Valterra Platinum Limited · JSE:VAL

Valterra Platinum — Investor Day (March 2025)

93 slides from Valterra Platinum's investor day presentation, Mar 24, 2025

Slide 1: A world-class opportunity
Anglo American Platinum A world-class opportunity An independent leader in the dynamic global PGM industry March 2025
Slide 2: Cautionary statement
Capital Markets Day Cautionary statement Disclaimer officers, employees and agents expressly disclaim any and all liability looking statements. These forward-looking statements speak only as (in negligence or otherwise) for any loss howsoever arising from any of the date of this presentation. This p
Slide 3: Agenda for the day
Capital Markets Day Agenda for the day Start time SAST Agenda topic Speaker 12:00 Registration and refreshments 12:30 Welcome and opening remarks Norman Mbazima Who we are and our strategic priorities Craig Miller Market dynamics Hilton Ingram & Martin Poggiolini Break Our integrated value chain Wil
Slide 5: Experienced and diverse board of directors
Welcome and opening remarks Experienced and diverse board of directors Norman Craig Sayurie Suresh Lwazi Roger Mbazima Miller Naidoo Kana Bam Dixon Chairman Chief Executive Chief Financial Non-executive Non-executive Non-executive Officer Officer director director director Steve Thevendrie Doria
Slide 6: A leading PGM company, responsibly mining a world-class resource for the benefit of all stakeholders
Welcome and opening remarks A leading PGM company, responsibly mining a world-class resource for the benefit of all stakeholders Local Employees Reinvestment Shareholders Government communities Employees (excl. Social contractors)1 investment4 19,637 Capital R4bn Taxes and Dividends4 reinvestment2 r
Slide 7: We are delivering our strategy and are well positioned for the demerger
Welcome and opening remarks We are delivering our strategy and are well positioned for the demerger Demerger timeline 2025 Continued focus on strategic delivery March - 24: Capital Markets Day April - Early April: AAP Fit-for-purpose organisational structure Prospectus, AA plc circular - 30: AA plc
Slide 8: Who we are and our strategic priorities
PLATINUM Who we are and our strategic priorities Sandsloot exploration declines 7
Slide 9: What you are going to hear from us today
Who we are and our strategic priorities What you are going to hear from us today We are committed to creating enduring value for our stakeholders Safety remains our We have an Our industry-leading We are confident in We will remain first priority, we are experienced mineral resource the outlook for
Slide 10: A Southern African producer, marketing our metals globally
Who we are and our strategic priorities A Southern African producer, marketing our metals globally London Northern Limb Mogalakwena Marketing Polokwane Smelter Shanghai Limpopo South African operations Singapore Zimbabwean operations Bushveld Complex Gauteng North West Mpumalanga Zambia Eastern Limb
Slide 11: 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, AAP remains a leading precious metals miner1 Attributable Mineral Resources inclusive of Mineral Reserves2 3-year average EBITDA 3-year average EBITDA margin
Slide 12: PGM market fundamentals remain robust
Who we are and our strategic priorities PGM market fundamentals remain robust Demand and supply fundamentals suggest PGM price upside Existing demand New demand Supply Remains stronger than High-potential new use Primary supply continues to forecast cases decline and recycling has under delivered Ma
Slide 13: A leading integrated PGM producer delivering resilient returns
Who we are and our strategic priorities A leading integrated PGM producer delivering resilient returns Assets Capabilities Returns Leading PGM portfolio Resilient performance Value-aligned capital allocation >600 Moz <$950/3E oz <1x ND/EBITDA Resource endowment supporting growth H1 target for all ma
Slide 14: An outstanding PGM portfolio, demonstrating excellence across the integrated value chain
Who we are and our strategic priorities An outstanding PGM portfolio, demonstrating excellence across the integrated value chain Assets World-class endowment and well-established, low-cost, long-life mines Leading PGM portfolio • Largest PGM mineral endowment >600 Moz • 150 Moz 4E Reserves, 471 Moz
Slide 15: Clear strategy with operational excellence at its core
Who we are and our strategic priorities Clear strategy with operational excellence at its core Advancing safety and health, committed to zero harm Capabilities Achieving operational excellence, expanding cash flow margins Resilient performance • Each asset playing a well defined role <$950/3E oz • M
Slide 16: Capital allocation framework focused on sustainable value creation
Who we are and our strategic priorities Capital allocation framework focused on sustainable value creation Returns Value-aligned capital allocation Disciplined capital allocation framework • Sustainable value focus to generating and using cash <1x ND/EBITDA • Consistent approach to capital deploymen
Slide 17: 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 Simplified & Investing in Driving demand to Advancing safety Achieving operational strengthened our portfolio for ensure long-term & health excellence organisation maximum value
Slide 18: Zero harm is always our top priority
Who we are and our strategic priorities Zero harm is always our top priority Progress toward zero harm Continued focus on safety and health Total number of fatalities TRIFR 10 7.5 1 Embedding lessons learned to prevent repeats 2 Continuing to strengthen our safety maturity and culture 4.52 5.0 3 Adv
Slide 19: We have implemented a new operating model and built up capabilities to deliver our strategy
Who we are and our strategic priorities We have implemented a new operating model and built up capabilities to deliver our strategy Fit-for-purpose Compelling Employee Leadership Operating Model Value Proposition Strengthened Strong & Stable Prioritising Standalone Labour Relations Employee Wellbein
Slide 20: Operational excellence focused on improving productivity, reducing cost and sustaining competitiveness
Who we are and our strategic priorities Operational excellence focused on improving productivity, reducing cost and sustaining competitiveness Cost savings Safe and stable production 1 • Uphold safety as the highest priority R12bn • Optimised mine plans Target: R10bn (Opex and capital) 2024 • Improv
Slide 21: Each asset has a role in the portfolio supporting continued cash flow generation and targeted growth
Who we are and our strategic priorities Each asset has a role in the portfolio supporting continued cash flow generation and targeted growth Investments in our mining assets aligned with their strategic role in the portfolio World class processing assets Growth Optionality for Managed for cash Direc
Slide 22: Driving PGM demand for long-term success
Who we are and our strategic priorities Our leading resource endowment affords us longevity and strong growth opportunities We have a track record of growing PGM demand through Driving PGM market development demand for long- Disciplined investment allocating spend through a balanced term success por
Slide 23: Sustainability is integrated in how we do business, with three focus areas to create value
Who we are and our strategic priorities Sustainability is integrated in how we do business, with three focus areas to create value Focus area Climate & Energy Local Communities Ethical Value Chains Energy security IRMA certification Facilitator in creating resilient Key levers communities Decarbonis
Slide 24: Leadership team with extensive experience and a track record of delivery
Who we are and our strategic priorities Leadership team with extensive experience and a track record of delivery Craig Miller Chief Executive Officer Sayurie Willie Agit Yvonne Virginia Martin Hilton Naidoo Theron Singh Mfolo Tyobeka Poggiolini Ingram Chief Financial Mining Processing Corporate Affa
Slide 25: Unearthing value for a better world
[OFFICIAL] Unearthing value for a better world Mogalakwena pit drilling 24
Slide 27: We mine, refine and sell a diverse basket of metals
Market dynamics We mine, refine and sell a diverse basket of metals Contribution to gross revenue by metal A basket of 13 different products with varying Copper 1% demand drivers 1% 2% 2% 3% 2% Chrome 4% Nickel 3% Gold The 5 PGMs have made up ~85%–95% 18% 8% Ruthenium of the revenue 44% Iridium 20%
Slide 28: PGMs are a $24bn market with a wide variety of uses in a modern world
Market dynamics PGMs are a $24bn market with a wide variety of uses in a modern world Five related but distinct metals Small in volume And prized for various properties Total yearly PGM demand of 20 Moz in 2024 20 1 0 1 Ru 44 Rh 45 8 10 Ruthenium Rhodium 101.1 102.9 Catalyst/ Store of Electrical che
Slide 29: PGMs have a differentiated mix of uses and demand drivers
Market dynamics PGMs have a differentiated mix of uses and demand drivers Iridium Numerous applications that Ruthenium protect the environment Rhodium and create a better world Multiple industrial uses Palladium Jewellery retains a key role Strong potential from Platinum the green transition Automot
Slide 30: Recent trends give reason for greater optimism in automotive demand
[OFFICIAL] Market dynamics Recent trends give reason for greater optimism in automotive demand Automotive demand equation Our outlook PGM automotive demand Mobility trends support higher vehicle Number of vehicles produced sales than current forecasts Catalysed vehicles to have a greater Share that
Slide 31: Global vehicle production likely to beat consensus forecast
Market dynamics Global vehicle production likely to beat consensus forecast Light vehicle demand remains robust Global light vehicle production vs. GDP Annual automotive production, millions 125 Trend (1975–2024) 10 Million Vehicles 100 Consensus 75 (2025–2030) 50 An additional 10 million vehicles p
Slide 32: Market demand still overwhelmingly favours catalysed vehicles
Market dynamics Market demand still overwhelmingly favours catalysed vehicles Market demand outside China still Even in China there is range overwhelmingly favours ICEs anxiety China is different Vehicles sold in 2024 Millions China light vehicle sales share, % 50 Little history of car ownership & 3
Slide 33: Previous BEV penetration rate forecasts were too optimistic
Market dynamics Previous BEV penetration rate forecasts were too optimistic Global BEV penetration forecasts revised lower BEV realities impacting forecasts • Slow rollout of charging infrastructure and high 45 cost of fast charging 40 End 2023 • High purchase and insurance costs 35 • Range limitati
Slide 34: Stricter standards and improved testing will lead to higher PGM loadings
Market dynamics Stricter standards and improved testing will lead to higher PGM loadings US and Europe up, China down in recent years … but loopholes are being addressed Amendment in China outlining revised pollutant emission limits and measurement methods for light-duty vehicles (China Stage 6) Imp
Slide 35: Industry is a large user of PGMs, wide variety and growing uses
Market dynamics Industry is a large user of PGMs, wide variety and growing uses Industrial PGM demand Future potential growth areas Moz 5.7 Chemical: Process catalysts to make caprolactam, nitric acid, silicones, Hydrogen Sustainable pharmaceuticals, acetic acid economy aviation 1.9 Electrical & ele
Slide 36: Established markets and India drive increasing jewellery demand
Market dynamics Established markets and India drive increasing jewellery demand Platinum jewellery demand, millions of ounces Moz 2.5 • Growth in India, USA, 2.0 Europe and Japan 1.5 • China’s investment-led market and rising gold 1.0 prices have impacted +5% market share 0.5 ROW CAGR • Price dispar
Slide 37: ~78% of PGM reserves are concentrated in Southern Africa
Market dynamics ~78% of PGM reserves are concentrated in Southern Africa Russia Canada • ~20% of world reserve • Palladium rich reserves • ~0.5% of world reserve • Palladium (~70%) rich United States reserves • ~1% of world reserve • Palladium (~78%) rich reserves South Africa Zimbabwe • ~77% of wor
Slide 38: Contrary to historical forecasts, primary supply will continue to decline
Market dynamics Contrary to historical forecasts, primary supply will continue to decline PGM primary mine supply 2010-2030 Primary PGM supply forecasts 3E Moz 3E Moz +39% 15 2021 2020 15 -16% 2019 2022 14 2017 2023 2018 10 2016 2014 2015 13 Actual 5 12 0 0 2000 2010 2012 2014 2016 2018 2020 2022 20
Slide 39: New mines developed in early 2000s unlikely to compensate for natural reserve depletion
Market dynamics New mines developed in early 2000s unlikely to compensate for natural reserve depletion Mines developed Mines in red now on C&M 15 new mines 3 new mines Only 9 still producing And 2 still producing 2000, Bafokeng 2002, Rasimone Limpopo, 2007, Marikana, 2005, Two Rivers 2011, 2015, Zi
Slide 40: Project execution has fallen short of announcements, supply further compounded by mine depletion and closures
Market dynamics Project execution has fallen short of announcements, supply further compounded by mine depletion and closures Reserve depletion, closures and under-investment Projects fall short in delivery reducing supply 3E Moz 3E Moz -71% -20 % 2.2 0.6 2.1 13.6 13.0 10.9 0.6 0.6 Booysendal Styldr
Slide 41: Recycling remains below historical highs, delivery consistently short of forecasts
Market dynamics Recycling remains below historical highs, delivery consistently short of forecasts 3E PGM recycling supply Global auto-catalyst recycling volumes forecasts vs actual 3E Moz 3E Moz 6 7 2022 2021 5 2020 2019 2023 4 6 2016 2024 2014 2015 3 2018 2017 5 2 1 0 0 2010 2012 2014 2016 2018 20
Slide 42: PGM metal deficits continue, before upside demand opportunities and lower supply through the medium-term
Market dynamics PGM metal deficits continue, before upside demand opportunities and lower supply through the medium-term Platinum Palladium Rhodium Surplus coming Deficit to continue Prolonged deficits but delayed in next few years 3E Moz Surpluses 500 500 50 0 0 0 Deficits -500 -500 -50 -1,000 -1,0
Slide 43: The shape of the cost curve is important, as is the mix of PGMs produced
Market dynamics The shape of the cost curve is important, as is the mix of PGMs produced 3E cash cost curve US$/3E oz H1 H2 1,800 1,600 1,400 1,200 1,121 1,000 800 600 400 200 0 Mogalakwena Unki Amandelbult Modikwa JV Mototolo Operating cost SIB capital Revenue/3E ounce Note: AISC unit costs are pre
Slide 44: Historical increase in cost and capex intensity, consensus price forecasts will not incentivise supply
Market dynamics Historical increase in cost and capex intensity, consensus price forecasts will not incentivise supply The industry has seen real inflation … … and long-term price forecast below historical ROCE Opex, EBITDA Basis, real 2024$, $/oz ROCE Frequency-monthly (%) Historical ROCE concentra
Slide 45: In summary, we are positioned for the current prices and leveraged to outperform when prices recover
Market dynamics In summary, we are positioned for the current prices and leveraged to outperform when prices recover Price and industry Demand Supply positioning 1 Auto demand drivers uncertain, 4 Industry has scaled back 7 Supply and demand outlook upside from growing vehicles investment and unprof
Slide 46: Break
Break 45
Slide 48: Our integrated value chain provides opportunities to optimise for value
Our integrated value chain Our integrated value chain provides opportunities to optimise for value Mining Concentrating Smelting Refining Marketing Mogalakwena North Magnetic Mogalakwena Polokwane South Africa and South Concentration Plant (MCP) Amandelbult Amandelbult U1 and U2 Waterval Base Metals
Slide 49: A diversified portfolio of mining assets presents an opportunity to create value
Our integrated value chain A diversified portfolio of mining assets presents an opportunity to create value An industry-leading endowment of substantial value Our diversified product mix enhances portfolio resilience Metal Mix (%) 3% 3% 7% 4% 17% 9% 7% 24 years 100 0% 1% 11% 5% 3% 5% 4% 8% 3% 1% 13%
Slide 50: Mogalakwena: The industry's most exciting endowment
Our integrated value chain 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 No
Slide 51: Massive ore body amenable to bulk underground mining
Our integrated value chain 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
Slide 52: We are able to maintain our H1 position by optimising the open pit with upside potential through underground
Our integrated value chain We are able to maintain our H1 position by optimising the open pit with upside potential through underground Optimised open pit Blending open pit with higher- Mill Feed (Mt) 1 2 M&C produced, '000 oz operations grade underground ore 1,182 1,215 1,026 973 953 >1,000 +10–50%
Slide 53: Multiple decision points scale the Sandsloot underground development pathway
Our integrated value chain Multiple decision points scale the Sandsloot underground development pathway Indicative A Ramp-up mining operation Mill feed (kt) 6,000 5,000 4,000 3,000 +10–50% Increase B Investment in conveyer 2,000 in PGM Ounces 2024 1,000 -10–20% Decrease in AISC 0 PFS-B Trucking PFS-
Slide 54: Amandelbult: Long-life cash flow contributor to the portfolio
Our integrated value chain Amandelbult: Long-life cash flow contributor to the portfolio Amandelbult Reserve life Resource life Cost position Role in portfolio IRMA status +32/+14 years +75 years H1 Managed for margin 50 Dishaba Tumela Dishaba Location North-western Limb between Northam and Thabazim
Slide 55: Amandelbult is a high-quality orebody
Our integrated value chain Amandelbult is a high-quality orebody Amandelbult’s ounce per square meter significantly … and has the highest USD/3E oz revenue surpassed other major PGM mining regions…1 in the sector PGM 6E oz / m2 Revenue/3E oz $ 1.2 1.0 1,500 0.8 0.8 0.7 1,000 0.0 500 Amandelbult East
Slide 56: A mix of metal that supports its strong cash flow generation
Our integrated value chain A mix of metal that supports its strong cash flow generation Longest life on the western limb, Key asset in our portfolio with a unique prill split with life extension possible AAP/Peer shafts Metal split (%) 100 4% 13% 1% 5% 3% 4% 9% 23% 40% 50 AAP Tumela shaft 51% 44% AA
Slide 57: Amandelbult life extension can continue to drive cash generation for multiple decades
Our integrated value chain Amandelbult life extension can continue to drive cash generation for multiple decades Indicative Mill feed (kt) 6,000 4,000 Replacement 2,000 2025 2030 2035 Potential LifeX Tumela Dishaba Feasibility Tumela 1 sub-shaft Pre-feasibility Central Concept Pre-feasibility Feasib
Slide 58: Mototolo: Focused on transitioning to Der Brochen
Our integrated value chain Mototolo: Focused on transitioning to Der Brochen Mototolo Reserve life Resource life Cost position Role in portfolio IRMA status Lebowa shaft mining at boundary and coming to end of life +50 years +95 years H1 Growth Operation 75 Extensive Lebowa Location Eastern Limb, 50
Slide 59: Operational excellence, improved chrome revenues and Der Brochen ramp-up reshape Mototolo's AISC
Our integrated value chain Operational excellence, improved chrome revenues and Der Brochen ramp-up reshape Mototolo’s AISC Mototolo operations to gradually …with real cost benefits anticipated shift to Der Brochen … $/3E oz Mill Feed (Mt) 4,000 992 3,000 2,000 ~875 1,000 2025 2030 2035 AISC Inflati
Slide 60: Our processing assets are key to our value chain
Confidential draft for discussion Our processing assets are key to our value chain Base Metal Refinery 7 x Concentrators 5 x Primary Furnaces Magnetic Concentrator Plant Converter Plant 3 x Chrome Plants Precious Metal Refinery Slag Cleaning Furnace Note: 1x concentrator and 1x chrome plant are part
Slide 61: Integrated processing is an advantage and provides flexibility
Our integrated value chain Integrated processing is an advantage and provides flexibility Concentrating Smelting Refining Flexibility • Flexible processing of all • Broad footprint serving • Industry leading high- • Optimising the balance Southern African reefs1 multiple regions purity PGMs between
Slide 62: We have the leading processing footprint in Southern Africa
Our integrated value chain We have the leading processing footprint in Southern Africa We have a leading smelter footprint in Southern Africa… Smelting: Southern African smelter capacity by power input MW • Largest fleet of smelting operations 183 • Leading furnace operating and maintenance practice
Slide 63: Processing is a strategic advantage, unlocking own mine margins and further value through operational excellence
Our integrated value chain Processing is a strategic advantage, unlocking own mine margins and further value through operational excellence Processing unlocks our mining margin Our operational excellence programme is delivering EBITDA margin1 Recoveries Mass pull Chrome yields % % % % ~-17 ppt 0.5-2
Slide 64: Mass pull reduction has tangible benefits
Our integrated value chain Mass pull reduction has tangible benefits Illustrative Overall Mogalakwena Mass pull reduction—Mogalakwena example mass pull benefits Input Recover Output Improved ~30% Conventional Floatation Cells concentrate grade 3.5% Mass pull Concentrate at 0.49mtpa Feed at 14 Mtpa a
Slide 65: Repurposing Mortimer for working capital release
Our integrated value chain Repurposing Mortimer for working capital release Reduced concentrator volumes have freed up our smelter capacity Reduced Increased Optimised capital Improved costs optionality allocation stability Reducing costs by Mass pull strategy enables Reduced ongoing investment in I
Slide 66: Our integrated asset portfolio is firmly positioned in the first half of the cost curve
CG 20.Mar.25: [OFFICIAL] replace with high-quality image Our integrated asset portfolio is firmly positioned in the first half of the cost curve, ensuring resilience and value generation Amandelbult Concentrators 65
Slide 68: Sustainability is integrated in everything we do
Sustainability in our business Sustainability is integrated in everything we do Focus area Lever Overview • Security & predictability of our electricity supply Energy security • Decarbonisation pathways for GHG emissions Climate & Energy • 30% reduction by 2030 (scope 1 & 2) • Carbon-neutral by 2040
Slide 69: Mogalakwena's development pathway supports our sustainability commitments
Sustainability in our business Mogalakwena’s development pathway supports our sustainability commitments Reduced impact Minimises noise, dust, Reduced tailings volumes Increased concentrator yield on communities and vibration Improved energy efficiency Waste rock Tailings Back fill Neighbouring vill
Slide 71: Our capabilities connect products to end customers
Marketing Our capabilities connect products to end customers Contribution to gross revenue by metal ZAR bn Platinum 33 • Liquid OTC physical market & Palladium 24 exchange traded futures market Gold 4 1 PMR Vault OR Tambo Customers Rhodium 21 • Thinly traded physical market Iridium + 12 Ruthenium Ni
Slide 72: Tailored solutions: Creates value for AAP and our customers
Marketing Tailored solutions: Creates value for AAP and our customers Customer Find Mine Process Deliver Solutions expectations Inherent value Equity value Trading value Added equity value Customer solutions Premium above market price Within defined risk and working • Price risk management Actively
Slide 73: Trusted partner: All our materials are responsibly mined or sourced
Marketing Trusted partner: All our materials are responsibly mined or sourced 1 Responsibly mined by AAP We are assured against rigorous independent standards that attest to our role in shaping a more sustainable and transparent industry 2 Responsibly sourced by AAP Our Responsible Sourcing Standard
Slide 74: Shaping our world: Addressing climate challenges and shaping demand for PGMs
Marketing Shaping our world: Addressing climate challenges and shaping demand for PGMs Advocacy and Commercial Nurturing Venturing communication collaboration • Advocating for a • Creating new products • Investing where we see • Collaborating with supportive regulatory & businesses through: potentia
Slide 75: Advocacy in action: IHFCA
Marketing Advocacy in action: IHFCA We are a founding member of the International Hydrogen Fuel Cell Association (IHFCA) in China in 2022, together with Toyota, Hyundai and China Society of Automotive Engineers (SAE) IHFCA today • Has more than 100 members • Has driven FCEV debate in China and mobil
Slide 76: Shaping our world grows the inherent value of our products into the future
Marketing Shaping our world grows the inherent value of our products into the future Annual incremental PGM demand Moz ~6.01 ~2.33 Computing ~1.54 ~0.92 Food tech Carbon neutral feed stocks Waste & med Tech H2 mobility Battery mobility Industrial Jewellery 1. Assumes 10% of new light duty vehicles a
Slide 77: Break
Break 76
Slide 79: A strong track record of delivering robust financial results, well positioned for sustained success
Financial overview A strong track record of delivering robust financial results, well positioned for sustained success into the future ~ R100bn AAP’s revenues benefit from a diversified metal exposure, reducing realised basket price Revenue volatility ~ R7bn Delivery on commitment mitigating the imp
Slide 80: Resetting our cost base through operational excellence
Financial overview Resetting our cost base through operational excellence Cost evolution requires decisive action to remain competitive Operational excellence savings ZAR bn ZAR bn ~1.0-2.0 -6% 11.3 62 1.2 57 2.8 ~55–56 7.3 Cost savings 2024 run Further savings Total cost Post 2025 realised in 2024
Slide 81: Corporate cost efficiencies post-demerger support a lower cost base going forward
Financial overview Corporate cost efficiencies post-demerger support a lower cost base going forward Once-off demerger-related costs Intercompany settlement Post-demerger run rate benefit ZAR bn ZAR bn ~1.6 – 1.9 ~4.2 Optimisation Dis-synergies ~0.1 – 0.3 ~ 1.0 ~ 0.4 ~R1.0–1.5bn ~ R0.5bn p.a. p.a. ~
Slide 82: Stable total capital expenditure profile with attractive project optionality
Financial overview Stable total capital expenditure profile with attractive project optionality Planned future projects ZAR bn 20.5 ~19.0 - 19.8 ~19.0 - 20.1 Mogalakwena Sandsloot 18.5 ~17.8 - 18.5 underground Tumela 1 sub-shaft ~17.3 - 16.8 – 16.3 – 18.0 17.6 17.4 Mortimer slag cleaning furnace con
Slide 83: Asset integrity remains a priority in our sustaining capital expenditure
Financial overview Asset integrity remains a priority in our sustaining capital expenditure Focus of stay-in-business expenditure continues to be on asset integrity ZAR bn Prior years' spend focused on getting 11.3 back to stable and capable operations, addressing high-risk areas 9.6 The structural
Slide 84: Cash-generative asset portfolio underpinned by attractive AISC position at each asset
Financial overview Cash-generative asset portfolio underpinned by attractive AISC position at each asset AAP Mogalakwena Amandelbult Mototolo Unki Unki All-in sustaining cost $/3E oz sold 1,136 1,087 1,203 1,038 1,061 992 976 986 ~970 – 1,000 1,070 907 2023 2024 2025 E 2023 2024 2025 E 2023 2024 202
Slide 85: Capturing the majority of the industry profit pool
Financial overview Capturing the majority of the industry profit pool 3E all-in sustaining cost margin, 2024 Margin/3E ounce $ 400 200 0 -200 -400 -600 -800 0 100 Unki Mototolo Amandelbult Mogalakwena Modikwa JV Cumulative 3E production (%) Note: AISC unit costs are presented as AISC net of by-produ
Slide 86: Disciplined capital allocation supporting attractive shareholder returns
[OFFICIAL] Financial overview Disciplined capital allocation supporting attractive shareholder returns Disciplined capital allocation framework Investment to enhance asset r fte ital t integrity and reliability 2. ase p ing a o sustain flow Co div ca b mm idend h Continued commitment to base 1. Cas
Slide 87: At current prices we remain within guided leverage
Financial overview At current prices we remain within guided leverage Pro-forma net cash/(debt) Debt facilities ZAR bn ZAR bn 17.6 (0.8) ~34 ~28-30 (15.7) 1.1 Pre- Post- (10.8) demerger demerger Dec 24 Base Additional cash Pro-forma Net cash dividend dividend 2024 A B Dividend to be paid out in Apri
Slide 88: History of sector-leading shareholder returns
[OFFICIAL] Financial overview History of sector-leading shareholder returns We have a consistent history of above-average dividend payouts 225 200 Dividend pay-out ratio % 175 150 125 100 75 50 25 0 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 AAP Precious metals peers 2024 additional cash divide
Slide 90: A leading integrated PGM producer delivering resilient returns
Closing A leading integrated PGM producer delivering resilient returns Robust PGM market fundamentals Assets Capabilities Returns Leading PGM portfolio Resilient performance Value-aligned capital allocation >600 Moz <$950/3E oz <1x ND/EBITDA Resource endowment supporting growth H1 target for all man
Slide 93: Production and cost guidance
Appendix Production and cost guidance 2025 2026 2027 Unit Guidance Estimate Estimate Metal-in-concentrate (M&C) Total PGMs (Moz) 3.0–3.4 3.0–3.4 3.0–3.5 • Own-mined (Moz) 2.1–2.3 2.1–2.3 2.3–2.5 • Purchase of concentrate (POC) (Moz) 0.9–1.1 0.9–1.1 0.7–1.0 RefinedPGM production (Moz) 3.0–3.4 3.0–3.4

Valterra Platinum — Investor Day (March 2025) on 6ix

Valterra Platinum — Investor Day (March 2025)

Slide 1: A world-class opportunity

Slide 2: Cautionary statement

Slide 3: Agenda for the day

Slide 4: Welcome and opening remarks

Slide 5: Experienced and diverse board of directors

Slide 6: A leading PGM company, responsibly mining a world-class resource for the benefit of all stakeholders

Slide 7: We are delivering our strategy and are well positioned for the demerger

Slide 8: Who we are and our strategic priorities

Slide 9: What you are going to hear from us today

Slide 10: A Southern African producer, marketing our metals globally

Slide 11: We have one of the largest mineral endowments and are a leading PGM producer

Slide 12: PGM market fundamentals remain robust

Slide 13: A leading integrated PGM producer delivering resilient returns

Slide 14: An outstanding PGM portfolio, demonstrating excellence across the integrated value chain

Slide 15: Clear strategy with operational excellence at its core

Slide 16: Capital allocation framework focused on sustainable value creation

Slide 17: Driving industry-leading returns through the delivery of our strategic priorities

Slide 18: Zero harm is always our top priority

Slide 19: We have implemented a new operating model and built up capabilities to deliver our strategy

Slide 20: Operational excellence focused on improving productivity, reducing cost and sustaining competitiveness

Slide 21: Each asset has a role in the portfolio supporting continued cash flow generation and targeted growth

Slide 22: Driving PGM demand for long-term success

Slide 23: Sustainability is integrated in how we do business, with three focus areas to create value

Slide 24: Leadership team with extensive experience and a track record of delivery

Slide 25: Unearthing value for a better world

Slide 26: Market dynamics

Slide 27: We mine, refine and sell a diverse basket of metals

Slide 28: PGMs are a $24bn market with a wide variety of uses in a modern world

Slide 29: PGMs have a differentiated mix of uses and demand drivers

Slide 30: Recent trends give reason for greater optimism in automotive demand

Slide 31: Global vehicle production likely to beat consensus forecast

Slide 32: Market demand still overwhelmingly favours catalysed vehicles

Slide 33: Previous BEV penetration rate forecasts were too optimistic

Slide 34: Stricter standards and improved testing will lead to higher PGM loadings

Slide 35: Industry is a large user of PGMs, wide variety and growing uses

Slide 36: Established markets and India drive increasing jewellery demand

Slide 37: ~78% of PGM reserves are concentrated in Southern Africa

Slide 38: Contrary to historical forecasts, primary supply will continue to decline

Slide 39: New mines developed in early 2000s unlikely to compensate for natural reserve depletion

Slide 40: Project execution has fallen short of announcements, supply further compounded by mine depletion and closures

Slide 41: Recycling remains below historical highs, delivery consistently short of forecasts

Slide 42: PGM metal deficits continue, before upside demand opportunities and lower supply through the medium-term

Slide 43: The shape of the cost curve is important, as is the mix of PGMs produced

Slide 44: Historical increase in cost and capex intensity, consensus price forecasts will not incentivise supply

Slide 45: In summary, we are positioned for the current prices and leveraged to outperform when prices recover

Slide 46: Break

Slide 47: Our integrated value chain

Slide 48: Our integrated value chain provides opportunities to optimise for value

Slide 49: A diversified portfolio of mining assets presents an opportunity to create value

Slide 50: Mogalakwena: The industry's most exciting endowment

Slide 51: Massive ore body amenable to bulk underground mining

Slide 52: We are able to maintain our H1 position by optimising the open pit with upside potential through underground

Slide 53: Multiple decision points scale the Sandsloot underground development pathway

Slide 54: Amandelbult: Long-life cash flow contributor to the portfolio

Slide 55: Amandelbult is a high-quality orebody

Slide 56: A mix of metal that supports its strong cash flow generation

Slide 57: Amandelbult life extension can continue to drive cash generation for multiple decades

Slide 58: Mototolo: Focused on transitioning to Der Brochen

Slide 59: Operational excellence, improved chrome revenues and Der Brochen ramp-up reshape Mototolo's AISC

Slide 60: Our processing assets are key to our value chain

Slide 61: Integrated processing is an advantage and provides flexibility

Slide 62: We have the leading processing footprint in Southern Africa

Slide 63: Processing is a strategic advantage, unlocking own mine margins and further value through operational excellence

Slide 64: Mass pull reduction has tangible benefits

Slide 65: Repurposing Mortimer for working capital release

Slide 66: Our integrated asset portfolio is firmly positioned in the first half of the cost curve

Slide 67: Sustainability in our business

Slide 68: Sustainability is integrated in everything we do

Slide 69: Mogalakwena's development pathway supports our sustainability commitments

Slide 70: Marketing

Slide 71: Our capabilities connect products to end customers

Slide 72: Tailored solutions: Creates value for AAP and our customers

Slide 73: Trusted partner: All our materials are responsibly mined or sourced

Slide 74: Shaping our world: Addressing climate challenges and shaping demand for PGMs

Slide 75: Advocacy in action: IHFCA

Slide 76: Shaping our world grows the inherent value of our products into the future

Slide 77: Break

Slide 78: Financial overview

Slide 79: A strong track record of delivering robust financial results, well positioned for sustained success