei View 2090 South Africa JSE sector Platinum Shares in issue 400 102 916 Tel: +27
Northam Platinum Holdings — FY2025 Earnings Presentation on 6ix