Valterra Platinum Limited · JSE:VAL
Valterra Platinum — FY2025 Earnings Presentation
46 slides from Valterra Platinum's earnings presentation, Feb 25, 2026
Slide 1: 2025 Annual Results
2025 Annual Results 25 February 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 LSE4 listing launch 1. Overview 2. Operational performance 3. Market performance 4. Financial performance 5. Conclusion 6. Questions & answers Valterra Platinum 3
Slide 4: Overview
Overview Valterra Platinum 4
Slide 5: Safety is our core value, zero harm is our first priority
Safety Safety is our core value, zero harm is our first priority Fatalities at own operations Number of fatalities Two fatal incidents – Unki and Dishaba mine 3 2 TRIFR1 1.48 – leading quartile of ICMM2 industry benchmark 1 0 0 Mototolo – 11 million fatality-free shifts 2021 2022 2023 2024 2025 (14
Slide 6: Delivering on our commitments
Overview Delivering on our commitments Simplified & strengthened Achieving organisation operational excellence • Successfully completed demerger, LSE4 listing and new • Production guidance exceeded and Amandelbult ramped identity established up ahead of plan • Streamlined our organisation, reconstit
Slide 7: Strong operational performance coupled with higher PGM prices boost financial results
Overview Strong operational performance coupled with higher PGM prices boost financial results PGM5 basket price EBITDA Cost out savings $1,852 R33bn R5bn 2024: $1,468 2024: R20bn Exceeding R4bn target 2 AISC6 Net cash Total 2025 dividend $987 R11.5bn R12bn Guided <$1,000 Generated R20bn FCF7 in 202
Slide 8: Creating shared value for our stakeholders
Overview Creating shared value for our stakeholders Significant contributor Material distributions to all stakeholders to the broader SA economy R billions 85 83 Local procurement Capital investment 72 R27bn R 17bn Salaries and wages Dividends paid R17bn R17bn 85 2023 2024 2025 Tax and royalties Soc
Slide 9: Operational performance
Operational performance Valterra Platinum 9
Slide 10: Outperformed expectations with strong operational delivery
Operational performance Outperformed expectations with strong operational delivery Mogalakwena tonnes milled Amandelbult restored to… M&C PGM5 production 14.7 Mt steady state ... 3.2 Moz Record performance Exceeded production guidance Delivering on our guidance Mass pull PGM5 refined PGM5 sales Impr
Slide 11: Mogalakwena – Pit optimisation gains momentum
Operational performance Mogalakwena – Pit optimisation gains momentum Strip ratio Head grade M&C ounces Down 22% y-o-y8 Strong improvement in Q4 Flat y-o-y8 Pit optimisation benefits – In line with the ore blending 8% reduction in tonnes mined strategy Million tonnes – Mt 4E built-up head grade – g/
Slide 12: Mogalakwena – Delivering operational excellence
Operational performance Mogalakwena – Delivering operational excellence On-mine costs9 per tonne Optimised drilling and Enhanced loading & down 2% y-o-y8 blasting hauling efficiency AISC6 Operational benefits Productivity improvements down 8% y-o-y8 +9% +24% -2% 58 3,131 984 965 53 2,524 2024 2025 2
Slide 13: Sandsloot underground – Value accretive opportunity
[OFFICIAL] Operational performance Sandsloot underground – Value accretive opportunity Mill feed (kt) Compelling opportunity 6,000 Indicative 5,000 Reef height allows for bulk 4,000 mechanised UG10 mining 3,000 Grade 4-6 g/t – significantly 2,000 higher than other PGM5 1,000 mechanised ore bodies 0
Slide 14: Significant progress at Sandsloot underground project
Operational performance Significant progress at Sandsloot underground project Prefeasibility study completed in H1 2025, Underground development Delivered in 2025 now progressing the feasibility study progressing well 30 km Total underground exploration drilling Results confirm geological parameters
Slide 15: Amandelbult – Ramped up ahead of plan & generating strong cash flow
Operational performance Amandelbult – Ramped up ahead of plan & generating strong cash flow 2025 highlights M&C production Sector-leading basket Positive FCF7 despite beat guidance price flooding impact Strong y-o-y8 recovery expected in 2026 Restored to normalised run rate post flooding ‘000 PGM5 o
Slide 16: Mototolo – Unlocking operational flexibility
Operational performance Mototolo – Unlocking operational flexibility Total development Productivity M&C production up 107% y-o-y8 up 12% down 2% Progressing Der Brochen development Optimisation progress Due to grade dilution from development ‘000 PGM5 ounces +11% +12% IMA12 - months 1,225 -2% 1,095
Slide 17: Processing – Optimising concentrator performance
Operational performance Processing – Optimising concentrator performance Improved concentrator 9% improvement in mass Record milled tonnes at recoveries… pull… Mogalakwena …at our three largest operations …led by Mogalakwena …at Amandelbult (+1.7 (13%) ppt) &&Mototolo Amandelbult (7%) (+1.2 ppt) whi
Slide 18: Driving operational excellence – Jameson Cells deliver significant benefits
Operational performance Driving operational excellence – Jameson Cells deliver significant benefits MNC13 mass pull improved 21% Concentrate tonnes Benefits of mass pull down 14% y-o-y8 reduction …while concentrator …while concentrate grade improves 16% y-o-y8 ...in 6 months recoveries improve Mass
Slide 19: Market performance
Market performance Valterra Platinum 19
Slide 20: Basket price supported by strong fundamentals & bullish developments
Market performance Basket price supported by strong fundamentals & bullish developments $ PGM5 basket price 2,500 Weaker US$ Tariff Concerns Strong Chinese Strong US Debasement Trade GFEX15 launch & & Subpar Mine Buying imports & Tariff Geopolitics 2,300 Supply led tightness 2,100 1,900 1,700 1,500
Slide 21: Synchronised rally in PGM prices & potential upside to current forecasts
Market performance Synchronised rally in PGM prices & potential upside to current forecasts Downward revision of BEV16 Price discount to gold presents 86% basket price rally forecasts opportunities $/6E basket price BEV16 penetration forecasts - % Platinum/gold ratio +86% 2 years 0.8 2,562 40 35 40
Slide 22: PGM markets remain tight in the medium term
Market performance PGM markets remain tight in the medium term Outlook Platinum Palladium Rhodium Car sales continue to grow with expanding global economy Ongoing deficit Deficit markets as surplus Deficit slowly moving to postponed balance Mine supply to decline over longer term, albeit at a slower
Slide 23: Financial performance
Financial performance Valterra Platinum 23
Slide 24: Exceptional performance sustained through transition year
Financial performance Exceptional performance sustained through transition year Revenue EBITDA Opex cost savings R116bn R33bn R5bn Up 7% on 2024 Up 68% on 2024 Target: R4bn Sustaining free cash flow Net cash Final dividend declared R20bn R11.5bn R11.5bn Up 22% on 2024 2024: R17.6bn R43 per share Val
Slide 25: Earnings supported by pricing tailwinds and cost optimisation
Financial performance Earnings supported by pricing tailwinds and cost optimisation EBITDA Rand billion Annual PGM5 basket price of Uncontrollable Controllable One-offs R32,611/PGM oz up 22% 38.5 2.4 (2.1) (3.9) (3.0) 33.4 5.0 31.1 (1.5) Input cost inflation of ~5.4% 16.7 19.8 Cost savings of R5bn e
Slide 26: Cost discipline delivering R12.3 billion savings over the past two years
Financial performance Cost discipline delivering R12.3 billion savings over the past two years Rand billion 18% real reduction in our total -12.3 68 cost19 base Y2 inflation (2.2) Y2 inflation Y1 inflation (4.2) Y1 inflation Achieved unit cost of R19,488/ (6.4) (1.4) (1.5) PGM oz20– within guidance
Slide 27: Capital discipline maintained while advancing key projects
Financial performance Capital discipline maintained while advancing key projects Rand billion Prior guidance ~19.0 Sandsloot UG10 R1.5 - R2.5bn 18.6 17.0 17.0 - 18.0 4.4 Mortimer repurposing ~R1.5bn 4.5 4.5 - 5.0 Der Brochen ~R1.0bn 14.2 Through the cycle investment into 12.5 12.5 - 13.0 asset integ
Slide 28: Capital discipline, cost optimisation and efficiency improvements reduce AISC
Financial performance Capital discipline, cost optimisation and efficiency improvements reduce AISC 13% reduction in all-in sustaining cost since 2023 Valterra Platinum assets firmly in the lower half of the cost curve $ per 3E oz $ per 3E oz -13% 1,136 ~1,050 3,000 1,039 987 Price required to incen
Slide 29: Significant cash generation supporting strong a balance sheet
Financial performance Significant cash generation supporting strong a balance sheet Net cash Liquidity headroom of R43bn, made up Rand billion of cash & undrawn committed facilities (0.5) (9.1) Strong outcome on credit rating – S&P Global Ratings investment-grade rating (1.7) 11.5 of BBB-/A-3 & zaAA
Slide 30: Disciplined capital allocation underscores delivery of shareholder returns
Financial performance Disciplined capital allocation underscores delivery of shareholder returns R32.1bn Total 2025 dividend declared of R12bn or Cash from operations R45 per share 63.48 R12.5bn Balance Sustaining capital sheet 45.00 45.00 2.00 flexibility R6.7bn 20.00 63.48 Base dividend declared 7
Slide 31: Conclusion
Conclusion Valterra Platinum 31
Slide 32: Enhancing cash generation for maximised shareholder returns
Conclusion Enhancing cash generation for maximised shareholder returns Strategic and High leverage to Free Superior dividends disciplined capital Cash Flow generation track record Investing through the cycle – allocation securing long-term reliability Capex – R billion 2025 Free cash flow – R billon
Slide 33: Leading the PGM industry
Conclusion Leading the PGM industry World class mining and processing assets Clear strategic direction and strong execution track record Cost and capital discipline Strong balance sheet Superior shareholder returns Platinum, Palladium and Gold Valterra Platinum 33
Slide 34: Thank you
PLATINUM Valterra p — > Thank you
Slide 35: Q&A
Q&A Valterra Platinum 35
Slide 36: Appendix
Appendix Valterra Platinum 36
Slide 37: Guidance for 2026
Appendix Guidance for 2026 M&C production Own mine production Refined production 3.0-3.4 Moz 2.1-2.3 Moz 3.0-3.4 Moz Guidance maintained Amandelbult steady state (570-620koz) Guidance maintained Unit cost Capex AISC 22 R19,000-20,000 ~R17-18bn ~$1,050/3E oz /PGM5 Oz Disciplined approach enables ~R1.
Slide 38: Guidance and outlook
Appendix Guidance and outlook 2025 2026 2027 2028 Unit Actual Guidance Estimate Estimate Refined PGM production 6E moz 3.4 3.0 - 3.4 3.0 - 3.4 3.0 - 3.4 PGM M&C production 6E moz 3.2 3.0 - 3.4 3.0 - 3.3 3.0 - 3.3 Purchase of concentrate (POC) 6E moz 1.1 0.9 - 1.1 0.9 - 1.0 0.8 - 0.9 Own mined 6E moz
Slide 39: Schematic view of Mogalakwena
Appendix Schematic view of Mogalakwena Valterra Platinum 39
Slide 40: EBITDA sensitivity
Appendix EBITDA sensitivity EBITDA impact of 10% 06 February Average realised change in average realised spot metal price metal price price and fx Commodity Platinum ($/oz) 2,103 1,338 2,745 Palladium ($/oz) 1,705 1,157 1,755 Rhodium ($/oz) 10,400 6,236 1,674 Gold ($/oz) 4,964 3,495 573 Nickel ($/to
Slide 41: Net cashflow by mine
Appendix Net cashflow by mine Net cash Effect of Net cash Net Cash Economic Tax and 31 Sustaining Discretionary Exchange Dividends Customer 31 Assets generated / free interest Other December capital capital rate changes paid prepayment December (Utilised) cash flow paid 2024 on cash 2025 Mogalakwena
Slide 42: Cost breakdown
Appendix Cost breakdown People Contractors Power Consumable Maintenance Sundry 2025 Cost base (Rbn) Volume % PGMs (koz) costs costs costs costs costs expenses26 Opencast mining 9.0 47% 979 18.3% 4.3% 1.7% 31.0% 33.5% 11.2% Conventional mining 11.8 27% 555 50.1% 4.1% 11.1% 13.1% 9.8% 11.8% Mechanised
Slide 43: Simplified EBITDA per PGM ounce
Appendix Simplified EBITDA per PGM ounce Mototolo incl Modikwa VP Exit mines & Valterra Mogalakwena Amandelbult Unki Mined POC & TOLL Other Der Brochen share C&M27 Platinum a = (b x Net revenue 33,309 19,189 9,501 8,059 4,623 74,681 40,763 886 116,330 c)/1000 + d b Basket price per PGM ounce 33,009
Slide 44: Rand basket price
Appendix Rand basket price Modikwa VP Valterra Mogalakwena Amandelbult Mototolo Unki Mining POC share Platinum Net sales revenue (US$ million) from platinum 560 337 172 142 83 1,293 742 2,020 from palladium 519 132 92 101 59 903 313 1,186 from rhodium 186 307 150 68 67 777 516 1,259 from other PGMs
Slide 45: All-in sustaining cost
Appendix All-in sustaining cost $ per 3E oz Mogalakwena Amandelbult Mototolo Unki Modikwa Mining Cost ($ million) Total operating costs adjusted for ore stockpile movements 951 720 332 303 188 2,508 Allocated marketing and market development costs 20 11 6 5 3 44 Sustaining capital 390 40 28 45 26 52
Slide 46: 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. SAIMM – The Southern African Institute of Mining and Metallurgy 4. LSE – London Stock Exchange 5. PGM – Platinum group metal