Northam Platinum Holdings Limited · JSE:NPH
Northam Platinum — FY2026 Earnings Presentation
41 slides from Northam Platinum's earnings presentation, Aug 28, 2026
Slide 1: Mining that matters
Mining that matters Operational and financial results for the year ended 30 June 2026
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 2026 Page 3
Slide 4: Key features for F2026
Key features for F2026 Record production Operating profit Capex 938 754oz 4E R14.2bn R6.1 bn Equivalent refined metal Operating profit margin: 26.2% All projects on track from own operations (F2025: R3.6 bn, with an operating Increase of 23.9% Increase of 4.4% profit margin of 10.9%) (F2025: R4.9 bn
Slide 5: Our operations and projects
Our operations and projects Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 5
Slide 6: Safety
Safety Group LTIIR per 200 000 hours worked F2016 to present Group LTIIR 2.0 0.63 F2025: 0.61 1.5 Zondereinde LTIIR 0.83 F2025: 0.88 1.0 Booysendal LTIIR 0.22 F2025: 0.20 0.5 Eland LTIIR 0.60 0.0 F2025: 0.39 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 F2026 Northam Platinum Holdings
Slide 7: Group operational highlights
Group operational highlights F2026 F2025 Tonnes mined tonnes 11 240 105 10 877 360 3.3% 6.5% Square metres mined m² 1 421 670 1 335 122 Equivalent refined metal from own operations oz 4E 938 754 899 244 4.4% Total metal sold oz 4E 1 087 327 1 006 475 8.0% Cash cost per equivalent refined 4E oz R/4E
Slide 8: Zondereinde operations
Zondereinde operations F2026 F2025 Variance Unit % Merensky mined tonnes 1 295 908 1 252 677 3.5 Merensky head grade g/t 4E 5.2 5.3 (1.7) UG2 mined tonnes 1 358 920 1 373 965 (1.1) UG2 head grade g/t 4E 4.3 4.3 ‒ Total mined tonnes 2 654 828 2 626 642 1.1 Average combined head grade g/t 4E 4.7 4.7 ‒
Slide 9: 3 shaft refrigeration
3 shaft refrigeration Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 9
Slide 10: 3 shaft backfill
3 shaft backfill Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 10
Slide 11: 3 shaft changehouse
3 shaft changehouse Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 11
Slide 12: 3a ventilation shaft
3a ventilation shaft Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 12
Slide 13: 4 shaft reaming
4 shaft reaming Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 13
Slide 14: Booysendal operations
Booysendal operations F2026 F2025 Variance Unit % Merensky mined tonnes 670 447 690 237 (2.9) Merensky head grade g/t 4E 2.1 2.1 ‒ UG2 mined tonnes 6 624 183 6 477 526 2.3 UG2 head grade g/t 4E 2.7 2.7 ‒ Total mined tonnes 7 294 630 7 167 763 1.8 Average combined head grade g/t 4E 2.7 2.6 1.5 Metal
Slide 15: Eland operations
Eland operations F2026 F2025 Variance Unit % UG2 mined tonnes 1 290 647 1 082 955 19.2 UG2 head grade g/t 4E 2.7 2.1 31.1 Metal in concentrate from own operations oz 4E 91 205 72 442 25.9 Metal in concentrate from third parties oz 4E 53 865 48 431 11.2 Total revenue per 4E oz in concentrate sold R/4
Slide 16: 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 F2026 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 16
Slide 17: Eland chrome
Eland chrome Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 17
Slide 18: Zondereinde solar facility
Zondereinde solar facility 160 Ha 150 000 panels 80 MW generation capacity 220 000 MWh pa 25% of Zondereinde electricity 240 000 t CO2e reduction pa Photo courtesy of: Letsatsi PV (RF) Proprietary Limited Northam Platinum Holdings Limited operational and financial results for the year ended 30 June
Slide 19: Zondereinde battery facilities
Zondereinde battery facilities 30 MWh 160 MWh 60 MWh Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 19
Slide 20: Karreebosch wind farm
Karreebosch wind farm 25 towers 140 MW generation capacity 460 000 MWh pa 25% of group electricity Photo courtesy of: Letsatsi PV (RF) Proprietary Limited 500 000 t CO2e reduction pa Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 20
Slide 21: Thakadu solar facility
Thakadu solar facility 100 MW offtake allocation 275 000 MWh pa 15% of group electricity 300 000 t CO2e reduction pa Photo courtesy of: Lyra Energy Trading Proprietary Limited Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 21
Slide 22: Eland solar facility
Eland solar facility 20 MW generation capacity 40 MWh battery capacity 55 000 MWh pa 25% of Eland electricity 60 000 t CO2e reduction pa Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 22
Slide 23: Financial review
Financial review Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 23
Slide 24: Key financial features for F2026
Key financial features for F2026 Record revenue Operating profit Record EBITDA R54.0 bn R14.2 bn R16.7 bn Increase of 64.1% Operating profit margin: 26.2% EBITDA margin: 30.9% (F2025: R32.9 bn) (F2025: R3.6 bn, with an (F2025: R4.9 bn with an operating profit margin of 10.9%) EBITDA margin of 14.9%)
Slide 25: Record revenue
Record revenue R billion 64.1% 70 23.5 increase in revenue 60 54.0 8.0% 50 (6.0) R21.1 bn increase in 40 3.6 4E volumes sold 32.9 30 70.4% increase in average 20 4E basket price to USD2 338 (F2025: USD1 372) 10 10.3% 0 stronger average Sales revenue Sales Metal Exchange Sales revenue ZAR/USD exchang
Slide 26: Cost of sales
Cost of sales F2026 F2025 Variance R000 R000 % Sales revenue 53 998 628 32 901 199 64.1 Cost of sales (39 845 615) (29 307 682) (36.0) Operating costs (29 042 457) (24 019 398) (20.9) Mining operations (19 621 735) (17 653 478) (11.1) Concentrator operations (3 282 233) (2 939 865) (11.6) Smelting a
Slide 27: Statement of profit or loss
Statement of profit or loss F2026 F2025 Variance R000 R000 % Sales revenue 53 998 628 32 901 199 64.1 Cost of sales (39 845 615) (29 307 682) (36.0) Gross profit 14 153 013 3 593 517 293.8 Reversal of impairment of property, plant and equipment relating to 2 526 922 ‒ 100.0 Eland Platinum Proprietar
Slide 28: Working capital management
Working capital management R7.4 bn R18.7bn R1.0 bn Sales value of Metal inventory balance 4E inventory on hand Classified as non-current inventory (using the year-end prices to be processed in future and exchange rate) 504 915oz 4E 90 221oz 4E Metal volumes on hand Non-current inventory on hand at y
Slide 29: Movement in cash and cash equivalents
Movement in cash and cash equivalents R million Operating Investing Financing activities activities activities 27 000 18 490 22 000 184 (5 851) 17 000 (3 543) -- 13 669 (1 143) (1 387) 12 000 6 750 6 919 7 000 2 000 Closing cash Cash flows Capital Other cash flows Dividends DMTN DMTN Other cash flow
Slide 30: Net Cash
Net Cash F2026 F2025 R000 R000 Net Cash Cash and cash equivalents 13 669 427 6 918 642 R2.7bn Domestic Medium-Term Notes (10 966 564) (12 055 843) Net Cash/(Debt) 2 702 863 (5 137 201) EBITDA 16 673 979 4 917 555 RCF Net Debt to EBITDA Ratio N/A 1.04 R15.0 bn Fully undrawn GBF R1.0 bn Fully undrawn
Slide 31: Capital allocation
Capital allocation R6.1 bn R3.5 bn R17.00 Invested in capex Return of value per share to shareholders dividends declared through dividends paid for F2026 Increase in minimum dividend payment from 25% to 40% of headline earnings Northam Platinum Holdings Limited operational and financial results for
Slide 32: Operational guidance
Operational guidance 150 cm seam width 31g/m2 PGM 75% Pt+Rh+Ru+Ir 1.6t/m2 Cr2O3 300m2/crew/month 92% extraction Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 32
Slide 33: Operational guidance for F2027
Operational guidance for F2027 Zondereinde Booysendal Eland Group Metal production Equivalent refined metal Metal in concentrate Metal in concentrate Equivalent refined metal from own operations (oz 4E) 340 000 – 350 000 525 000 – 535 000 100 000 – 110 000 960 000 – 970 000 180 000 + Metal productio
Slide 34: Six monthly average basket price
Six monthly average basket price R/4E oz 60 000 SPOT PRICE 50 000 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 H1 H2 F15 F15 F16 F16 F17 F17 F18 F18 F19 F19 F20 F20 F21 F21 F22 F22 F23 F23 F24 F24 F25 F25 F26 F26 Northam Platinum Holdings Limited op
Slide 35: Market summary
Market summary PGM markets Auto demand Industrial demand in deficit remains steady is strong Despite robust Softer car market offset by forward Global instability negatively primary and secondary supply purchasing from OEMs impacting demand, during the first 6 months offset by new applications for P
Slide 36: The "not so minor" metals
The “not so minor” metals Revenue (Rm) 60 000 50 000 40 000 4E 30 000 metals 20 000 10 000 Minor metals 0 2021 2026 Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 36
Slide 37: Vision 2031
Vision 2031 Zondereinde Booysendal Eland Group Metal production Equivalent refined metal Metal in concentrate Metal in concentrate Equivalent refined metal from own operations (oz 4E) 430 000 600 000 + 180 000 1 200 000 + Metal production from third parties 300 000 (oz 4E) Total metal sales (oz 4E)
Slide 38: Main elements of Vision 2031
Main elements of Vision 2031 Zondereinde Booysendal Eland Metallurgical Energy Develop & equip Complete Complete current Upgrade furnace 1 Roll out committed 4 shaft South TSF ramp-up to renewable energy expansion 150 000 4E oz Add 3rd convertor projects Upgrade UG2 concentrator Develop BS3 & Commis
Slide 39: Our strategic value
Our strategic value World class Strong market Well capitalised Mineral Resource base positioning mining assets Essentially new mining and In both scale and quality Pt, Rh, Ru, Ir and Cr metallurgical facilities operating on the lower end of the cost curve Track record of innovation Location, infrast
Slide 40: Questions?
Questions? Northam Platinum Holdings Limited operational and financial results for the year ended 30 June 2026 Page 40
Slide 41: 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 — FY2026 Earnings Presentation on 6ix